Sign up for a market conditions report.

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).

Contact us for more information.

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

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2. North Arlington (Orange Line) Condo Update: March 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
3. North Arlington (Orange Line) Condo Update: February 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...

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I’m often asked if winter is a bad time to be buying or selling.  My answer is always the same: Though there are fewer properties on the market and therefore less to choose from, buyers will often have more negotiating leverage than they do in the spring, when sellers are confident and buyers are plentiful. This is especially true if a home has been on the market for many months. If a property is new, you can bet the seller is on a deadline. Given a choice, most sellers would prefer to wait until spring. 

Sellers: Buyers who are looking when it’s cold and snowy are much more likely to be very serious buyers on a deadline, so don’t rule out an “off-season” listing. As an added benefit, it’s often less disruptive if you’re still living in the property since there are fewer showings. This past week I wrote two offers, one of which was competing against two OTHER offers, all within eight days. In winter, it’s more important than ever to price it to sell! And note to buyers: Don’t assume you have plenty of time, even in the midst of winter, as we found out ;ast week. But you might as well start looking now—if nothing else, it will give you a running start in the spring since you will already be familiar with the market to better “know it when you see it,” and you may get lucky and find a deal.

If you know someone looking to move, please contact us. And if you’re thinking of selling, we’ll be happy to provide you with a free market analysis of your home and review of statistics in your local neighborhood.

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Sign up for a market conditions report.

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).

Contact us for more information.

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

Related posts:

1. North Arlington (Orange Line) Condo Update: October 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
2. North Arlington (Orange Line) Condo Update: May 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
3. North Arlington (Orange Line) Condo Update: March 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...

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2. This Month in Real Estate: May 2011 What is home staging and why is it important? Watch...
3. This Month in Real Estate: July 2011 What are the secrets to getting your house sold? Watch...

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Sign up for a market conditions report.

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).

Contact us for more information.

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

Related posts:

1. North Arlington (Orange Line) Condo Update: May 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
2. North Arlington (Orange Line) Condo Update: June 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
3. North Arlington (Orange Line) Condo Update: March 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...

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What’s shakin’ in the real estate market, you ask?  Well, the actual real estate is shaking, of course. Or at least it was yesterday.  Hope you all got through unscathed! 

Speaking of the earthquake, please do a careful once-over on your properties.  FYI, most home insurance policies do NOT cover earthquake damage.  Here’s a handy earthquake checklist from the Weather Channel, and FEMA’s list of what to do during an earthquake.  Once the quake has passed, check your home for water and gas leaks, as well as any electrical shorts.  If you find a problem, contact the utility company or fire department for assistance.  Now on to the next disaster: Hurricane Irene.  Here’s a handy article on preparing your home for a hurricane.  Up next: How to prepare your home for locusts!  (Kidding)  And, if you’re tired of all these disasters and are just getting out of Dodge, here’s your vacation checklist, including some good home security tips.

Speaking more generally about the market, it’s been a busier-than-average summer.  Inventory is still low, and mortgage rates have hit ALL-TIME lows.  Turns out that a credit downgrade actually caused investors to flee into US Treasuries (strange, I know), which are helping to keep rates low.  Thinking of refinancing?  I know some great lenders and settlement companies if you need advice.  A good rule of thumb is that if rates are 1% lower than your current rate, and you are planning to stay in the property at least a few more years, you should look into refinancing. But check with a lender about your specific situation.

Low rates aren’t enough to convince anyone we’re headed towards recovery though, and a NY Congressman has proposed another housing stimulus–this one with matching of down payment funds of up to $20,000.  Personally I don’t think it will go anywhere in our current political environment, but we’ll see.  The Administration is, however, working on a proposal to keep Fannie Mae and Freddie Mac around, which will help keep rates low. 

Conforming loan limits are due to change October 1, which will increase rates for those home buyers borrowing more than $625,000.  (Our area’s current limit is $729,750.)  Loans must close BEFORE 10/1/11 to qualify for the existing limitations.

Our local real estate and job markets continues to outpace, well, the entire world. And no wonder: Tysons, Herndon, and Arlington made the Best Places to Live for the Rich and Single, and Great Falls, Tysons, and Potomac made CNNMoney’s “Top Earning Towns” list.

We have scheduled our next first time home buyer class for Tuesday September 13, so if you know someone who is interested in learning more about the market and the home buying process, just have them register for our class.