Sterling, VA Market Report – 2/26/10

It is very normal for the number of closings in January to be lower than totals in the month of December. At the end of  the year it’s typical for people to race to get into their new home before the holidays, leaving January figures to pale in comparison.

The following represents the real estate market in Sterling, Virginia:

• Homes for sale: 383 ( up from 374 last month)
• Closed sales: 71 (down from 121 last month)
• Median sold price: $274,000 (up 18% from one year ago)
• Average days on market: 36 ( down from 39 days last month)

Almost every month the median sales price in Sterling has been going up. In fact, it’s now 18% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 36 days, improving on last month’s 39 days. Available inventory is now down 32% from a year ago, reducing the housing selection for potential buyers.

Investors and first-time buyers had previously been competing to buy the same houses on the market, which drove up house prices. Changes in policy on the sale of Fannie Mae and Freddie Mac foreclosures that will give owner occupant buyers first preference. This should result in making it easier for owner occupants to purchase without having to pay more than the original asking price.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Sterling, and all of the DC Metro: www.averyhess.com

Gaithersburg, MD Market Report – 2/25/10

• Homes for sale: 697
• Closed sales: 108 (down 24% from December 2009)
• Average sold price: $298,534 (median price is up 4.8% from same time one year ago)
• Average days on market: 81

The 24% drop in the number of closings from December 2009 to January 2010 is nothing to fear. There is always a rush to close at the end of the year and the result is that January is almost always a relatively low closing month.

Meanwhile, almost any home priced under $350,000 in Gaithersburg is receiving multiple offers. Furthermore, the average days on market was 126 days one year ago, 73 days last month, and 81 days and this month.  It takes on average, about 75 days for a well-priced house in good condition to sell.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker. To give you an idea about the wide range of prices in Gaithersburg, David’s two-acre home has four bedrooms, 2.5 baths, a side load two car garage, a huge screen porch on the back of the house and is is for sale for $689,00. Call Seema Rodriguez at (301) 922-1770 for more information.

Search for homes in Gaithersburg, and all of the DC Metro: www.averyhess.com

Why You Shouldn’t Give Up Facebook

I’ve heard a slew of reasons. Some users say it’s too addictive, while others complain that Facebook is too overwhelming. Then there are some who are at odds with Faceboook’s privacy issues, and those who just forget they even have a profile. Whatever the excuse, Facebook is a tool that is too valuable to simply give up.

To put things into perspective, with over 400 million users, if Facebook was a nation it would be the third largest in the world. In fact, with more than 100 million active users, even Facebook Mobile is just smaller than the entire population of Mexico. With a user base of such size, how can you ignore such a large group that’s right at your fingertips?

Okay, okay–so maybe you’re not able to reach 400 million people, but you can certainly reach 400 people that you know. And that’s how Facebook can help your business grow–by putting you on the minds of the people in your network. You can update your status to remind friends and potential clients that you’re a working agent, post links with information relevant to your area, portray yourself as an authority in your profession–all the while keeping up with your contacts and expanding your personal sphere.

Facebook shouldn’t be overwhelming. Take advantage of its built-in features. Create friends lists to filter information and control the spread of your information. You may want to adjust your privacy settings, but try not to hide too much of yourself (You’re in sales, so be comfortable in your own skin because you want people to be able to find you). Finally, be sure to remain professional, but still include a personal touch. You’re not all business all the time in real life, so don’t be afraid to joke around online and have some fun with it.

Social networking wasn’t invented yesterday. We’ve all been networking our entire lives, but now our tools are evolving. In the same way you wouldn’t surrender your cell phone, you shouldn’t ignore your Facebook account. In fact, you should keep a firm grip on it and not let go.  It’ll never replace a hand shake or a phone call, but Facebook is an incredible tool that can let you easily and effectively communicate with people you know.

Post written by David Tra, Social Media Editor at Avery-Hess, Realtors.

Search for homes in all of the DC Metro: www.averyhess.com

Stafford, VA Market Report – 2/24/10

January was quite a month…of snow that is! It’ll be challenging to compare last month to January 2009 or to even guage how this market is progressing so far this year because of the extreme weather we’ve had.  We received three weekends of snow that made it very difficult for prospective buyers to view available inventory.  On the other hand, the weather also made it hard for sellers to list their homes. New listings and pending sales were not what we had expected, however days on market, available inventory, and percent of original list price received at sale were all very promising.

The following table shows statistics for January 2009 in Stafford, Virginia.

One of the most impressive changes is the 9% increase in the amount sellers are receiving for their offers.  Buyers are having to give much better offers to even compete in multiple offer situations to secure the home of their dreams.  Inventory has decreased substantially, which makes homes that are in good locations, in good condition, and priced well highly sought after items.  It will be interesting to see if the decreased inventory level is due to the weather or if our inventory has actually shrunk that much.  Stay tuned.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

Search for homes in Stafford, and the all of the DC Metro: www.averyhess.com

Ashburn, VA Market Report – 2/23/10

Here’s a quick snapshot of the market in Ashburn, Virginia (compared to December 2009):

• Homes for sale: 404 (up 10%)
• Closed sales: 65 (down 20%)
• Average sold price: $423,445 (down 1.5% from last month, down 28% from one year ago)
• Average days on market: 51 (up from 43 days last month)

The average sales price in Ashburn has bounced around like a ping pong ball from month to month for the past 18 months. Prices are definitely still lower than one year ago, but when looking at the median sales price rather than the average sales prices, you can see that the prices are stabilizing or rising slightly.

As is normal at the beginning of the year through early summer, more houses are coming onto the market. This bodes well for buyers who want to take advantage of the low interest rates, liberalizing lending terms, and the Federal Housing Tax Credit. To get the tax credit you must be under contract by April 30th and close before June 30, 2010.

Ashburn has a great selection of homes and almost all of them are under 15 years old–the approximate age of the entire area. The great thing about Ashburn is with such a huge diversity of homes, an individual or family can keep trading up or down in size and style and never change grocery stores or school districts. You can have change and stability at the same time.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Ashburn, and all of the DC Metro: www.averyhess.com

The Ant and the Grasshopper – Real Estate Redux

Aesop’s story of the Ant and the Grasshopper chronicles the meeting of an ant and a grasshopper during summer; the Ant toiling and storing grain and seeds, the Grasshopper hopping about and singing and playing.

“Why not come and chat with me,” said the Grasshopper, “instead of toiling and moiling in that way?”

To which the Ant Replied:

 ”I am helping to lay up food for the winter,” said the Ant, “and recommend you to do the same.”

The Grasshopper scoffed and went merrily along its way. chirping and frolicking. And the Ant continued to toil. Months passed. Seasons Changed. Then came WINTER.

The Grasshopper was in trouble. He lay shivering, cold and hungry. No food, no shelter, no hope.

The ant was comfortable, reaping the rewards of his hard work – distributing grains and seeds from his vast stores collected during the summer.

The Real Estate Grasshopper

I talk to agents everyday, about a variety of topics. Invariably, one topic seems to dominate the conversation: Social Media. Anecdotes and hearsay abound. For every person that scoffs at the notion of its effectiveness and business use, there seem to be ten that swear by its tenets. There are gurus, consultants, self-appointed experts, best practices, manuals and bibles - and this is even before we mention the seemingly endless Social media outlets.

Twitter. Facebook. Ning. Myspace. Buzz. Flickr. YouTube. Meebo. The list goes on and on.

We could spend all day twittering, and Facebooking, and YouTubing, and Buzzing, and… Many of us do. Not knowing why. Not knowing how. Not knowing where.

We just do it, because it’s fun. Because we think we have to. Because someone told us to. So we get back to it. Double time.

TwitteringFacebookingBuzzingFasterandFasterandFaster…

Real Estate is in the midst of the Social Media Summer, and there are a lot of Grasshoppers basking in the glow. And Winter is Coming.

Seeds and Grains

However, there are Ants. Real Estate Ants. Agents who get social media. Agents who use social media APPROPRIATELY. Agents who understand the intent of social media outlets and craft appropriate messages and information designed to engage their constituency. Agents who bask in the glow of the Social Media Summer for a few moments a day, but then get back to harvesting.

To prospecting. To meeting people. Having Real Estate conversations. Listing and selling homes. Helping buyers. Navigating the ever-changing terrain of the Real Estate landscape, lock-step with the clients they serve, guiding and assisting.

Don’t get me wrong, Social Media IS important. It has changed the way we need to interact and engage. The importance of understanding Social Media’s place in your overall business plan cannot be understated, nor can the importance of its practical implementation. However, making sure that we devote the appropriate time (depends on YOU, and your specific model) tinkering with social media as it relates to our business will ensure that when winter arrives, our shelves will be replete with Real Estate seeds and grains.

-Amit

Find a place to store your seeds and grains: www.averyhess.com