Real Estate Market Update

Local Real Estate Market, Winter 2013/2014

            Northern Virginia ; Washington DC

The market generally recovered in this area during the last year after bumping along the bottom for several years.  Prices rose in all areas of the region.  The past Spring 2013 saw a huge burst of activity and prices rose dramatically from their lows of 2010 and 2011.  The interest rate burst of the early Summer slowed sales somewhat through the Fall 2013.  It was hard to sustain the peaks of the Spring.  Renovated and well-presented homes are sold more quickly throughout the year.  Bank foreclosures sank to a 6 year low; to the same levels as the period before the Great Recession.  This makes it hard to find foreclosed properties. The number of short sale properties sold shrank last year and  will continue shrink in 2014, now that the tax exemption for sellers has been removed.  This all points to a decent market in 2014. 

The real estate market is generally expected to be good during 2014.  Prices are expected to rise  about 5%+/-, which is about half the appreciation of 9%+/- seen during 2013(*1).  In nearly all parts of our region, prices have recovered to at least their "pre-real-estate-bubble" prices of  2005 (*2).   In most neighborhoods in our region, nearly all the property owners are in good financial standing, and their homes are worth more than their mortgages(*3).  This means that sellers will only enter the market if they are happy with the prices.  In a few areas the high prices of around 2007 were met this Spring and in only in a few of these places were these "high" prices of the Spring 2013 sustained into the Winter(*4). 

At this time, there are fewer home on the market than have been seen since 2007, this will pressure prices upward.  However the government is not expected to continue their quantitative easing or bond buying.  Without this support, interest rates are expected to rise which will lead to monthly payments creeping upward.  When you also consider that wages are generally stagnant and that buyers are now financially conservative, this will hold down prices.  Investors will find it harder to find bargain properties.  The number of sales in 2014 is not expected to meet the number of sales seen in 2013.

If you would like to chat about the market, and how this will affect your real estate decision making, please call or email me.

*1 Zillow.com reports that our region’s prices rose 8.9% during 2013 and are expected to rise 2.3%      during 2014.  RBIntel reports that our region’s prices rose 5.5% last year

*2 Zillow.com November 2013 Real Estate Market Report

*3 Zillow.com Negative Equity Report, Q3 2013

*4 TaylorBrownAroundTown, January 2014

Get Your Home Ready for Winter

1. Check your windows

Cleaning your windows will give you an opportunity to check for cracks and damaged caulking. If you notice any damaged caulking be sure to fix it immediately. If you removed your storm windows for the warmer months be sure to put them back up.

2. Clean the Gutters

You want to do this before the winter rain and snow comes. While cleaning your gutters you can see if they are still secure and free of cracks.

3. Clean your drains

Ensure that all your floor drains are free of leaves and debris. This will protect you from basement flooding.

4.  Have your furnace inspected

By doing this now you will avoid being stuck in the cold while you wait for an appointment.

5. Plug hidden leaks

Doing this you will save money on your monthly utilities and stay warmer. Check around spigots and laundry vents and check door frames while you are at it.

6. Protect Pipes from Freezing

This is the time to turn off the water inside the house and drain the spigots.

7.  Trim Bushes and Trees

Trim your bushes and trees so they are not touching your house. Wait until the leaves fall before pruning. This will help ready your shrubbery and trees for spring. Also check for dead and broken branches. These can be a safety hazard and should be removed.


8. Clean your Chimney

If you have a fireplace you want to make sure you get your chimney cleaned before it gets really cold. If you don't clean your chimney it is a potential fire hazard. There is nothing better than a warm fire on a cold winters day.

9. Check your Alarms

Make sure your smoke and carbon monoxide alarms have working batteries. The colder months usually means

10. Gather Emergency Supplies

Stock up on batteries for Flash lights, locate candles, find snow shovels, buy cat litter or sand, buy some bottled water for emergencies.

CIAS: Press Release

For more information, please contact:

Karrina  Taylor Brown

703-336-3745

Karrina@Realtor.com

www.TaylorBrown.com

Local Agent Receives Training to Effectively Counsel Real Estate Investors, Provide Wealth-Building Strategies.

Arlington, Virginia - 06/12/2013- Karrina Taylor Brown of Re/Max Allegiance in Arlington has earned the prestigious Certified Investor Agent Specialist (CIAS) Designation, having completed extensive training to understand the different real estate investor types, and the investment opportunities, financing options and calculations needed to provide solutions for each. The five real estate investor types include: First-Time Investors, Move-Up Investors, Portfolio Investors, Performance Investors, and Rehab and Resell Investors.

"For decades, investing in real estate has proven to be a consistent and stable way for individuals to build wealth," Karrina said. "Real estate investment supports a number of industries, including construction, retail and professional services, and is a strong way to energize and increase investment in our local economy."

Over the past 12 months, investment and second-home properties comprised more than $300 billion in sales, representing approximately 27 percent of all residential real estate transactions. In addition, in market conditions affected by mortgage industry challenges, 48 percent of investors made all-cash purchases. 

"As markets face the challenges of distressed properties and a difficult economy, real estate investors have the opportunity to find productive deals while helping communities stabilize," Karrina said. "Investors provide much needed liquidity to the market, decrease vacancy rates, improve neighborhoods, and present solutions for homeowners who need to sell." 

With the CIAS Designation training, Karrina will help Arlington-area residents build wealth through real estate investment, and homeowners facing foreclosure find potential buyers for their properties.

Today, millions of homeowners are either delinquent on their mortgages or in the foreclosure process. One potential solution for homeowners in this situation is a short sale, in which the lien holder accepts a sale price of the home that is less than the mortgage amount owed. Increasingly, real estate investors are facilitating this solution. 

"When it comes to properties that actually end up in foreclosure," Karrina added, "up to 30 percent of them can't close conventionally. Investors are often the only ones who can buy them."

The Distressed Property Institute provides live and online CIAS Courses to train real estate professionals how to address the needs of all real estate investors. 

For more information about the CIAS Designation, visit www.cias.com.

Historic Occoquan - Spring Arts & Crafts Show - June 1st and 2nd

This picturesque small town is unique in northern Virginia. Even though it is just 2 miles from I-95 it feels like you've driven miles and miles into the country. My son and daughter in law recently purchased a home just a few blocks from the river and they enjoy being able to walk to the restaurants and stores. Historic Occoquan  offers a wide variety of activities to enjoy with your family. You may want to visit this coming weekend to attend the Spring Arts & Craft Show.

The next Occoquan Arts & Crafts Show will be held in the streets of Occoquan’s Historic District, rain or shine on:

Saturday June 1st (10:00 AM to 6:00 PM) &
Sunday, June 2nd (10:00 AM until 5:00 PM)

The Craft Show will include both contemporary and country crafters and artisans from Occoquan and from all around the United States.

For more information check the links below or feel free to call me!

http://www.occoquancraftshow.com

http://historicoccoquan.com/

Lookin for Delicious food near Fort Washington? Check out Mid-Atlantic Seafood - Soul Food

Stopped into Mid-Atlantic Seafood and found some delicious food! I love the home cooked fish and barbecue. The interior is nice and clean. You can keep up on the news while eating lunch. I highly recommend checking this place out!

6045 Oxon Hill Rd

Oxon Hill, MD 20745

(301) 567-1165

Interstate Moving and Storage

Interstate Moving and Storage trains all their movers for a full 2 weeks before putting them out on jobs. They use this mock house inside their warehouse to show how to move items without causing damage to the house or the furniture. Interstate specializes in government and military moves as well as residential, both domestic and international and has been in business for over 70 years. Their attentive staff has an excellent reputation. 

For more information check out www.interstateworldwide.com

or call Kim Woods at 571-238-9483

Marine Corps Charity Benefit, Saturday March 9, 2013

Marine Corps Charity Benefit, Saturday March 9, 2013.

We were fortunate enough to be invited to the USMC Charity Benefit at the Quantico Officers Club on Saturday, March 9.  One of my client’s Andreea Mickliss of the Officer’s Wives’ club helped to organize the event. 

After navigating the driver’s license check at the gate, we wound ourselves back onto the extensive base.  There are nearly 100 square miles of land at the base.  At first we wound through trees with nothing but a small creek defining the edge of the base with the few older homes of Quantico located just beyond.  Eventually we found ourselves in what resembled a 1950s small town with several huge barracks and grounds.  We kept going until we found the Clubs at Quantico.

The country-western themed charity auction, buffet and dance was very well attended.  They raised over $20,000 to benefit the education fund for children of USMC.   The two auctioneers pumped up the crowd and obtained records donations for the items.  Many books written by generals were auctioned, along with a bourbon collection,  chairs signed by generals, backyard party kits, and a weekend at an Annapolis B&B.  The “Military-by-Owner” website and leasing facilitator was one of the largest corporate donors at the event.  The taco buffet was very popular.  Then the DJ provided dance music for the revelers who loved the line dancing and the slow dancing.