Come join the happy neighbors of Parkside at Fairfax Center as they present their annual community yard sale! The community is across from the Fairfax Wegman's at the intersection of Monument Drive and Government Center Parkway (the Wegman's side of the Parkway!).
There will be plenty of treasures to behold and BUY! Email me for more information or we'll see you Saturday!
DATE: Saturday, May 17
TIME: 7 AM - 2 PM
(for an address to enter in your GPS or Google Maps, etc... use 11645 Park Green Drive, Fairfax, VA 22030)
Wednesday, May 14, 2008
Tuesday, May 13, 2008
I was wondering around this afternoon to take some new pictures for my website and am just amazed at all DC has to offer...most excitingly, I never experienced Meridian Hill Park in springtime, ...what a beautiful, tranquil and unique part of the city... I really need to stop and "smell the roses" more often!
Monday, May 12, 2008
Dupont Rental
Great Rental in Dupont! 2 bedroom / 1.5 bathroom, top floor in historic house
NEW PRICE at $3000/month
Contact me for more information (denny@dennyhorner.com).
Sunday, May 11, 2008
Days on Market - A Buyer's Friend?
I tell my sellers...we need to price it right from the get-go because time is our enemy. Nothing is absolute, but most of the time that is the case...the longer a property has been on the market ("Days On Market" or "DOM") the more buyers believe they have the upper hand in negotiations. If a property is presented properly and still hasn't sold, then the only issue left is price. This is where the buyers' advantage comes to light.
In the DC market, we're about in the middle of the buyer/seller market breaking point (6 months inventory of homes). In most cases, the buyer is still perceived to have the advantage (and they more often do), however sellers are not giving away the farm...nor should they. Prices in DC haven't dropped liked the rest of the nation...we are still seeing houses go under contract in under a week, we're still seeing multiple offers and on the other end, we're still seeing properties, nice and well priced properties (2363 Champlain St. #B), that have not yet sold.
My point is this...you have to be aware of the difference between what is hot and what is so-so in this market. If you've been looking for a while and see something that gives you the "wow" factor...put in an offer and don't wait around. A high or low DOM, a property can go (even with multiple offers) in the blink of an eye!
In the DC market, we're about in the middle of the buyer/seller market breaking point (6 months inventory of homes). In most cases, the buyer is still perceived to have the advantage (and they more often do), however sellers are not giving away the farm...nor should they. Prices in DC haven't dropped liked the rest of the nation...we are still seeing houses go under contract in under a week, we're still seeing multiple offers and on the other end, we're still seeing properties, nice and well priced properties (2363 Champlain St. #B), that have not yet sold.
My point is this...you have to be aware of the difference between what is hot and what is so-so in this market. If you've been looking for a while and see something that gives you the "wow" factor...put in an offer and don't wait around. A high or low DOM, a property can go (even with multiple offers) in the blink of an eye!
Friday, May 9, 2008
Foreclosure and Short Sale Myths
I get this one all the time, "I want to buy a house in foreclosure so I can get it for a steal!" Well, reality steps in and I have to explain how the process works...so...I figured I would dispel some of the myths that are out there about foreclosures and short sales...
Myth: Banks are anxious to sell their inventories, so they'll take a low ball offer.
Truth: I have to keep this in context...not all situations are the same, however, in most of the short sales and foreclosures I have encountered the banks are not overly anxious to move their property and will reject offers that do not meet their objectives (low ballers). In some cases, if a property is in foreclosure and the price is dropped $100k, we see multiple offers come in and bring the price back up closer to where the bank wants it...or to where a 'reasonable" offer would have come in at.
Myth: Banks are anxious to make a sale and will move quickly.
Truth: Really? I want to work with your bank!!! They DO want to sell the property, but they have protocol and regulations and new legislation to consider and the process can take up to six weeks just to get a yes, no or even a counter offer! In some situations, if the bank is able to prepare before an offer is presented, the process is much quicker, but the averages fall into the 2-4 week range to get a yes or no.
Myth: Foreclosures are cheap and a good deal if you can get it.
Truth: Most foreclosures and short sales come in at or just under market value. You cannot expect to get a $500k property for $100k...it just ain't gonna happen. There are some exceptions, of course, where whole neighborhoods seem to be in foreclosure (mostly in the further out suburbs) and prices drop dramatically for all sellers in that neighborhood, but most of the properties need LOTS of TLC...which can be great for investors, developers and builders...but they can be large undertakings for the average buyer.
Myth: Short sales are a pre-foreclosure step and I should wait for it to go into foreclosure to get a better deal.
Truth: Short sales are not all "pre-foreclosure" situations...some are just cases where the owners owe more than the current value (and have to also factor in the costs to sell) and need to sell the house for different reasons than avoiding foreclosure, but don't have the funds to pay the difference (either their payments are draining their monthly income, they are divorcing, they have to relocate, etc.).
Okay, that's all for now...I'm getting a sleepy from a long weekend!
Cheers - D
Myth: Banks are anxious to sell their inventories, so they'll take a low ball offer.
Truth: I have to keep this in context...not all situations are the same, however, in most of the short sales and foreclosures I have encountered the banks are not overly anxious to move their property and will reject offers that do not meet their objectives (low ballers). In some cases, if a property is in foreclosure and the price is dropped $100k, we see multiple offers come in and bring the price back up closer to where the bank wants it...or to where a 'reasonable" offer would have come in at.
Myth: Banks are anxious to make a sale and will move quickly.
Truth: Really? I want to work with your bank!!! They DO want to sell the property, but they have protocol and regulations and new legislation to consider and the process can take up to six weeks just to get a yes, no or even a counter offer! In some situations, if the bank is able to prepare before an offer is presented, the process is much quicker, but the averages fall into the 2-4 week range to get a yes or no.
Myth: Foreclosures are cheap and a good deal if you can get it.
Truth: Most foreclosures and short sales come in at or just under market value. You cannot expect to get a $500k property for $100k...it just ain't gonna happen. There are some exceptions, of course, where whole neighborhoods seem to be in foreclosure (mostly in the further out suburbs) and prices drop dramatically for all sellers in that neighborhood, but most of the properties need LOTS of TLC...which can be great for investors, developers and builders...but they can be large undertakings for the average buyer.
Myth: Short sales are a pre-foreclosure step and I should wait for it to go into foreclosure to get a better deal.
Truth: Short sales are not all "pre-foreclosure" situations...some are just cases where the owners owe more than the current value (and have to also factor in the costs to sell) and need to sell the house for different reasons than avoiding foreclosure, but don't have the funds to pay the difference (either their payments are draining their monthly income, they are divorcing, they have to relocate, etc.).
Okay, that's all for now...I'm getting a sleepy from a long weekend!
Cheers - D
The Evers & Co. Real Estate Report for April 2008
April sales in the close-in Washington Metro area showed continuing improvement in the market. First of all, there is less than a 6 months' supply in inventory, with a market that went all the way from a 9 months' supply in December to 5.7 months' supply in April! The average price has been fairly flat during the past few years, with modest gains each year of around 1 to 2%, so April's gain of .57% over April 2007, is no surprise. However, the aspect of the market that has been in the sharpest decline, the volume of sales, has shown a dramatic improvement in April. Volume of sales declined 20% in 2006 and another 10% in 2007. This year started out even worse, with dollar volume of sales in January 42.7% lower than January 2007; February was 35% lower than the previous year; March was nearly 40% lower; but in April, volume of sales was just 18.45% lower than April 2007.
If these trends continue, we could be looking at the bottom of the close-in market as having occurred in the first quarter of 2008. The second quarter of the year is traditionally the "prime time" spring market, and the strength of May and June sales will be a strong indication of whether or not we are looking back at the end of the recent real estate slow- down.
* Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, DC; Montgomery County, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.
Friday, April 25, 2008
Harris Teeter Opens in DC!!!
The new Harris Teeter grocery store on the corner of 17th and Kalorama Streets FINALLY opened it doors this week to much relief of neighbors. This is the chains first store in DC.
Check out my listing at http://www.2363champlain.com/ that is right around the corner from the new store (okay, two and a half blocks, but come on, that rocks!). There is a lot of nice opportunities to buy in the neighborhood where you are seriously in the middle of it all...the night-life, the culture, and the convenience!
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