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

This appears to be only a slight “hiccup” in our overall stable market.  June showed a healthy increase, and overall the trend is still going upward for the year.

July Statistics for Centreville:

All indications show that the Centreville market will enjoy a steady increase in value.  We must remember that July of 2010 contained a larger number of foreclosures and short sales, which are down considerably in 2011.

If you considering buying now, don’t hesitate, interest rates continue at all time lows.

Market data, commentary, and statistics proved by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Area Office, Centreville, VA

Perhaps with an eye towards the future, when all of the projects are completed, people are buying homes in the Tysons Corner and the surrounding neighborhoods.

Comprised of 3 different zip codes, the Tysons area has remained overall stable year over year, with 22180 seeing declines in total volume and average sales price, but 22043 seeing significant gains in both categories.

The statistics for July 2011 are relatively unchanged from 2010.

It will still be several years before the road & Metro projects are completed, but as much as Tysons Corner is the center of business and commerce today, the future promises great opportunities for those who act now.

If you are considering purchasing now is the absolute best time. Prices and interest rates are at historic lows.  While the Fed has indicated that rates will remain low for a few years, the price of housing is certainly going to increase.

If you bought gold in 1996 for $400 an ounce you were probably depressed in 1999 when it dropped to $250. How delighted you are today when it reached $1700.

The housing market is cyclical and historically always rebounds. It may have taken longer this time around but it definitely will again.

Market data and commentary provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors.
Search for homes in McLean, Tysons Corner and all of the DC Metro: www.averyhess.com

The Bristow community however is bucking this trend for the 1^st quarter of 2011.

Market Statistics for Bristow:

The bright side is that the number of properties under contract for the month has increased over 2010, which indicates that the number of sold properties will show an increase for the month of April.  March of 2010 had fewer listings, contained a larger number of foreclosures and short sales, and was driven largely by the first time buyer tax credit, particularly is the under $400,000 price range.

Market data, commentary, and statistics proved by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Area Office, Centreville, VA.

The number of units sold was approximately the same as the previous year but the average sales price was down more than $90,000.

Hopefully, since the calendar indicates the arrival of spring, we will have improved weather conditions but the road construction issue will remain for quite some time. While residential real estate seems to be lagging, the commercial market is gearing up and building construction continues. There is no doubt that the residential market will once again be robust as Tysons Corner becomes accessible by Metro.

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

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

All of the signs are for a strong market and increasing listing and sales prices.  Due to continued low interest rates and low inventories, the demand from buyers will continue to outrun the supply.

The Centreville, VA statistics reflect the overall climate for Northern Virginia:

Total 49 Unit Sales for February 2010

Total 58 Unit Sales for February 2011 – a 9 unit increase from last year

Average sale price for February 2010 was $288,836

Average sales price for February 2011 was $319,093 a dramatic 10.5% increase

Average days on the market listing to contract for February, 2011 was 52

If you are considering selling your home, get ahead of the start of the Spring market, pick a reputable well known and well capitalized company, interview at least 2 qualified agents, prepare your home and sit back and wait for the contracts.

Market data, commentary, and statistics proved by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Area Office, Centreville, VA

Leaving the city going north brings you to Crystal City, and going west towards I-95 will bring you to The Mark Center at Seminary Rd. I mention these other locales in that they are all part of the Army’s BRAC program, the base relocation program that will bring more than 20,000 jobs to that area.

With the City of Alexandria right in the middle of it all, it offers the best of all worlds for those seeking shorter work commutes and all the fine amenities of an All- American city. The early part of 2011 shows an improved market condition from the previous year and a continued upward trend in prices.

Of the 116 units sold, only 15 were single family detached with an average sales price of $755,880. The remaining 101 were attached housing with an average sales price of $400,301. So the townhouse/condo market is seeing the most activity for now.  Interest rates are still very low so now is a great time to take advantage of an opportunity to find your home in a vibrant location near world-class shopping and dining. Spend your summer evenings on the Alexandria waterfront and visit your favorite night spots before your short drive home.

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

Surrounded by every conceivable amenity, homeowners and business owners in Tysons will find the very best in shopping, dining and recreation. The year-end statistics for Tysons indicated the total sales volume was down by 36% in December from the previous December. The average sales price however was up nearly nine percent.

Construction on the Metro Silver Line and the I-495 Hot Lanes will continue for a few years. Congestion is typical on the Tysons roadways. Nonetheless, Tysons Corner real estate is some of the most desirable in Northern Virginia. There are beautiful neighborhoods, great schools, and easy access to many major highways. Many homes in the area have doubled in value in the last 5 years, and though the general market conditions for the county have suffered, Tysons remains a strong option for the savvy buyers.

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

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

Here are the statistics for the housing market in Bristow, Virginia:

• Homes for sale: 145  (been in the 145-150 range for nine months, was 166 one year ago)
• Homes sold: 21 (down from the mid 30s average all year)
• Average sold price:  $294,218 (compared to $295,652 in November and a whopping $350,374 in the tax credit crazed market of one year ago)
• Average days on market: 20 (that’s not a typo! compare to 55 in November and 30 days one year ago)

Average time on the market 20 days!! 20 days. And that is the average. Imagine the ones that sell fast, since 20 days is an average of the slow and the fast sales. These are not marketing times leading into a double dip. Other parts of the country may have their real estate issues as the media loves to blare, but real estate, like politics, is local.

So now let’s talk about the average sales price. The average sales price stats here would make you think prices are coming down. But what is actually happening is that many lower priced units are selling, which is pulling down the AVERAGE. If you think prices are really falling, go out and make some low offers and see how far you get…you’ll get terribly outbid by competing buyers. Yes, multiple offers are back in full force in all but the highest price ranges in Bristow.

The good news is that during the year, although prices continued to drop, December’s average sold price was $592,267 compared with $548,048 in November.  But, where there’s good news you can usually find some cautious news as well.

While the overall average sales price is up, the detached homes are up by 9% but the attached homes (condo’s/coop’s) are down by 6% and they make up about 56% of the active listings. So the lower end home prices are what have been keeping the prices down.

The outlook for 2011 is favorable for 1^st time homebuyers.  As the general real estate market improves people who have been waiting for the bottom will realize that it’s time to make a purchase decision while prices and interest rates still favor the buyer.  Rents are starting to increase as inventory begins to decline so the traditional renter may see the benefit of ownership. The spring market is on the horizon. Look for a shift in market conditions and don’t be left wishing you had bought when the price was right.

Commentary and analysis provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors
Find Your Home. Plan Your Life. www.averyhess.com