Alexandria City (VA) Real Estate Market Statistics Update For February 2010 |
We Sold More Than Last Month

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More sellers who had their homes on the market last month are breathing a sigh of relief.  We (collectively) sold more houses in January than we did in December, and from where I’m sitting, that’s a positive sign for the winter market.  Here’s the breakdown by house type:

• The number of Alexandria City detached homes sold (not settled, but homes that went under contract) increased from 7 to 21.
• The number of Alexandria City townhouses/rowhouses sold increased from 32 to 41.
• The number of Alexandria City condos sold jumped from 53 to 78.

In the Alexandria City (VA) detached homes that were for sale, the bulk of the activity was in the price range of $799,999 and below.  The market practically comes to a complete halt once you hit the $800,000 mark.  Of the 20 detached homes listed for  $1M+, only 2 went under contract and both of these were listed between $1,250,000 – $1,499,999.

In the Alexandria City (VA) townhomes that were for sale, the bulk of the homes that were snapped up were priced between $400,000 and $600,000.  Luxury townhomes in Alexandria that were priced over $1M+ are still waiting or the perfect buyer.

The $300,000 and under price range is still where the action is for Alexandria City (VA) condos for sale with 30 units selling in the price range of $200,000 – $299,999 and 28 units selling in the price range of $100,000 – $199,999.  Still looking for a good deal, well here inside the beltway, there were 8 condos that went under contract with a list price of under $100,000!  And who says you can’t find anything close in?!

So, what does this mean if I want to list my luxury home for sale in Alexandria VA?  Be prepared for a marathon, not a sprint.  Just because a buyer is looking to spend ‘a cool mil’ or more doesn’t mean value is thrown out the window.  Luxury homebuyers are looking for quality and VALUE just like other buyers.  There’s lot of competition, and buyers are generally slower to act when there is more to choose from.  Even in the upper bracket, buyers don’t want to see a neglected home in need of repair, but a practically lived in (i.e. staged) home that allows them to envision a life there.

What about if I want to list my townhome for sale?  You’ll likely sell, and your days on the market will depend more on your price.  If you experience longer days on the market…then you’re probably selling the competition first.  Higher priced homes that need work ‘force’ the better priced homes in move-in condition to sell faster.

And if I’m listing my Alexandria VA condo for sale?  You’ll be in the most active part of the market if your asking price is below $300,000.  Be prepared for a quick sale, but the tables may turn on you if you’re moving up, because you may be in competition with other buyers for the townhouses.

Bottom line, I think the spring market is here.  If you’re on the fence about selling, I wouldn’t try to make a grand entrance in April or May.  If the $8000 tax credit and $6500 move-up credit is not extended, you just may be ‘Tardy for the Party’.

See Also: Listing Soon? – List Your Home With McEnearney Associates Because Results Matter

Selling Old Town Alexandria VA Real Estate? |
List Your Home With McEnearney Associates Because Results Matter

Results DO Matter when it comes time to sell your home.

In the second half of 2009, McEnearney Associates sold the properties we marketed in less time and for a higher percentage of the original listed price. (By the way, we started tracking this performance in Northern Virginia in 1999, and we have sold our listings in less time and closer to list price in twenty-one of the last twenty-two semi-annual periods.  Since we opened our first office in Washington in 2007, we have added DC, Montgomery and Prince Georges Counties to our evaluation.)

Market conditions have varied widely in the eleven years we have been tracking these numbers, from balanced markets, to sellers’ markets to the current buyers’ market. And we have adapted to these changing conditions, outperforming the market regardless of what the market conditions are. My company’s carefully assembled team of the most productive Sales Associates in the Washington area makes all the difference for you.

Highest Average Net Sales Price*

Generally speaking, more expensive properties take longer to sell and typically sell at a deeper discount to the original list price. That makes it even more remarkable that our listings sold, on average, more rapidly and closer to the original list price than the listings of these other fine real estate companies.

    

Mason Neck Homes In Hallowing Point River Estates |
Wildlife And Waterfront Tranquility

Just ten minutes from Fort Belvoir is the tucked away waterfront community of Hallowing Point River Estates in Mason Neck. Homes in Hallowing Point River Estates are custom built on perched or level lots with Potomac River views or snuggly surrounded by mature trees. On any given day, neighbors can see deer, owls, eagles, and lots of other wildlife roaming around comfortably.

Homeowners of Hallowing Point River Estates enjoy the private amenities of a serene waterfront beach park with pavilion, picnic tables and grilling areas, available for private parties and community gatherings, a gated area with boat launch and dock directly off the channel for deepwater boating, all off the beaten path of I-95.

See also: Hallowing Point Home For Sale at 6025 Chapman Road

Alexandria VA Short Sale Listing Agent Earns The Gold |
Experience Counts When Helping Homeowners Avoid Foreclosure

A couple of years ago, many people had never hear of a short sale. Now, short sales are right in the mix of all homes for sale regardless of price point and zip code.

There are still many brokers who don’t even show short sales when working with buyers, but homeowners in Alexandria VA who are facing a financial hardship have a resource they can count on when it comes to understanding the alternatives to foreclosure.

After helping homeowners in 2009 with successfully closed short sales, I was awarded the Certificate of Designation as a Gold Member of the Certified Default Resolution Specialist network of agents who have been trained by the America’s Home Rescue team of instructors and Realtors.  I had the pleasure of meeting Michael and Stacy Spickes (co-founders of America’s Home Rescue) back in May of 2008 when I was Chair of the Education Advisory Committee at NVAR and officially invited them to teach agents how to help homeowners and how to work short sales.

This past year, I represented these sellers and helped them understand their options in avoiding foreclosure:

• 4852 Eisenhower Avenue Unit 341 in Alexandria VA at The Exchange at Van Dorn
• 4854 Eisenhower Avenue Unit 248 in Alexandria VA at The Exchange at Van Dorn
• 2451 Midtown Avenue Unit 1515 in Alexandria VA at Midtown Alexandria
• 7362 Ardglass Drive in Lorton VA in Worthington Woods
• 1030 Gardenview Loop Unit 401 in Summerhouse Condos
• 17760 Avenel Lane in Dumfries VA in Southbridge (homeowner had NO MISSED PAYMENTS)
• 5419 Moultrie Road in Springfield VA in Ravensworth (listed by Susan Bruce Anthony, short sale negotiated by me)

I was also able to consult with three other homeowners and help them with either a successful loan modification, or evaluate their current situation and offer recommendations on keeping their home(s). 

When it comes to foreclosure prevention, experience counts and RESULTS MATTER.   If you need the help of  a knowledgeable and experienced short sale agent and are facing a financial hardship, please give me a call at 703-623-8759, or visit my website for a confidential consultation.

Midtown At Alexandria Station Condos |
Alexandria VA CDPE Listing Agent Helps Another Homeowner Avoid Foreclosure With A Short Sale

Midtown Alexandria Station Condos Across From Huntington Metro

 Just Sold – 2451 Midtown Avenue, Unit 1515

Still having that ‘new home smell’, the contemporary condos for sale at Midtown at Alexandria Station appeal to a lot of Alexandria VA buyers who are looking at condos close to metro.  Shortly after purchasing a unit here, this homeowner experienced a financial hardship. 

With an FHA loan, the homeowner applied with Wells Fargo Home Mortgage and was accepted into FHA’s Preforeclosure Sales Program and also received a monetary incentive.  The time period for the short sale approval was 35 days.

This home had also been previously listed with another broker and did not sell.  If you are facing a financial hardship and would like to see if you qualify to sell your Alexandria VA home as a short sale, please be sure to visit my website for a confidential analysis.  Experience counts, and as a Certified Distressed Property Expert (CDPE) and a Certified Default Resolution Specialist, I have the training and sale experience to help.  Short sales are not like traditional sales, so be sure to consult with an Alexandria VA listing agent who is qualified to help.

If you currently have an FHA mortgage and are experiencing a financial hardship, you must meet the following criteria to be eligible to participate in the Preforeclosure Sales Program:

• The property must be owner-occupied, no “walk-a ways” or investment properties. Exceptions: when it is verifiable that the need to vacate was related to the cause of default (job loss, transfer, divorce, death), and the subject property was not purchased as rental investment, or used as a rental for more than 18 months.

• The Mortgagor must be 31 days or more delinquent at the time of the Preforeclosure Sale closing.

• The Mortgagor must provide documentation substantiating a reduction in income or an increase in living expense, and documentation that verifies the Mortgagors need to vacate the property (if applicable).

Short Sale Hardship Letter Sample |
One Major Piece Of The Short Sale Package

Here is a simple guide that will help you write your short sale hardship letter that your lender will require when you are trying to sell your home as a short sale:

• Start from the beginning – Now, your hardship letter doesn’t have to begin with “I was born in…” but it is helpful to mention how long you’ve owned your home and how you were able to pay your mortgage before your hardship.
• State the facts of your hardship clearly – Your hardship is the written statment of why you are no longer able to afford your monthly mortgage payment.  A hardship can include scenarios such as unemployment, divorce, separation, death of a family member, reduction in income, military reassignment, job relocation, incarceration, increase in mortgage payment, or any event that has affected your finances where you are not able to afford your mortgage.
• Describe how you have attempted to solve your problem – Have you applied for a loan modification, have you consulted with your area short sale specialist, have you consulted with your accountant, have you consulted with your tax advisor?  Show the bank that you have made a proactive effort to overcome the cause of your hardship.  Have you continued to seek employment?

Here is a sample:

To whom it may concern:

When I purchased my home in October of 2005, I had been employed at my job for 15 years.  My salary more than covered my mortgage payment and after I was able to make an extra mortgage payment every year.

I was laid off on November 25, 2008 and have not been able to find another job of equal pay.  After searching for several months, I was finally able to find a job, but now I am only making one-third of what I was making at my previous position.  I have always had excellent credit but this reduction in income now makes it impossible for me to meet my monthly obligations.

This lower salary has proven to be a hardship for me.  Now, my monthly salary does not cover my mortgage payment and my expenses.  While I was unemployed, I used all of my savings to keep my mortgage current, and have exhausted all of my savings.

I am no longer able to keep my home and have spoken with my accountant and Realtor, and I feel that a short sale is the best solution.  Please consider the offer that I have received on my home as full payment for my outstanding mortgage.  I would like to maintain my good credit avoid foreclosure.

Your short sale hardship letter should also be signed.  It doesn’t have to be a novel, and you don’t have to tell your whole life’s story.  But, what the bank is looking for is an accurate account of what led you to your current situation.

Old Town Alexandria VA Real Estate Getting Low|
Don’t Miss The Other Countdown For The $6500 Tax Credit For Move-Up Sellers

The sands of time are steadily pouring down as the new deadline for the extended $8000 Federal Housing Tax Credit starts to creep up on the Alexandria VA real estate market for home buyers.  The tax credit has also been expanded to provide a $6500 credit for move-up sellers.  And while there have been countless articles and pages of information geared toward home buyers, few have taken the time to explain to Alexandria VA home sellers why this may be an opportune time to list your home and get top dollar.

Here are the Top 4 Reasons Why Now May Be The Best Time To Sell Your Alexandria VA Home:

1.  1.  Increased pool of Alexandria VA home buyers, for now.  The tax credit has stimulated the real estate market and gotten many buyers off the fence.  With the incentive, many renters are electing not to renew those leases, and are choosing to enter the real estate market.
2. The current inventory of homes is very low.  In Alexandria (City) VA, the number of homes actively for sale as of December 1, 2008 was 606; as of December 7, 2009 the number of available homes was down to 430.  With fewer homes to chose from, Alexandria VA home sellers will likely open themselves up to bidding wars and shorter days on the market.
3. The historically popular spring market will come sooner and will likely end sooner with the April 30 deadline.  Alexandria VA home sellers may think that waiting for winter to end will be the best time to put the home on the market.  But many buyers may not want to until the end of March or the beginning of April to start their home search.  Value-seeking buyers will not want to compete and get into bidding wars (which is a good thing for sellers!), especially at the last minute.  I foresee that competition will be in the early months.
4. Special loans for home buyers may be eliminated with the tax credit deadline.  Local entities, like the City of Alexandria Department of Housing and the Virginia Housing Development Authority (VHDA), have created special Virginia First-Time Home Buyer Programs and loans that may expire with the tax credit.  When the money dries up, the sellers will be the first to know it with increased days on the market, and price reductions. 

The tax credit is now in it’s third revision.  At first, it was an interest-free loan, then it was revised into a full credit for home buyers, and most recently is has been extended for buyers and expanded to include sellers.  The third time’s a charm.

Just Sold | Alexandria VA Short Sale | Condo At Exchange At Van Dorn Metro
4854 Eisenhower Avenue – Unit 248, Alexandria, VA 22304

Another WIN-WIN outcome for a distressed home owner and a first-time homebuyer.  This Alexandria VA two bedroom condo at the Exchange at Van Dorn was listed as a short sale, approved by the seller’s lender, and successfully sold.

Are you curious about selling your Alexandria VA home as a short sale and have questions about qualifying, please contact Alexandria VA CDPE listing agent, Tamara Inzunza, for a private consultation.

Buyers See Also:

• Information On How To Buy A Short Sale In Alexandria VA
• Buyers Obtain Instant Equity On A Short Sale Purchase

Homeowners See Also:

• Alexandria VA Short Sales – Listing at 2451 Midtown Avenue #1515
• Alexandria VA Short Sales – Listing at 4582 Eisenhower Avenue #341

Tuesday Real Estate Tour of New Listings In Alexandria VA |
November 17 2009

Top listing and selling real estate agents of McEnearney Associates, presented the following HOT Alexandria VA real estate listings for this Tuesday’s broker preview.

21 West Masonic View

Elizabeth Lucchesi and her sellers offer buyers a down home and welcoming front porch with this detached 3-level home at 21 West Masonic View in the Rosemont area.  My favorite features are the updated kitchen with custom ceramic tile backsplash, and the fenced in backyard.  If you’re looking for hardwood floors, this home is drenched in hardwoods, including the staircase.  The owners have prepared for the buyer’s eye because the rooms are spacious and lightly furnished, showing off the ’space equity’ throughout.  The bathroom in the finished basement is very chic, and the rec room area is perfect for relaxing and hanging out.  Alexandria VA homebuyers looking at real estate and homes for sale in Rosemont should make this home their top choice.

3256 Gunston Road

 Barbara Cousens and her sellers have something special for first-time buyers, scale-down buyers, or buyers who are looking to put their special touch on a home.  This ground level unit at 3256 Gunston Road in Parkfairfax is affordably offered at $280,000. Buyers who want a perfect match when it comes to convenience and affordability will want to put this one bedroom Lincoln model on the top of their list.  Here, you can step out to the patio, and for commuting, it’s located just off of I-395 with Metrobus service to the Pentagon, and for recreation, just across the interstate from the shops at Shirlington. Alexandria VA homebuyers looking at real estate and homes for sale in Parkfairfax for under $300k should consider checking this one out.

4012 Duke Street

Chris Hayes and his sellers at 4012 Duke Street offer buyers two master suites, and a one-car garage with convenient Alexandria living in popular Cameron Knolls.  This beautiful home is move-in ready and is a great alternative for an Alexandria VA homebuyer who is considering a garage condo.  Strategically priced at $399,900, this cartwheel-friendly floor plan includes an open living room, each bedroom has its own full bath, and the lower level offers an additional rec room, with direct entry from the garage.  Alexandria VA condo buyers who prefer a garage, but not the top-down and side-to-side connectivity should make this home a must see. 

100 Sylvan Court

Kate Patterson and her sellers at 100 Sylvan Court offer luxurious appointments and over 3800 square feet of renovated living space.  Located on a cul-de-sac just off Fort Williams Parkway and Duke Street, this tucked away detached home offers three finished levels, three fireplaces, and beautiful views from every window.  My favorite features of this home are the open kitchen with stainless steel appliances and center island, and also the wide staircases and hallways.  All of the lighting and fixtures throughout this home speak quality.  Alexandria VA home buyers looking at real estate and homes for sale in Fort Williams Park and nearby luxury homes in the zip code of 22304 should consider this home for its location, curb appeal, and perfect design for entertaining.

Want to get your home on next Tuesday’s Broker Open Tour of Homes, click here.

Tax Credit For Old Town Alexandria VA Home Buyer And Sellers
Signed By The President

Old Town Alexandria VA Row Houses

 

No more tricks, but a sweet treat for move-up home owners in who are selling and buying Alexandria VA real estate. History was made, yet again, when President Obama signed into law the bill extending and expanding the Home Buyer Tax Credit into 2010.

Showing it to you in black and white: 

• Chart comparing the expanded version with the previous version of the tax credit
• IRS Tax Form 5045
• VHDA Homebuyer Tax Credit Plus program, use the tax credit up front to pay your closing costs