Melissa's Real Estate Blog

Listing Prices in Today's Market

Melissa Barkalow (DCRE) — Thu, 28 Jul 2011 07:16:51 -0700

If you are deciding to put your home on the market in the near future or currently have your home on the market, besides deciding on a Realtor to help you list your home, making sure your home shows to the best of its ability, deciding on the list price goes up there in importance with the other two items. If your home is over-priced, do not be surprised if you do not get many showings after the initial listing period. This is not the market of 2005-2007, and as a seller you need to take that into consideration. You as a seller could be competing with a foreclosed home, where the bank wants to get it off their books, so they will and can sell it for a lower sales price than you. There are markets where prices have begun to increase again after the drop in 2008 onwards, such as where I live in the Washington DC area. Realty Times recently published a good article about the importance of listing at today’s market price.

Listing Prices in Today's Market

by Realty Times Staff

Today's market is volatile. With record low interest rates and rampant foreclosures, buyers are less willing to pay top dollar for homes. They know good deals are out there and aren't willing to pay more. This means sellers must list their home competitively.

Sellers are competing with foreclosed homes down the street that have the same amenities for a fraction of the cost. They are also competing with newly constructed homes which builders are desperate to move.

There are sellers who are unwilling to accept that their home is now worth less than it was just a few years or months earlier. This can be an especially hard pill for underwater sellers to swallow. No one wants to sell their home for a loss, especially in today's economy. Yet, people still get new jobs and have new life changes that mean they need to move on, move up, or downsize.

With prices, it's about first impressions. Think about how you shop online. Google and eBay are great examples. You search for a particular item and right off the bat weed out the top priced products. After all, in most cases it's basically the same thing. Why would you pay more?

There is only one reason you'd fork over more money. That is if the product or transaction will have certain perks. In real estate transactions, those perks could be sellers paying for closing costs, paying for inspections, having inspections done ahead of time, and having high-end finishes or a move-in ready home. These perks aren't worth what they once were, but they can still be marketed.

Homebuyers also begin their home searches online. In most cases, they set search parameters based on their budget. By pricing a home lower, you are more likely to be included in more searches.

There are benefits of being priced under the competition, such as you are likely to get foot traffic and showings. You are more likely to have multiple offers. These could easily translate into a sale, especially if a home is staged to its best advantage. Homes that are overpriced, however, end up sitting on the market for longer. This could means months or years of waiting.

Buyers in today's market are savvy. They have the upperhand during negotiations. With a 9.5 month supply of homes on the market, demand is far less than supply, which means they have sellers right where they want them.

Sellers must price their home for what it is worth in today's, not yesterday's market.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Coming Soon to a section of Arlington near You . . .

Melissa Barkalow (DCRE) — Sat, 23 Jul 2011 10:04:55 -0700

Coming Soon . . .

-Rabbit Salad and Grill (3035 Clarendon Blvd) is preparing to open to the public this coming Tuesday.

-American Tap Room’s in the old Sette Bello location, construction is coming along and hopefully the restaurant will be opening soon.

-The Green Pig Bistro, American gastropub, is coming to the former American Flatbread located at 1025 N. Fillmore Street, in Clarendon.

-Just opened in Clarendon is South Block Smoothie & Burrito Co. (3011 11th Street N.), a new health-oriented eatery.

-Pinkberry frozen yogurt store plans to open August 5, the yogurt joint will be located at 1220 N. Filmore Street, but will face Clarendon Boulevard, next to the new Cava restaurant.

-Potential changes to Crystal City, the new Crystal City sector plans has the area making some significant changes over the next 40 years

-Good Stuff Eatery is coming to Crystal City before the year is over. The burger joint will be located in the middle of the Crystal Drive restaurant row.

-New a Post Office opened this week in Pentagon City on S. Fern Street.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Arlington June Housing Report

Melissa Barkalow (DCRE) — Sat, 23 Jul 2011 09:47:02 -0700

NVAR has published the June 2011 Housing Report for Arlington. The condo market inventory has decreased from this time last year from about 520 units on the market to about 380 units on the market at this time in 2011. So far in 2011 the numbers of condos that have been listed, sold, pending or active are all down from their June 2010 numbers. The total days on the market is only up a few days from this point in 2010. The good news is that the average sales price has gone up from about $369,000 to about $390,000. The largest segment of the market is condo/coops priced under $500,000.

The single family home report for Arlington has the inventory for each month in 2011 since March increasing, but overall the June 2011 numbers for sales, listings, active units are still behind the June 2010 numbers. There are fewer homes on the market at this point in 2011 than there were in 2010. Overall the average sales price for a home in Arlington is up from about $788,000 in 2010 to $793,500 in June 2011.

The 2011 market has been a little slower than in years past, the inventory is down be it for a condo/coop or for a single family home from years past and thus sales are not on the as the same pace that we have seen in previous years. If a property is price correctly, it will still move in a short period of time since there are buyers out there looking to purchase. Mortgage rates are still at near record lows for 15 and 30 year fixed rate mortgages (can get them at under 5%), if you are considering buying, it is not a bad time to get out and start looking, or making sure your credit and everything else is in order to buy a home later this year or next.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Washington DC June Housing Report

Melissa Barkalow (DCRE) — Sat, 23 Jul 2011 09:34:59 -0700

GCAAR has published the June 2011 Housing Report for Washington DC. The condo and coop market inventory has generally increased each month, with the exception of April and now June, with around 1,200 condos or co-ops on the market in Washington DC. So far year-to-date the total number of contracts on condos and coops are down almost 10% from 2010 but each month, except April 2011, there has been increase in the number of contracts or the number has stayed even with the 2010 numbers. The total number of settlements year-to-date is down 9% from the number of properties that settled a year ago. The average sales price for a condo/coop in DC is about $407,000. The largest section of the market for condo/coops is priced under $500,000.

The single family home report for DC has the total inventory for homes decreasing each month in 2011 and June is no exception where the number fell by over a 100 listings. In April and May the number of active listings increased from the March and continued the trend in April and May. Year-to-date there are fewer listings in 2011 than there were in 2010, down overall by about 18% of the total inventory. The year-to-date numbers are down for the number of contracts from the 2010 mark by 1%, but the number of settlements is trails the 2010 numbers by about 2%. Overall the average sales price for a home in Washington DC is $582,000.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Top Remodeling Projects

Melissa Barkalow (DCRE) — Tue, 19 Jul 2011 07:03:50 -0700

Remodeling has become more common place in the market over the last few years as people have decided to remodel their homes vs buying a new home and moving up like they had been doing previously. I am not saying this happens in all cases, but there has been an increase in the number of homes getting a second story added on or an addition to the rear of the home. Last year I had a client who was considering listing and moving up but decided against it and decided to remodel their home instead. Some of the most common rooms to see remodeled are bathrooms and kitchens. Realty Times recently published an article about top remodeling projects, which I am sure vary by market as to which people can afford and feel they will get the most bang for their buck with.

Top Remodeling Projects

by Carla Hill

Remodeling Magazine's latest Cost Versus Value Report 2010-2011 has been released and it revealed that the recent declines in housing are having substantial effects on the remodeling market.

Unfortunately for homeowners, there has been a downward trend since 2006 in the cost-to-value ratio, though now this pace has quickened, falling 3.8 percent in the last year. While homeowners were once able to make upgrades and additions to their homes and recoup this value during resale, these same updates now mean less return. An unstable jobs market has purse strings tightened and remodeling markets are feeling the squeeze.

The report revealed, however, the top 10 remodeling projects in the last year. Leading the way in cost versus value are exterior replacements, with garage doors and entry-doors at the head of the class.

According to the report, "Replacement projects have always performed better in resale value than other types of remodeling projects, partly because they are among the least expensive projects in our report, and partly because they are non-discretionary improvements that contribute to curb appeal, which is a strong subjective factor among home buyers." Curb appeal is your home's first impression. This is why another project topping the list is wood deck additions. Outdoor space still reigns supreme, with these additions tying for fourth with minor kitchen remodels.

Minor kitchen remodels carry a higher price tag, but can be a sure-fire way to seal the deal in high-end markets. Kitchens are what "most prospective buyers [consider] most important room in the home," the report says. "Minor kitchen remodel may at first appear to buck the trend -- at $21,695 nationally, it is the highest price among projects under $25,000. But this project represents a relatively inexpensive "face-lift"."

Cost is at the forefront of homeowners' minds. With the unemployment rate near 9 percent and debt talks still looming over Congress, Americans are watching their dollars. They are keeping remodeling jobs small and inexpensive. Also making the top ten are attic bedroom and basement remodels. These projects use existing space and are cost-conscious.

Remodeling Magazine says, "Many homeowners have scaled back their remodeling plans. In some cases this means the projects are smaller in square footage ... in other cases, the work may be performed in phases to spread the cost over a longer period of time. Also, homeowners nowadays are selecting a wider range of quality than has been the case in the past. When choosing fixtures and finishes, they are trading the savings on lower-priced items for the ability to afford higher-priced items they deem more essential or more desirable. "

The top non-replacement projects reflect this mindset. These figures are a glance at the nation as whole, though. There are still regions experiencing higher cost-to-value rations, namely in the Pacific and Southern regions. The report notes, "A number of cities in this year's Report show cost recouped averages that are above 100% for some remodeling projects. In general, this indicates that, on average, those projects are worth more in resale value than the owner spent to construct them. This may seem impossible, particularly to homeowners in areas where property values are stalled or dropping, and it certainly is the exception to the rule. When it does occur, however, it is usually tied to a particularly hot real estate market or to specific projects that are either in high demand."

Increased market confidence, higher employment rates, and more even home prices could all be contributing factors. When people are confident that the market is on the mend and will rebound, they are more likely to enter the market. Increased buyer demand is just what an ailing market needs.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

JUST LISTED

Melissa Barkalow (DCRE) — Thu, 07 Jul 2011 08:00:33 -0700

9431 GOSHEN LANE, BURKE VA

Gorgeous brick front 3-level townhouse in the sought after Lake Braddock community on a quiet block backing to Lake Braddock. This home has fantastic curb appeal from the picturesque landscaping to all the updates and renovations. This turn-key home offers a brand new kitchen complete with upgraded stainless steel appliances and European soft-close cabinetry, renovated bathrooms, a finished basement with fireplace and distinct woodwork, hardwood floors, new front-loading washer and dryer as well as custom craftsmanship throughout. There are new mechanical systems throughout (water heater, furnace, A/C). The large shaded deck offers plenty of room to sit out doors and grill and enjoy a meal on a nice summer day, and the charming shed and landscaping galore help add to the allure of this wonderful home.

The Lake Braddock community offers many amenities from the pool and tennis courts, to parks and walking/biking trails, as well as lake access for one’s enjoyment. The ideal location, situated just minutes from the beltway in Burke, close to the Burke VRE station, shopping centers, schools and the public library.

Listing number: FX7643044

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Bidding Wars

Melissa Barkalow (DCRE) — Tue, 28 Jun 2011 07:30:37 -0700

The Case-Schiller Index which came out a few weeks ago for the second quarter has the DC Region being the only market above water around the country. I have been finding when going out and showing properties, if the property is priced correctly it is going to move. In fact in some places that have been underpriced, I have seen bidding wars, case in point a home near Courthouse in Arlington, listed for $490k sold for $560k, or a place in Columbia Heights listed for $390k sold for $560k, these are not the only two examples in the DC market today. If you are a buyer in the market, know if you like a property, don’t sit and wait, it might not be there tomorrow. The Washington Post recently ran an article about how there are bidding wars going on over property in the region.

Real estate bidding wars are back in parts of D.C. area

By Sandra Fleishman, Published: June 24

With all the bad news about the national housing market, it may come as a shock to eager Washington area home shoppers when they run into a bidding war. But that has been happening routinely in some popular neighborhoods, say real estate agents, especially when properties are priced slightly under the market and are in good condition or show strong promise for renovation.

Today’s bidding competitions aren’t the same as the slugfests of the boom days, 2004 to 2006, when just about every property was fought over because of investor speculation and soaring appreciation, and when escalation clauses — committing buyers to automatically increase how much they would bid — went sky high.

“We’re not seeing crazy-high bids,” said Fred Kendrick, an agent with TTR Sotheby’s International Realty in Georgetown. “It’s difficult for people to go much over the asking price because of the lack of financing. . . . In the old market, everything appraised” because the next sales went so fast and drove the appraisals higher. “Today, the question is: How much over the price can you go before you run into problems with the lender?”

During the boom, “escalation clauses were all over the place,” said Bonnie Roberts-Burke, an agent with Evers & Co. near Dupont Circle. “It was a moving target, and appraisers knew it was a moving target. But appraisers were not having problems [with lenders] then because they knew the value would be going higher. Now buyers are much more cautious with escalation clauses.”

More skirmish than war

There usually are fewer bidders now compared with the boom times, agents say. “Most of my scenarios involve perhaps two to four bidders and anywhere from $5,000 to $20,000 extra, depending on the price range of the property, although one seller got more than $70,000 more with only three buyers in competition,” said Valerie Blake, associate broker with Prudential Carruthers Realtors in Upper Northwest.

Blake finds most multiple offers occurring at the first-time buyer level — up to $400,000 — and in the move-up price range up to $725,000. But others say they’re seeing competition in all categories, including the million-plus bracket.

About 10 percent of Trudy Severa’s contracts get multiple bids these days, but with only three or four bidders, said the Reston-based Long & Foster agent. They’re most likely, she said, in pockets of Reston — which, like Bethesda, attracts buyers because of proximity to shopping, restaurants and Metro — and in Falls Church.

Some agents say multiple offers were more frequent in the early spring, when buyers were bubbling over with pent-up demand from the inventory-deprived winter. But, even in the recent 90-degree days when “it’s difficult to slog through this heat to look” at properties, “we are still seeing [multiple bids] whenever a property is well-priced,” Roberts-Burke said.

And the mega-war still pops up with some frequency. Agents say they’ve seen situations in which real estate offices have stopped taking offers or showing houses because interest was too high to keep up with.

In April, Roberts-Burke drew 11 offers for a listing in Georgetown. And, according to District property records, the two-story brick rowhouse sold May 31 for $1.64 million, which was $440,000 more than the listing price. It was a cash sale.

The estate sale drew attention because the 110-year-old property was unusually wide for Georgetown, with lots of windows and a gorgeous garden. According to the Web site Trulia, the asking price for the three-bedroom, three-bath home was about $150,000 below the average list price for similar houses in the area.

The philosophy in keeping the listing price down, Roberts-Burke said, was that “instead of people walking in and saying: ‘Nothing has been done to this house since 1965. Nothing has been done to this kitchen. . . . Nothing has been done to the garage.’ . . . people would walk in and say: ‘Wow, look how wide this place is. Look how great the garden is.’ ”

“The houses that get multiple offers,” she said, “are the ones where the sellers err on the side of modesty instead of overreaching.

The likelihood of multiple offers, she said, depends on how few houses are available in a given neighborhood as well as on the comparative prices. A property on Garfield Street NW this spring had 13 offers, but “it didn’t go that much over the listing price,” she said.

Also in April, 26 bidders piled up over a Cape Cod listed for $579,000 in the Ashburton neighborhood of Bethesda, said Alana Lasover, branch vice president at Coldwell Banker’s downtown Bethesda office. The house eventually sold in the $600,000s, which was good “but not like it would have done in the heyday,” Lasover said.

Doing without

Craig and Dara Friedson won a big bidding war in February — beating 11 other offers on another aggressively priced Ashburton house, thanks to Craig’s mother, Leslie Friedson, an agent with Long & Foster Potomac/Cabin John. Leslie represented her son and daughter-in-law in the transaction, guiding them in structuring a contract meant to win the four-bedroom, 3¹ / ₂-bath Cape Cod.

The couple saw the house on a Wednesday, heard there were about seven offers expected and wrote the contract that Sunday, with Friedson presenting it in person on Monday night.

“I told them [her son and daughter-in-law] that ‘you have a choice,’ ” Leslie recalled. “ ‘I can protect you and be a wonderful agent, writing an offer with contingencies for the typical things, or not.’ . . . I asked them: ‘How badly do you want the house?’ ” When they said they loved the house more than anything they’d seen in a year, she said she “wrote an offer that I thought couldn’t be beat.”

Their purchase offer left out the home-inspection contingency. (Leslie Friedson had already gone through the 45-year-old house with an inspector.) It also left out the financing contingency, since the couple had good jobs, savings and credit scores. They also waived the appraisal contingency, based on research that Leslie and her son had done on similar properties nearby.

Although Craig Friedson said the offer’s terms made him “very nervous” since there was no backing out, he said he trusted his mother and the research on comparable properties.

Leslie Friedson notes that you never know what’s going to happen when there are multiple offers. The seller “can play one bidder against the other,” she says.

The couple’s bid escalated to $631,500. The house had been listed at $600,000.

Listing agent Theresa Helfman Taylor of Coldwell Banker’s downtown Bethesda office, said the house was purposely “action-priced” to move quickly. “It’s better to get it off the market quickly than have it just sit there.”

Taylor, who started in real estate just as the boom ended, added: “I just couldn’t keep up. It was like something out of a movie.” She tracked the offers on a computer spreadsheet, and the sellers went with the highest and least-complicated bid.

No guarantees

Although underpricing is generating multiple bids, agents warn that sellers need to be careful where they start because that could also be where they finish.

“I personally would be reluctant to underprice because you just don’t know in this market” Kendrick said. Buyers today are conservative and looking for deals, he said. “The worst thing that can happen is to get a full price offer and to have the seller say no because they want more money.”

“I always tell people never to put it on the market at a price less than you’d be happy with,” Roberts-Burke said.

Agents for some time have been fighting the perception that there are bargain prices to be had everywhere, they say. Unlike other parts of the country where foreclosures were widespread, the Washington area isn’t chockablock with bank-owned properties.

“There has been a misconception for a long time that there were tons of foreclosures available in D.C.,” Blake said in an e-mail. But, as of early this month, she said, there were only 93 homes listed as foreclosures out of an inventory of 2,477 homes for sale in the local multiple listings service, the Metropolitan Regional Information Systems.

“I have had a hard time convincing out-of-state buyers who want to purchase foreclosures that there are only so many to choose from,” Blake said. “They want to find the ones in Georgetown — of which there are none, of course.”

Jennifer Knoll, an agent with Long & Foster in Chevy Chase, predicts multiples “will slow down in the summer as so many people are out of town.” But she said the trend will continue for well-priced properties in excellent condition, in highly desirable locations along the Red Line. “There are still many buyers who haven’t found what they are looking for,” she said.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Washington DC May Housing Report

Melissa Barkalow (DCRE) — Sun, 19 Jun 2011 15:38:40 -0700

GCAAR has published the May 2011 Housing Report for Washington DC. The condo and coop market inventory had increased each month of 2011, with the exception of April and there currently over 1,200 condos or co-ops on the market in Washington DC. So far year-to-date the total number of contracts on condos and coops are down almost 12% from 2010 but each month, except April 2011, there has been increase in the number of contracts. The total number of settlements year-to-date is down 9% from the number of properties that settled a year ago. The average sales price for a condo/coop in DC is about $407,000. The largest section of the market is condo/coops priced under $500,000.

The single family home report for DC has the total inventory for homes decreasing each month in 2011, except April and May, where the number of active listings increased from the March and continued the trend in April and May. Year-to-date there are fewer listings in 2011 than there were in 2010, down overall by about 8% of the total inventory. The year-to-date numbers are down for the number of contracts from the 2010 mark by 4%, but the number of settlements is even with the 2010 numbers. Overall the average sales price for a home in Washington DC is $561,000.

The spring market has been a little slower than in years past, the inventory might be up slightly, but sales are not on the as the same pace that we have seen in previous years. If a property is price correctly, it will still move in a short period of time since there are buyers out there looking to purchase. Mortgage rates are still at near record lows for 15 and 30 year fixed rate mortgages, if you are considering buying, it is not a bad time to get out and start looking, or making sure your credit and everything else is in order to buy a home later this year or next.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Easy Updates for Sellers

Melissa Barkalow (DCRE) — Fri, 17 Jun 2011 07:36:57 -0700

If you are thinking of selling your home, you might want to do a few little touch-ups to make your home show its best. There are a number of little things you can do that cost little but can make a big difference, such a touch-up paint, making sure light switch plates look clean, same for outlet covers, making sure all the light bulbs are working and try to de-personalize your home. Realty Times recently published an article about quick updates an owner can do before listing their home that will help your home show better and might get you a higher sales price.

Quick Homeowner Updates

by Carla Hill

It happens to all homeowners. Rooms that once looked fresh and contemporary have aged themselves into drabness.

For some it's an excuse to redecorate. For others it's a chore. Either way homeownership is an ever-evolving process. As one project ends, another peaks its head around the corner.

To bring your rooms current, as well as to update worn and disheveled items, consider these five room freshening tips.

1. Paint: Paint is number one on the list because it is relatively cheap and easy to do yourself. Getting a professional finish is simple, thanks to the myriad of products now on the market for do-it-yourselfers. From tape to edgers to color changing paint, you're sure to get a quality finished product. "In" colors change every few years, so be sure to do some homework on what hues are happening.

While you're at it, research zero-voc (volatile organic compound) paint before starting your project. Traditional paint leaches fumes into your home for years. Zero-voc paint, however, exposes you to fewer odors during the painting process and fewer risky fumes in the years to come. This is well worth the effort of searching out zero-voc. Olympic brand paint offers their full line of colors in zero-voc. Plus, the cost difference per gallon is minimal.

Paint does wonders for hiding dirt, wear, and tear. Bring your home into the new decade with a fresh coat!

2. Trim: The current trend is for trim to be white instead of natural wood. It is contemporary and clean. If your trimwork is in good repair, simply puttying holes, sanding scuffs, and painting can update the look. Dated trim that is too thin for your large rooms can be replaced with new baseboards. Amateur handyman can tackle this task with table and coping saws. Trim is all about getting the angle cut correctly. Already have current looking trim? Upgrade your room with crown molding. These beauties can be real show-stoppers!

3. Cabinet Hardware: From oil-rubbed bronze to beautiful vintage pieces, old is in. Hardware can easily be added to any existing cabinetry or changed to bring a new feel to a tired room. Shop in your local home improvement stores, online, and at local auctions to find the pieces that speak to you.

4. Decorative Accents: Curtains are the frame to any well-designed room. Choose colors and patterns that fit the scale of your room. Heavy curtains made from chenille or jacquard work best in large rooms with tall ceilings. Lighter weight fabrics, such as silk and chiffon, are great choices for small or airy rooms. Decorative pillows and throws are also an inexpensive way to change the accents of your room. Have a teal room but want to go contemporary? Bright is in. Don't be afraid to play with color!

5. Flooring: While flooring is not a simple fix and may require the help of a professional, it can make all the difference in a dated room. Scratched and worn wood floors should be sanded and refinished to show the natural beauty of the wood that lies beneath. Laminate wood flooring is a cheap and easy solution for budget conscious homeowners who want a clean and modern update. It can be a wonderful solution for worn out carpet.

If your rooms are looking tired, be sure to wake them up with a few new colors, paints, or accents!

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Why Sell?

Melissa Barkalow (DCRE) — Thu, 16 Jun 2011 07:26:54 -0700

There are many reasons to buy and sell homes. The reasons vary individual by individual, it could be due to being overextending and facing a short sale or foreclosure, children have grown up and it is time to downsize or one of many other reasons. Below are some of the most common reasons people sell in the market today.

1. Job relocation. People change jobs for a better one or their job gets transferred to another city or state thus selling one’s home is necessary.

2. Downsizing. Children have grown up and moved away, thus the three bedroom (+) house is just too big for one’s current lifestyle or needs.

3. Job loss. Rather than get into a short sale or foreclosure it is better to sell than to fall behind in payments and have that negatively affect your credit score.

4. Larger Home. You have a growing family, want or need more space, so you go to sell your condo or smaller home so you can purchase the wanted larger home.

5. Moving into the City. As more baby boomers children grow-up and the house in the ‘burbs is no longer need or convenient or some families are moving back into downtown areas of the cities and either are staying in the city or leaving the suburbs.

6. Market conditions. If it is a seller’s market and one can make money on their current home and afford to move-up or buy a similar home, why not?

7. Investors. Investors still buy homes low and flip them or they might sense the market is changing wand want to get out and make money on their investment.

Rate are still at near record lows for a 15 or 30 year fixed mortgage, so if you are in one of these positions or another, it is worth considering selling and buying a new home or if you are going to stay in your current home and you have a higher rate mortgage consider refinancing.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Fixed-Rate Mortgages Continue Downward Trend

Melissa Barkalow (DCRE) — Fri, 03 Jun 2011 07:34:38 -0700

If you are thinking of buying a house, mortgage rates are on your side. Mortgage rates have continued on a downward slope due to the unknown economic future and weak housing market. The Case-Shiller report came out earlier this week and Washington DC is the only market to show an increase or be above water, thus another factor in the low interest rates. Realty Times just published this article with more details on the current rates.

Fixed Mortgage Rates Continue Downward Slide

MCLEAN, Va., June 2, 2011 -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which showed fixed-rate mortgages declining for the seventh consecutive week to new lows amid continuing weak economic and housing data. The 30-year fixed averaged 4.55 percent and the 15-year averaged 3.74 percent.

30-year fixed-rate mortgage (FRM) averaged 4.55 percent with an average 0.6 point for the week ending June 2, 2011, down from last week when it averaged 4.60 percent. Last year at this time, the 30-year FRM averaged 4.79 percent.

15-year FRM this week averaged 3.74 percent with an average 0.7 point, down from last week when it averaged 3.78 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.41 percent this week, with an average 0.6 point, the same from last week when it averaged 3.41 percent. A year ago, the 5-year ARM averaged 3.94 percent.

1-year Treasury-indexed ARM averaged 3.13 percent this week with an average 0.6 point, up from last week when it averaged 3.11 percent. At this time last year, the 1-year ARM averaged 3.95 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing. First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to the Bureau of Economic Activity, consumer confidence in May was weaker than the market consensus forecast, and the manufacturing industry slowed for the third straight month in May."

"The housing market is showing strain as well. The S&P/Case-Shiller® National Home Price Index fell 5.1 percent between the first quarters of 2010 and 2011, representing the largest annual decline since the third quarter of 2009. In addition, the index of pending existing home sales dropped 11.6 percent from March to April, led by the Midwest and South regions where the tornados and flooding occurred."

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

New LEED Apartment Planned for Arlington

Melissa Barkalow (DCRE) — Wed, 01 Jun 2011 07:18:08 -0700

Arlington's to-date most sustainably designed apartment building will spend at least another year in planning mode, say its developers. Plans for the Tellus, a 254-unit apartment building located at 2009 14^th St N, designed to achieve LEED Gold certification back in 2008, is still likely a year away from construction.

The apartments that will replace an outmoded apartment building at 2009 14th Street were approved by the county in early 2009, with an expected late 2009 start date, but due to the economy the project has been delayed. The goal is an early 2012 construction start. The Tellus will be built on the site of one of Arlington's least attractive buildings, and would be one of the first residences to earn LEED Gold certification in the county, if built according to the original plans. The original plans call for environmentally-friendly facilities such as storm water retention, on-site irrigation, drought-resistant native plants on a green roof plaza, low-flow plumbing fixtures, bicycle and smart car options, power derived from a green sourced grid as well as on-site solar, a sustainable power source that has yet to achieve commercial viability and is rarely used on multi-family buildings. We shall see when this building gets built and what LEED status it attains.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Clarendon Cup

Melissa Barkalow (DCRE) — Tue, 31 May 2011 19:10:11 -0700

Coming soon to Clarendon:

The Air Force Cycling Classic Clarendon Cup
Saturday, June 11th

Saturday's Clarendon Cup is one of the Nation's premier professional bike races. The event is in its 14^th year. Come out and see some of the world’s top cyclists race on the famous 5 turn, 1km course.

Come on out and enjoy the weather, the cycling event and all Clarendon has to offer!

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Coming Soon to a Section of Arlington Near You

Melissa Barkalow (DCRE) — Wed, 25 May 2011 18:04:56 -0700

Coming soon to a Section of Arlington Near You . . .

A Memorial Day weekend crawfish boil at Bayou Bakery in Courthouse (1515 N Courthouse Rd). The boil will be held on Sat from 5-7 and Sunday from 1-4.

Jimmy John’s is going to be opening a restaurant in Ballston at the new Founders Square (550 N Quincy St), the exact date of the opening has not be set yet.

A new Italian restaurant is planned for Columbia Pike. Padrino’s Fine Italian Cuisine, will be located at 3111 Columbia Pike, hopes to open by the end of June.

Hopefully coming soon to Clarendon will be Trader Joe’s, planned location 3030 Clarendon Blvd, at the intersection with Highland.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Ways to Save so you Can Buy That House

Melissa Barkalow (DCRE) — Wed, 25 May 2011 07:59:41 -0700

Interest rates are still near record lows and if you are thinking of buying now or in the near future, I would recommend that you check your credit score before talking to a lender to make sure everything is in order. If you have a low score with a credit bureau, many lenders can make recommendations on ways to increase your score in a short time frame, so your new higher credit score can qualify you for a lower interest rate.

In today’s real estate market, you need to put least 5%, more likely 10-20% down to buy a home. Realty Times recently published an article about ways to help curb your spending and help you start saving for that downpayment.

Creative Ways to Curb Spending

by Carla Hill

Now is a great time to buy. Homes are affordable and interest rates are at historical lows. Lending is tight, however. You need a stellar credit score and a clean credit report to even get your foot in the door.

And long gone are the days of zero-down down payments. You need money down to venture into the housing market. Some financial experts recommend at least a 20 percent downpayment.

Here are some creative ways to curb spending so you can save up for the house of your dreams.

The first rule of saving is to be patient. Large nest eggs are built up over time. We live in a society that thrives on instant gratification. This is partially responsible for the housing crisis we now find ourselves in. Buyers who should have waited until they could truly afford their dream house took advantage of a flawed system that allowed them to instantly gratify their desires. So, be patient. It may take months or years before you have saved enough.

The next key is to cut out unnecessary spending. It can be easy to give into our wants, or to confuse them with needs. For example, you need food to survive. What you don’t need is to go out to lunch or dinner multiple times a week. It may be time to change habits and learn to pack a lunch for work and to cook meals at home. The same goes for the morning coffee. A home brewed cup can be just as satisfying as a $4 cup from a coffee house. And you just might save yourself $500 a year.

Don’t use credit cards. Credit cards charge exorbitant interest rates. It can take decades to pay off balances when you only make minimum payments.

A great way to avoid overspending is to avoid going to stores. It sounds extreme, but if you go to a store, you’ll buy something. Find fun things to do at home, instead of using shopping as a hobby. Even $20 a week can add up to $1,000 a year.

Substitute spending is another tactic for saving. Let’s say, for example, that you have a gym membership charging $40 a month. That translates to $480 a year. You can buy a simple elliptical, recumbent bike, or treadmill for less than that. Add in a few workout DVD’s and weights and you have a home gym for a fraction of the cost.

Lastly, automatic savings transfers can help procrastinators save. You have to remember to transfer money to savings to build up your account! Most banks allow for automatic savings amounts to be set. You can choose what amount works best for you. $100 a month will translate to $1,200 a year!

With just a few of these scenarios we discussed today, our example saver could save at least $3,000 a year!

Stick to your plans and budget and the dream of homeownership can become a reality.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Top 10 Cities

Melissa Barkalow (DCRE) — Tue, 24 May 2011 07:36:27 -0700

This list surprised me a bit when I read it. I admit I don’t live in many of these markets but based upon what I have been reading and hearing on the news I was surprised to see LA and any city in Florida on the list. Being in the Washington DC area and reading the Case-Shiller index, I was surprised to see DC as low on this list as it is. Reading predications, including those by CNN Money, DC was one of the few cities in the US to appreciate this year and if San Diego is already doing okay, why is it at the top of the list? I was wondering what others thoughts are on this list or if they think other cities should be on it.

Top ten cities

Move, Inc. has outlined the top 10 turnaround cities for real estate market turnarounds over the last year via CNNMoney.com citing reasons varying from economy to perception and admittedly, the list has few surprises beyond a Florida city popping up.

San Diego and Washington, D.C. have for some months been the only cities tracked by Standard and Poors’ Case-Shiller home price index that have performed positively whereas all 18 others have continued to dip. Diverse economies continue to dip whereas cities relying on few industries are in decline when those industries are hard hit by the recession.

Check out the list below and see if you agree or disagree with the top ten based on Move’s data:

San Diego, CA
Los Angeles, CA
Austin, TX
Boston, MA
Colorado Springs, CO
Fort Myers, FL
Buffalo, NY
Dallas, TX
Philadelphia, PA
Washington, D.C.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Green Friendly Cleaners

Melissa Barkalow (DCRE) — Tue, 24 May 2011 07:22:34 -0700

As we try to add more green to our lives, be it by taking public transportation, recycling or using earth-friendly cleaners, this is a change many of us are making. But are green cleaners really as effective as those trusted ones we have used in the past? Realty Times recently published an article on how to chose earth-friendly cleaners.

Green Living: Earth-Friendly Cleaners

by Carla Hill

Households all across the nation use an arsenal of cleaning products to keep their homes in good working order.

With the prevalence of food-borne illness on the rise, such as E. coli and Salmonella, a clean home is more important than ever.

The question is posed then as to whether or not there are green options for cleaning supplies. Do they carry the same punch?

Many of today's most popular brands are full of harmful chemicals. On our own the contribution may seem minimal. Yet, as each household sends these chemicals down the drain, the impact on the environment increases exponentially. This harsh impact has many green activists searching for ways to use earth-friendly cleaners.

Here are ways that you can take your cleaning "green".

First, be sure to only buy products that fully disclose their ingredients. Some brands list exactly what is in their products right on the package. Choose these over brands with lists of chemicals no one can pronounce.

Next, buy products that are free of dyes and perfumes. You may be tempted to buy fabric softener or laundry detergent that is scented like the “lavender fields of France,” but dyes and perfumes are polluting our waters every day. Clean laundry smells just as good as perfumed laundry.

The next consideration is botanical disinfecting agents. Essential oils, the inner workings of plants and flowers, have been proving their worth.

Take thymol, for example. It is produced by the thyme plant and works wonders for disinfecting.

The Seventh Generation brand is popular and easily found in stores across the nation. They have found that their natural disinfecting cleaner, “Kills over 99.99% of household germs, specifically: Inﬂuenza A viruses including H1N1, Rhinovirus (type 37, the Common Cold virus), Staphylococcus aureus, Salmonella enterica, Escherichia coli and Pseudomonas aeruginosa on hard, nonporous surfaces.”

And finally, think about using homemade cleaners. Vinegar is a tried and true cleaning favorite. It is great for cleaning windows, spills on carpets, working on home odors, removing toilet stains, and the list goes on and on.

That's why some people call it the “miracle cleaner”.

No, natural cleaners are not the ultimate substitute for bleach and other tough cleaners. There are times when it is necessary to use these. However, there are plenty more times in our daily lives that gentler, more natural cleaners are the perfect fit.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Washington DC April Housing Numbers

Melissa Barkalow (DCRE) — Sat, 21 May 2011 14:56:55 -0700

GCAAR has published the April 2011 Housing Report for Washington DC. The condo and coop market inventory had increased each month of 2011, with the exception of April and there currently over 1,200 properties on the market. So far year-to-date the total number of contracts on condos and coops are down almost 22% from 2010 but each month, except April 2011, there has been increase in the number of contracts. The total number of settlements year-to-date is down slightly at 6%. The average sales price for a condo/coop in DC is about $409,000. The largest section of the market is condo/coops priced under $500,000.

The single family home report for DC has the total inventory for homes decreasing each month in 2011, except April, where the number of active listings increased from the March numbers. Year-to-date there are fewer listings in 2011 than there were in 2010, down by 6%. The year-to-date numbers are down for the number of contracts from the 2010 mark by 7%, but the number of settlements is up by .5%. Overall the average sales price for a home in Washington DC is $550,234.

So, far the spring market has been a little slower than in years past, the inventory might be up slightly, but not as the same pace that we have seen in previous years. If a property is price correctly, it will still move in a short period of time since there are buyers out there looking to purchase.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

New Developments

Melissa Barkalow (DCRE) — Thu, 19 May 2011 08:56:07 -0700

It seems that the condo boom of the early 2000s has started again in Logan, U St up through to Columbia Heights. There are several new developments that have either broken ground or will this year. With mortgage rates still near record lows (you can still get a 30 yr fixed mortgage for around 5%), why not get out and look at some of these new developements? Here is a list of projects planned for this area:

Quick rundown of residential projects that are either under construction or planned for 14th Street between R Street and Euclid Street:

District Condos, a new 125-unit JBG/Grosvenor condo development that is being built at 14th and S Streets NW.
A six-story, 30-unit apartment project at 2221 14th Street NW from Douglas Development
14W, a 231-apartment mixed-use development on the corner of 14th and W Streets NW.
Utopia, a 220-unit apartment project with 20,000 square feet of retail that will run south along 14th Street below U Street
A 34-unit condo project from PN Hoffman at the north corner of 14th and R Street NW.
A 31-unit condominium project at the southeast corner of 14th and R Streets developed by Habte Sequa

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Low Rates Still Out There

Melissa Barkalow (DCRE) — Thu, 19 May 2011 07:35:48 -0700

As more listings come onto the market with the spring selling season, it is a good time to get out and look. Mortgage rates are staying low, with plenty of good options out there and with good credit some lenders are only asking for 10% down. If you are looking to buy in the fall, it is good time to check your credit and make sure it is where you need it to be, so you can qualify for one of these good mortgage rates. Realty Times recently published an article about how the low mortgage rates have stayed in place. If you are thinking of buying, why not get out and look?

Low Mortgage Rates Stay in Place

by Ed Ferrara

Low mortgage rates have stayed in place which resulted in an increase in mortgage applications for both purchases and refinances. Freerateupdate.com's daily survey of wholesale and direct lenders showed that mortgage rates have been consistent and still at the lowest levels of 2011 for the past week.

Conforming 30 year fixed mortgage rates are at 4.375%, 15 year fixed mortgage rates are at 3.750% and 5/1 adjustable mortgage rates are at 3.000%. Of these, the most popular are the conforming fixed rate mortgage loans that offer the same monthly mortgage payment for the life of the loan. With good credit and the ability to meet lender guidelines, borrowers can obtain these low mortgage rates with 0.7 to 1% origination fee.

Still standing firm, FHA 30 year fixed mortgage rates are at 4.250%, FHA 15 year fixed mortgage rates are at 4.000% and FHA 5/1 adjustable mortgage rates are at 3.375%. FHA mortgage loans offer down payment requirements as low as 3.5%. Easier credit qualifying also draws many borrowers to seek FHA mortgage loans. On the other hand, FHA closing costs (APR) tend to be higher because of various FHA fees and the upfront mortgage insurance premium.

For high end borrowers, jumbo mortgage rates have continued to be favorable. Current jumbo 30 year fixed mortgage rates are at 5.125%, jumbo 15 year fixed mortgage rates are at 4.500% and jumbo 5/1 adjustable mortgage rates are at 3.625%. Jumbo mortgage loans do not have government backing and tend to be riskier loans, but they are necessary for mortgage financing above the conforming loan limit. Borrowers must have outstanding credit to obtain these low jumbo mortgage rates with 0.7 to 1% origination point.

MBS prices (mortgage backed securities) did not have enough movement to cause a change in mortgage rates over the week. As oil prices decreased, investors fled to safety keeping MBS prices level. The Mortgage Bankers Association reported an increase in mortgage applications as low mortgage rates continue to remain intact. Unemployment figures for the previous week came in lower while, at the same time, Consumer Prices headed higher in April due to the increased cost of food and energy. With the housing market still struggling, home builder confidence continues to be low.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

In Arlington . . .

Melissa Barkalow (DCRE) — Tue, 10 May 2011 07:21:52 -0700

Coming soon or recently opened . . .

To Shrilington, the popular Del Ray Cheesetique, will feature an abundant array of cheeses, wine, beer and other specialty items. Coming Fall 2011.

In Clarendon, Pete’s New Haven Pizza has been open over a month now and seems to be pretty popular, as every time I walk by the place people are eating some ‘za (and there is even a Groupon). Next to SoBe’s there is expected to be a new pizza shop as well. Whitlows has opened their roof-top bar, which is pretty large and should be a good place to enjoy the summer months as well as the rooftops at Eventide, Clarendon Ballroom and The Arlington Rooftop Bar and Grill.

There has been some turn-over in restaurants and store as expected, but with the expansion and new buildings being built in Clarendon and Shirlington this offers new restaurant opportunities for everyone to enjoy.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

A Little Cleaning Can Go a Long Way

Melissa Barkalow (DCRE) — Tue, 10 May 2011 07:08:19 -0700

Sellers, one of the most important things you can do is de-personalize and clean your house before you put it on the market. By cleaning and depersonalizing, the photos your agent will have taken, will help your home show that much better. Cleaning, includes doing the little touch-ups as well such as dusting behind the couch, fixing faceplates and light switches that are chipped or dirty, organizing closets vs shoving everything in there so it is out of the way (yes, buyers do open your closets and you want them to shine and show how much space they can hold), or even a little touch-up paint will go a long way. Realty Times recently published an article about the importance of cleaning to help you get top dollar.

Spring Cleaning For Top-Dollar Home Sales

by Phoebe Chongchua

Tidying up your home for your open house or a buyer’s showing can make all the difference when it comes to selling your home. Yet, sometimes sellers neglect to do this even though it will help increase their chances of getting an offer.

A little bit of tidying up, organizing and showcasing your home’s best features can help shorten the amount of time your home is on the market.

Here are some hot clutter-free tips that can make your home look more appealing and–an added benefit–easier for you to live in too.

The kitchen is an area that tends to get cluttered easily. Even if the countertops are cleared off, inside the cabinets often lies a cluttered mess. Those crammed cabinets are not appealing to buyers. They often see the disarray and think there’s less room for their own items than there really is because they can’t see behind the clutter.

Star Hansen, a professional organizer, says cans create the most clutter. She recommends using soup can racks to store them. They’re inexpensive and they store three times as many cans. Spice racks are a great way to clear the clutter out and make it look clutter-free.

Hansen on HGTV also shows viewers how to use storage solutions like airtight containers such as hanging baskets, shelf dividers to separate food items, and how to use chalkboard and magnetic paint.

Painting the inside of your cabinet with magnetic paint allows you to hang light-weight items like aprons, towels, or recipes inside your utility cabinets. Using chalkboard paint, you can write notes inside your cabinet about which supplies you need to purchase.

Using airtight containers to store pastas, grains, and other food works well in the cabinet to conserve space because they’re stackable. Hansen also recommends using a label maker to mark all the food sections.

Grouping food together in categories such as ingredients or prepared food and then placing those items in boxes allows you to easily grab what you need without having to move 15 items just to get to the one you need.

The key to this type of clutter-free reorganization is to make sure it’s portable. Since you’re selling your home, you likely don’t want to spend the money installing professional systems that will remain with the home when you move.

Fortunately, there are wonderful products on the market that help you organize without having to drill or glue them into your cabinets. These shelving products look good and, when all the items are placed inside the shelves or under-shelving hanging baskets, you’ve created the illusion of more cabinet space–a plus for all buyers.

So where do you look for these products? Without even leaving your home, companies like Rubbermaid, make it simple to view a wide selection as well as see some creative options for organizing your pantry. Many of the products are under $20 and well worth the price to reduce the headache of searching through a crammed pantry or over-stuffed cabinet. One of my favorites is the Corner Helper Shelf, it holds up to 10 pounds and allows you to stack food items below it.

The best part of doing this type of reorganization is that when you move, the inside of the cabinets look great for buyers and you’ll be able easily pack up and take all this work with you to your new home.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Coming Soon . . .

Melissa Barkalow (DCRE) — Fri, 06 May 2011 08:51:46 -0700

Coming soon to a neighborhood in Washington DC . . .

To Georgetown, it seems Michael Kors is going to lease the space the White House and Black Market just vacated. Just a few steps away at the corner of 31^st and M Brooks Brothers has moved in and is opening soon.

Near U Street, El Centro just opened. El Centro is the newest restaurant for Richard Sandoval, also of Zengo, offering more than 200 different spirits in the tequileria and an upstairs roof deck with two bars.

In Mount Pleasant just opened Last Exit, a speakeasy-like cocktail den in the back corner of Tonic’s basement bar.

Coming soon to NoMa is Watershed, from the owners of Equinox. Watershed is going to offer a causal, seafood-centric menu.

Also, for some good news at the Georgetown Waterfront Tony & Joes and Nick’s Riverside outside bars opened yesterday and had quite a few customers stop on by.

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Cheapest 10 Cities to Buy In

Melissa Barkalow (DCRE) — Thu, 05 May 2011 07:08:13 -0700

I found this article in the online Realtor's magazine I get each week and thought it was interesting that 9 of the 10 cheapest cities were in the mid-west. The one exception is Las Vegas. I seem to remember a number of people talking about how hard many areas of Florida real estate were hit but none of them made the list, which I found interesting. It is also interesting to think that with so many of these cities being in the mid-west, what has driven down the prices here so much? Has industry really changed that much? I don't think about all these areas as being hard hit with foreclosures, but maybe they have but don't get the press that Las Vegas, Detroit and say Miami get. It will be interesting to see what makes the list in say 5 years from now.

10 Cities Where It's Cheapest to Buy

You can find a lot of housing deals in the Midwest. The region boasted the most number of cities to make it to the top of the list where median list prices for March were the lowest.

Nationally, the median list price for March was $199,500, which is down 0.25 percent year-over-year.

But in markets like Detroit, the median list price is less than half the national average.

Here is a list of the cities with the lowest median list price in March, based on housing data of 146 markets from Realtor.com.

Detroit
Median list price: $99,000
*Down 13.84 percent year-over-year
Median days on the market: 101

Fort Wayne, Indiana
Median list price: $109,900
*Up 0.92 percent year-over-year
Median days on the market: 126

Dayton-Springfield, Ohio
Median list price: $109,900
*Down 2.66 percent year-over-year
Median days on the market: 150

Toledo, Ohio
Median list price: $114,900
*No change in year-over-year
Median days on the market: 164

South Bend, Ind.
Median list price: $115,000
*Down 0.78 percent year-over-year
Median days on the market: 170

Springfield, Ill.
Median list price: $124,900
*Up 0.73 percent year-over-year
Median days on the market: 113

Akron, Ohio
Median list price: $130,440
*Down 6.82 percent year-over-year
Median days on the market: 162

Cleveland-Lorain-Elyria, Ohio
Median list price: $134,900
*Down 2.95 percent year-over-year
Median days on the market: 162

Las Vegas
Median list price: $134,900
*Down 9.46 percent year-over-year
Median days on the market: 120

Wichita, Kans.
Median list price: $135,000
*Down 1.24 percent year-over-year
Median days on the market: 107

Source: REALTOR® Magazine online (April 28, 2011)

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405

Taste of Arlington

Melissa Barkalow (DCRE) — Wed, 04 May 2011 08:26:28 -0700

The Taste of Arlington is coming soon. What is the Taste of Arlington? It is an annual event where Wilson Blvd in front of Ballston Mall is shut down and there is entertainment, a live band, events for children and over 40 different restaurants, mainly from Arlington, to sample food from as well as beer and other drink tents or vendors. It is a fun event that thousands come on out to experience as well as sample the great food from local restaurants.

The event is Sunday May 22^nd from noon to five, rain or shine.

Hope you come on out to enjoy the wonderful event!

Melissa Barkalow

ABR, e-Pro, Licensed in DC, VA & MD

mbarkalow@comcast.net, C: 202.285.9479

www.homesofmetrodc.com

DC Real Estate O: 202.588.1405