Spotsylvania County Market Report – 12/12/11

Tis the season to be jolly!  This won’t be the jolliest market report but I can assure you that November’s statistics will be far better than October’s were.

For some reason October was a very slow month.  New listings were very minimal, new pending sales were up but closed sales and pretty much every other stat were down.  The phone wasn’t ringing as much and both Buyers and Sellers seemed to be sitting on the fence.

November was almost completely opposite where there were new listings, many more new sales and the market really started looking better!  That momentum has carried into December and will hopefully continue into the New Year!  So with that being said, take these numbers with a grain of salt. They are what they are and the next couple reports will look much better!

New listings are such an integral part of our market.  We really need those great, new listings to go on the market so all of the Buyers out there have something to buy!  When you see listings down like this it causes some Buyers just to wait and sit on the fence until just the right house comes on the market.  In many instances, they have already seen everything out there in their price range and haven’t found just the right one.  Some of the inventory becomes stale and those listings end up selling for less as they have been on the market for much longer.

Watch for the next couple of market reports!  Months like October just happen sometimes for no rhyme or reason. The good news is, despite the holidays, we are in the midst of a very busy end of the year and that is a good thing for both Buyers and Sellers!  Happy Holidays!

Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.

Search for Home in Spotsylvania County: www.averyhess.com

Alexandria, VA Market Report –12/09/11

With all the uncertainty and conflicting reports about how and when the housing market will return to some form of normalcy, Alexandria has remained an attractive option for first time buyers, and investors.

While many local areas have seen the market rise and fall, Alexandria has remained stable and the most recent statistics show that year over year, and relative to the previous month, there has been little change with the exception of the average sold price.

Inventory of homes has decreased from the previous month perhaps indicating a reluctance of sellers to put their home on the market over the holiday period. Expect to see this pick up after January 1^st as preparations for the spring market happen very early. Interest rates are remaining low and prices are still low so there are sure to be many opportunities for serious buyers.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the City of Alexandria, and the rest of the DC Metro: www.averyhess.com

“Unbuilt Washington” Shows What Might Have Been

Washington, D.C. is a city known for unfulfilled promise. From tax reform to budget cuts to entitlement spending, this town often seems like a place where nothing ever gets done.

Who would have ever thought that’s a good thing?

Because of its national prominence, considered the epicenter of power in the world, Washington, D.C. is prime real estate for developers wanting to build government buildings, science centers, monuments and tourist attractions. But this city has some of the most strident design regulations in the country. Everyone knows that buildings can’t be over a certain height, and at the same time, must match Washington’s already in place aesthetic. Which is why an exhibit that just hit Washington, D.C. is utterly entralling.

At the National Building Museum, on 4^th and F Street NW, the exhibit “Unbuilt Washington” is one of the most fascinating and unique trips one can take to a museum this year, documenting hundreds of rejected designs and scrapped plans for buildings and monuments in Washington, D.C. in the past 200 years.

Although you might not have made a trip to the the Building Museum yet, you’ve probably noticed it. The long, red brick building, which encompasses an entire city block, was built in 1887 using an astounding 15 million bricks. At over 100 years old, it’s one of the oldest structures in this city. The interior is awe-inspiring, with a large, open space that contains, at 75 feet, some of the tallest Corinthian columns in the world.

In the 1980s, the building, which housed the former government Pension Bureau, was converted to a museum that showcases the world we’ve built, through bricks, mortar, concrete and steel.

And Unbuilt Washington is one of the building museums most ambitious exhibits yet, encompassing plans from when this city was first founded right up until present day.

It’s just $8 to attend, and the exhibit provides an unbiased look of what this city may have become, be it good or bad, grandiose or timid, awesome or awful. And it’s unbelievable to to see just how radically different Washington may have looked like if certain people got their way.

For starters, the Memorial Bridge wouldn’t be nearly as subdued as it now. Originally designed as a tribute to Ulysses S. Grant, the bridge would have looked like something more akin to the Tower of London, with tall, looming Gothic spires presiding over the main entrance to the city.

And just past it, the Lincoln Memorial wouldn’t be the tribute to classic Greek architecture that we are all familiar with. No, it was originally designed to be similar to the ziggurats of ancient Babylonian culture, a staircase-style pyramid leading up to the sky.

Continuing east, the National Mall could have taken a radically different form as well. For starters, the most familiar monument in Washington wasn’t always going to be an obelisk. It could have been a temple, or a pyramid, or left unfinished after production was halted during the Civil War, with a statue of George Washington places on top. And the mall itself might not even exist if proposed plans for a highway to ease traffic came to fruition. It’s also possible the White House wouldn’t be where it is now, if plans passed to move it to the top of Meridian Hill Park up near U Street. Imagine that.

But Unbuilt Washington is not just limited to monuments around the mall. No, visitors can see plans for a Renaissance-style church that was originally favored over the Gothic design of the current National Cathedral. The exhibit also covers the modern, including Frank Gehry’s rejected, sweeping titanium façade for the Corcoran Museum of Art, and a glass-encased environmental center out on Benning Road at the eastern edge of the city.

The exhibit is a fascinating way to see what might have been, only improved because it’s hosted at one of the prettiest building’s that this city did break ground on and see all the way to the finish.

- David

Time is of the Essence

I had to smile the other day when I was teaching a class on the new NVAR Sales Contract to be released January 1st 2012.

Among the changes I noticed was the inclusion of clause 30; “TIME IS OF THE ESSENCE AS TO ALL THE TERMS OF THIS CONTRACT”.

In my 34 plus years in Real Estate this clause has appeared and disappeared in our contract iterations several times.  Most recently it was not part of the main contract but inserted in the various Jurisdictional addenda’s.  This got me thinking about how sales associates go about explaining this clause if their client asks, or holding to it.

We spend time reviewing and commenting on contracts, with stock words or phrases that should mean a lot to us – but oftentimes little, if anything, to our clients. Some of those words or phrases are absolutely essential; others have lost their impact over time. One of the latter is the phrase: “time is of the essence,” which Black’s Law Dictionary defines as, “performance by one party at [a] time or within [a] period specified in [the] contract is essential to enable him to require performance by [the] other party.”

So can we explain this? What does it mean in plain English? Well, by including this phrase it simply means that one party to a contract is automatically entitled to terminate the contract if the other party fails to perform upon the time and conditions specified in the contract.

And that’s important, right? Ok… let’s explore the possibilities.

Most lawyers I know dislike vagueness in any contract language and “time is of the essence as to all the terms of this contract” certainly qualifies. Inclusion of the phrase provides a judge with evidence of your intentions when you entered into the contract, but in and of itself, and without further specificity, this may not be sufficiently strong enough to support a verdict in your favor, if a contract problem ever gets that far. Given all that, I would encourage you not to rely too heavily on the simple existence of this stock phrase in your contracts. Instead be sure your requirements for performance are accurate, specific and time-constrained.

In practice, since no one ever wants to spend the time, money and emotional angst trying to prove their case in court, here are three recommendations to strengthen intent and give it some enforcement:

1. Clearly state your expectations – both time and quality, for performance or delivery. Do not fall victim to vagueness, either yours or that of your client. This will not serve either party well in the end.
2. Confirm that all dates and deadlines are accurate. Do not allow for assumptions, or performance, to be qualified as “best efforts.” You want the terms plain and clear to both parties.
3. Put on your judge’s hat. If it’s vague, or unclear to you, chances are, it would be to a judge as well. Step back from your contract and try to see it through a third party’s eyes.  Consider how a judge, months or years down the line, might interpret the language which documents this contractual agreement.

Know your contract, be accurate, be precise and be clear.

- Scott Avery, President, Avery-Hess Realtors

Find your home, Plan your life: www.averyhess.com

Ashburn, VA Market Report – 12/6/11

Wow, when we last looked at Ashburn and Loudoun County in July we saw huge gains for the County and Ashburn.  Now the news is not so good.  Even though the average sales price continues to lead the County’s $391,485, sales volume has dropped 10% since October, 2010, the County has dropped 15%.

New home sales in the 20148 zip code continue to fuel the Loudoun County’s Market, however, the builders enjoying a great Summer market began building spec homes, which have not sold as quickly as they anticipated.

The uncertain National economy has had a negative effect on our local Northern Virginia market, even though our unemployment remains the lowest of any major Metropolitan areas in the Country.  Interest rates continue to remain record low levels and New Home Builders want to get that inventory off the market by the end of the year, so think positive and Buy Now!

Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles-Westfields Regional Office, Centreville, VA 20120

Springfield, VA Market Report – 12/2/11

The Springfield area has remained relatively stable with some increases in particular zip codes.

The majority of originated mortgages were conventional financing indicating homes in the higher price range were moving more quickly than the lower priced properties. This too, would indicate that there could be more first time buyers rather than move-up buyers since the lower priced homes are not selling as quickly.

Cash purchases were insignificant which might imply that investor purchases were also down.  Following are comparative statistics for year over year and month to month:

There will likely be a slow down in December as this is typically a slower month but we should begin to see continued increases with the start of the new year. The spring market actually begins in late January and early February.

Employment and moving decisions are being made in December for moves occurring during the first 2 quarters of 2012. There are compelling reasons for both buying and selling at this time. If you have been giving thought to making a real estate decision, be sure to contact a professional Realtor for guidance.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com