Jane's Blog

Recent condo sales

Jane Jensen (Century 21 New Millennium) — Mon, 23 Nov 2009 06:15:18 -0600

S. Arlington condos seem to be hot, right now. My last two condo listings were in The Arlington and Fairlington. The listing in the The Arlington was a two level condo with balcony. We had four offers within a week and it sold for considerably over asking. It had an updated kitchen and bath and really beautiful hardwoods. The Fairlington condo was a two bedroom with loft (the one with the circular staircase. This one did not go for over asking but the seller had a fair offer within a week. If was in good shape but not pottery barnish. There is no metro access here but the bus service is excellent and Shirlington and Columbia Pike stuff is all within easy access. It's a great place to live. It seems some folks are re-thinking the less for more than you get along the orange line. It may still be "the place" to be but if you need a little more room for a little less money you may want to rethink. Plus both of these communities offer pools and tennis courts and both are exceptionally (really) pet friendly. I always see folks walking their dogs or just standing outside with their pets and chatting.

Need something to do on this beautiful day?

Jane Jensen (Century 21 New Millennium) — Sun, 22 Nov 2009 09:51:39 -0600

You should be out looking for a house. ;-)

However, if not, check out the Sugarloaf craft festival at the Montgomery County Fairgrounds.

Here's a link to the website for info:

http://www.sugarloafcrafts.com/

I've gone to this show many times. Most of my art and gifts come from here. I only had a couple of free hours yesterday and could have used a couple more. I'm not sure I've ever seen quite this many artists there and lots of good stuff. The additional good news is that many of the vendors I spoke to said business had been good over the weekend. Another sign that people are starting to feel better about things. Anyway, some incredible art. Beautiful needlework pictures (not your Grandma's needlework....no offense Grandma) photography, jewelry and pottery. I bought a few holiday presents and some closing gifts.

Have fun!

Another reason to buy now-FHA

Jane Jensen (Century 21 New Millennium) — Sun, 22 Nov 2009 09:44:40 -0600

FHA insured loans have zoomed up to 30% market share.

According to the Washington Post this morning an independent study found FHA insurance fund reserves are below mandated minimums. In order to bring reserves up to the minimum requirement there are several options the FHA might consider....higher downpayments, larger up front insurance charges, stricter standards and charges for low credit scores etc.

If you are an FHA buyer the time to secure your loan may be right now. Of course you'll need a home purchase contract to do that. So....go buy a house.

Arlington Abbie awards, Lost Dog Cafe et al

Jane Jensen (Century 21 New Millennium) — Sat, 21 Nov 2009 06:50:01 -0600

Well, the votes are in for Arlington's favorite businesses. When new people come into the area and ask about restaurants, The Lost Dog Cafe is always on my list of recommendations....apparently it's on other people's list too. I feel just a bit smug in that the N. Arlington location is walking distance to my house. This award may make the wait a little longer. Thank goodness they've expanded and added a new restaurant in South Arlington. The list of all the winners is below. I have been to almost all of these places and it's one of the reasons I love this area.

Also, the Lebanese Taverna, and the Thai restaurant in the same area are also excellent (IMHO).

Here are the all the results for the 2009 Abbie winners:

Arlington's Best "Bargain" Restaurant Lost Dog Cafe

Arlington's Best Boutique ShoeFly

Arlington's Best Brunch Carlyle

Arlington's Best Customer Service Pacers Running Stores

Arlington's Best Dessert Heidelberg Pastry Shoppe

Arlington's Best Family Friendly Restaurant Lost Dog Cafe

Arlington's Best Happy Hour Whitlow's on Wilson Bar & Grill

Arlington's Best Late Night Spot Bob and Edith's Diner

Arlington's Best Place to Learn Something New Arlington Public Library

Arlington's Best Neighborhood Bar Whitlow's on Wilson Bar & Grill

Arlington's Best New Business Lost Dog Cafe, South Arlington location

Arlington's Best Community-Based Nonprofit Arlington Food Assistance Center (AFAC)

Arlington's Best Performing Arts Organization Signature Theatre

Arlington's Best Place to Care for Your Pet Ballston Animal Hospital

Arlington's Best Place to Dance the Night Away Clarendon Ballroom

The Arts in Arlington, Va.

Jane Jensen (Century 21 New Millennium) — Sat, 21 Nov 2009 06:30:20 -0600

Arlington,Va has a very vibrant art and culture community.

Here's are a few examples:

There will be a "Fabulous Night of Tango" brought to you by National Chamber Ensemble at the Rosslyn Spectrum. 1611 N. Kent St. Tickets are available from $25.00

IMAGE/PROJECT AT THE ARLINGTON ARTS CENTER
November 20 - January 16, 2010
Opening Reception:   Friday, Nov. 20. 6 - 9 pm
3550 Wilson Boulevard, Arlington, VA 22201     703-248-6800

AAC's national juried show of photo and video work reflects the ways in which contemporary artists tend to approach photography and video: some view photography as either a means for documenting or presenting cross-disciplinary projects, others as a tool for enquiry into the ways we perceive and live in the world. Works were chosen by Guggenheim fellow and internationally recognized artist Taryn Simon.

If you would like to get on the email list for regular updates on cultural events, click the link below and subscribe to the newsletter:

https://www.arlingtonva.us/subscriptions/subscribe.asp

October Real Estate Statistics for Arlington, Va. zip code 22205- My neighborhood

Jane Jensen (Century 21 New Millennium) — Fri, 20 Nov 2009 06:58:20 -0600

Some months are good....some a little less. October 2009's numbers for 22205 were lower than 2008. These statistics come from the multiple listing system so they will not reflect any transactions that were not done through the MLS.

Total Sold Volume:

2008- $10,122,550

2009- $5,786,800

Change of (42.83%)

Average Sold price:

2008-$674,837

2009-$642,978

Change of (4.72%)

Median Sold price:

2008 $615,000

2009- $650,000

Total Units Sold

2008- 15

2009- 9

Average Days on Market

2008-42

2009-56

List price for solds:

2008- $722,823

2009- $680,078

One interesting note is that none of the properties sold had FHA buyers. One was cash, one was assumption, and seven were conventional. The price of homes in our zip code may be a bit of a stretch for alot of first time buyers many of whom are using FHA loans (very low down payments and forgiving of non-stellar credit) to purchase properties.

First Time home buyers credit

Jane Jensen (Century 21 New Millennium) — Fri, 20 Nov 2009 06:32:30 -0600

Lots of information has already been put out there about the extension on the first time buyer credit and the new $6500.00 for non-new buyers.

Questions still keep getting asked though so here are a few take aways:

For first time buyers, the tax credit is up to 10% of the purcharse price of the home up to $8000.00. Most of my buyers in the area I work in... Arlington,Va. Mclean,Va. Falls Church,Va, and Alexandria,Va will get the full credit based on the price of housing here. A first time buyer can have now have up to $125,000 in income and a married couple $225,000 to qualify for the credit. The income limits to qualify have increased under the extension. This is particulary important in the Northern Virgina market where there the cost of housing is high but so are the incomes (relative to other areas). If you earn between $145,000 or $245,000 resectively you'll qualify for some credit. After that you no longer qualify. If you keep the property for three years the credit does not have to be repaid. Under the extension homes under $800,000 qualify for the credit.

You must have a binding contract by April 30, 2010 and close by July 1, 2010.

For current home owners, if you've lived in your home for five years and you sell and purchase a new home under the same conditions outlined above, you'll qualify for A $6500.00 tax credit.

There's nothing but good news in here. With the extraordinarily low interest rates and these credits, plus realistic income limits for the Northern Virginia area, this should keep moving the housing market right along. Now we just need some new inventory to sell to excited buyers.

It's a great time to sell your home.

Jane Jensen

http://www.realvirginiahomes.com

Working the System

Jane Jensen (Century 21 New Millennium) — Sun, 17 May 2009 09:11:27 -0500

Received this story from a friend. Thought it was funny and also a lesson in "working the system"

THE ITALIAN TOMATO GARDEN

An old Italian man lived alone in the country. He wanted to dig his
tomato garden, but it was very hard work as the ground was hard. His
only son, Vincent, who used to help him, was in prison. The old man
wrote a letter to his son and described his predicament

Dear Vincent,
I am feeling pretty bad because it looks like I won't be able to plant
my tomato garden this year. I'm just getting too old to be digging up a
gar den plot. I know if you were here my troubles would be over. I know
you would be happy to dig the plot for me.
Love, Dad

A few days later he received a letter from his son.

Dear Dad,
Don't dig up that garden. That's where I buried the bodies.
Love, Vinnie

At 4 a.m. the next morning, FBI agents
and local police arrived and dug up the entire area without finding any
bodies. They apologized to the old man and left. That same day the
old man received another letter from his son.

Dear Dad,
Go ahead and plant the tomatoes now. That's the best I could do under
the circumstances.
Love you,
Vinnie
Ciao

No longer a foreclosure virgin

Jane Jensen (Century 21 New Millennium) — Thu, 02 Apr 2009 10:19:59 -0500

Well, I had my settlement last week on my first foreclosure transaction. I represented the buyer. I'm happy to say that things went pretty smootly. Lots of moving parts and lots of interaction with people you never see in real life but everyone in this case was pretty responsive.

I had heard so many horror stories that I went in with some trepidation but now that I have one under the belt and have seen how things can go when everyone stays on top of things, I ready for the next.

http://www.realvirginiahomes.com

Washington Post Magazine

Jane Jensen (Century 21 New Millennium) — Thu, 05 Mar 2009 06:45:18 -0600

There was a good article in the Washington Post Magazine this weekend about buying real estate. It followed a couple buying their first home. They were tense but realized this may be the bottom or at least it's close.

February was an extraordinarily busy month for me. A new condo listing I put on had four contracts within days, I ratified my first foreclosure sale (representing a buyer), ratified a $1M+ home and ratified another contract for a buyer. Tons of open house traffic too.

It's not just me either. I looked at the ratified contracts board in our office and they were running out of room to post new sales. Phew. What does this mean? I think it means things are starting to come together. The new tax credit that doesn't have to be paid back is motivating folks, interest rates are great, FHA is providing a great option for first time buyers, the high end sellers have come down enough so buyers aren't so tense and the foreclosures are too good to pass up.

Go buy a house.

New first time buyer tax credit

Jane Jensen (Century 21 New Millennium) — Wed, 18 Feb 2009 07:39:24 -0600

Here's a link to an article about the new $8000.00 first time buyer credit.

Important notes are that you don't have to pay this one back, but you must buy before the end of 2009.

There are income caps so if you make over $75,000 as a single or $150,000 as a couple you'll need to consult a tax advisor. Good idea to do this anyway.

http://www.usnews.com/blogs/the-home-front/2009/02/17/first-time-home-buyer-tax-credit-6-things-to-know.html

Housing bottom?

Jane Jensen (Century 21 New Millennium) — Wed, 04 Feb 2009 08:42:31 -0600

Has housing bottomed?

I certainly don't know and wouldn't try to say that I do but click this link to read about our first increase in home sales in quite some time.

http://www.realtor.org/press_room/news_releases/2009/02/pending_home_sales_show_healthy_gain

Sales are definitely up. Prices are not but have the finally reached a point where people are buying? Looks like it. We're even seeing some competition for well priced homes.

This market

Jane Jensen (Century 21 New Millennium) — Tue, 27 Jan 2009 05:57:39 -0600

Yes, I know there are foreclosures and short sales out there. Especially outside the beltway. However, we should all remember that we are NOT the typical real estate market that is on the news every night.

We have VERY low unemployment as compared to the rest of the country and that situation is only going to improve with new government spending.

Buyers continue to be suprised that they have to compete for well priced, well maintained and/or unique properties. With the very low interest rates and new government jobs (and contractor, and attorney, and etc., etc) there are buyers out there. Really.

Don't believe me? Here's what Forbes had to say about the DC market for commercial and residential real estate. Yes, we are # 1 for 2009.

http://www.forbes.com/2009/01/21/investment-obama-realestate-forbeslife-cx_mw_0121realestate.html

Jane Jensen

http://www.realvirginiahomes.com

571-228-5656

Interest rates and housing

Jane Jensen (Century 21 New Millennium) — Sat, 17 Jan 2009 05:30:10 -0600

I had a settlement this week with a client who got an interest rate of 4.78%. I was having interest rate envy. It's good out there. Houses are cheap and rates are fabulous. Go buy a house. I am going off to do a home inspection with another smart buyer.

news about Arlington Real estate. It's up.

Jane Jensen (Century 21 New Millennium) — Tue, 30 Dec 2008 18:34:34 -0600

www.arlingtonva.us/Departments/Communications/PressReleases/67673.aspx

Try to remember to Dance....just a little

Jane Jensen (Century 21 New Millennium) — Sat, 22 Nov 2008 06:56:33 -0600

Notes from a Cab Driver:

So I walked to the door and knocked. 'Just a minute', answered a frail, elderly voice. I could hear something being dragged across the floor.

After a long pause, the door opened. A small woman in her 90's stood before me. She was wearing a print dress and a pillbox hat with a veil pinned on it, like somebody out of a 1940s movie.

By her side was a small nylon suitcase. The apartment looked as if no one had lived in it for years. All the furniture was covered with sheets.

There were no clocks on the walls, no knickknacks or utensils on the counters. In the corner was a cardboard box filled with photos and glassware.

'Would you carry my bag out to the car?' she said. I took the suitcase to the cab, then returned to assist the woman.

She took my arm and we walked slowly toward the curb.

She kept thanking me for my kindness. 'It's nothing', I told her. 'I just try to treat my passengers the way I would want my mother treated'.

'Oh, you're such a good boy', she said. When we got in the cab, she gave me an address, and then asked, 'Could you drive through downtown?'

'It's not the shortest way,' I answered quickly.

'Oh, I don't mind,' she said. 'I'm in no hurry. I'm on my way to a hospice'.

I looked in the rear-view mirror. Her eyes were glistening. 'I don't have any family left,' she continued. 'The doctor says I don't have very long.' I quietly reached over and shut off the meter.

'What route would you like me to take?' I asked.

For the next two hours, we drove through the city. She showed me the building where she had once worked as an elevator operator.

We drove through the neighborhood where she and her husband had lived when they were newlyweds. She had me pull up in front of a furniture warehouse that had once been a ballroom where she had gone dancing as a girl.

Sometimes she'd ask me to slow in front of a particular building or corner and would sit staring into the darkness, saying nothing.

As the first hint of sun was creasing the horizon, she suddenly said, 'I'm tired. Let's go now'

We drove in silence to the address she had given me.It was a low building, like a small convalescent home, with a driveway that passed under a portico.

Two orderlies came out to the cab as soon as we pulled up. They were solicitous and intent, watching her every move. They must have been expecting her.

I opened the trunk and took the small suitcase to the door. The woman was already seated in a wheelchair.

'How much do I owe you?' she asked, reaching into her purse.

'Nothing,' I said

'You have to make a living,' she answered.

'There are other passengers,' I responded.

Almost without thinking, I bent and gave her a hug. She held onto me tightly.

'You gave an old woman a little moment of joy,' she said.

'Thank you.'

I squeezed her hand, and then walked into the dim morning light. Behind me, a door shut. It was the sound of the closing of a life.

I didn't pick up any more passengers that shift. I drove aimlessly lost in thought. For the rest of that day, I could hardly talk. What if that woman had gotten an angry driver, or one who was impatient to end his shift?

What if I had refused to take the run, or had honked once, then driven away?

On a quick review, I don't think that I have done anything more important in my life.

We're conditioned to think that our lives revolve around great moments.

But great moments often catch us unaware-beautifully wrapped in what others may consider a small one.

PEOPLE MAY NOT REMEMBER EXACTLY WHAT YOU DID, OR WHAT YOU SAID, ~BUT~THEY WILL ALWAYS REMEMBER HOW YOU MADE THEM FEEL.

Life may not be the party we hoped for, but while we are here we might as well

dance

This is a story that is being passed around the interenet. I don't know if it's true or not but it doesn't really matter. It's how we should live our lives. When we serve others we bring joy into our own lives. Making other people feel good is the best way to get to feeling good ourselves. This applies to our real estate clients as well as every other aspect of our lives. Go Dance. Life is Good.

rates for the week

Jane Jensen (Century 21 New Millennium) — Fri, 21 Nov 2008 15:39:02 -0600

Here are some average interest rates for the week for the Northern Virginia area courtesy of First County Mortgage:

Conventional 30 years fixed to 417k: 5.99% with ½ point loan origination fee

Conventional Jumbo between 417k - 729k): 6.375% with ½ point

FHA/VA: 6% with ½ point

FHA Jumbo: above $363,500: 6.75% with ½ point

I sent a small rant to Jim Webb this week after watching some of the congressional testimony of our corporate leaders. Yikes, talk about men without a plan, and a sense of entitlement. I am not against corporate socialism if it will stave off a deeper recession but I REALLY don't want to contribute to these guys having private jets, 16 million dollar salaries, etc, etc. Not only that but they have no shame about it. Egad! And still.....no real help for homeowners.

http://www.realvirginiahomes.com

Obama Interview and Real estate

Jane Jensen (Century 21 New Millennium) — Mon, 17 Nov 2008 06:51:52 -0600

I watched most of Obama's interview last night. He made it quite clear that keeping people in their homes is a priority. He indicated that if the current administration doesn't do more to make that happen, he certainly will. Yay! I've commented earlier that this is a great time to consider investing in this area. I believe that our new President is going to put programs in place to help home buyers and to keep existing home owners from defaulting. All of this will stabilize the market making it good for everyone but the window to low ball an offer to a "need to sell" seller may be closing.

Jane Jensen

http://www.yourarlingtonrealtor.com

571-228-5656

New Construction negotiation

Jane Jensen (Century 21 New Millennium) — Mon, 17 Nov 2008 05:24:40 -0600

There was an article in the Sunday Washington Post this week about how builders are keeping the base price of their homes steady and instead using incentives to lure buyers.

Just because a builder says they are not negotiable on base price you don't have to believe it. Many people will just take a builders sales rep word for it. As a realtor I have negotiated lower base prices as well as added incentives such as half price or free options. Bringing a realtor with you to negotiate on your behalf is like taking an attorney with you to negotiate your traffic violation. You're likely to get more respect and attention from the builder rep and the builder.

http://www.yourarlingtonrealtor.com

571-228-5656

Some recent real estate statistics for Northern Virginia

Jane Jensen (Century 21 New Millennium) — Sun, 16 Nov 2008 17:36:57 -0600

According to our multiple listing system (MLS) 3600 homes have gone under contract in the metro DC area between September 15, 2008 and Oct 15, 2008. Many of these homes are in Arlington, Va. and Fairfax, Va. These numbers do not include any homes sold that were not listed in the MLS, foreclosure homes sold at auction or for sale by owner properties. Specifically, in Arlington county real estate and Fairfax county real estate, although the average and median sales price declined from the year before, 1650 properties changed hands during the month of September 2008, up from 1,072 year before. Each neighborhood is different and you need a specialist to help you decide how to effectively price your home or what offer to make on a property. Mortgage dollars are available for qualified buyers. If you need assistance finding a good lender I am the person to ask.

Time to buy?

Jane Jensen (Century 21 New Millennium) — Thu, 13 Nov 2008 06:02:53 -0600

Arlington, Va. real estate has been realtively sheltered from the housing storm. Relative being an important word here. We've certainly seen downward pressure on pricing even in close (as in Close to DC) neighborhoods. However, because of our strong employment #s and the federal government, we've seen that houses that are priced well still sell and real bargains have flown sometimes with multiple offers.

With the volatility in the stock market and the recent jitters of buyers is this a good time to buy? I think it is. Sellers are certainly anticipating an influx of buyers with the new administration. Certainly we'll see some but after the initial excitement passes and a sellers house is still on the market, this may be a good time to get a real value.

Consider that the National Asssociation of Realtors is pushing to get some legislation that will really help stimulate the buyers. Making the $7500 tax credit more available and eliminating the need to pay it back. Make the 2008 FHA loan limits permanent (they are scheduled to reset at a lower rate in January). Pushing the treasury to target more funds for mortgage relief. Interest rates coming down. The stock market will reach a low and stableize. Combine these potential factors with a spring market, pent up demand from well employed but currently nervous buyers and the largest window of opportunity may close at least not be so wide open.

Jane Jensen, Realtor

Century 21 New Millennium http://www.yourarlingtonrealtor.com http://www.realvirginiahomes.com

571-228-5656