U.S. Existing Home Sales and Inventory in December Show Encouraging Numbers

Published by nora | Filed under Buyer / Seller Tips, Real Estate

The surge in existing home sales nationwide in December is an encouraging development for housing market participants. Other sales figures released by the National Association of Realtors are also showing improvements in the residential real estate market.

Rise in Sales of Existing Homes in December

Across the country, pre-owned home sales rose in December 2011 by 5 percent from an adjusted rate of 4.39 million units in November to an adjusted rate of 4.61 million units. Over the year, the rate also increased, by 3.6 percent from 4.45 units in December 2010. This rate includes sales of all kinds of pre-owned housing units, including condos, single-family homes, townhouses, villas and co-ops.

The existing condo and co-op category also showed improvement. Sales of pre-owned condos and co-ops also increased over the month, jumping by 8.7 percent from an adjusted pace of 460,000 condo and co-op units in November to 500,000 co-op and condo units in December.

Rise in Sales of Existing Homes in 2011

As to sales of existing homes during the entire year, numbers were also on an upward trend. Total sales of pre-owned homes in 2011 were higher by 1.7 percent from the total in 2010, with 4.26 million units sold in 2011 and 4.19 million units sold in 2010.

Decrease in U.S. Housing Inventory in December

The inventory of existing homes nationwide which were listed for sale fell at the end of December to only 2.38 million units, its lowest point in nearly 7 years and creeping down close to the 2.3-million level in March 2005. The year-over-year fall was 9.2 percent and the month-over-month drop was 7.2 percent. The 2.38-million level is almost just one half of the biggest figure in July 2007 when 4.04 million pre-owned homes were available on the market.

A decreasing housing inventory can be interpreted as a sign of market improvement as a low inventory prompts competition among buyers and pushes home prices to go up. It also shows that buyers and investors have been out there on the market, moving homes from the MLS lists putting them under their ownership.

Take advantage of lower-cost home loans and lower-priced but beautiful homes available on the housing market. For Northern Virginia homes, contact the IN2VA Team.

Fairfax County Real Estate Market — Most Popular in Northern Virginia

Published by nora | Filed under Buyer / Seller Tips, Finance, Real Estate

The biggest home sales volume in Northern Virginia in December was achieved by the Fairfax County real estate market, based on data from the Northern Virginia Association of Realtors (NVAR).

Both in terms of total units sold and total dollars received, Fairfax County had the best sales performance among markets in Northern Virginia and in the entire Mid-Atlantic Region.

A total of 907 Fairfax County housing units were sold in December, representing 41.8 percent or close to one-half of total home sales in Northern Virginia. The dollar sales total was $413,963, representing 46.9 percent of the total dollar sales in the region.

The following table shows how the ten markets in Northern Virginia performed in December 2011.

County / City	Units Sold	Total Dollar Sales
Fairfax County	907	$413,963,561
Prince William County	435	$118,127,919
Loudoun County	362	$145,428,435
Arlington County	169	$89,805,314
Alexandria City	139	$64,269,840
Fauquier County	63	$21,300,145
Manassas City	37	$6,787,171
Manassas Park City	24	$4,373,500
Falls City	20	$9,207,021
Falls Church City	16	$9,345,100
Northern Virginia	2,172	$882,608,006

The median sales price in Fairfax County was $347,950 and the average sales price was $406,357, also the highest sales prices in the ten-market region.

Here are the median and average sales prices in the region in December 2011:

County/City	Median Sales Price	Average Sales Price
Falls Church City	$529,450	$584,069
Arlington County	$475,000	$531,392
Falls City	$427,500	$460,351
Alexandria City	$440,000	$462,373
Fairfax County	$387,000	$456,410
Loudoun County	$364,500	$401,736
Northern Virginia	$347,950	$406,357
Fauquier County	$250,000	$338,098
Prince William County	$238,000	$271,558
Manassas Park City	$155,000	$182,229
Manassas City	$132,500	$183,437
Mid-Atlantic Region	$250,000	$320,015

In the entire Mid-Atlantic Region, the Fairfax County real estate market also had the best sales performance in December 2011. It surpassed the second- and third-ranking markets by at least 27.2 percent. Montgomery County sold 713 units while Prince George’s sold 701 units. Fellow Northern Virginia markets — Prince William, Loudoun, Arlington and Alexandria City – ranked sixth, ninth and 12th, respectively, in total sales in the Mid-Atlantic Region.

Northern Virginia markets also posted the highest median sales prices in December. Falls Church City posted the highest median sold price in the entire Mid-Atlantic Region, which was $529,450. Following were Arlington, with $475,000; Alexandria City, with $440,000; and Fairfax City, with $427,500. Washington, D.C. was fifth, with $414,000.

View Fairfax County real estate properties.

Northern Virginia Real Estate Markets Posted Highest Sales Prices in the Mid-Atlantic Region

Published by nora | Filed under Buyer / Seller Tips, Finance, Real Estate

Northern Virginia real estate markets posted the highest home sales prices in the Mid-Atlantic region in December 2011, based on data released by the Northern Virginia Association of Realtors (NVAR). The city of Falls Church posted the highest median sales price, which was $529,450. Arlington followed with a median sales price of $475,000. These median sales prices were also among the highest month-over-month median price increases in the region during the month.

Here are how ten of the higher-cost housing markets in the Greater Northern Virginia area performed in December, based on median sales prices:

Falls Church City	$529,450
Arlington	$475,000
Alexandria City	$440,000
Fairfax City	$427,500
Washington	$414,000
Talbot	$394,500
Fairfax	$387,000
Loudoun	$364,500
Howard	$345,000
Montgomery	$335,000

Based on median sales price improvements in the Mid-Atlantic region, it was Talbot which had the biggest price surge in December, with an increase rate of 69.68 percent. These were the 5 areas which posted the highest month-over-month increases in median sales prices:

Talbot	69.68 %
Caroline, Maryland	64.09 %
Winchester City	50.57 %
Shenandoah	31.48 %
Falls Church City	30.73 %

Here is how the Northern Virginia Real Estate Market performed in terms of median sales prices and year-over-year and month-over-month price increases in December 2011:

County/City	Median Sales Price	Increase	Increase
		Month-over-month	Month-over-month
Falls Church City	$529,450	-13.2%	30.73%
Arlington County	$475,000	-10.38%	7.21%
Alexandria City	$440,000	21.11%	-1.46%
Fairfax City	$427,500	-1.04%	11.58%
Fairfax County	$387,000	-0.26%	-0.77%
Loudoun County	$364,500	2.68%	2.5%
Stafford County	$250,000	3.11%	1.01%
Prince William County	$238,000	-0.42%	-4.78%
Manassas Park City	$155,000	-29.55%	-23.46%
Manassas City	$132,500	-5.36%	-11.67%

All in all, the total dollar values of homes sold in the Mid Atlantic region in December was $2.39 billion, marking an increase of 8.38 percent from November sales values but a decrease of 10.6 percent over December 2010 values.

A total of 7,464 housing units were sold, marking an increase of 9.2 percent from November sales and a drop from December 2010 sales. The region’s median sales price was $250,000 and the average sales price was $329,015, both marking drops in prices, although the drop rates did not go beyond 3.6 percent. Homes took a bit longer to sell, as the average days on market for the region increased over the year and over the month to 103 days.

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Northern Virginia Real Estate Market Improved Sales Numbers in November 2011

Published by nora | Filed under Buyer / Seller Tips, Real Estate

Home sales in November 2011 in the Northern Virginia real estate market showed numbers that are encouraging to sellers, realtors and investors. A total of 1,180 single-family homes, townhomes, condos and co-ops were sold in November, marking an increase of 4.06 percent from the October sales of 1,134 units. Sales of attached units rose from 472 to 509 units and condos and co-ops increased from 323 to 341 units.

The Northern Virginia area encompasses the counties of Arlington and Fairfax, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Clifton and Herndon.
Homes for sale were also getting sold faster, as the average days on market (DOM) dropped from 65 days to 62 days in November. Active listings also decreased by 13.75 percent from 4,553 housing units to 3,859, which also meant a decrease in supply from 4.01 months to 3.27 months.

Home prices also improved, as a result of the area’s diminishing housing inventory and the rising demand for Northern Virginia homes. The average sales price and median sales price in November were $470,270 and $402,500, respectively, marking increases from the October average of $469,454 and October median of $395,000.

The Greater Northern Virginia real estate market also showed great statistics in November. This market includes other counties such as Madison, Prince George’s, Warren, Morgan and Warren and cities such as Manassas Park and Baltimore. The median sales price in November increased by 4.02 percent month-over-month to $259,000 and the average sales price rose to $322,492. The total sales volume surged by nearly four percent to $2.204 billion.

Among the local markets comprising the Mid-Atlantic Region or the Greater Northern Virginia area, Madison County posted the biggest month-over-month median price increase in November, which was 126.25 percent. The biggest year-over-year increase occurred in Hardy, where the median price rose by 112.41 percent.

The areas that posted the biggest month-over-month sales price increases in November were the following:

Madison — 126.25 percent
Hardy — 120.31 percent
Morgan — 50.15 percent
Orange — 35.46 percent
Dorchester — 31.58 percent
Culpeper — 31.58 percent
Warren — 18.48 percent
Calvert — 17.04 percent
Alexandria City — 15.82 percent
Baltimore City — 13.25 percent

The local markets with the highest median sales prices in November were the following:

Alexandria City — $446,500
Arlington — $443,050
Falls Church — City $405,000
Washington — $395,000
Fairfax County — $390,000
Fairfax City — $383,150
Loudoun — $355,625
Montgomery — $350,000
Howard — $344,275

Indeed, these sales figures are indicators that the Northern Virginia real estate market is a strong market. If you want to explore real estate opportunities in this area, contact in2va.com.

Saving Money by Building your Own Home

Published by cravat | Filed under Buyer / Seller Tips, Miscellaneous

So, you want to get into your new dream home at the best price possible. Your alternative to going with a builder is to take on the general contractor role and become an owner-builder. By assuming the role of the general contractor, you save the typical builder margin of 15-20% on your new home. Saving money on your new home is just one of the benefits of becoming an owner-builder so let’s go over a few of the others.

As an owner-builder, you get to choose where you build. Many builders also develop their own land and they limit your dream home location to one of their existing projects. When you take on the general contractor role you can buy a lot in an established community or you can purchase that beautiful farm property in the woods. You may also want to buy your dream vacation home lot to build your future home near the beach.

Another advantage you have as a self builder is your ability to choose who does the work. Maybe you have friends with special skills in plumbing, wiring, or trim carpentry. Maybe you have some skills that you would want to apply to save extra money on the project. Most builders won’t allow you to choose the subcontractors because they have established relationships and they are afraid you will select less than competent people.

When you build your own home you have the opportunity to create your dream from the plans you choose. Most production builders become efficient by limiting the number of plans that they will build. However, when you take on the builder role, you may decide to purchase a set of plans from an established company online. There are thousands and thousands of great home designs out there that you can buy for a few hundred dollars. Or if you desire, you can choose to have an architect design your home to your specific needs. In fact, you may already have an overall layout in your head for your new home.

One more benefit of building your own home is the enormous sense of pride you get by creating something that will last a lifetime! How cool would it be to tell your grandchildren that you built the family home. And if you decide you like building homes, you may decide to take on a new profession.
There are many very good established builders out there. Just remember, if you decide to go with an established builder to build your dream home, you will give up some of your freedom to choose. By becoming an owner-builder, you get exactly what you want, at a great price.

Marble Countertops Are Durable

Published by cravat | Filed under Buyer / Seller Tips, Miscellaneous

When it comes to statues, monuments and other works of art, the excellent qualities of marble make it an ideal material. You will see that many of these statues are still standing after many years. This gives you a good idea of their strength and durability. Many countertop builders have also capitalized on the good qualities of marble by making beautiful countertops. Marble countertops are great at showing the colors and vein patterns prominently. These countertops will make your investment last for many years.

Marble is basically a metamorphic rock that is found several hundred kilometers beneath the earth’s crust. It is actually formed when limestone or dolomite is pressed and compacted after so many years. It is this continual compacting that makes marble a very hard and strong stone.

Most people have seen white marble but did you know that it is also available in a wide variety of other colors? Marble’s various colors are attributed to the different mineral contents in the places where they are quarried. There are lighter colors of marble which includes yellow, pink, orange and beige. The darker colors of marble include black, brown, gray and red. Marble also usually has vein patterns throughout the stone. The stone would be lifeless without these veins.

Before you can use a marble countertop, you need to seal and laminate its countertop surface. This is necessary because the stone is porous and can trap water, dirt and grime. If this happens, the structure of the stone will be compromised. All countertop makes and installers know this and that is why it is part of their job to seal and laminate all countertops made of natural stone – and that includes marble countertops. It is advisable to re-seal and re-laminate your countertop at regular intervals if you want to extend its useful life.

Having a marble countertop in your home will certainly increase its value. It is very expensive, but it is really a good investment because marble is very strong and you can expect it to last very long. Using the countertop surface properly and taking good care of its surface finish will go a long way in maintaining its attractive appearance and will definitely fits perfect on your kitchen.

Kitchen Remodeling Benefits

Published by cravat | Filed under Buyer / Seller Tips, Miscellaneous

The kitchen is one of the most used rooms in the home. It is here that meals are usually cooked and eaten and families gather to talk and share a snack. For that reason most people want a functional and cozily attractive kitchen but worry that the expense of remodeling may be more than their pocketbook can bear. In making that decision on whether or not to take on that kitchen remodeling it helps to consider some of the benefits.

Kitchen Remodeling Doesn’t All Have To Be Done At Once

One of the benefits of remodeling your kitchen is that unlike many other rooms in your home, that kitchen remodeling doesn’t have to be done all at once. You can remodel that kitchen as your time and finances allow. For example, changing your faucets and light fixtures are both projects that are relatively inexpensive and can easily be accomplished in a day or a week-end off as can painting your kitchen walls and cabinets and changing that cabinet hardware.

Often There Are Less Expensive Ways Of Making Necessary Changes

When remodeling a kitchen there are often less expensive ways of getting the same results that you want. For example, if you want to change to a granite counter top you can get a counter top installed right over your old one rather than paying the expense of having your old counter top removed and disposed off. In other instances you can actually sand and paint an old counter top saving you from having to replace the counter top at all.

Remodeling Your Kitchen Can Make It More Functional

Chances are if you purchased a home that was already built you are living with another person’s idea of what makes a kitchen functional. What may have been functional for them may be less so for you. Remodeling gives you the opportunity to make your kitchen functional for you.
Remodeling Your Kitchen Can Increase the Value Of Your Home
Remodeling your kitchen can not only add to your own enjoyment but, often increases the value of your home should you decide to sell it. Attractive and functional kitchens will often make a home seem more friendly and inviting and encourage buyers to pay the asking price. You don’t need a gourmet kitchen all you really need is a kitchen that looks smart, is user-friendly and inviting. If remodeling your kitchen accomplishes that then it may add to the price of your home considerably.

A Beautiful Kitchen Makes the Time Spent In It More Enjoyable

The biggest advantage of remodeling your kitchen is simply the fact that having a kitchen that is beautiful and appealing to you makes the time you have to spend there preparing meals and cleaning up more enjoyable. No one wants to spend time in a dark, boring kitchen that is barely functional but, many people actually find themselves enjoying cooking if they can spend time in a bright cheery kitchen that meets all their cooking needs.

Why Should You Hire a Good Licensed Contractor?

Published by cravat | Filed under Buyer / Seller Tips, Miscellaneous

For the majority of people, buying and maintaining a home property represents their biggest or one of the biggest investments of their lives. Property owners always try to find the lowest price when trying to build or remodel a home. Some even do it themselves, some appoint an unlicensed contractor. Both decisions are wrong and will cost you more in the future. An unlicensed contractor does not have insurance and does not contribute to the residential contractors’ recovery fund. Such contractors do not charge as much as a licensed professional and tend to be preferred by home owners because of financial aspects. Paying less for an unlicensed contractor will eventually cost you more, not only in money, but also in time wasted and family safety.

Why remodel or renovate?

A home owner can have various reasons to remodel or renovate. The most common reasons are represented by the overall look of the house due to its age or a safety matter caused by natural phenomena like heavy rain, snow or even natural disasters. Whatever the reason the house need modifications, it is always the wisest to consult with a specialized professional before starting any work. There is preparation work that needs to be done, as well as permits to be acquired. A contractor will save you time and will do all these things in your place.

The knowledge and experience is what a good contractor can give you

A good general contractor deserves the amount of money you pay him, probably even more. Construction is a custom product, involving a unique mixture of craftsmanship, knowledge and project management. They have many years experience in knowing what to look for on a construction project. A general contractor will have all the necessary permits, will build according to your plan specifications and will schedule inspections with officials. A local general contractor knows the best ways to comply with all the rules and regulations from the area in order to get your job done. The majority of projects require the participation of a lot of people, including sub-contractors and specialists. Although each worker will have a certain task, you need someone with expertise to control and manage the building process from start to finish. An experienced general contractor will have sufficient knowledge and local connections to find specialized workers and make sure they do their best in completing your project in time and according to you demands.

Did you hire the right people for your new roof?

Published by cravat | Filed under Buyer / Seller Tips, Miscellaneous

If you answered yes to this question it may be time to invest in new roofing. Having a new roof will give your home a fresh new look it will certainly increase your property’s value. When deciding to replace your roof part of the decision should be to consider the roofing materials that will be used, the weather conditions where you live and the aesthetics of your home.

Before replacing the roofing you need to talk to a roofing contractor. The contractor will be able to tell you about the different types of roofing materials available to you. Some of the options to choose from are: asphalt shingles, wood shingles, clay, slate, or metal. Your roofing contractor can give you the pros and cons of each type and make good choices.

Another consideration in choosing your roofing is the aesthetics. You will want to pick the color your new roof carefully. You roof is one of the first things a visitor to you home will notice. You also want to make sure that your roof color will blend with your home’s exterior color and trim. You should not only consider the style of your home but also the styles in your neighborhood. You want to attempt to match all the styles. When considering the cost of your new roof you do not want to look at the long term investment as well as the initial investment.

Will it be better to put more money into your roofing if the roof will not have to be replaced as quickly? Ask your roofing contractor what the lifetime of your roof should be and divide your cost by the number of projected years. How much will that roof cost per year? Maybe the lower initial invest is not such a bad deal. Take advantage of the technology that is available. An internet search of not only roofing contractors but roofing materials will give you several information you will need in getting that new roof on your house. Call some of the roofing contractors in your area. One may have the new virtual roofing simulator. With a computer a contractor can show you what a particular roof will look like on your home. This could narrow your choices for you and possible save you from having a roof you are not a happy with.

How to Replace a Broken Tile

Published by cravat | Filed under Buyer / Seller Tips, Miscellaneous

Occasionally one or more tiles will crack or break and the only way to repair the floor is to replace the broken tile. Sometimes replacing a broken tile can prove to be a difficult and challenging procedure.

Throughout the ages people have used tile as flooring. Tile is durable, clean, and stylish. Most tile will last for years. Some have lasted for hundreds or thousands of years. Occasionally one or more tiles will crack or break and the only way to repair the floor is to replace the broken tile.

Replacing a broken tile can prove to be a difficult and challenging procedure. More than likely you will not have any of the original tile at hand. If you do, this process will be a little easier. Most tile is discontinued after so many years of production. This will make it that much harder to to do your job. You might have to settle for something similar or choose something different as an accent. The worst case scenario is that you have to completely replace all of the tile flooring. Assuming you possess or have acquired a suitable replacement tile the real work is about to begin.

The first thing you will have to do is to remove the remains of the broken tile and the underlying thin set. There are many pneumatic and electric chiseling tools that can you use to do the job. However, you should shy away from using these unless you have to replace a large section of tile. Even then you will need to be extremely careful of the adjacent tile. The best tools to use for removing the broken tile are hand tools. You will need a hammer, a quarter inch cold chisel, a two inch cold chisel, and a four inch cold chisel. With the quarter inch chisel carefully tap it with the hammer and remove the grout around the broken tile. This will help to prevent damaging the tiles around it. Then you can begin to remove the broken tile. If the tile has a sufficient space to do so, you can use the two inch cold chisel to get underneath and pry it lose. If not, use your hammer to break the rest of the tile. Once you have removed the tile you will need to get the thin set off the floor.

Again to avoid any damage to the surrounding tile use the two inch chisel and work around the outside edges. Once you have chipped out around the edges, use the four chisel to chip out the rest of the thin set. You will not be able to remove it all but you will be able to get the majority of it. If you are a perfectionist, there are grinding tools that will remove all of the thin set. Again I would caution against this to avoid further damage.
Are you ready to replace your tile? For this you will need your tile, a grooved trowel, rubber mallet, thin set, grout to match, and four spacers. First mix and lay the thin set about three eighths of an inch thick. Next place the spacers at all four corners. Now place the tile in position. With the rubber mallet, starting in the center, tap the tile firmly in a circular pattern from the center to the edges. After you have set the tile, remove the spacers. Let the tile set for twenty-four hours. Now it is just a matter of grouting. Once you have grouted, you are done.