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

When you are getting ready to put your home on the market, your Realtor should set you up in the best position of strength possible. This applies to many areas – most important is pricing - but it also applies to preparation & staging, marketing & communcation. We prepare our clients to put themselves in place for the greatest success possible. Communication is one of our strong suits. From the day we meet for the first time – all the way up through settlement – we walk our Sellers through every step – from what to expect from the process – to what to say to Buyers (or what NOT to say!). Here’s an example of what we tell our Sellers:

TIPS ON WHAT NOT TO DISCUSS WITH POTENTIAL BUYERS (OR THEIR REAL ESTATE AGENTS – regardless of whom they represent).

Keep in mind that Buyers want to obtain the LOWEST PRICE and BEST TERMS FOR THEMSELVES. And that your listing agent has YOUR best interests at heart and is experienced & practiced at the best way to handle these questions and how the answers to the questions might impact potential contract offers.

You may be the top negotiator for a government contractor or the best strategist at your law firm or a great mediator in child custody situations – but each field has its own ins & outs. And the same is true for residential real estate – that’s why you need to hire the best Realtor you can find to represent you! (Note that The Belt Team has been hired many times by commercial real estate agents. Even though they are licensed, they understand that the intricacies of the residential market are such that it’s in their interest to have a specialist!)

There are many reasons it’s best for Sellers not to be home when their home is shown, but if for some reason you are there, here’s our list of what NOT to discuss (it’s easy to just refer people to your listing agent if you get asked about these items!)

1. Reason for selling

2. Motivation/urgency to sell

3. Willingness to consider an offer less than the listing price

4. Terms under which you would sell

5. Relocation, timing, benefits & policies

6. Items of personal property which you “might” be willing to include in a sale

7.  Any confidential information that would serve to disclose your negotiating strategy.

Sometimes negotiating is like a poker game. And you don’t want to tip your hand!

Contact The Belt Team if you would like representation as a Buyer or Seller by one of the best negotiators around. We have a track record to prove it!

Recent research shows the secret to selling your home FASTER and for MORE MONEY. Find out in this quick two minute video:

For more information on comparables in your neighborhood and how to price YOUR home for sale, contact The Belt Team at (703) 242-3975.

Nope – we’re not talking basketball here folks. We’re talking real estate. This week, Vienna and Oakton remain in a definite Seller’s Market. Housing supply in both areas is below 3 months  – with a 2.3 month supply in Oakton and a 1.7 month supply in Vienna. Stories of multiple contracts abound. As one example, we put a home on the market last Friday and by Monday three contracts were submitted and the home sold above list price. With housing supply so slow, this is not an isolated incident. Some might call it “March Madness”!

• In the past week, 32 homes went under contract in Vienna. This is more than ANY week in all of 2011!
• Of those 32 homes, 44% sold in 2 weeks or less. Wow!
• In Oakton, 5 homes went under contract. Four of the five sold in 15 days or less. Phew!

Contact The Belt Team if you would like statistics on YOUR particular market.

Here’s what else happened in Vienna & Oakton in the past week:

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

• Number of Contracts: 32
• Average Days on Market for Active Listings: 119 days
• Average Days on Market for Listings That Went Under Contract: 62 days
• Inventory: 172 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 2.5 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 1.7 months

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

• Number of Contracts: 5
• Average Days on Market for Active Listings: 90 days
• Average Days on Market for Listings That Went Under Contract: 40
• Inventory: 64 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.3 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.3 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market”? so that you can make the decision that is best for YOU!

Also, you can read more about:

• What Sellers Should Look For In A Realtor
• Today’s Top 3 Tech Tools To Market Your Home
• Why You Don’t Want To Miss Out on “The Belt Team Experience”?

You can also listen to How Buyers Should Choose The Right Realtor.

Email The Belt Team (or call us at 703-242-3975) to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet. In a market like this, don’t you want to know about homes BEFORE they hit the market?

Check out this week’s statistics and you will see that despite a slight rise in inventory, a slight increase in contracts has caused both Vienna and Oakton to remain in a Seller’s market!

Contact The Belt Team if you would like statistics on YOUR particular market.

Here are the stats for the past week:

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

• Number of Contracts: 24
• Average Days on Market for Active Listings: 117 days
• Average Days on Market for Listings That Went Under Contract: 112 days
• Inventory: 170 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 2.7 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 1.9 months

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

• Number of Contracts: 4
• Average Days on Market for Active Listings: 93 days
• Average Days on Market for Listings That Went Under Contract: 106
• Inventory: 65 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.4 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.2 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market”? so that you can make the decision that is best for YOU!

Also, you can read more about:

• What Sellers Should Look For In A Realtor
•  Today’s Top 3 Tech Tools To Market Your Home
•  Why You Don’t Want To Miss Out on “The Belt Team Experience”?

You can also listen to How Buyers Should Choose The Right Realtor.

Email The Belt Team (or call us at 703-242-3975) to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet. In a market like this, don’t you want to know about homes BEFORE they hit the market?

Have you ever wondered what the top eco-friendly features are that Buyers would like in their homes? And how you can ensure that your credit score is as high as possible? Watch this two minute video for some “news you can use’!

If you’d like more information on how much of a loan you qualify for, contact The Belt Team and we’ll be happy to put you in touch with our trusted lenders.

One of the questions we get asked frequently is how to manage selling your home when you have a pet. After all, a pet is really part of your family. And you want to minimize the disruption showings may cause, while at the same time making sure your home is as appealing as possible. So – what’s the best way to handle this situation?

First – it depends on the kind of pet. Some (like fish) are obviously not a problem at all. Some (like cats & dogs) can be managed. And some (like multiple snakes & iguanas) are a much bigger challenge. (We’ve had all of these and more – including exotic birds who were allowed to roam freely in the house!)

What you’ll really need to think about is whether you want to sell your home quickly. And whether the amount you sell for is important. Because having pets can definitely affect both of those areas. If you’re looking to maximize profits and sell as fast as possible, then we recommend having your pets out of the house – at least during the first 2 weeks your home is on the market. (This is the period where you’ll receive the most showings.)

Now, if you’re like me – that doesn’t sound like much of an idea. My dog Cody would NOT be happy with this solution. And maybe your pet would feel the same way. You might be thinking, “Seriously now. My dog Fifi is the cutest thing ever. And she would never hurt a fly. Why in the world would I need to send her over to someone else’s house to stay? Or worse yet, to a kennel?!”

And the answer is, you don’t need to do that UNLESS selling your home quickly and selling for the most money matter to you. If you don’t mind having your home on the market for a much longer period, and you don’t mind not maximizing the sales price, then we would say not to worry about sending Fifi on an extended play date. BUT, if things like time & money are valuable to you, then we’d probably advise you that sending Fifi away would be in your best interests. (You may not always like our advice, but as your Realtors we feel strongly that we have a duty to represent you & YOUR best interests. So we’d have to be straight with you.)

Let us share some of the things “real” Buyers have shared with us over the years. Situations like these are VERY common and it’s why we recommend being pet free while you’re on the market.

* We have a current Buyer we are working with who refuses to even drive by or go in a home where there are pets. They require that before we show them a home, we verify with the Seller that they do not have ANY pets in residence. So even though several times we thought we had found the perfect home to show them, they chose not to even go see what it looked like. And we’re talking homes that are gorgeous & in pristine condition.

* We have had other Buyers who have serious fear of dogs. To the point that even though they know a dog is caged, if they hear it bark, they won’t enter the home. Now, if you have a dog, you may understand how silly this seems. (I have a dog for example who barks his head off until you open the door and then he wags his tail so hard you think it’s going to fall off because he’s so happy to see you.) But it doesn’t matter whether the fear is rational or irrational, a Buyer’s perception is your reality. Even if their agent convinces them to come in, the fear in the back of their mind causes them not to be able to bond with the house the way they would if they were totally relaxed.

* The worst situation we remember is showing a home where there were cages upon cages of SNAKES. AND ONE GOT OUT! Now I don’t care how many times you tell a Buyer not to worry because this type of snake is not poisonous, you are NEVER going to get that lady back in the house.

* Medical issues (like allergies) are often a factor. If someone in the family has allergies, it may mean they won’t buy your home if you have pets. Or it may mean they offer less money since they factor in replacement of carpets, cleaning of air ducts and all sorts of other things. Either way, you lose.

* Liability is always an issue too. While your pet may normally be very loving, quiet and unassuming – we have seen pets respond very differently than normal because their home is on the market and all these strangers keep invading it. The last thing you want to deal with is a law suit because Fifi nipped at a child while they were looking at your home.

National studies show that the Top Reasons A Home Doesn’t Sell (aside from price & condition) are smokers, heavy cooking odors and pets.

So, the bottom line is, if you can be creative and find your pet a temporary home-away-from-home (Can Fifi go to a relative’s home during the day? Can you board her for a short time? Maybe she would even really like “doggie day care” like our Client Care Manager’s dog Casey!), you’ll definitely improve your chances of selling quickly and for the most money. And in the long run, this would be best for Fifi too!

The calendar has flipped to February and this is often the time people start thinking about putting their homes on the market in the Spring. We’re busy doing lots of “pre-list” consultations – helping our Sellers figure out what they do and DO NOT need to do to prepare their homes to sell in April or May. After all, you don’t want to spend money you don’t have to – right?!

But Savvy Sellers are taking advantage of market conditions and they are not waiting til Spring! But why?

Let’s take a look at what’s happening in our local market by looking at the statistics. (You might think stats are boring, but they paint a VERY interesting picture!)

In the past week, 21 homes have gone under contract in the Vienna Oakton market! And 57% of them sold in 2 weeks or less. WOW!

Why is selling quickly often a good thing?

Well, the obvious reason is that it’s less stressful. It’s hard to keep your home in mint showing condition day after day after day. And it can be emotionally draining as well. Sometimes you’re just ready to move forward instead of being in limbo.

But that’s not the best reason why selling quickly is a good thing.

Studies show that the longer a home is on the market, the less it will sell for. Many people think when you sell your home quickly, it means you “gave it away”. But in fact, the opposite is true. According to a National Association of Realtors study: “The longer a home stays on the market, the further below list price it drops. Homes that sold in the first 4 weeks averaged 1% MORE than the list price; 4 to 12 weeks on the market averaged 6.4% LESS than list price; and 24 weeks averaged more than 10% LESS than list price.”

Right now, Vienna and Oakton have between a 2.2 and 4.4 month supply of homes. That means certain price ranges are in SELLER’s Markets (And those that are not, are still in a Balanced Market)! AND THAT IS GOOD FOR SELLERS!

The Belt Team has already sold several homes this year within the first week they were on the market. Our Sellers were very happy – both with price and with timing. They were thrilled they didn’t wait til Spring when everyone else is on the market and there’s lots more competition. And now our savvy sellers are sitting pretty!

Here are the stats for the past week:

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

• Number of Contracts: 21
• Average Days on Market for Active Listings: 141 days
• Average Days on Market for Listings That Went Under Contract: 71 days
• Inventory: 151 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 2.9 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.2 months

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

• Number of Contracts: 4
• Average Days on Market for Active Listings: 113 days
• Average Days on Market for Listings That Went Under Contract: 54
• Inventory: 61 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.4 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.9 months

And here are the year-over-year stats for January & February:

(Of course, February 2012 stats remain to be seen, but we like to watch for trends.)

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

You can also email The Belt Team (or call us at 703-242-3975) to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

(Personality Is Always A Plus, But It Isn’t Everything! Statistics May Be Boring, But They Could Save You Time & Money!)

You’re thinking of selling. So how do you know which Realtor to work with? Your boss gave you the name of a Realtor. You met a Realtor you liked at an open house. Your sister-in law just got her license and says she’d love to help you. And what about the one who sold you your house 5 years ago (what’s his name again?).

Selling a home can be a very emotional decision. After all, this is your LIFE we’re talking about. The place where you created LOTS of memories. AND it’s your FUTURE we’re talking about. What happens with the sale of your home affects what options you have moving forward.

AND IT’S LIKELY ONE OF, IF NOT THE BIGGEST FINANCIAL DECISION OF YOUR LIFETIME. So you want to get it right. How do you do that?

1. The Personality Factor: You’re not looking for a new BFF here. (If you don’t have kids – that’s “Best Friend Forever”!) But you DO want to make sure you “click” with the person. After all, this person will be advising you on factors that affect you and your family’s life to a great degree. So the person needs to understand you and your needs. You need to “get” each other and trust each other and be able to speak openly & directly. And so while having a relative or friend in the business may be nice as far as the “clicking” part goes, sometimes the “speaking openly & directly” part may be an issue. You may not want to tell that person all your personal financial information. And even if you do, you may not want to have the kind of open & direct conversations that are often part of selling your home. Preserving your friendship or family relationship may take precedence over doing business together. Worst case scenario: Something goes wrong. Wouldn’t you rather fire the Realtor you hired as a business decision versus firing your best friend or sister-in-law?

2. The Communication Factor: The most common complaint we hear from people who hire us after they have tried unsuccessfully to sell with another agent, is that “after the sign went up, we never heard from her again until she called to ask us to reduce the price.” So when you are looking at Realtors, ask HOW they communicate, WHAT types of information they provide and HOW OFTEN they do so. And make sure that what they do works for you. Your Realtor should have systems in place that provide you with ALL the information you need to make smart decisions.

3. The Expertise Factor: Your Realtor should be an expert in real estate AND an expert in your market. Did you know there are more than 1.2 million Realtors in the U.S.? And almost 10,000 Realtors in Northern Virginia? So make sure you have one with experience. The more homes they have sold, the better their skills are likely to be. (We call this the “Are you really a Realtor or do you just play one on TV” question.) More experience normally translates to a faster sale and a higher sales price for you!

You also want an expert in YOUR market. So how do you find out how much of an “expert” someone is? ASK FOR THE STATISTICS! They may be “boring”, but they could save you TIME and MONEY.

Here’s an example:

Last year in Vienna, The Belt Team sold 58 homes. That is 3 times as many homes as the next best agent. The “average agent” in Northern VA did not even sell 1 home in Vienna. Not only did we sell more homes, we sold them 15 days FASTER and for MORE MONEY than average (1.4% more). So in this example, if your mortgage payment is $4,000/month and your home sold for $800,000 – The Belt Team would have saved you $2,000 by selling your home 15 days faster (1/2 of one mortgage payment) plus $11,200 by selling it for a higher percentage of list price than average.

This is why you need to ASK FOR THE STATS (in other words – “SHOW ME THE MONEY!”)

Contact us if you would like a FREE copy of “41 Questions You Need To Ask When Interviewing A Realtor To Sell Your Home” or “90 Tips To Prepare Your Home For Sale“. (If you’re ready to list your home NOW, call (703) 242-3975 to schedule an appointment.)

Earlier this month, our CEO Terry Belt shared his forecast for the 2012 market. (You can read about what’s in store for Northern Virginia here.) But how did we finish 2011 in comparison to 2010? Let’s take a look at the numbers. Instead of doing an analysis on the market as a whole, let’s break it down a little. As we know, real estate is local. So we selected 9 sample markets to analyze: Vienna, Oakton, McLean, Great Falls, Reston, Fairfax, Herndon, Falls Church & Arlington. Let’s see how things shook out:

So – what do we conclude from all these stats?

In every area listed, sales are down. This is a fact that has been trumpeted throughout the press. “Home Sales Dropping” is the typical Doomsday headline. If you don’t look at ALL the information and just read the headline, you might conclude that this is a bad thing. But let’s keep looking.

What we also see in the statistics above is that in 7 out of 9 areas, the average home price ROSE. In the lower priced areas – we saw the average price rise as much as 7.8% in just one year. It seems the market has not only “bottomed out” in these areas, but has turned back up.

Only 2 areas (McLean & Great Falls) did not see prices rise. However, these 2 areas did see a rise in the average sales price as compared to original list price. This may signal that we are approaching bottom there. The “luxury” markets typically trend just a bit behind the more affordable markets. But as the affordable markets have turned, so the luxury markets usually follow.

So – now you know what prices are doing. But are we in a Buyer’s Market or a Seller’s Market?

In this case, let’s take a look at an overall analysis of the DC Region. If we compare the inventory level at the end of December 2011 to December 2010, here’s what we find:

• Single Family Home Inventory: DOWN 18.5%
• Townhome Inventory: DOWN 30%
• Condominium Inventory: DOWN 29.1%

This puts our region in general at a 5-6 month supply of homes – trypically considered neither a Buyer’s or Seller’s Market – but a Balanced Market. However, it’s important to note that there are places in Northern Virginia where housing supply is closer to 3-4 months and this puts those markets closer to a Seller’s Market. So if you’re reading this and thinking about buying or selling, call us at (703-242-3975). We’ll do a much more detailed analysis specific to your city, home type, price range, school district, etc.

If you are looking for an advocate to help you navigate & negotiate in TODAY’s market, email The Belt Team or call us at (703) 242-3975. Call now to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet. You can’t afford not to. (Find out why you don’t want to miss out on “The Belt Team Experience“!)