Ashburn, VA Market Report – 8/31/10

Ashburn is still an active and hot residential real estate market. The stats and analysis are as follows:

• Homes for sale: 511 (same as in June and up from 440 one year ago)
• Homes sold: 88 (down from the tax credit induced 133 units in June and down from last year’s tax credit induced 121 units)
• Average sold price: $515,823 (a statistical spike over last month’s $444,119 and last year’s $435,855)
• Average days on market: 61 (very close to last year’s 60 days)

The increase of the trade up market, in which homeowners with equity sell and then buy a more expensive property, has resulted in a larger number of higher priced properties being sold.  More than we have seen in a long time causing the averages to go up.

Currently, we have a five-month supply of houses to purchase.  This is up from the four-months supply we had a few months ago. Remember that a six-month supply is considered a balanced market. If we can avoid another government housing stimulus, the market will have a chance to get back to “normal.”

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com

Social Media Geo-Location Services. For Real Estate?

Foursquare. Gowalla. And as of this week, Facebook Places (To learn how to manage Facebook Places on your Facbook account, read this post by Kristin Maynard).

Applications that allow a user to check into a location, blaring their whereabouts to anyone who cares. The fact that there are huge personal security issues involved notwithstanding, the nagging question I can’t seem to shake is: As a Real Estate consumer, do I care?

Do I care if my agent checked into Chipotle? Or the car wash? Movie Theater? Starbucks? Anywhere?

I know my answer, and it’s a resounding NO.

It seems to me that every time something new is unleashed in the Social Media space, a wave of hype and sensationalism hits the Real Estate industry. A tidal wave. Of epic proportions. And Real Estate dives in headfirst, without understanding the practical uses, if any, of the application(s) whose virtues they espouse. It’s almost as if the introduction of a shiny new widget heralds the start of an unofficial Real Estate social media joust. “Facebook! Foursquare! Twitter! I am the best!” “No, I am the best!” the refrain is heard over, and over, and over, and over…

The reality is that most of this stuff has marginal (if any) value to helping Real Estate Professionals do their jobs better or more efficiently.

This post is a bit of a rant, I know.

But let’s not forget, that at its core, Real Estate is not a whimsical game tailor made for social media. Or an outlet for geo-tagging, commenting or expanding one’s reach into the social universe. At its core, Real Estate, and more specifically, an individual purchase or sale is at many times, a seismic, life-changing event involving hundreds of thousands of dollars for the parties involved.

Because of this, I am of the opinion that it is far more important for a Real Estate professional to have a deep well of local real estate knowledge. Down to the neighborhood and street level of markets serviced.

That it is critical for a Real Estate professional to know how to accurately price a property in order to get it sold, something that is far more complicated than the +/- 20%-25% accuracy provided to consumers by on-line valuation models (and as an aside, +/- 25% is not very accurate; one of the most popular on-line valuation models utilized by consumers has my home valued at more than $100,000 over what it could actually sell for).

That it is imperative for a Real Estate professional to have a thorough understanding of contracts, laws and procedures so that they can help navigate the often time complicated journey from contract to settlement.

I think these things are far more important than knowing if my agent is at Dunkin’ Donuts grabbing a cup of coffee, or if they have finally achieved the rank of fictitious mayor of a chain restaurant or retail shop.

You can have all of that nonsense. I will take a solid Real Estate professional and leave the four-squaring to children on the playground with a red bouncy ball and a bit of chalk on the pavement.

-Amit

Find your Home. Plan Your Life: www.averyhess.com

Bristow, VA Market Report – 8/26/10

Bristow’s current housing supply is down to four month’s worth of inventory. Typically economists say that a six-month inventory indicates a balanced market.  This low level of inventory is keeping upward pressure on prices in the area. However, overall Bristow has been a very stable market during 2010 after a rapid rise starting in December 2008.

Below you’ll find a report of the previous month’s housing market in Bristow, Virginia:

• Homes for sale: 172  (compare to 173 in June and 202 one year ago)
• Homes sold: 43 (stable as compared to 36 last month and 50 one year ago)
• Average sold price:  $333,981 (compared to $337,901 in June and $298,935 one year ago)
• Average days on market: 27 (compared to 34 in June and 35 days one year  ago)

Everyone is still waiting to see what the housing market will do now that the two years of government stimulation has ended. My prediction for the market is that we will soon be seeing stable prices. People are buying real estate to live in, not to speculate on. This is healthy for everyone.

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

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

Silver Spring, MD Market Report – 8/25/10

In the current housing market, we are living in the “hangover” of the various government stimulus programs. Just like the “Cash for Clunkers” stimulus in the car business, these programs have distorted and changed the timing of the housing demand. This has lead to below normal results as the market returns to equilibrium. No more stimulus please!

Here are the market statistics for Silver Spring, Maryland:

• Homes for sale: 1,402 (up from 1,364 in June and up from 1,276 one year ago)
• Homes Sold: 170 (down from the stimulus induced 288 last month, and down from last year’s stimulus induced 272)
• Average sold price: $353,433 (down from $364,427 last month, and up from $343,655 one year ago)
• Average days on market: 64 (pretty stable most of this year but down from 99 days one year ago)

While the weather is still warm, hop in the car or take Metro to the Silver Spring and spend a relaxing evening enjoying the many shops and various ethnic restaurants – including African, Burmese, Ethiopian, Italian, Mexican, Jamaican to name a few – in the newly revitalized City Place.  You might even dip your feet in the fountain to cool off!  There are many weekends that you can enjoy music, dance and sample new foods at one of the ethnic festivals held in the area. Hope to see you there!

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

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

Oh the Places You’ll Go…(and be tagged)

Last week Facebook unveiled its newest highly anticipated feature – Facebook Places.  The application gives users the ability to “check-in,” much like Foursquare, to local places of interest. However, Facebook has added a twist.

How is this different from existing geo-tagging sites?
Facebook Places not only allows users to check-in to places but also allows them to check-in friends that are with them and see other users that have checked-in to the same location.  Think of it like a Facebook photo tag, but of where you’re at right now.

How Do I “Check-In” to Places?
In order to use this new feature, you or someone who you’re with will need a smartphone.  Currently, the iPhone is the only smartphone with an “app” for Places.  With the others you’ll need to log in to the Facebook touch mobile site with a web browser that has geolocation and supports HTML 5.

What’s to Like About Places:
Attending a networking event? Want to see who’s already at a conference? This is a great way to find people that you might have missed connecting with if you didn’t know they were at the same location  Think of all the concerts, sporting events, and outings you’ve attended where after the fact someone goes “I was there too, would have loved to see you!”  This tool can help to make sure you don’t miss out on reconnecting or networking with friends and coworkers.

What You Might DISlike:
Many people like to stay connected for work but don’t want social media’s “big brother” like technology carrying over into their personal life.   With products like Foursquare you can control which places and who see you check-ins; but with Places, if you don’t set your privacy settings your location can be made public by others.  Eeek!  The feature does give you the option to “de-tag” yourself, the same way as you can with a picture tag, but this would mean you’d have to be paying attention to your Facebook account to know you’ve been tagged.

How can I Manage/Disable Places? Below you’ll find three easy ways to help you keep your “Places” private!

1) Setting Who Can See Your Check-ins:

• Click on the Account Tab located at the top right of your homepage, then click on “Privacy Settings”.
• Next, locate the blue text towards the bottom that reads “Customize settings.”  Click that.
  



• Here you’ll see a list of your privacy options for your Facebook page.
• Under the “Things I share” header, click the drop down menu next to “Places I check in to.”   Facebook has set the default to “Friends Only” but just like the other privacy features you can select “Custom” and chose exactly who does or does not see your check-ins.
  

2) Disabling Friends from Checking You in to Places:

• Under the “Things Others Share” category and click on the drop down menu next to “Friends can check me in to Places” and choose “Disabled.” With this setting in place, you are the only one that has the ability to share your location.
  

3) Disabling “People Here Now”:

• This feature allows ANY Facebook user that has checked in to a location to see all the other people that are checked-in there.  This list will include everyone, even if you are NOT friends.
• This feature should, by default, NOT be enabled by Facebook, but double check to make sure the box next to “Include me in ‘People Here Now’ after I check in” is not checked.
  

Still have questions?  Watch this video Facebook created to help explain Places and how to set your privacy settings.

-Kristin

MyLife in Metro DC: Breaking Bread Without Going Broke

Ah, Restaurant Week.  It’s one of my favorite times of the year.  I’d rank it right up there with Christmas and the start of Virginia Tech’s football season (which we all know is the MOST important time of year).  I’ll be the first to admit that I have a serious, but sometimes unhealthy for my waistline, love of food.  I can only hope that one day this love will earn me the title of being a “foodie.”

It all began when I lived in Richmond. I worked a second job as a hostess at an incredible local restaurant called Verbena.  It was voted one of the top restaurants in the city and after a few months working and dining there, my palette became spoiled by our talented Chefs.

I was hooked.  My wallet… sadly was not.  But this is exactly what makes Restaurant Week so incredible!  It’s the ideal way to experience some of the best dining a city has to offer at a price even I can afford.  Brilliant.

When my friend Katie called and asked if I wanted to get a group together for a Restaurant Week dinner I jumped at the opportunity.  Reservations were set and a new dining experience at Sonoma Restaurant & Wine Bar awaited us.

Sonoma is located on the 200 block of Pennsylvania Ave, SE.  We chose to take a cab to the restaurant from Arlington (it was about $20 for a group of 4) but it would also be possible to metro (Capitol South Station is located .3 miles away) or drive (street metered parking) to the restaurant.

With Katie Outside Sonoma

As we walked through the restaurant’s front door my eyes were instantly drawn to the wine bar that stretched down the side of the narrow restaurant, its back wall filled with countless wines “on tap”…I could already tell I was going to like this place.   The atmosphere was modern and minimalistic with large tables, unfinished floors and low lighting.  We had decided to go all out and dress up for “date night” but casual attire would still have been fitting for weeknight dining.

After we were seated, we ordered a bottle of wine and made a toast to a wonderful night with great friends, giving a special shout out to Dale Roberts (we realized that all of our friendship was all made possible by him, as he was somehow connected to introducing everyone at the table).

A Toast to Dinner with Amazing Friends...and Dale

When it was time to order our courses and we decide the best plan to maximize our experience was to each order something different for each course so that we could sample as many dishes as possible.   After sharing lots of delicious food, many bottles of wine and even a shot with our server, our dining experience was complete. Our group’s favorite dishes were – the meatball appetizer, pork entrée and the goat cheesecake (yes GOAT cheesecake) for dessert.

Our "Top Picks"

While personally I wouldn’t rate Sonoma as one of my new DC favorites, tasting new foods, drinking great wines and laughing with friends made the night perfect.  I would highly recommend Sonoma for those looking for a quaint place to go after work or for a low-key evening sharing a glass of wine with someone special or a group of friends.

DC’s Restaurant Week is held twice a year, in August and January.  Over 200 of the city’s finest restaurants participate, each serving a special 3-course menu for lunch ($20.10) and dinner ($35.10) giving aspiring foodies all over the city the opportunity to taste the best the Nation’s Capital has to offer.  A complete list of restaurants participating this year can be found at opentable.com, where you can also book your reservations.

Oh No! I didn’t know it was Restaurant Week and I didn’t make reservations yet! Don’t fret, Restaurant Week runs until the 22^nd of this month, but many restaurants are extending their special menu an extra week so if you haven’t made a reservation yet, you still have time!

-Kristin

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