Virginia Real Estate

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Photo Album: My Listing
2009-02-09 13:15:00
My Listing Lacy Exterior.jpgSonora Pl Exterior.jpgExterior.jpgThackwell Way Exterior.JPGSt Clair Exterior.jpgAnnandale Rd.jpgFront Entrance.jpgLimestone Ct C.JPG
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New Days On Market Chart
2008-09-11 04:46:00
The news days on market chart is out.  Normally, days on market increases from July to August.  This is the first time in 7 years that we saw a small decrease from July to August.  Click here to see the updated chart. 
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July Credit Suisse Survey of Realtors
2008-09-04 05:32:00
The July survey was released on August 14.   Click Here to See the full Report   Go to Page 25 to see the DC Metro Area.  This report shows how my fellow realtors and I are perceiving the market.  I find the report always to be a bit more negative than reality.   The report for the DC area shows that buyers traffic is as expects and home prices have decreased month over month.
More About: Realtors , Credit , Survey , Credit Suisse

Pricing to Sell
2008-08-28 04:44:00
Sellers too often make a mistake in padding their price so that they can net their desired price after negotiations. They include fat onto the value so that the fat can be sacrificial and they can still walk away with what they really want for a price after it has been trimmed.   This is a silly and dangerous game.  At any given and exact time a property is worth a certain value and only that value. No more and no less. It is not worth more because the seller has big plans for the money no more so is a Volkswagen worth more because someone is selling it to purchase a Lexus. The property is not worth more or less because a commission is or is not being paid on the sale. The property is not worth more or less because an attorney is involved in the transaction. These are all expenses and they should be looked at as the cost of doing business.   Sellers need to be very careful and observant of their local marketplace. Pay attention and follow what is happening around your property. What...
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Days On Market
2008-08-17 05:15:00
Here is the updated Days on Market chart.   Days On Market Chart   Just like every summer, days on market has started to creep up.   I expect that the days on market will continue to move upwards until January or February as is usual in our area.  This is good news for buyers.  As days on market moves upward, price generally decrease.

Housing and Economic Recovery Act of 2008
2008-08-10 15:44:00
President Bush signed H.R. 3221 into law last week.  For home buyers there are two main effects:   1) Any new home buyer that closes on a home from April 9, 2008 until July 1, 2009 will receive up to 1 $7,500 tax credit.   2) The seller paid zero down programs will dissappear October 1, 2008.   A little about the tax credit.   A new home buyer is someone that hasn't owned a principle residence for 3 years.   The tax "credit" is actually an interest free loan that will be paid back over 15 years or upon the sale of your home.
More About: Recovery , Mortgage , Housing , Economic

Off the Network
2008-08-03 05:10:00
My appologies to my readers.  It was a tough spring, but I am back now.  Watch for regular updates.
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Photo Album: My Listing
2008-05-30 20:34:00
My Listing ExteriorExteriorExterior B
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Photo Album: My Listing
2008-03-28 15:12:00
My Listing Kings CanyonLake GlenHickoryPurpose Way
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Has the Bottom Passed?
2008-03-16 02:23:00
Check out the new Days On Market chart.  DOM is starting down.  Prices generally go up as DOM goes down.  It is possible that we saw the bottom of the market in December or January.   Current Days On Market Chart  
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Bank of America Survey
2008-02-24 23:10:00
The January Bank of America Survey is out again.  It is posted here in its entirety.   Click here to see the report.   The DC metro area is on page 27.  It shows that buyer traffic is about the same, but home prices have dropped yet again.
More About: Bank of America

5 Credit Score Tips
2008-02-11 03:52:00
Here are 5 tips for improving your credit score:   Create Some Balance: While paying down installment debt (car, school, mortgage, etc.) will definitely boost your credit score, paying down or paying off revolving debt, such as credit cards, can cause a quick jump in your credit score. The trick is to get and keep your balances below 30% of your credit limit on each card. For faster results, attack those cards with balances closer to their respective credit limits first, as opposed to those cards with simply the highest debt. Remember, if you pay off any credit cards completely, do not close your accounts without discussing it with us first. Cancelling those cards may inadvertently undo all of your hard work. Know Your Limits: Make sure that your credit card issuers are reporting the correct limits on your accounts to the three major credit bureaus. Without an available limit, your account will appear to be maxed out at its highest reported balance each month. This could cost you ...
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Lower Rates?
2008-02-03 23:30:00
We saw the fed drop rates two times this month.  The surprise 75 basis points and then another 50 basis points at their regularily scheduled meeting.  However, you will note that from the beginning of the month until the end, the 30 year fixed mortgage only dropped .08 points.  We did see a two year low for about one day after the surprise 75 basis point cut. See the chart below for January's movements.  
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Bank of America Real Estate Agent Survey
2008-01-24 04:23:00
I was finally able to get a copy of this report.  It used to be easier to get.   Page 27 of the report describes the sentiment of Realtors in the DC metro area.    This report shows that buyer traffic is up and that prices are down.    Click here to see the full report.
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Updated Days On Market
2008-01-16 22:27:00
The Metropolitan Regional Information System posted the latest days-on-market information.    Prince William County hit a 5 year high.  Fairfax County is approaching it's 5 year high.   Click here to see the update chart
More About: Market , None , Days

Photo Album: My Listings
2007-12-31 06:28:00
My Listings 4020 Lake Glen Dr45428 Oak Trail Sq601 Marshall Dr
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Custom List: Links
2007-12-29 15:24:00
LinksTotal Blog DirectoryFind a Blog on any subject here.Days On Market ChartThis is a historic chart for average Days on Market. It will be updated by the 15th of each month. The longer homes sit on the market, the lower their prices will be.The Chin Sells Web SiteUse this page to search listings and find out more about my services. We service Herndon, Reston, Sterling, Ashburn, Fairfax, Chantilly, Centreville, Manassas, Leesburg, Great Falls, Oakton, Vienna, McLean, Falls Church, Springfield, Arlington and more!
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Interest Rates
2007-12-28 19:08:00
30 year fixed interest rates rose after the September fed rate cut, but then corrected downward to as low as 5.6% early in December (the lowest in a year).  Rates have been fairly constant (between 5.8% and 5.9%) just prior to and after the most recent rate cut.
More About: Interest Rates , Mortgage , Interest , Eres

Staging Your Home For Sale
2007-12-19 20:26:00
An economist might assume buyers make logical decisions about features, benefits and reasons to buy.   As an observer of home buyers? reactions first-hand (as well as my own) I say  ?Not so!? A group of scientists from CalTech, Carnegie Mellon and MIT reviewed studies examining how people buy.   Their conclusion: ?Buyers buy with their hearts first. When money changes hands, the primitive, emotional part of the brain calls the shots.  Buyers buy with their heads second. Logic comes in afterwards as the brain justifies the decision it?s already made.? Sale speople need to pay close attention to this as well as home sellers.  A few things you should know:  1. Little details matter just as much as  big things.  You need to tug at the emotional heartstrings.  While a new roof might be an important factor, a master bedroom that has a well-dressed bed with luxurious towels in the master bath might make more of a difference in the buying decision.    2.  It?s a seduction process: ?You nee...
More About: For Sale , Home , Staging

Market Conditions
2007-12-10 23:28:00
The monthly days on market report came out.  Fairfax and Prince William county showed higher days on market for homes that closed in November while Loudoun County showed a modest improvement.   Click here to see the chart.   The new Bank of America Monthly Real Estate Agent Report is also out.  Page 29 deals with the Washington, DC metro area.  Local sales agents reported that traffic and hence prices are down (month over month).  A gross majority of agents also report higher builder incentives and longer time to sell.  This may be a good time for buyers to jump in.   Click here to see the BofA Report
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Pricing Your Home Appropriately
2007-12-01 16:50:00
Here is a link to a great article in the wall street journal that places pricing in perspective.  In short, pricing your home too high can ultimately cost you more especially if the market prices are declining or if your home is vacant.   Click here to see the article.
More About: Marketing , Home

Days on Market
2007-11-16 01:51:00
October Days on Market increased for all three  Northern Virginia counties.  This means that the deficit of buyers as compared to homes for sale continued to increase and as a result prices will continue their slow decrease.   Click here to see the Days on Market chart.    

Realtor Sentiment Report
2007-11-07 21:53:00
The Bank of America Realtor Sentiment Report is out for October.  This is a useful report as it shows how people involved in Real Estate on a daily basis (realtors) are perceiving the market.  I find that the market tends to be a little more negative than the market actually indicates.  I blame this bias on the large number of sales agents who are struggling to make a living in this industry.   The survey shows that Realtors are perceiving slow but improved buyer traffic than the previous month.  It also shows that Realtors are seeing lowering prices and longer times to sell.  I agree with all of these statements.   Click here to see the page of the report from the DC Metro area:  http://thechinsells.directhomes.com/files /937026/Washington_BofA_Report110107.pdf   

Mortgage Rates Start to Rise Again
2007-10-13 16:01:00
        Mort gage interst rates had been on a downward trend from June until early in September in anticipation of the fed dropping interest rates.  Oddly, now that the fed funds rate went down, the interest rates available to consumers have been increasing again.  As interest rates increase, buying power decreases.  Don't wait until you are priced out of your new home.   
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Advertising on Fox 5
2007-10-11 16:32:00
I made a commitment to advertise with Fox 5 for the next year.  I'm very excited about the exposure that this will bring to the team and my listings.  Click on the Video to see our commercial.
More About: Marketing , Advertising

Market Update
2007-10-11 16:20:00
The Days on Market information is published on the 10th of each month.  As expected the average Days on Market increase yet again. This is typical for the month of September.  Click here to see the chart.
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Open House
2007-09-23 21:52:00
I'm holding an open house today at 5624 Eastborne St.  Not too much traffic yet (3 guests).     I've been watching the sub-prime fall-out closely.  I was surprised to see the fed drop the interest rate .5%.  It seemed that with the posibility of inflation looming, that they would have remained constant.  Still this is good news for potential home buyers as mortgage interest rates remain at their current low rates.   It may surprise you that mortgage rates haven't dropped .5% in the past week.  That is because mortgage rates are not directly tied to the fed fund rate. According to bankrate.com, over the past year, we have seen a low rate of 5.6% for 30 year fixed mortgages.  At the beginning of September, we were at 6.1%.  Currently, we are at 6%.   Interest rates are also based upone supply and demand.  Currently supply of mortgage money is low.  (A lot of investors have decided not to invest in mortgages.)  With a lower supply, rates will certainly not drop.   Remember this is a...
More About: House , Open , Mortgage , Open House

Volvos and Real Estate
2006-07-12 21:19:00
I took the day off to play the Volvo Treasure Hunt game.  I am pretty sure that I didn't win a new Volvo.  Answers will be out the week of July 24th.   During the game I used Volvo's Blog here to help me solve some of the more difficult puzzles.  That gave me the idea to start a Blog talking about Virginia Real Estate .   I will post market trends and analysis here.  Check back often for useful information for buying or selling a home in Virginia
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