Homeowners in the DC area can be thankful for our continued strong market. In fact, homeowners nationwide can appreciate that the numbers continue to rebound, as the Atlantic's "Chart of the Day" interestingly illustrates. However, every story has at least two sides...the jury is out as to whether the "rebound" illustrated actually reflects the artificially slower rate of foreclosures this year.
In financing news, we in the DC area got a bit of good news (in addition to the ridiculously low rates, that is): FHA loan limits were upped back to the previously "temporary" limit of $729,750. That's great news in terms of affordability for homes in the $800,000-$900,000 price range. FHA continues to be a thorn in the side of many condo complexes, though; communities lost their certification earlier this year and many are finding it hard to win approved status. Despite that, the market continues to be more active than usual for this time of year.
Low rates are bringing out buyers and investors, but low inventory keeps them frustrated. Homes at the "right" price ARE selling.
If you know someone looking to move, please contact us. And if you're thinking of selling, contact us for a no obligation market analysis of your home and review of statistics in your local neighborhood. You can"introduce" yourself to us via our HGTV Show "My First Place" airing again on November 25 (this Friday) at 8 am.
This year, once again, we are thankful for all of you—our clients and friends who refer us business. Thank you for your continued support and we wish you a happy and healthy holiday season!
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The Fall market continues to surprise--it's been really, really busy, fueled by another batch of record low interest rates. (Need a good lender to re-fi? Ask me!)
Our market continues to outperform the nation. Builder magazine named DC #13 on its list of Healthiest Housing Markets. It notes that while builders noted a step back in prices, "Moody's expects permit activity to pick up substantially in 2012, partly due to a strong jobs market. With an unemployment rate well below the national average, D.C. is expected to add 40,000 jobs this year. The region's population continues to grow at about 1.2% annually."
And it was doubly good news for Arlington, which also made Bloomberg Business Week's List of 50 Best Cities, coming in at number 2 (behind Raleigh, NC).
On another note, homeowners, don't forget your Fall home maintenance. This is the perfect time to drain hose bibs, seal drafty windows and doors, check your chimney for loose or missing mortar, and don't forget to keep those gutters clear of falling leaves.
In this month's trivia section, ever wonder why it's called "real estate"? After all, of course it's "real," and it's only sometimes part of an "estate." Get the Straight Dope here.
If you know someone looking to move, please don't hesitate to contact us. And if you're thinking of selling -- contact us for a no obligation market analysis of your home and review of statistics in your local neighborhood.
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Falls Church City was named the richest county in America, according to an article on Forbes.com. Falls Church City brought home the honor by having a median annual household income of $113,313. But Falls Church isn't the only Washington suburb to make the list of the 10 richest counties in the nation. Loudoun County came in at number two with a median annual household income of $112,021, with Fairfax County taking the number three spot on the list ($104,259). Two other local jurisdictions made the top 10: Howard County, Md., has a median household income of $101,003 and placed 5th, and Fairfax City nabbed the tenth spot on the list with a median household income of $96,232. While many areas of the nation are plagued by unemployment, Falls Church and the surrounding suburbs are home to people who work as government contractors, lobbyists, lawyers, and consultants, with federal dollars stoking the economic engine of the area. The area also boasts strong school systems, which helps attract wealthy residents.
Barcroft Hills is located off Leesburg Pike (Rt. 7) just east of Bailey’s Crossroads in Falls Church. The community comprises 233 single-family homes and condos, according to local tax records. Construction on the single-family homes in the neighborhood began in 1954, and in 1967, Barcroft Hills Condominium was constructed. The detached homes sit on lots ranging in size from just shy of a 1/4 acre, to just over a 1/2 acre, and the condominium offers studio, one-, two-, and three-bedroom floor plans. The condo offers a picnic area, party room, a tennis court, and two swimming pools (there’s a separate pool for kids).
Currently, there is just one active listing in our local MLS for Barcroft Hills. It’s a one-bed, one-bath condo unit being offered for $112,500. Three homes are currently under contract—one condo and two single-family homes, ranging in price from $149,900 to $580,000.
In the past year, ten homes sold in Barcroft Hills, so turnover is fairly low. And the units sold quickly—they averaged just 22 days on the market. Five of the units were single-family homes and the other five were condo units. The average sold price for the condos is $127,400, while the single-family homes averaged $440,100. If you’d like to learn the value of your Barcroft Hills home, click here. You can search for a Barcroft Hills home here. Get more info on other Falls Church Neighborhoods. And if you have any questions, just drop us a line.
Source: MRIS as of 2/9/2011.
In Virginia, buyers of condominiums and properties within a homeowner’s association have a three (calendar) day review period to review the “resale package” or “condo docs” following a ratified contract. In the District buyers have three business days. (Typically these are not available in advance because associations charge a fee, and most sellers are reluctant to incur that fee before receiving an offer. Several items in the package are also time-sensitive, so if the package is too old then sellers will need to pay for an updated package, so most sellers choose to wait until the offer is received before ordering.) Sometimes the documents are electronic or online, or often they come in a big binder for your reading pleasure.
Some of the items that are supposed to be included* the resale package are:
- Bylaws, rules, and regulations of the community (e.g., pet, noise, and rental policies)
- The annual association budget
- Two months of Board minutes
- A statement from the property manager about whether the unit is currently in compliance with rules (do NOT assume that if there is a violation the seller will remedy it prior to settlement!)
- Master insurance policy
*Unfortunately sometimes items are missing from the resale package. You can ask for the missing items, but it does NOT extend your three day window for rescission.
There will be a lot of information to read through in a short amount of time, so I recommend buyers first prioritize these items:
- Review the rules and regulations to make sure you can live with them. Even if you’ve verbally been told otherwise (e.g., “oh, no one actually carpets over the hardwoods and it’s never a problem” or “there are lots of owners with dogs even though the policy says no pets”, or “of course you can install a washer/dryer.” These are the rules and you should be prepared to have them enforced. There are no guarantees that a lax Board will always remain lax.
- Look at the percentage of units that are more than 30 days past due on fees. Could it be indicative of a financially strapped community with short sales and foreclosures to come?
- Compare the reserve balance to the engineering study, which is a study that estimates the remaining useful life and cost to replace or repair for community items such as parking lots, roofs, and common areas. Engineering studies are typically performed every five years.
- Is there a move in fee or capital contribution required at settlement? This is becoming a big trend for condos to assess buyers a fee to help fund their reserves, sometimes it can run into the thousands of dollars.
The three day period can be a stressful one, because it’s difficult to get more details if needed in such a short amount of time. Property managers are often restricted from giving information to non-owners, further complicating the ability to get details related to a buyer’s concerns. The remedy is to negotiate with the seller for an extension of the period, or to void the contract, so it’s best to read the documents immediately upon receipt to identify any potential issues early.
More resources:
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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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