Northern Virginia Real Estate: Vienna, Oakton, McLean, Great Falls, Reston, Fairfax, and surrounding areas.

One of the hallmarks of The Belt Team is the pride we take in providing top-notch customer service. We are both “hi-tech” and “hi-touch”. Due to our continued growth, The Belt Team is seeking another “Shining Star” to join our team as our 2nd Client Care Manager. This person will work in our McLean office.

If you are interested, details are on our Belt Team Facebook Page.

Note: Real estate experience is DEFINITELY required (preferably real estate admin experience - but possibly sales, mortgage, settlement, etc.). And although being licensed is preferred (not required), we are NOT looking for someone who wants to be an agent.

BELT - Bringing Expertise, Loyalty & Trust to Real Estate

On Fridays, we usually announce our open houses for the coming weekend. And we post our Friday Funday Video. Since Hurricane Irene is approaching our area, we have canceled our open houses - but you can still tour our previously scheduled open houses virtually! Just click on the photo of the home you’d like to tour below:

Inverchapel Road in Springfield - $494,500         History Drive in Oakton - $714,747

In the meantime, here’s our video of the week. And if you’re in the path of Irene - know that our prayers are with you.

Once you have found the home you want to buy and negotiated your contract, you’re in the “home stretch” - right?

Not necessarily. But here are some tips for how Buyers can ensure smooth sailing and a timely arrival to settlement:

The Belt Team can guide you in this process . . . from figuring out how much of a mortgage you qualify for - to finding your dream home - to doing an inspection & walk through - to making sure your home actually goes to settlement and you get to move in! Please contact The Belt Team for a FREE homebuyer consultation or to be placed on our FREE Priority Notification List for new listings. It would be our pleasure to help make YOUR real estate dreams come true.

“You block your dream when you allow your fear to grow bigger than your faith.”

This is a quote from  Mary Manin Morrissey. And I thought this quote rather appropriate for a week when national news was bleak. Fear is no longer the silent elephant in the room - but is a grand participant in the endless blame game being played by both parties in our government. (Don’t worry - I’m stepping off my soapbox now!)

This blog is about real estate. Specifically, about real estate in Northern Virginia. And sometimes even more specifically - about real estate in Vienna and Oakton. So let’s talk real estate.

Let’s listen to that quote again:

“You block your dream when you allow your fear to grow bigger than your faith.”

One of the “American Dreams” is of being a homeowner - of having your own place to call home. Everyone’s picture of what that means is different - but what’s in common is that it’s yours and it’s home.

This week, we got some pretty scary news about the credit rating of the United States. What does that mean for us in the long run? Does this mean things will never be the same? Will more jobs be lost?

I don’t know the answers to these questions, but I do know that I choose not to live in fear. I have faith in our country and I have faith in its people. Is there an easy fix to the situation? No. But I do know that we will figure it out. And we as a country, will come out the better for it.

Now what does this have to do with this week’s update about Vienna Oakton real estate?

I would encourage you not to let fear block YOUR dream. Look at the facts. Ask your local expert Realtor for the facts about the specific market you are interested in. Make educated decisions. Don’t be Chicken Little - “The sky is falling, the sky is falling”. And don’t let fear stop you from making your dreams come true.

FACT: The Fed says they are going to hold interest rates down for 2 years. Will they keep their promise? I don’t know. BUT, if you’re thinking about buying - that’s great news for you. And why wait? Buy now. Rates and affordability are at historic lows. And even a half point increase in interest rates could reduce your buying power significantly - even if prices drop!

FACT: The market in Northern VA continues to experience low inventory. If you have been waiting to sell, NOW is a great time. Vienna and Oakton both continue to have pockets of Sellers Markets. (Check out the statistics below). There has also been a lot of discussion about “shadow inventory” because of the slowdown in the process of foreclosures coming to market. In the Vienna/Oakton area - we have not seen the impact of foreclosures that other parts of the country have seen, but regardless of whether more is coming, now may be a good window of opportunity for Sellers.

FACT: Financing IS available. Despite what you hear in the news about it being difficult to get mortgage money, the fact is that money IS available and on good terms. What has changed is the process. Where once upon a time you may have filled out an application & provided a few bits of verification - now the process may require you to provide all kinds of documentation: copies of W-2’s, tax returns, bank statements, etc. But the bottom line is that money is available. Working with a Realtor who has long-term alliances with local lenders will also maximize your opportunities.

FACT: In a market that is changing daily, it is more important than ever that you have a very experienced Realtor representing you - preferably a team - and one who has experienced the markets of the 70’s, 80’s, 90’s & today. You need every bit of creativity, experience & negotiating skill at work for you.

Curve balls are being thrown - but just like Frank Howard did, you can turn those curve balls into homeruns.

Frank Howard, for those of you who don’t recognize the name, is one of the leading homerun hitters in MLB history. He had a long, storied career - from Rookie of the Year, to winning a World Series, to four All-Star Team selections. He just celebrated his 75th birthday this week.

Why was he so good at what he did? One reason was talent. One reason was repetition & hard work. And another was attitude. At one point in his career, he was traded from pennant contenders, the Los Angeles Dodgers - to a weak expansion team, the Washington Senators. But what was his response? “I was essentially a fourth outfielder in L.A., hitting 25 home runs a year in the biggest baseball park in America and doing it on 400 at-bats.” He added, “What could I do if I get 550 at-bats? I had my best years here.”

In today’s market, it is more important than ever that you work with the “Frank Howard’s of real estate” - with those 20% of the agents that do 80% of the business - the ones who have seen so much that seeing another curve ball is no big deal. They’ll figure out how to hit it. When the game is on the line, who do you want to put in to hit - a guy off the bench, a guy who bats .185 or the guy who is likely to hit a homerun? If it’s me you’re asking, and you’re talking about my “American dream” of home ownership - I’m going with the homerun guy.

This week’s statistics for Vienna and Oakton real estate are listed below. Just the facts.

(Oh - P.S. - Guess which local real estate team includes someone who struck Frank Howard out 4 times in one game? Yes, that would be The Belt Team’s Jerry Belt! And boy has he taught our team a LOT!)

(Second P.S. - Guess who had 5 at-bats in that same game? That would be Frank Howard. Before he struck out 4 times, he hit a homerun so far that it’s probably still going. )

So what has happened over the past few weeks in Vienna & Oakton real estate? Here are the highlights:

• Inventory in Vienna dropped slightly from last week, and is at its lowest level since early May.

• Inventory in Oakton also dropped slightly, but is above average for the year.

• Vienna’s contract rate remains slightly above the average we have seen for the year. Last week 21 homes went under contract. The average weely rate in 2011 has been about 18 homes. 

• Oakton’s market is much smaller. Only 5 homes went under contract in Oakton last week. This is just slighly below the average we have seen this year of 6 homes per week.

• Homes are still selling fairly quickly. 31% of the homes that went under contract this past week, sold in 10 days or less. And the average days on market for those homes was 50 days. Average days on market for active listings in Vienna & Oakton is 103 & 92 days respectively - up slightly from last week.

• Vienna’s housing supply (based on the past 30 days contract rate) is only at 2.4 months - putting Vienna into the category of a Sellers Market. While Oakton, at 4 months remains in a “balanced market”.

For our detail-oriented readers, here are last week’s stats:

Last week in Vienna Real Estate (22180,22181, 22182):

• Number of Contracts: 21
• Average Days on Market for Active Listings: 103 days
• Average Days on Market for Listings That Went Under Contract: 49 days
• Inventory: 225 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 2.6 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.4 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 5
• Average Days on Market for Active Listings: 92 days
• Average Days on Market for Listings That Went Under Contract: 60
• Inventory: 88 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.5 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 4 months

If you’re thinking of buying or selling a home, Contact The Belt Team for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!

This blog post originally ran last year, but since we recently had ANOTHER HOME WITH A RACOON FAMILY IN IT, we thought it might be fun to re-run it! Enjoy!

People often ask us what it’s like to be a Realtor (or to work for one!). We hear things like “Oh I LOVE looking at houses - what a fun job!”.  We do love our jobs, but being a Realtor might not involve exactly what you think. So we invite you to join us for “A Day In The Life of The Belt Team”. Here are some “truth is stranger than fiction” examples (all true and by no means comprehensive) of what we do in a typical day. And as you’ll soon learn - no day is “typical”. (Make sure you read all the way to the bottom so you don’t miss the part about the pink tutu!)

6:00AM (Terry) - Work out, breakfast & prayer time. Must be physically fit & spiritually fit in order to be mentally fit. 

7:30 AM (Everyone) - Meet for a Belt Team photo shoot. It’s 37 degrees outside, but pretend it’s warm & SMILE!

8:30AM (Terry) - Receive & forward home inspection results to one of our Sellers. Call her to discuss the findings - including the fact that there is a family of raccoons living in the attic that must be vacated before the Purchasers move in! Spend hours tracking down an animal control company that knows how to do this and can do it QUICKLY. Provide the Seller with the info.

8:30 AM (Tara) - Check the computer and see that we had 17 showings of our listings over the weekend. Send out emails & schedule follow up phone calls to contact each agent that showed our properties so we can provide specific feedback to each Seller.

8:45AM (Christy) - Run the MLS to check statistics - sales, contracts, new listings, average days on market. Analyze & determine the trends. Write the weekly market update for The Belt Team blog.

8:45AM (Terry) - Get an email saying that despite the fact that we received a loan approval letter for the buyer of one of our listings, his loan has since been turned down. His agent has no alternative resources for the buyer and since the contract was contingent on financing, he wants to void the contract. Update Seller on the situation. Contact one after another of our own preferred lenders. Find one who may be able to do the loan. Arrange for him to contact the buyer to see if he can qualify him and offer to provide financing. He follows up & it looks like the contract will go through after all.

9:15AM (Gail) - Meet Purchasers for a home inspection of the house they put under contract in McLean over the weekend.

10:00AM (Pauline) - Meet contractors at home of a Seller client who has already moved out of their house in Oakton. Spend 4 hours getting bids & selecting new appliances, countertops & floors so the kitchen can be renovated before home goes on market - making sure to balance cost of improvements with the benefits of saleability.

11:00AM (Gail) - Home inspection turns up possible mold issues. Buyer has severe allergies. Put buyer in touch with mold inspector. Contact listing agent & negotiate an extension to the inspection deadline. Thank God it’s a Buyers Market in this price range. A few years ago, the buyer probably would have had to make a decision on whether to proceed blindly or lose the house.

11:30AM (Jerry) - Head out on the road to make a delivery to a possible Seller. Deliver a listing portfolio with information about The Belt Team and our marketing plan for homes in Vienna so they will be prepared when we arrive the next day for our appointment.

Noon (Gail) - Teach a Master Class at our Keller Williams office in McLean. Class is open to all Realtors in the community. Topic: “The Price Is Right - Or Is It?”.

1PM (Tara) - Upload listing photos for our new Vienna townhouse listing to all the sites and feeder-sites for the 126 locations we advertise on.

2PM (Gail) - Meeting of the Ethics & Standards Committee at the Northern Virginia Association of Realtors.

3PM (Christy) - Contract ratified and another Belt Team listing sold. Update Twitter and Facebook to announce the listing sold for $156,000 over Zillow.com’s Zestimate. Wonder why people give any credence to online value estimates. That makes 7 listings we’ve sold this year that sold higher than what Zillow said they were worth. Glad our Sellers were smart enough to use a Realtor.

4PM (Pauline) -Get a call from one of our Sellers. The For Sale sign was installed in her yard and her 4 year old wants to know “why is there a stop sign in our yard?”.

4PM (Terry) - Finish a 3 hour conference call to counsel a homeowner who is under water on their home. Sometimes it’s best for them not to do a short sale. Referred to an attorney. No listing for us, but a good feeling of being able to help someone.

4:30PM (Mary Jane) - Meet buyer to show new listing of a condo in Arlington. Buyer loves it. Contact listing agent to check status. First day on market and 5 offers already in. Go back to office to write a contract that will be in buyer’s best interest & also have a chance to compete. Good thing we have experience with this!

5:00PM (Christy) - Special Belt Team Correspondent Ryan R (age 10) has finished his homework. Time to film the webcast of “This Week in Vienna Oakton Real Estate“

6:00PM (Mary Jane) - Receive a call on  a contract ratified two weeks ago. The Seller has decided they are considering our Buyer’s contract void due to a different interpretation of dates and are accepting a different contract at a higher sales price. Buyer subsequently shows up to settlement, but Seller does not show. Seller advises that not only are they considering the contract void, they are keeping the Buyer’s $5,000 deposit. Buyer decides they would rather buy another home anyway, but cannot do so without the $5,000. After hours & hours (and days and days) of negotiation, Mary Jane is able to get the Buyers’ deposit back for them. Back to Square One on finding a home. Schedule an appointment to look at more homes this weekend.

6:00PM (Terry) Arrive at home for sale in Reston to preview it. Knock on the door. No answer. Access the home through the lockbox. Shout out “anyone home?” just in case. No answer. Walk through the house, take notes for potential buyer. Go upstairs to see master bedroom. 250 pound woman comes into the hall wearing a pink tutu. Introduce myself. She asks if I want to see the climate controlled bedroom where she keeps her exotic birds. (Not really - but oh well I’m here and need to see the whole house for my clients!).  

7:00PM (Pauline) Prepare to be tomorrow’s “Realtor On Call” at the local credit union. Review IRS regulations again to ensure ready to discuss the First-Time Homebuyer Tax Credit.

8:00PM (Pauline) - Email photos & detailed notes to a West Coast buyer who intends to write a contract on a home in Virginia sight unseen.

9:00PM (Kevin) - Receive radon test results for a home just put under contract this weekend for a Buyer. Results exceed EPA guidelines. Contact remediation company to get an estimate to remediate & make sure they will provide a warranty. Discuss options with Buyer and draw up an addendum to submit to the Seller.

10:00PM (Pauline, Mary Jane, Kevin, Terry) - Respond to emails that couldn’t be responded to quickly via Blackberry during the day.

Midnight (Everyone) - Thank God that we love our jobs!

(Oh yes, I almost forgot -we showed some houses….LOL)

I Want The Belt Team To Help Me Sell My House

I Want The Belt Team To Help Me Buy a House

I Have Raccoons In My House

                         
Catharine Via, Realtor

Once in a while, a golden opportunity comes along that you just can’t let go by. And welcoming Catharine Via to The Belt Team is just one of those occasions!

Those of you who have worked with The Belt Team in the past know that we have been a family team for a long time.  We take it very seriously when we consider adding a new member to our team. It’s almost like adopting a new member into the family. We believe it imperative that this person share our values of honesty, integrity, excellence and a priority on customer service. And this isn’t always easy to find.So we are very pleased to announce that we are expanding again. Please join us in welcoming Catharine Via to The Belt Team! Catharine is a licensed Realtor and resident of Vienna where she lives with her husband and two children. She is a member of Our Lady of Good Counsel Catholic Church and she & her family are very active in the sports community in Vienna. Catharine graduated with a B.A. degree in Communications from James Madison University. Not only does Catharine have 10 years experience in the advertising industry, she also has 4 years of experience in the real estate title business.

A rare Washington DC native (!), Catharine was raised in Chevy Chase & has lived in Vienna since 1992. She intimately knows both Northern VA & MD. We feel that her experience and her background are the perfect combination to afford our clients not only well-rounded real estate expertise, but a perspective of the area that only a native can provide. Catharine understands that when you are buying or selling a home, you are also buying or selling a community. Her outlook on life is very positive and her goal is to to make your real estate experience positive as well!

We are thrilled to have Catharine join our team. Having been in the real estate business for a long time (40+ years!), we have seen many changes. And one of them is that our clients are served best by having a whole team working for them. “Back in the day” (and often still today), Realtors were (are) solo practitioners. That may work for some people, but we don’t feel it’s in our clients’ best interests. (It’s kind of like going to your doctor’s office and checking in with the doctor instead of the receptionist, then waiting for the doctor to process your insurance, then having your doctor weigh you, then having your doctor examine you, then waiting for him to do some research, then meeting her back out front to check your account balance and schedule your next appointment!)

Each person on our team is the best at what they do. Some focus on marketing, some on tracking paperwork, some specialize in buyers, others do research. We’re like the All Star Baseball team - everyone can’t be the shortstop - you need 9 different position players, plus a Manager, a batting practice coach, a PR guy and more.

So, if you’re looking to buy or sell a home, and you would like an All Star team behind you - contact The Belt Team at (703) 242-3975 or Sales@TheBeltTeam.com!

Yesterday, we wrote about how Buyers & Sellers use both their head & their heart when they are making decisions about a home. So today’s Friday Funday Video comes from a group called “The Head and the Heart“. It’s called “Lost In My Mind“. If you’re feeling lost when you think about everything involved in buying or selling a home, contact The Belt Team . We’re happy to put our experience & expertise to use on your behalf.

Happy Friday!

We’re proud to announce that Terry Belt, CEO of The Belt Team, has been asked to be one of the local real estate experts on the radio show Real Estate Radio Washington. A variety of topics are discussed - from how Buyers & Sellers can choose a “great” Realtor (versus a “good” or “bad” one) . . . . to pricing strategies for Sellers . . . . to mistakes you don’t want to make when selling your home & more.

Listen here:

• Selling Your Home - Don’t Make These Mistakes!

• Pricing Strategies for Sellers

• Is There A “Cost Of Waiting”? What Separates a Good Agent From a Bad Agent, More Importantly What Separates A Great Agent From A Good Agent?

• Who Is Terry Belt & The Belt Team

If you’re thinking of buying or selling a home and want a GREAT Realtor to represent you, Contact The Belt Team . It would be a pleasure for OUR family to help YOUR family make a successful move!

Thank you to all who participated in our Food Drive for SHARE of McLean!   

Last week, Keller Williams Realty celebrated our 3rd annual RED DAY. RED stands for Renew, Energize, Donate. RED Day is a national community service initiative by the 80,000+ agents and staff of Keller Williams Realty. Last year, Keller Williams agents donated 155,000 service hours in one day. We haven’t totalled the hours yet this year, but all kinds of activities took place around the country - from home building to blood drives to visiting nursing homes & more. 

Locally, our office collected food & supplies for SHARE of McLean. SHARE is run by a coalition of religious & civic organizations and provides lower income families in McLean, Great Falls & Pimmitt Hills with a food pantry & emergency assistance program. You may be surprised to know that there are MANY families in these areas who need help and the number has been on the rise.

This year, we are proud to say that in addition to cash & Giant gift cards, Keller Williams McLean collected almost twice as much food & supplies for the food pantry as we did last year -  7,100 POUNDS!! We now hold the food drive record at SHARE. And thanks to your generosity, they are hoping to be able to handle their clients’ emergency needs for the next 2-3 months !

Thank you for helping us GIVE WHERE WE LIVE!

Last week, our company gathered for the annual “Keller Williams Family Reunion”. That’s what we call our annual convention. About 9,000 (of the 78,000+) Keller Williams agents from across North America got together for lots of incredible training, the annual presenting of awards  - - - and of course some fun!

And as of last week, Keller Williams Realty is now in the Guinness Book of Records for the largest cha cha slide dance! This doesn’t have anything to do with real estate - but it’s a good example of how Keller Williams is not like other companies. We’re different! It’s about a mindset that not only thinks outside the box - we think like THERE IS NO BOX. And this is the mindset we bring to our clients in today’s market.

So - here’s a glimpse into Keller Williams Realty’s Family Reunion: (Note - the previous record for the cha cha slide was 250 dancers. The new record - set by Keller Williams - is 2,387 dancers! THAT’s how we do things at Keller Williams!)