Northern Virginia & D.C. Real Estate Blog

Northern Virginia Housing Styles -- Colonials

2008-05-15T09:30:35Z

Different strokes for different folks! Everyone has their own particular tastes when it comes to housing styles. Some like the airy and open eclectic Contemporary homes. Others prefer the cute and charming Cape Cod or Bungalow. Still other home buyers prefer the practical Split Level or Split Foyer, while others may detest them.

One thing is true in the Northern Virginia housing market:

The Colonial is King!

COLONIALS

According to Wikipedia, "the American colonial style drew its influence from the Georgian architecture of Great Britain, with indirect sources in Italian Renaissance style of the sixteenth century."

A Colonial-style house usually has a formally-defined living room, dining room, and sometimes a family room. Typically, bedrooms are on the second floor and the front door is in the center of the home.

With over 2,250 Colonial single family homes on the market as of May 15th, this style is undoubtedly the most popular of all in Northern Virginia (Alexandria, Arlington, Fairfax County, Falls Church). They range in price from slightly under $200,000 to the high end of $15,000,000, and everywhere in between.

There are old historic Colonials and brand new construction in this style. The average age of all Colonials currently on the market is about 25 years.

While the average listing price for all the Colonials currently on the market is approximately $1,027,000, this number needs to be taken with a grain of salt. The higher end Colonials pump up this average price. Even though there are 161 Colonials on the market for over $2 million, fully half of the available Colonials in Northern Virginia are priced below $750,000. 70% of Colonials are priced below $1 million.

Fairfax County has over 2000 Colonial style homes currently available. 155 are on the market in Arlington, 59 in Alexandria and a smattering in Fairfax City and Falls Church.

Here's some samples of Northern Virginia Colonial style homes that are available for purchase now on the MLS from different brokers in the area. (Click each link to view further details about the home):

UNDER $500,000

SPRINGFIELD 3 BEDROOM 3.5 BATHROOM COLONIAL

BURKE CENTRE 4 BEDROOM COLONIAL ON A CUL-DE-SAC

HERNDON 4 BEDROOM COLONIAL

$500,000 TO $1 MILLION

ARLINGTON 5 BEDROOM 4 BATHROOM COLONIAL NEAR CLARENDON METRO

ARLINGTON 3 BEDROOM COLONIAL WITH VIEWS OF D.C.

ALEXANDRIA 4 BEDROOM 4.5 BATH COLONIAL IN ROSEMONT NEIGHBORHOOD

$1 MILLION TO $1.5 MILLION

VIENNA 4 BEDROOM 3.5 BATHROOM COLONIAL

GREAT FALLS 4 BEDROOM COLONIAL ON ALMOST AN ACRE

MCLEAN 5 BEDROOM 4.5 BATHROOM COLONIAL

$1.5 MILLION TO $2 MILLION

GREAT FALLS 5 BEDROOM 4 BATHROOM COLONIAL ON OVER 2 ACRES

ALEXANDRIA 5 BEDROOM 4 BATHROOM COLONIAL IN BELLE HAVEN

FAIRFAX 5 BEDROOM COLONIAL BUILT IN 2005

$2 MILLION PLUS

MCLEAN 6 BEDROOM COLONIAL ON OVER 1.5 ACRES - JUST BUILT

MCLEAN BRAND NEW CUSTOM BUILT COLONIAL ON 1/2 ACRE

GREAT FALLS 6 BEDROOM COLONIAL ON 5 ACRES

CLICK HERE TO SEARCH FOR NORTHERN VIRGINIA COLONIALS OR ANY STYLE HOME

Northern Virginia Housing Styles -- Cape Cods

2008-05-08T21:58:09Z

When searching for a home in Northern Virginia, there are many considerations. Most important among these are typically Location (it's a tried and true real estate truism -- say it three times), Price, and Condition.

What else matters? Size. Oh yes, size does matter! Size of the house. Size of the yard. Size of the rooms.

Some people looking for homes have a specific style of home in mind. Contemporary, Colonial, Cape Cod, Split Level, Split Foyer, etc.

CAPE CODS

According to Wikipedia (and general knowledge), "a Cape Cod is a style of house originating in New England in the 17th century. It is traditionally characterized by a low, broad frame building, generally a story and a half high, with a steep, perfectly pitched roof with end gables and a large chimney."

As of May 8th, there are currently 231 Cape Cod style homes on the market in Northern Virginia (Alexandria, Arlington, Fairfax County, Falls Church). They range in price from $250,000 up to over $1.8 million (believe it or not!) The Cape Cods are typically older than the average home on the market, with the average Cape Cod being built in 1950.

The average listing price for all the Cape Cods currently on the market is approximately $530,000.

The highest concentration of Cape Cod style homes are in some of the more well-established communities in Arlington and Falls Church, including Addison Heights, Barcroft, Bel Air, City Park Homes, Greenway Downs, and West Lawn.

Here's some samples of Northern Virginia Cape Cod style homes that are available for purchase now on the MLS (Click each link to view further details about the home):

ADDISON HEIGHTS (ARLINGTON) 2 BEDROOM 2 BATH CAPE COD NEAR THE METRO

BARCROFT (ARLINGTON) 5 BEDROOM 2.5 BATH CAPE COD BUILT IN 1953 -- SINGLE OWNER!

BEL AIR (FALLS CHURCH) 3 BEDROOM 1 BATH CAPE COD

BUCKNELL MANOR (ALEXANDRIA) 5 BEDROOM 3 BATH EXPANDED AND RENOVATED CAPE COD

GREENWAY DOWNS (FALLS CHURCH) 3 BEDROOM 2 BATH CAPE COD

KINGS PARK (SPRINGFIELD) 4 BEDROOM 2 BATH CAPE COD ON ALMOST 1/3 ACRE

CLICK HERE TO SEARCH FOR NORTHERN VIRGINIA CAPE CODS OR ANY STYLE HOME

Alexandria Virginia April 2008 Home Sale Hot Spots

2008-05-07T06:33:21Z

HOT SPOTS IN A COOLER MARKET

ALEXANDRIA HOME SALES
APRIL 2008

In April 2008, there were 150 home sales in the City of Alexandria. This was a precipitous drop from the 204 sales made during the same month of 2007. Sales prices ranged from $131,500 up to $1,650,000. The good news for Alexandria home sellers is that homes are selling relatively quickly, averaging just 60 days on the market! Additionally, while buyers are negotiating lower prices from the original asking price, the average net sales price of $474,678 for the month of April 2008 equates to Alexandria sellers getting 93.9% of their original listing price.

As is the case in any market, there are hot spots, hotter spots, and some cool ones. Here's a graph showing the neighborhoods and condo communities with the most sales activity for the month of April.

Cameron Station led the pack with 15 sales in April 2008. Never been to Cameron Station? Click here and come along on a brief Video Driving Tour of Cameron Station in Alexandria Virginia. Read and learn more about Cameron Station: Northern Virginia Neighborhoods: An Introduction to Cameron Station, Alexandria.

Watergate at Landmark, a large condo complex on the West End of Alexandria chalked up 9 sales. There's always plenty of condo inventory at Watergate at Landmark. Learn more: All Inclusive Lifestyle at Watergate at Landmark in Alexandria.

Currently there are 822 available homes on the market in Alexandria, representing about a 5.5 month inventory supply based on the April sales rate. That's a pretty balanced market between buyers and sellers. A 6 month inventory is considered an even market. Over 6 months is a buyer's market and under 6 months is a sellers market. There are an additional 291 homes in Alexandria currently under contract pending sale.

The bottom line: Homes in Alexandria are selling!

Encouraged? Thinking about selling your Alexandria home? Make sure to read Blog Articles for Sellers. Then contact me at 703-626-0715 or e-mail me at brian@brianblock.com

Ready to get started with buying a home in Alexandria? Please read Blog Articles for Buyers. Then click below to get started with the best online home search tool available.

Alexandria Virginia Recognized for Promoting Affordable Housing

2008-05-06T06:50:14Z

This news just in...

Alexandria, Virginia was one of six cities recognized by the National Association of REALTORS (NAR) and the U.S. Conference of Mayors as doing a great job to promote affordable housing opportunities. See the NAR press release here.

The other cities designated as 2008 Ambassador cities are Allentown, PA, Asheville, NC, Bowling Green, KY, Irvine, CA, and Richmond, VA.

Despite the recent decline in home values, the skyrocketing home prices over the last decade have caused issues of affordability throughout Northern Virginia and within the City of Alexandria.

According to the press release, Alexandria instituted a program of Homeownership/Workforce Housing and Foreclosure Prevention by partnering with the Northern Virginia Association of REALTORS to address affordable housing issues through outreach and education to low- to moderate-income residents who rent rather than own their homes. The city and the local association have also organized home buyer seminars for city employees and Alexandria City Public School teachers and events to educate homeowners about avoiding foreclosure.

The median home sales price for March 2008 in Alexandria was $415,000. While this is lower than some neighboring jurisdictions due to the prevalence of condominiums in Alexandria, it is still out of reach for many who would like to live in the City.

Kudos to Alexandria for addressing this issue.

Click here if you'd like to search for a home in Alexandria.

I've Been Inside 5,000 Homes or Thereabouts

2008-05-05T16:45:56Z

REALTORS go inside people's houses. That's just what we do!

Big ones.

Small ones.

Cute ones.

Ugly ones.

We take elevators and soar to the penthouse condo with a view. We enter small basement apartments.

From berber carpet to laminate to Brazilian cherry hardwoods, we've seen all kinds of flooring. White, black, stainless steel, or somewhere in between, we've been in plenty of kitchens. Stairs? -- oh boy, we get our exercise when we're out showing homes.

Vacant, occupied, homes with tenants, we've seen 'em all.

Brand new construction & historic homes -- they are on the list. So are condos, duplexes, townhouses, single family homes, and grand estates.

Our lockbox key lets us in to see homes on for sale on the market. It also tracks which homes we visit. Today, I found that in the last 90 days, I've entered approximately 150 homes with my lockbox key, equating to about 50 per month.

That's about average. Some months I visit more, some less. It just depends on how many active Northern Virginia or D.C. homebuyers I am working with at the time (and how many homes they want to view).

I've been in the real estate business over 6 years. Thus, at about 50 home viewing a month, I estimate that I've been to about 4000 homes. That doesn't include open houses, broker open houses, or visits where I was invited to view a home by the owner. So, make it about 5,000 homes or thereabouts.

That's a lot of homes by any measure.

How many homes have you been inside besides your own?

Do you want to see more?

Click below to get started on your home search and trust your Northern Virginia real estate search to a Northern Virginia real estate broker who's been in over 5,000 homes in the area.

Ready to sell your home? I'd love to come for a visit and the opportunity to earn your business.

Give me a call at 703-626-0715.

Everything You Always Wanted to Know About Your Next REALTOR But Were Afraid to Ask

2008-05-03T20:58:41Z

In real estate, negotiating skills, market knowledge, and transactional expertise, education and experience matter a lot.

How about personality?

If you are working with a REALTOR to help you purchase a home or to sell your current home (or both), chances are that you'll be spending a lot of time meeting and talking to that REALTOR during the next 30, 60, 90 (or heaven forbid, longer) days. In fact, you may spend more time with your REALTOR during this period than anyone else except perhaps your spouse and/or children.

Personality mattered when you chose your wedding photographer, didn't it? And he only spent about 8 hours with you!

So, how about the personality, energy, creativity, and overall spunk of the person who's by your side during one of the arguably most stressful financial transactions you'll ever endure?

PERSONALITY MATTERS!

If you're in the market for real estate and looking to select a Northern Virginia REALTOR, I've compiled a selection of my blog posts over the past year that display my creativity, personality, and generally define "who I am." Love it. Or Leave it. That's up to you. Just thought you might be interested in taking a peek into the psyche of the guy who's going to be helping you buy or sell a home.

These blog posts can also be useful for other REALTORS around the country who are looking to refer their relocating clients to an experienced Northern Virginia and D.C. REALTOR who also passes the "fun test."

"EVERYTHING YOU ALWAYS WANTED TO KNOW ABOUT YOUR NEXT REALTOR BUT WERE AFRAID TO ASK" (CLICK EACH LINK TO READ THE FULL BLOG POST)

YES, I'M ALSO AN ATTORNEY -- A RECOVERING ONE

The REALTOR for Attorneys -- Helping Lawyers Buy & Sell Houses -- Don't hold it against me, please. It's actually a good thing. I've learned the real estate business from the legal side and help prevent my real estate clients from ending up in court. I also like to help attorneys in Northern Virginia & D.C. buy and sell homes (Ask about my attorney discount.)

The Difference Between Realtors & Lawyers -- I've heard all the attorney jokes, so don't even go there. Here's my insider's take on the differences between the two professions.

New Survey Confirms I Made a Good Choice -- Attorney? REALTOR? I'm happy with my decision.

GETTING PERSONAL

Who?? MeME! -- A "MeMe" is a tradition in the online blogging world where a blogger writes about themselves and divulges a few personal tidbits. Here's my first attempt.

Enough About Me, Let’s Talk About MeMe Some More: Meme Take 2 -- Learn more in the sequel.

(You've Got) Personality -- Talk about personality. Here's a summary of my life to date.

Bucket List -- Things Still to Do -- These are my goals and aspirations.

Books Overflowing from My Shelves -- A Book MeMe -- You can tell a lot about a person by the books he reads.

How I Proposed to My Wife: 4 Important Lessons Learned for Real Estate -- In this most personal of stories, you'll learn why my wife is definitely my biggest fan!

I'M FAMOUS!

My 8 Seconds of Fame on CBS National News This Morning -- I was on CBS' The Early Show as a real estate expert.

Need an Angle for Your Real Estate News Story? Give Brian a Call -- I've been in newspapers and on TV. Now signing autographs.

YET HUMBLE

Please Check Your Ego at the Door -- I really am very down to Earth. You won't see my face on a billboard and my business card doesn't say "#1 agent!"

Real Estate Makes Good Party Talk -- Real estate is one business that is hard to escape.

I'M A GOOD CITIZEN

Giving Back to the Community -- More Than Just Money -- Learn about the charities and organizations that are near and dear to my heart.

Dear Mr. Mayor, Clean Off This Wall! -- I don't like seeing graffiti, especially in a neighborhood where I sell homes and where I live. I let the Mayor and the City Council know about it. They responded quickly and I'm happy to say the wall is clean.

WATCH ME ON FILM

Look Who's Buying a Home! (3 Minute Video) -- In this award winning video, a special VIP visitor comes to Alexandria, Virginia to purchase a home.

Blooper Reel -- Brian & George -- Watch the other video first. Then have another laugh with this one.

Like my personality?

Then give me a call at 703-626-0715 to discuss working together towards your real estate goals.

Blog Articles for Sellers

2008-05-03T19:53:57Z

If you've found my blog while searching around the internet, you may have come to a particular article that I wrote about some aspect of real estate. Perhaps you read a market report about sales in Northern Virginia or information about available inventory in a particular Alexandria neighborhood. You may have read an article about the selling and marketing your home for sale.

Looking to sell your home in Northern Virginia or D.C.?

You need all the information you can get your hands on. In over a year of blogging about real estate in the Northern Virginia and D.C. area, I've written many articles that form a useful guide for homeowners who are getting ready to select a REALTOR and sell their home.

Rather than having you sift through my entire blog looking for the ones that may pertain to your questions and desire for real estate knowledge, I've compiled many of them right here below.

If you are deciding upon your REALTOR for your Northern Virginia or D.C. real estate sale, or you have already starting working with me, I may have sent you a link to this blog post which serves as a clearinghouse for my articles related to marketing and selling homes.

BLOG ARTICLES FOR SELLERS (CLICK ON EACH LINK TO READ THE FULL POST):

GETTING STARTED

Selling a Home in Northern Virginia & D.C.: Step by Step Flowchart -- Obviously you know how to buy a house. What about selling? Here's a flowchart to help you through.

Selling Your Home -- Know the Broker's Duties -- There are things that your real estate broker or agent should do for you and then there are things that they MUST!

Six Myths About Northern Virginia Real Estate -- Let's dispel some of the lies and mistruths about the market.

7 Things You Must Do to Sell Your Home in Northern Virginia -- A need to know list.

Who Are the Players? The Team of Professionals Involved in Your Real Estate Deal -- Who else is there to help you with the sale. This post details the players on both sides of the transaction.

CHOOSING YOUR LISTING AGENT

My Friend is in Real Estate: Might Not be the Best Choice -- Choosing to work with a close friend may not always be best. How strong is that friendship and will it survive when your home has not sold after 180 days on the market?

Choosing a Good Negotiator for Your Real Estate Deal -- Negotiating the deal for you. Choose a strong negotiator to help you get the best price and terms for your home.

The World Can Be Your Oyster -- Marketing Your Home Across the Seven Seas -- You want an agent with a strong marketing plan. Overseas buyers are buying U.S. homes at an increasing pace, especially in the D.C. area. This is how we reach them.

HGTV? No, it was me: A Realtor Learns to Stage a Home -- Consider staging your home for maximum showing potential. Remember, "Clutter Eats Equity!"

PRICING THE HOME TO SELL

Come on Down! You're the Next Contestant on The Price is Right -- You've got to Price it Right! Bob Barker would be proud.

"We can always reduce the price later" -- Price Reductions are NOT A GOOD MARKETING PLAN for Northern Virginia Homes -- Price it right from the start.

If you want my love then take my advice... Adjust Your Price -- Do you really want to sell your home? Then price it right!

Increasing the Value of Your Northern Virginia or D.C. Home -- You might lament the prices falling from a few years ago, but there are things you can do to increase your home's value.

QUESTIONS BUYERS ASK

Will the Sellers Come Down on the Price? -- Only you know the answer to that question.

How Long Has That House Been on the Market? -- Price it right. Sell it quick. Don't let the buyers even think twice.

Get Me Out of Here!: When Can You Get Out of a Home Sales Contract? -- You thought you had a deal -- a ratified contract. Now the buyers want to get out of the deal. Learn more.

Can a Homebuyer Get Sellers to Pay Closing Costs in Today's Northern Virginia Market? Answer: It Depends -- In today's market you might want to factor this in to the equation.

MISCELLANEOUS

Mighty Paragaph 7 of the Sales Contract -- This is a big protection for buyers. Unless your home is a "handyman's special" you better make sure that your appliances and major systems are in normal working order.

Why Not Go Neutral? Bold Color Carpet Can Hurt Your Sale -- Pictures speak 1000 words.

READY TO GET STARTED? Click here for a preliminary comparative market analysis of your home. Then give me a call at 703-626-0715 and I'll be happy to meet you at your home to discuss getting it SOLD in today's market.

Blog Articles for Buyers

2008-05-03T19:16:19Z

Looking to purchase a home? Getting started with your home search?

Rather than having you sift through my entire blog looking for the ones that may pertain to your questions and desire for real estate knowledge, I've compiled many of them right here below.

If you are deciding upon your REALTOR for your Northern Virginia real estate purchase, or you have already starting working with me, I may have sent you a link to this blog post which serves as a clearinghouse for my homebuyer pertinent articles.

BLOG ARTICLES FOR BUYERS (CLICK ON EACH LINK TO READ THE FULL POST):

GETTING STARTED

Buying a Home in Northern Virginia & D.C.: Step by Step Flowchart -- You can't get where you are going if you don't have a map. Here's a map through the minefields of the homebuying process.

Six Myths About Northern Virginia Real Estate -- Cut through the crap. What's the truth?

Who Are the Players? The Team of Professionals Involved in Your Real Estate Deal -- You need to know who is on your side when it comes to buying a home.

How Much is the Monthly Payment?: A Simple Formula -- Before you start your home search, you need to know how much you can afford. Use this simple formula for a rough estimate of your mortgage payment.

From a Pad to a Nest -- Guys, I'm Talking to You -- Lots of people buy homes because they are getting married. This one is for the grooms to be and the newlyweds out there.

Let Me Search for Homes While You Drink Your Morning Coffee -- You've got better things to do all day then surf the web for homes... it's called work! Let me do the searching for you.

CHOOSING YOUR REALTOR

My Friend is in Real Estate: Might Not be the Best Choice -- Some people want to work with their friends. This may be the biggest financial decision of your life. Do you trust your friend enough? Can you contain your emotions and maintain the friendship?

Choosing a Good Negotiator for Your Real Estate Deal -- Price & terms. Getting a good deal. You need a strong negotiator on your side of the table.

ON THE ROAD AND IN THE HOUSE

Real Estate is a Process of Elimination -- Eliminate the houses you don't like and you'll quickly find the ones that you do.

Bring Your Checkbook With You on Your Househunt -- What? Were you going to charge it on your Visa?

Swing Open the Closet Door -- This is your chance to be the voyeur you always wanted to be. Look in the closets, the cabinets, the pantry... You are thinking about making it your home, after all.

IMPORTANT QUESTIONS

Will the Sellers Come Down on the Price? -- Every buyer wants to know this. The answer is always maybe. Here's the factors to consider.

How Long Has That House Been on the Market? -- Closely tied to the first question. This is important information to weigh in the offer price.

Can a Homebuyer Get Sellers to Pay Closing Costs in Today's Northern Virginia Market? Answer: It Depends -- First time buyers often don't have a lot of cash to bring to the table. Will sellers help out?

THINGS YOU NEED TO KNOW ABOUT BUYING A HOME

Mighty Paragaph 7 of the Sales Contract -- The Regional Sales Contract has some important protections for buyers. Paragraph 7 is so crucial that I always read it aloud to my clients.

Take Your Home for a Test Drive: The Importance of Home Inspections -- Get a Home Inspection!

Get Me Out of Here!: When Can You Get Out of a Home Sales Contract? -- What if you change your mind? What if the appraisal comes in low? What if there's a leak in the roof? Find out how to get out of a contract.

What to Look for in Condominium Resale Disclosure Documents -- If you are buying a condo, you'll want to read this.

THE HOME STRETCH

A Closer Look at Title Insurance -- They'll want you to buy title insurance at closing. Find out what it is and what it covers.

Purchaser's Closing Costs in Virginia -- How much are closing costs? What are the components of closing costs?

What to Expect at the Closing Table in Northern Virginia -- Are you picturing an all day affair with a menagerie of folks and bickering back and forth over stacks of paper? Here's the reality of real estate settlements. (Hint: They usually last about an hour.)

READY TO GET STARTED? Please click below to gain access to the best home search tool for Northern Virginia & D.C.

Which Homes Are Selling the Fastest and With the Least Discount? The Answer May Surprise You

2008-04-29T16:32:16Z

Whether you are in the market to buy a home or to sell your current home, it is important to keep abreast of market statistics (or at least to work with a knowledgeable REALTOR who does). Newspapers, national magazines, and television news report on regional and national trends, but don't do a very good job of explaining the local real estate market.

The number of new housing starts nationwide or the percentage increase in foreclosures in the entire state have very little, if any, bearing on how quickly your Arlington condo will sell, or how much negotiating room there is with the seller of an Old Town Alexandria townhouse.

Two statistics that warrant close examination are:

the average number of days a home stays on the market in a particular area before a contract is ratified between seller and purchaser.
the average sales price as a percentage of original listing price -- this shows how willing sellers are to reduce their prices and how much negotiating room a buyer has in the current market.

If you are thinking about buying a home in Alexandria, Virginia, or getting ready to sell one, pay close attention. I prepared an analysis of all homes sold to date in 2008 divided up by price range. This analysis for Alexandria looks at

the number of sales in each price range
the net sales price (final sales price minus any seller subsidies, or concessions towards closing costs)
the original sales price (not the final listing price at time of sale, but the price at which the home originally went on the market); and
the number of days on the market.

The results may surprise you.

You might expect the most negotiating room in the higher price ranges. Right? WRONG.

The lower priced homes sell quicker than higher priced ones. Right? WRONG AGAIN.

Here goes:

This first chart shows the number of sales in each price range.

This next chart shows the average number of days on market for all sales in each price range in Alexandria. The overall average days on market year-to-date in Alexandria is about 71 days. The columns in red indicate an above average amount of days in that price range. The black columns indicate a below average amount of days on market, or relatively fast sales.

One thing you'll notice is that the fastest selling price range is the $700,000 to $800,000 homes. Homes in the $200K and $200K-$300K price ranges are actually selling at a slower pace than homes in the $600K-$800K and even the $1 million plus price ranges!

The final chart shows the average final sales price as a percentage of the original listing price.

Once again, the homes that are garnering the highest percentage of the listing price (or least discount) are in the $700,000 to $800,000 price range. The least expensive homes -- those under $200,000 are actually selling for the largest discount from asking price.

Not what you expected?

To get started with your home search, click on Northern Virginia Home Search, and then enter your criteria and price range. You'll get detailed information on available homes e-mailed to you on a daily basis.

If you're thinking about selling your home and want to know what it's worth, click on Value My Virginia Home for a preliminary comparative market analysis.

The REALTOR for Attorneys -- Helping Lawyers Buy & Sell Houses

2008-04-29T01:52:41Z

You've heard all the lawyer jokes and so have I.

In fact, let me let you in on a little secret: There's only one lawyer joke. All the rest are true stories.

There's a lot of law involved in a real estate transaction. There's agency law, contract law, property law, tax law, condominium regulations, homeowner's association rules, escrow accounts, and more. Some states like New York require attorneys to write the real estate purchase contract. In Virginia & D.C., real estate agents fill in the blanks on a form contract provided by the local associations.

In the D.C. metropolitan area, I've heard it reported that approximately 1 in 4 adults holds a law degree, although not all practice law. If you are an attorney looking to buy or sell a home, you may find it beneficial to work with a REALTOR who speaks your language.

Introducing THE REALTOR FOR ATTORNEYS:

Brian Block, Esq., REALTOR / Attorney

Here's some background about why you should consider trusting your real estate needs to me.

I graduated from highly-ranked George Mason Law School in 1998. For 2 years, I practiced banking litigation at a medium-sized law firm in D.C. representing major banks suing the U.S. government in the aftermath of the 1980s S&L crisis. Following that, I worked a year in securities law advising on private placements and public offerings as well as some general practice.

After a short time handling legal matters on my own for private clients, I entered real estate in early 2002. Reaching out to area attorneys to help them with their real estate needs, I shortly became "Of Counsel" with a real estate litigation firm in Old Town Alexandria. For 3 years while I built my real estate sales business, at the law firm, I learned the real estate business ins and outs from the legal perspective.

Learn about The Difference Between Realtors & Lawyers

I learned what can go wrong with a real estate transaction.

95-97% of real estate deals go smoothly. Everyone shakes hands at the settlement table. Sellers get their money. Buyers get the keys to the new house. Everybody is happy.

These were not the people who showed up at our law firm. The people who walk in the door at a real estate litigation firm are those 3-5% that have big problems. Lots of money at stake. Nobody's happy. I've seen deceit, fraud, trickery, and big bucks litigation. These are deals that went really wrong. I've been to settlements where the parties did not want to see each other let alone sit at the same settlement table. I've seen defaults, judgments, and class action lawsuits.

As a REALTOR, I incorporate my knowledge and experience of the law to best serve my clients. While I'm not representing my clients as an attorney nor practicing law, I bring those skills to the table. My job is to ease the anxieties and prevent those 3-5% of transactions from going awry.

Thus, as a result, many of my clients do end up being attorneys themselves. There seems to be a comfort level.

I can speak legalese.

I've even had the stereotypical 20 minute discussion with attorney clients over comma placement.

I understand contracts.

I understand property.

I can negotiate.

Here's a little chart to help you make a wise decision:

	Brian Block, Esq. REALTOR / Attorney	Average Real Estate Agent
*Graduated* *Law* *School*	YES!	NO
*REALTOR > 5 Years*	YES!	NO
*Can Explain Contract Terms*	YES!	NO
*Real Estate Broker’s License*	YES!	NO
*Knows the Rule Against Perpetuities*	YES!	NO

As an attorney, you need to concentrate on your billable hours. Why not leave the stress of the homebuying or home selling process to a REALTOR / Attorney that you can trust?

Contact Brian Block, Esq. today!

Abbreviations & Acronyms: The New Language of Real Estate

2008-04-27T13:06:03Z

If you're just getting in the market for real estate, chances are you're hearing a lot of unfamiliar terms these days, especially on the mortgage side of things. Real estate introduces you to entirely new language. One filled with lots of words that are thrown around by your mortgage lender, REALTOR, and even your friends and family, who may sometimes make the assumption that you know what they are discussing.

Don't be afraid to pull back for a second and say "Hey, I have no idea what you are talking about." Just as George Washington coming back to the present day would need many things to be explained to him, when you start your home search you'll be encountering uncharted territory and can make use of a glossary.

Never is this more true than with all the abbreviations and acronyms used in the real estate lingo.

It sometimes reminds me of that famous scene in the movie Good Morning, Vietnam when Robin Williams, fed up with all the military jargon, jokingly asks:

“Excuse me, sir. Seeing as how the VP is such a VIP,

shouldn't we keep the PC on the QT? 'Cause if it leaks

to the VC he could end up MIA, and then we'd all be put

out in KP."

I remember a real estate sale I had several years ago. A Navy Admiral was purchasing a home from an Army General. During the final walkthrough of the home, the two of them got to talking military and the acronyms and abbreviations were flying left and right, but mainly they were flying right over my head. That's when I spent the rest of the time talking with their wives and looking through the kitchen and bathrooms to make sure all the appliances were working.

Wondering about all these real estate abbreviations? Here's clarification of a few of them:

APR: Stands for Annual Percentage Rate -- shows the cost of a loan expressed as a yearly interest rate, including the interest, points, mortgage insurance, and other associated fees.

ARM: Adjustable Rate Mortgage -- a mortgage loan that can be subject to changes in interest rate

EMD: Earnest Money Deposit. Money put down by a buyer to show that they are serious about purchasing the home. Learn more here: Bring Your Checkbook With You on Your Househunt

FHA: Federal Housing Administration. Assists home buyers by providing mortgage insurance encouraging lenders to make loans to borrowers who might not qualify for conventional mortgages.

GFE: Good Faith Estimate. This estimate of all closing fees must be given to the borrower within 3 days after submission of a loan application.

HUD: U.S. Department of Housing and Urban Development

HUD-1: The settlement statement provided at closing that itemizes all the closing costs for both seller and buyer.

LTV: Loan-to-Value ration. This is a percentage calculated by dividing the amount borrowed by the sales price or appraised value of the home to be purchased.

MIP: Mortgage Insurance Premium

PITI: Principal, Interest, Taxes, and Insurance. These are the four elements of your mortgage payment.

PMI: Private Mortgage Insurance -- can be required for borrowers with down payments of less than 20% of a purchase price.

VA: Department of Veteran Affairs. Guarantees loans made to veterans.

VHDA: Virginia Housing Development Authority. Virginia's state mortgage finance agency.

Now, when someone asks:

"Did you get the GFE for your ARM? What's the APR and PITI and will you need PMI according to the HUD-1? How about your EMD?"

You'll know what they're talking about.

When deciding on a Northern Virginia REALTOR to help you learn the language of real estate, why not work with one with lots of abbreviations and acronyms after their name?

Brian Block, ESQ., ABR, CRS, EPRO, GRI, SRES

Are the Northern Virginia Golden Zip Codes Losing their Luster?

2008-04-27T11:52:13Z

What are the Golden Zip Codes?

Each year, Washingtonian Magazine publishes a list of the top 50 neighborhoods in and around Washington D.C. by the median sales price of homes. This allows the reader to determine the areas of Washington D.C., Northern Virginia, and suburban Maryland with the highest concentrations of affluent households.

Great Falls, Virginia -- zip code 22066 has topped the list for several years running and in the May 2008 issue of Washingtonian Magazine, its 2007 median sales price of $1,112,500 again places Great Falls as the frontrunner of fancy homes.

How has the housing market slump affected these priciest areas? In other words, are the Northern Virginia "Golden Zip Codes" losing their luster?

Here's a chart of the top 10 neighborhoods in Northern Virginia by median price of home sales in 2007:

Neighborhood and Zip Code	Median Sales Price			Number of Sales
Neighborhood and Zip Code	2007	2006	% Change	2007	% Change
Great Falls 22066	$1,112,500	$1,150,000	-3%	240	8%
McLean 22101	$870,000	$870,000	0%	459	-3%
Fairfax Station 22039	$813,000	$850,000	-4%	201	-8%
North Arlington 22207	$745,000	$739,950	1%	499	3%
Vienna 22182	$730,000	$744,923	-2%	322	-8%
Westover 22205 (Arlington)	$659,407	$638,957	3%	218	-16%
Vienna 22181	$637,000	$647,500	-2%	237	-6%
Rossyln 22209 (Arlington)	$625,000	$512,000	22%	178	21%
Clifton 20124	$617,500	$649,000	-5%	190	-6%
Fort Hunt 22308	$610,849	$624,000	-2%	185	-6%

Let's compare these numbers with the overall statistics for Northern Virginia 2007 versus 2006:

2007 Median Sales Price $460,000 2006 Median Sales Price $470,000

% Change -2.13%

2007 Number of Sales 19,363

% Change -13.47%

From this comparison, it is quite apparent that the Golden Zip Codes are faring much better than the overall market. 6 of these 10 zip codes experienced slight dips in median price. Sales were down in all but three of the zip codes, but not as drastically as in the larger market.

One zip code, 22209 -- the Rosslyn area of Arlington stands apart from the rest. With a 22% price increase and 21% rise in sales, the Rosslyn area is clearly booming. This is due in large part to the construction of several new luxury condominiums in the last year.

Interestingly, all zip codes from Arlington that appear on this chart actually experienced sales price increases over the past year. Contrary to popular belief, prices are not falling everywhere. Read Roller Coaster of Real Estate: Northern Virginia Home Prices are NOT in Freefall (except maybe in Prince William County)

If you're thinking about going for gold and purchasing a home in one of these Northern Virginia neighborhoods, click on some of the links below to view samples of current home inventory (around the median price) in each zip code:

GREAT FALLS: 6 BEDROOM 4 BATHROOM COLONIAL ON 2.5 ACRES

MCLEAN: 4 BEDROOM 4 BATHROOM IN CHESTERBROOK WOODS

FAIRFAX STATION: 5 BEDROOM 2.5 BATHROOM COLONIAL ON 1/2 ACRE CUL-DE-SAC

NORTH ARLINGTON: 4 BEDROOM 2 BATHROOM ALL BRICK COLONIAL

VIENNA 22182: 5 BEDROOM 2.5 BATHROOM ON MORE THAN 1/2 ACRE

WESTOVER: 4 BEDROOM 2.5 BATHROOM SPLIT FOYER HOME

VIENNA 22181: 4 BEDROOM 3.5 BATHROOM TOWNHOUSE

ROSSLYN: 2 BEDROOM 2.5 BATHROOM PENTHOUSE CONDO AT THE ATRIUM

CLIFTON: 4 BEDROOM 4.5 BATHROOM LITTLE ROCKY RUN TUDOR

FORT HUNT: 5 BEDROOM 3 BATHROOM SPLIT FOYER HOME

The luster is still shining bright on these Golden Zip Codes!

Bring Your Checkbook With You on Your Househunt

2008-04-25T17:37:20Z

With the advent of online payments, credit card transactions, wire transfers and Paypal, very few carry checkbooks with them any more. However, in the world of real estate, I suggest that you bring your checkbook with you on your house hunt.

As much as you'd like to receive miles, hotel points, or other perks, the fact of the matter is that you just can'tuy a house with a credit card.

When you find the house you'd like to purchase and you're ready to make an offer, it's time for something called an Earnest Money Deposit or Good Faith Deposit.

Webster's Dictionary defines "earnest" as

1. a serious and intent mental state; or

2. a considerable or impressive degree or amount

You'll write a check for the earnest money deposit and submit that with your purchase offer. This money is distinct from your down payment. It's a "good faith deposit" to show your intent to move forward with the purchase. It displays your seriousness to the seller of the home. This check is typically made payable to the real estate brokerage that's assisting you with the purchase or to the title company. The check will not be deposited until your offer is accepted by the seller(s). If your offer is not accepted, the check will be returned to you or held until your next offer on another property.

The Earnest Money Deposit gets held in escrow in a trust account and at settlement on the property will be applied towards your down payment and/or closing costs.

How much is the Earnest Money Deposit?

This common question does not have an exact answer. It's customary to put a deposit of at least 1% of the sales price of the home. Thus, on a $500,000 purchase, you'd be looking at writing a check for $5000 to be submitted with the offer. You can have a deposit of less or more, but just remember that the higher the amount, the more attractive your offer will be to the seller. This is another negotiating tool available in the sales process.

Dust off that checkbook and bring it with you when you go searching for homes.

CLICK HERE TO GET STARTED

From a Pad to a Nest -- Guys, I'm Talking to You

2008-04-24T08:05:58Z

Congratulations! You're getting married. From the day you popped the big question and changed your status from boyfriend to fiancé, you've no doubt been receiving lots of unsolicited advice from friends, family, and strangers about planning the wedding and about marriage.

So here comes your friendly Northern Virginia & D.C. REALTOR with some more advice for you as you begin the transition from YOUR BACHELOR PAD to YOUR MARRIED NEST.

First, a few fun quotes about marriage that every man needs to hear:

"A man in love is incomplete until he is married. Then he is finished." Zsa Zsa Gabor

"Courtship brings out the best. Marriage brings out the rest." Cullen Hightower

"Marriage is a great institution, but I'm not ready for an institution yet." Mae West

"Bachelors know more about women than married men. If they didn't, they'd be married too" H.L. Mencken

All that aside, many things will change once you get married, not the least of which is your living arrangements. Whether you stay where you are and your lovely bride moves in, or you decide to purchase a new place together (using the services of your favorite REALTOR), the days of dirty socks on the floor, movie posters as decoration, and nothing but beer, o.j., and salsa in the fridge are over. Say hello to new linens, candles, and yes, less closet space.

Your Refrigerator as a Bachelor Your Refrigerator after Marriage

After you've taken your vows, danced your first dance (of course, you took dance lessons with my wife's company, The Wedding Dance Specialists), and returned from your fabulous honeymoon, it's time to settle down.

Here's some advice:

STUFF -- with two people now sharing their lives, you'll begin to notice that there's a lot more of it -- STUFF! You may need some more room to spread out. Closet space is important -- just ask her. Moving is also a great excuse to get rid of some of your excess stuff. My rule of thumb: If you haven't used or touched it in 3 years, ditch it!

BATHROOMS -- I've found that one of the keys to surviving marriage is having two bathrooms. Sure, you're married, you're intimate, but the sights, sounds, and... smells of the bathroom? Let her apply her makeup in peace while you enjoy some toilet reading time.

GET ON THE SAME PAGE -- before you start your home search, discuss with each other your needs and priorities. I love working with newly married couples, but it's extremely difficult to help them find the right home when he wants a 2 bedroom loft condo and she wants a Colonial with a fenced yard. Have a serious discussion and figure out what you want.

IT'S YOUR FIRST HOUSE -- NOT YOUR DREAM HOUSE -- it's time to stop renting and start building some equity. Build your first nest together. Remember, you'll need to compromise on some things in your first home. However, it's just that, your first home. Your second home will be your move-up home -- maybe you got a job promotion or your family is getting larger. Your third home will be your dream home! That's usually the life cycle.

MAKE IT YOUR OWN -- once you own a place, make it your own. Choose paint colors. Decorate. Add your personal touches. Have fun with it! Getting dirty and painting together can be a fun bonding activity.

Guys, you've taken the plunge for the lifelong journey of marriage. Get started on the path towards owning your first home. CLICK HERE TO RECEIVE INFORMATION ON HOMES IN YOUR PRICE RANGE.

Own a Small Piece of the Smallest City in the USA -- Condos in Falls Church, Virginia

2008-04-23T20:44:38Z

Smallest city in the USA? Not by population, but by area... It's right here in Virginia. Falls Church City.

Charming Falls Church City is but 2.2 square miles of land bordered by Arlington and Fairfax County. Yet it boasts The State Theatre which features local and national music headliners, a drive-through espresso and smoothie shack, and one of the area's leading jewelry stores Direct Jewelry Outlet (where my wife and I purchased our wedding bands)

Falls Church is also the home of my martial arts school, Krav Works (Israeli Krav Maga & Brazilian Jiu Jitsu) I've been training for two years, so you better buy a home or I'll beat you up!

George Mason High School (GMHS), a highly-regarded, nationally ranked high school (#1 in the DC Area by the Washington Post, #6 in the nation by Newsweek) which includes grades 8 - 12 serves Falls Church.

Just to give you an idea of its size, the entire city is just over 1.5 times the size of Central Park in NYC! And just in case you care about trivia, Falls Church City was the site of the first ever Roy Rogers fast food restaurant opened in 1968.

Condos in Falls Church

72% of the homes on the market in tiny Falls Church City are single family homes or townhouses ranging in price from $399,000 to almost $1.4 million.

How about some smaller spaces in this small city? There are currently 15 condos on the market in Falls Church. They range in price from $184,900 to $698,000 and are available in the following locations. (Click on the links to view some available units.)

Falls Plaza -- a small, garden style condo complex close to a shopping center and the West Falls Church metro station.

FALLS PLAZA 1 BEDROOM CONDO

Gates at West Falls -- these two level townhouse style condominiums are directly across the street from the West Falls Church metro station making commutes into D.C. a breeze.

GATES AT WEST FALLS 2 BEDROOM 2.5 BATHROOM CONDO

Park Towers -- this mid-rise Falls Church City condo offers a pool and proximity to shops and restaurants.

PARK TOWERS 1 BEDROOM CONDO

Spectrum -- brand new condos along the main drag of Route 7 offer stylish urban living with shops and restaurants right downstairs.

SPECTRUM 1 BEDROOM CONDO

The Broadway -- "They say there's always magic in the air ON BROADWAY" or in this case we should say on Broad Street where The Broadway condos are located. Built in 2004, these luxury condos are a popular choice for Falls Church living.

THE BROADWAY -- WHERE THE NEON LIGHTS ARE BRIGHT -- 2 BEDROOM CONDO

The Byron -- across Broad Street from The Broadway, these 2006-built condos also offer an attractive option for Falls Church condo seekers.

THE BYRON 2 BEDROOM PLUS DEN CONDO

The Madison -- this is an older condo building in Falls Church (built in 1964) and offering units at quite affordable prices for such a location.

THE MADISON -- CORNER 2 BEDROOM UNIT

Winter Hill -- this large community of townhouse style condos is one of the most popular spots for first time buyers. Offering a recreation center and pool, ample backyards and relatively good prices, Winter Hill always proves popular. 4 of the 5 condo sales in Falls Church City in March 2008 were in this community. Hurry, they go fast!

WINTER HILL 2 BEDROOM 1.5 BATH TOWNHOUSE CONDO

CLICK HERE TO START YOUR FALLS CHURCH HOME SEARCH

Flashlight Required

2008-04-21T19:40:00Z

Whether you are a homebuyer looking to buy a home or a REALTOR going to show homes to potential purchasers, you may just want to add a new tool alongside your cell phone, lockbox key, and digital camera on your ever-present Batman style utility belt.

That new tool is the flashlight! Once the exclusive province of the home inspector to light the way as he climbs into attics and trudges through crawlspace, the flashlight is quickly becoming an essential part of the homebuyer's and REALTOR's toolkit.

WHY?

One word: FORECLOSURES. Guess what -- the home's in foreclosure because the owner was severely delinquent on their mortgage payments. They likely missed paying their electricity, heating and water bills as well. Even if they kept up with these utility invoices, once the bank starts foreclosure proceedings and then owns the property, the utilities are typically turned off.

If your home search includes foreclosure properties, it is 99.44% likely that you will enter a home with no electricity and hence no light save the natural light that may come in from the windows. My best advice is to go see foreclosure properties in the daytime. Even then, you'll likely need a flashlight to fully inspect the condition of the property.

Today, while looking through properties online, I came across the following remarks in a property description:

"You can enter the property through the front door, but you will

need a drill or crow bar to remove the board from the front

door. Please nail the board back up when you are finished. A

flash light is also required."

I don't know about you, but I'm very hesitant of showing a home where I'll need to bring a drill, crow bar, hammer and nails. I have visions of the neighbors calling the cops while I literally break into the house. "Officer, I'm a REALTOR... Do you want to see my broker's license?"

I'm fine with the flashlight if that's what it takes to make a sale in today's market. You can supply the crow bar.

For a REALTOR who will shine a light to help you navigate the dark and sometimes dangerous housing market, give me a call at 703-626-0715.

CLICK HERE TO START YOUR NORTHERN VIRGINIA OR D.C. HOME SEARCH. No batteries required.