North Arlington Condo Market Update
Zip Code 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)
|
| 1 BR Units | 2BR Units |
| ACTIVE LISTINGS as of Apr 23 | ||
| Average List Price | $337,402 | $503,584 |
| Number of Active Listings | 68 | 83 |
| Average Property DOM – Actives | 60 | 84 |
| SOLD LISTINGS | ||
| Average Sold Price for Previous Month (does not include seller subsidies) | $359,844 | $466,941 |
| Number of Sold Listings in Previous Month | 16 | 20 |
| Average Property DOM - Solds | 73 | 102 |
Click here to see the previous North Arlington Condo Market Update
Contact Katie Wethman, CPA, MBA, REALTOR® at (703) 847-3336 or via email to list your property for sale or to purchase a property in the Washington, DC, Arlington, Alexandria, Fairfax County, Fairfax City, or Falls Church City areas.
Copyright © 2008 by Katie Wethman, All Rights Reserved.
Visit my website to find out more about my services or search the MLS for Arlington and Washington, DC, properties and read more on my blog.
Source: MRIS data as of 04/23/2008. All data deemed reliable but not guaranteed.
Foreclosures were down last month in DC and VA in February, but that doesn't mean more aren't coming. As the Washington Post "Ring of Fire" article pointed out, there are concentrated pockets of severe problems. Contact Katie Wethman, CPA, MBA, REALTOR® at (703) 847-3336 or via email to list your property for sale or to purchase a property in the Washington, DC, Arlington, Alexandria, Fairfax County, Fairfax City, or Falls Church City.
Copyright © 2008 by Katie Wethman, All Rights Reserved.
Visit my website to find out more about my services or search the MLS for Arlington and Washington, DC, properties and read more on my blog.
It's easy enough to find bad news about the market, but you might have missed some of these tidbits this past month. Is it the start of a turnaround? Or just the "Spring Bounce"? I don't know, but as this Time Magazine article "Ignore The Headlines" points out, "There has rarely been a moment in history when you couldn't scare yourself into doing nothing." Contact Katie Wethman, CPA, MBA, REALTOR® at (703) 847-3336 or via email to list your property for sale or to purchase a property in the Washington, DC, Arlington, Alexandria, Fairfax County, Fairfax City, or Falls Church City.
Copyright © 2008 by Katie Wethman, All Rights Reserved.
Visit my website to find out more about my services or search the MLS for Arlington and Washington, DC, properties and read more on my blog.
Buying a bank owned property creates a multitude of financing risks—not because a buyer may have any particular problems with their credit or loan otherwise, but simply because the transaction is complicated and timing is difficult to control (read previous post on timing difficulties in buying a foreclosure here.) It’s critical that buyers protect themselves with appropriate financing contingencies (and make sure that the protections you want are negated by those pesky bank addenda – read post here.) Buyers take on enough risks in buying a foreclosure—don’t expose yourself to unnecessary interest rate risk as well. Let’s take an example. You make an offer on April 1 (no, there’s no hidden message there just because I’m using April Fool’s Day as my example) when rates are at 5.875%. The bank takes four weeks to get back to you, at which time rates have jumped to 6.25%, or even worse, the 10% down program you were planning to use is no longer available and now you need 15%, which you may not have. Sure, you can still back out of the contract (the upside of having to sign off on the bank addenda mentioned earlier), but obviously the situation is far from ideal. Let’s take a riskier situation: the contract is ratified and the buyer has signed off on the bank addenda. The buyer locks into a rate for 30 days, and settlement is scheduled for day 27. But the week before settlement the bank has a problem with the deed, and needs to delay settlement for a few days/weeks. So much for that rate lock—now your financing is floating with the market, and you take on all that interest rate risk.
Read the rest of the post, including information about other pitfalls related to financing of foreclosures, here.Read more: Foreclosure Risks: Unpredictable Transaction Timing
Read more: Foreclosure Risks: Bank Addenda
Read more: Foreclosure Risks: Property Condition and Inspections
Contact Katie Wethman, CPA, MBA, REALTOR® at (703) 847-3336 or via email to list your property for sale or to purchase a property in the Washington, DC, Arlington, Alexandria, Fairfax County, Fairfax City, or Falls Church City. I specialize in first time buyers.
Copyright © 2008 by Katie Wethman, All Rights Reserved.
Visit my website to find out more about my services or search the MLS for Arlington and Washington, DC, properties and read more on my blog.
One of the most common scenarios in a bank owned (or REO) sale is that the property is “as is.” But most people don’t understand exactly what this means, or how to protect themselves from buying a home that may need tens of thousands in repairs.
Let’s back up a moment, and put “as is” in the context of a “regular” (i.e., non-REO) sale. “As Is” is a commonly misused term. We first must understand the home inspection process and one particular paragraph in the regional sales contract – the Property Condition paragraph, also known as paragraph 7 (because it’s literally paragraph #7 in the contract…sometimes we agents aren’t all that creative.) Paragraph 7 indicates that the systems of the house, including plumbing, electrical, and appliances, must be in “normal working order.” Unless the parties agree to strike through this paragraph, that means the seller must ensure all of those systems work at the time of settlement.
Beyond that, buyers may wish to also get a home inspection (highly recommended). If the home inspector notes items related to plumbing, electrical, or appliances that are not in “normal working order” then the homeowner must fix these—they’ve already agreed to based on paragraph 7. Any OTHER items the home inspector may find—e.g., foundation problems, roof problems, window/door problems, etc.—are negotiable.
Read the rest of the post describing what "as is" in a foreclosure transaction really means here.
Contact Katie Wethman, CPA, MBA, REALTOR® at (703) 847-3336 or via email to list your property for sale or to purchase a property in the Washington, DC, Arlington, Alexandria, Fairfax County, Fairfax City, or Falls Church City. I specialize in first time buyers.
Copyright © 2008 by Katie Wethman, All Rights Reserved.
Visit my website to find out more about my services or search the MLS for Arlington and Washington, DC, properties and read more on my blog.
Knowledgeable. Trusted. Responsive. I strive to be a valuable resource from the time you begin contemplating making a move, to long after the transaction is complete. Licensed in DC, VA, and MD.
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