The Importance of Staging

The Real Estate Staging Association studied 63 unstaged homes in 2013 that spent an average of 143 days on the market with no offers.  After staging, those same homes were relisted and generated first offers in an average of 40 days.

In a separate study, RESA looked at 481 homes that were staged before hitting the market. They garnered an offer in an average of 23 days.

I suggest to all my clients that we stage their home.  Many people think this is an expensive undertaking but the fact is that it is not.  My stager works with my clients, spending a couple of hours giving them tips about what to do in each room of their home.  They use the homeowners furnishings, often just rearranging things a bit to make the home flow better, appear more open and accommodate today's lifestyles in a better manner.  Sometimes suggestions about updating paint colors or removing wallpaper may be made.

In the homes where the sellers have taken the advice and gotten their home ready to go before it hits the market, they have typically seen a fast sale and have then been free to begin the moving process.

2015 Real Estate Projections

Want to know what the experts think and why? Check out my short video here: 2015 Northern Virginia Real Estate Projections

Let me know what you think. Send me an email at Christine@Shevock.com

Hows the Market? Northern Virginia Real Estate 2014

I am often asked how is the market, meaning the real estate market in Northern Virginia.  I have put together this video to give you a quick snapshot of what we saw and why during 2014.

Watch Here: 2014 Northern Virginia Market Update Video

As always, if you have any questions please give me a call at (703)475-3986 or email me at Christine@Shevock.com

11 Ways to Create a Welcoming Front Entrance for Under $100

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  Wouldn’t it be nice to approach your home’s entrance with a grin instead of a grimace? Take our tips for beating a clear, safe, and stylish path to your front door. Read

Visit houselogic.com for more articles like this.

Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®

5 House Hunting Tips for Buyers

Here are five tips to think about when you are looking at someones home for possible purchase:

1. Shhhh! - When touring a home refrain from discussing your reactions until you have left the house. While far from common it is possible that the seller is recording your comments with listening devices.  This could compromise your negotiating position and you wouldn't want to insult the owners by making fun of their home.
2. Social Media No-No's - Comments made inside sellers homes are not the only ones that could get back to the owners; buyers should think similarly about anything they say on social media sites. Buyers should also refrain from posting photos of the homes they've toured online (unless the seller has granted permission).
3. Amateur Inspections - Remember, you don't have to do a thorough inspection of the home while on tour, you should hire a home inspector to do that once an offer is accepted.
4. Online Research - Once you find a home you are interested in run a Google search of the address and review any information that comes up.  Also consider a Google or Bing map search and take a look at the satellite view so see what is around the property.
5. Door to Door Research - It can also be helpful to knock on neighbors doors and say "We're thinking about buying this house. What can you tell me about the home and the neighborhood?" (Plus, you'll get to meet potential neighbors.)

As always, if you or any of your friends are thinking about buying a home I am here to help.  Rates are low and its a great time to buy.

Six Fun Things To Do For the Holidays

Here are six surefire ways to experience winter traditions and they are right in our back yard.

• Experience a true "Washington" Christmas: Christmas at Mount Vernon has a plethora of activities for the whole family ranging from fireworks at the Christmas Illumination to Aladdin, the adorable Christmas Camel!
• Go Ice Skating: Through December 24th you can skate on the new Tysons Corner Center Plaza or bust a move on the Reston Town Center Pavilion Ice Rink through the winter season. If you're busy, there's no rush, the skating here is open until March. Also, art and figure 8's match perfectly along the National Mall on the National Gallery of Art Skating Ice Rink.
• Attend a Holiday Light Show: The mesmerizing Meadowlark Walk of Lights takes you on a lighted trail through a holiday fantasy land through January 4th. Timed tickets are required so get yours today! Or, in Centreville, drive through the Bull Run Festival of Lights and then be sure to stop at the Holiday Village at the end of the route for some s'mores, children's activities and holiday merchandise.
• Say Hello to Frosty: The theme for this year's ICE! at the Gaylord National Resort & Convention Center features Frosty the Snowman.
• Attend Holidays at the George Mason University Center for the Arts with a variety of performances in November and December or make plans to spend holidays at the Kennedy Center at one of their enlivening performances.
• Go Shopping: One of the biggest holiday attractions in the region is our world-class shopping. The grand kickoff happens on Black Friday and Fairfax County is your one-stop shopping destination for everything on your family's list!
• And don't forget donuts with Santa at the Workhouse Arts Center, Nov 29th - Dec 20th.

From the Fairfax Convention and Visitors Bureau 

The Northern Virginia Real Estate Market

So here is an interesting chart which can help explain what is going on in the real estate market in Northern Virginia.  From top to bottom the lines indicate the Active Listings (in yellow) All Pending Sales (in purple) and Closed Sales (in blue).

In about April the Active Listings line and the All Pendings line started to diverge. The Closed sales also started to diverge from Active Listings shortly thereafter in June. The gap between Active and Pending is the inventory available for sale and as you can see, that gap has grown significantly through September (the last month for which data is currently available).  We know from the economic law of supply and demand that when supply increases or demand falls downward pressure is put on prices. We have been seeing that to some extent in our local markets.

The Pricing Trends chart to the right shows that pricing pressure. The median price of new listings (red line) are coming on the market substantially below the median price of existing listings (top line) while the median sale price (at the bottom) indicates what homes are selling for. As you can see the newer listings have pricing which more closely reflects the price that buyers are willing to pay.  Existing listing may need to adjust their prices to compete with them or be prepared to sit on the market for a longer time.

The days on market chart to the left shows that it is taking longer for homes to sell in the current market. Again this is a function of inventory and pricing. All of these factors interact to create the overall market in Northern Virginia.  As we see interest rates change the market changes.  As inventory grows, generally the prices decline but the season also affects sales. Winter is always a slower time of year and the spring is usually faster, often with greater selection but also more buyers competing for homes.  Our spring market seems to be starting earlier.  Early March has had more homes coming on the market.

Your hyper-local market may be different than this. Markets down to a particular subdivision or school boundary area can have completely different characteristics.  These statistics show the complete Northern Virginia situation. I can give you statistics for your specific neighborhood and would be happy to show you exactly how your neighborhood is performing.  Just give me a call today.