Your Ecobroker Spring Update 2014 Newsletter
|January, February and March were quite interesting in Northern Virginia, am I right?! So, there was that weather… You know, the snow that seemed to never end. I don’t need to remind you, we all lived it together. Now, the weather is warming up, and the interest rates are staying reasonably low. Lenders are totally used to the new mortgage requirements, and buyers are chomping at the bit at the low inventory. Locally, we had some decreases in sales mostly due to the weather, but take of note of this interesting tidbit: we had 22% more sales than last year! Our median sales price has increased to $400,000, a gain of 8.5%, which is fantastic for current sellers. Seller activity continues to improve, and the economists say that this is most likely due to the weather making a shift to warm, happy sunshine!Even the National Association of Realtor’s Chief Economist, Dr. Lawrence Yun, in the NAR February report noted that the existing home sales would have been much more productive had it not been for ” the disruptive and prolonged winter weather patterns across the country are impacting a wide range of economic activity, and housing is no exception,” he said. “Some housing activity will be delayed until spring. At the same time, we can’t ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates.” Even the Wall Street Journal’s Nick Timiraos had some interesting things to say about the start of 2014’s real estate cycle in regards to the new home values we are seeing in our market: “Ideally, higher prices would stimulate more home construction, which would ease inventory crunches that are partly responsible for price increases while boosting job growth.But builders have been slow to ramp up production, skittish after being caught with too much inventory when the 2008 downturn hit. Last year, many focused instead on higher-end houses, while entry-level construction was subdued. Sales of new homes last year rose by 14% from 2012, but the number of homes sold for less than $150,000 fell by 28%. Sales above $500,000 grew by 36%.”Let’s get some homes on the market to cure this little inventory crisis we’ve been having, shall we?! It has been a very competitive season, and people who have been thinking about putting their home on the market are totally staged for the right time.Something to think about going into the full-swing Spring market is whether or not you should do updates and upgrades to your home. Are you giving yourself an advantage or is remodeling not in the cards for you? If you notice lots of new construction and remodels in your neighborhood, give me a call so we can talk about what that means for your home’s new value.
|I sure hope that I will see you at the 5th Annual Green Living Expo!
Saturday, April 26, 10:00 a.m. to 4:00 p.m.
Arlington Campus of George Mason University, Founders Hall, 3351 Fairfax Drive, Arlington.
Last year, I was nominated as a George Mason Green Patriot for my work with the community as a sustainability professional for real estate, and also for my work with my Eco-Op, environmental professional networking group. We’ll have a table there this year, so I would love to see you at the event. There are speakers, vendors, exhibits, food and more! It is a great community event that is great for all ages!
|How is the market in NoVa? Great question! We are still officially in a seller’s market, you guys. I told you the example last month about going into an open house and seeing sixty pairs of shoes, and the listing agent tells you that there are five offers in hand, three more on their way, and that some are cash offers. It was pretty awesome for seller’s and still is. Plus, home values are on the rise, and interest rates are, too.People generally feel that Spring is the time for putting their home on the market, the birds are chirping, the yard is starting to bud out, and the Spring cleaning has been done, but you know what? In our market, the seasonality hasn’t really been true to form. Real buyers will buy when they need to buy, and real sellers will sell when they need to sell.Just to reiterate: What does this mean for you? If you’ve been thinking about selling… How about now? Let’s talk about your next steps for getting your home prepared for the market so you can avoid any costly mistakes and get it done right the first time…You can always Learn More with these short videos on YouTube with me, Genevieve Concannon, Your EcoBroker.
Upcoming events in Northern Virginia — Spring Cleaning Extravaganza
Thanks to people like my friends at the Nauck Community Services Center, Arlington Federal Credit Union, Arlingtonians for a Clean Environment, I am working on several upcoming projects to benefit the local Arlington and surrounding communities. Start to get your spring cleaning and donations together, because the wonderful people at the Nauck Community Services Center and I are working together to bring you a consolidated location to take all of your donations once again! Mark down Saturday, April 12 on your calendar, and stay tuned for more details! Call me if you want more information 512-767-3002
ARBOUR’S HOT LISTINGS:
INVENTORY IS LOW — LET’S TALK ABOUT GETTING YOUR HOME SOLD NOW!
Call or email me about our COMING SOON properties!
|3511 S 16th Street
|12706 Carlsbad Ct. — SOLD at a record price in neighborhood!
|21023 Timber Ridge Terrace #302 — SOLD in 1 day
|6601 Thackwell Way #E — SOLD in 5 days
|680 Watermans Drive #303 — SOLD
|If you or someone you know is looking to buy or sell property in Northern Virginia, I’d love the opportunity to give you my phenomenal service! Give me a call to discuss your real estate needs, today! I couldn’t do what I do without my amazing clients. Thank you all for allowing me to do what I love. I enjoy working with each and every one of you and can’t wait to help provide the same phenomenal service to your friends, family and colleagues!