Centreville, VA Market Report 12/28/11

The Centreville market is divided into 2 distinctive markets 20120 located North of Lee Highway and 20121 which is South of Lee Highway.  The Southern zip code has enjoyed more stability in sales, average sales price and days on the market.

The 20120 zip code, which suffered in 2010 from a huge number of foreclosures and an exaggerated drop in average sales price has now begun to recover but still lags 8% behind the more affluent 20121.

The last time we visited Centreville in September, the market was beginning to catch up with the average sales price of Fairfax County, it now lags nearly 28% behind.

Earlier projections of a recovery of the Centreville Market in 2011 have dimmed due the continued of consumer confidence.  We started 2011 with pending sales at a very low level, and then they doubled in the 2^nd and partly through the 3^rd quarter then fell back to nearly the level of November 2010.

Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Regional Office.

Damascus, MD Market Report – 12/19/11

Damascus is an unincorporated area in northern Montgomery County.  Although there is a large population grown and urban development, Damascus still retains its small town feel.

Damascus has seen significant new housing growth in recent years.  Housing costs in Damascus are among some of the highest in the nation, however the real estate prices don’t compare to real estate prices in the most expensive communities in Maryland.

Here is the latest Real Estate Data on Damascus, MD:

20872 Damascus, MD

Damascus High School is the only high school in the greater Damascus area and is well-known for strong academics and championship athletic teams.   Damascus also benefits from a large, well-funded youth athletic program, the Damascus Sports Association.  Damascus High School is one of the few schools in the State that still holds its graduation ceremonies on the school’s football field.  In 2000 the commencement speaker was General Colin Powell.

Damascus has many types and styles of homes for sale and the community offers many events of interest and amenities that are unique to the area.  The town has many outdoor activities to enjoy and has a family friendly atmosphere about it.

Market data and commentary provided by Kathy Fleskes & Serena Toro, Rockville Avery-Hess, Realtors Office.

Prince William County, VA Market Report – 12/13/11

Prince William County homes sales are an interesting story to tell right now.  If you ask sellers they will tell you that there is more activity on their listings than in previous months.

This activity has helped pending sales rise 15.63%.  In contrast, less sellers entered the market, pushing inventories down 17.39%.  If this trend continues, we could start to see a shift in the real estate landscape in Prince William.

Conversely, we are seeing buyers stepping into the market due to record low mortgage rates and affordable prices making homeownership more attractive than renting.   These prospective buyers are being very cautious with their decision to purchase, not allowing themselves to rush into a contract.  With low inventories we are hearing buyers say their home choices for quality inventory is low.  Nice, well-maintained homes are going under contract quickly, hence the rise in sales contracts mentioned above.

Prices gave back some ground. The Median Sale Price decreased 2.20 percent to 250,000. Days on Market increased 25.58 percent to 54 days.

All in all, it’s a safe bet to say that a seller with a good condition, well maintained home can expect a well-priced house to sell in a reasonable amount of time.  Purchasers know a good home and correctly priced home when they see it and are reacting quickly to get the home under contract.

If this trend continues the Prince William market is poised for a fantastic first Quarter 2012.

Market data and commentary provided by Maryanne Moyers, Managing Broker, Avery-Hess, Realtors.

Search for homes in Prince William County, and all the DC Metro: www.averyhess.com

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

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