Patrick Duffy's Real Estate Blog

Here’s a Question Many Homebuyers Should Ask Themselves

Imagine this…

You have just started looking at homes…and…the first one you see is absolutely perfect for you.  You think: “well, we should really keep looking – what if there is something better?”

Now, I’m not a pushy salesman type so to help my client along in their thought processes, I ask the unsure client this:

Would you be sad if this home was gone when you make up your mind?

Perhaps a more perfect home may come along in the future, but in many cases the subsequent homes you view don’t quite stack up to that one.  So, don’t be afraid to move on a home early in your home search.  When you see a home that matches what you want – go for it!

Getting ready to go house hunting in Northern Virginia?  I’m here to help!  Call/email anytime – 703-403-0536 or patrick@patrickduffyrealtor.com.

Stafford County Virginia Market Statistics Report: December 2010

The December 2010 market stats are in for Stafford County Virginia.  Here are a few key stats showing their December numbers and respective year-over-year and month-over-month changes.  For a more detailed report on the County, your specific zip code or a nearby area, please contact me.

Median Sales Price

Closed Sales

Average Days on Market

Sales to List Price Ratio

How about those big positive jumps in month-over-month median sales price and closed sales!  Unfortunately this came along with a significant increase in days on market.  Months of inventory came in at about 6, which indicates a neutral market between buyers and sellers.

I’ll be keeping an eye on the numbers and trends, so stay tuned here for future market updates.  For your own detailed report or a market analysis for your home, contact me at 703-403-0536 or patrick@patrickduffyrealtor.com.

Source: Real Estate Business Intelligence

Loudoun County Virginia Market Statistics Report: December 2010

Image via Wikipedia

The December 2010 market stats are in for Loudoun County Virginia.  Here are a few key stats showing their December numbers and respective year-over-year and month-over-month changes.  For a more detailed report on the County, your specific zip code or a nearby area, please contact me.

Median Sales Price

Closed Sales

Average Days on Market

Sales to List Price Ratio

The number that sticks out from the above is the 4.27% month-over-month dip in median sales price.  Sales to list price ratio has held very steady and the other numbers are not alarming considering a slow-down is not uncommon around the holidays.  Months of inventory stood at about 5, which indicates a neutral market between buyers and sellers.

I’ll be keeping an eye on the numbers and trends, so stay tuned here for future market updates.  For your own detailed report or a market analysis for your home, contact me at 703-403-0536 or patrick@patrickduffyrealtor.com.

Source: Real Estate Business Intelligence

Fairfax County Virginia Market Statistics Report: December 2010

The December 2010 market stats are in for Fairfax County Virginia.  Here are a few key stats showing their December numbers and respective year-over-year and month-over-month changes.  For a more detailed report on the County, your specific zip code or a nearby area, please contact me.

Median Sales Price

Closed Sales

Average Days on Market

Sales to List Price Ratio

Prices have held strong in Fairfax County and closed sales enjoyed a modest increase over last December (and a very healthy bounce from November to December).   Days on market did not take a significant holiday hit and homes continue to sell for around 93% of their list price.  In addition, months of supply dipped below 4 months which indicates a buyer’s market.

All-in-all a good month for Fairfax!  Stay tuned here for future market updates.  For your own detailed report or a market analysis for your home, contact me at 703-403-0536 or patrick@patrickduffyrealtor.com.

Source: Real Estate Business Intelligence

Prince William County Virginia Market Statistics Report: December 2010

The December 2010 market stats are in for Prince William County Virginia.  Here are a few key stats showing their December numbers and respective year-over-year and month-over-month changes.  For a more detailed report on the County, your specific zip code or a nearby area, please contact me.

Median Sales Price

Closed Sales

Average Days on Market

Sales to List Price Ratio

The number that sticks out from the above is the 5.70% month-over-month dip in median sales price.  Year-over-year closed sales can most likely be explained by the elimination of the homebuyer tax credits.  A healthy bump in month-over-month closed sales along with a decrease in days on market are encouraging.  Months of inventory came in at about 4, which indicates a sellers market.

I’ll be keeping an eye on the numbers and trends, so stay tuned here for future market updates.  For your own detailed report or a market analysis for your home, contact me at 703-403-0536 or patrick@patrickduffyrealtor.com.

Source: Real Estate Business Intelligence

Types of Tenancy in Virginia

Image by thinkpanama via Flickr

The type of tenancy by which you own your Virginia home has far reaching implications.  This post is only a brief summary and should not take the place of legal or tax advice.

Sole Owner
The property is owned entirely by one person.

Tenants in Common
The property is owned by two or more persons.  Unless a designated percentage of ownership is specified in the Deed, an equally undivided interest is shared by the owners.  If one owner dies, his/her interest is passed on to his/her heirs.  If no tenancy is specified in the Deed – Tenants in Common is assumed.

Joint Tenants (With the Full Common Law Right of Suvivorship)
The property is owned by two or more persons with one interest between them all.  When one owner dies, his/her interest passes to the surviving owners.

Tenants by the Entirety With the Full Common Law Right of Survivorship
Property owned by a husband and wife who are viewed as one entity.  Upon the death of one spouse, the property passes to the surviving spouse.  A creditor of one spouse may not attach alien to the property to secure a judgment, but a creditor of both spouses may attach a lien to secure a judgment.

Before you close on your new Virginia home, carefully review your tenancy options and before you wrap up your settlement – double-check your Deed to make sure they have it spelled out correctly for you.  If you already own property, check out your Deed.  If, for example, you bought your home with your boyfriend/girlfriend and you are now married, you can record a new Deed as Tenants by the Entirety.  Consult with an attorney and/or a settlement company to review your options.

Got a question about real estate?  I’m here to help!  Reach me at 703-403-0536 or patrick@patrickduffyrealtor.com.

Read on for more info about tenancy here:

Joint Ownership - http://www.virginiaclosings.com/6.html

What are the Most Common Types of Tenancy? - http://www.hazelwoodtitle.com/tenancy.html

What are some of the most common forms of property ownership? http://real-estate-law.freeadvice.com/real-estate-law/property_ownership_forms.htm

Related articles

• The Problem with Jointly Held Property (press.rocketlawyer.com)
• Tax Tips for Joint Home Ownership (brighthub.com)
• How to Remove Someone From a Deed (brighthub.com)

Best and Worst Remodel Jobs for Recouping Your Money

I just read a report from costvsvalue.com that details the 2010-2011 average cost and average dollar amount recouped from home remodeling projects.  You can visit their website to receive the complete report, but I wanted to share the top and bottom three projects in our area with you here.

Top 3 Midrange Remodels

1. Entry door replacement (steel) – 117.4% cost recouped
2. Deck addition (wood) – 84.2%
3. Garage door replacement – 84.2%

Top 3 Upscale Remodels

1. Siding replacement (fiber-cement) – 88.2%
2. Siding replacement (foam-backed vinyl) – 77.7%
3. Window replacement (vinyl) – 77.3%

Bottom 3 Midrage Remodels

1. Home office remodel – 46.2%
2. Bathroom addition – 52.3%
3. Sunroom addition – 57.0%

Bottom 3 Upscale Remodels

1. Bathroom addition – 52.3%
2. Master suite addition – 55.5%
3. Bathroom remodel – 58.8%

These rankings are almost the same when you look at the national averages as well.  Get to work on those steel entry doors – they were the least expensive remodel on the list and offer by far the greatest return!

Got a question about real estate?  Don’t hesistate to call/email me – I’m here to help!

Northern Virginia Housing Market Stats Report

Here’s a quick look at some key housing stats in the Northern Virginia area for the month of November 2010.  FYI – the Northern Virginia Association of Realtors (NVAR) Region is comprised of Alexandria City, Arlington County, Fairfax City, Fairfax County and Falls Church City.   The Prince William Association of Realtors (PWAR) Region is comprised of Manassas City, Manassas Park City, Prince William County.  The Fredericksburg Area Association of Realtors (FAAR) region is comprised of Caroline County, Fredericksburg City, King George County, Spotsylvania County and Stafford County.

CLOSED SALES

MEDIAN SOLD PRICE

AVERAGE DAYS ON MARKET

AVERAGE SOLD PRICE TO LIST PRICE RATIO

As you can see, closed sales are down quite significantly from this time last year.  However, with the exception of the Fredericksburg region, sales trended slightly upward from October to November.  Median sold price has seen a healthy increase from last year in the NVAR and PWAR regions.  On the flip side, all regions saw at least a 1% drop from October to November.  Average days on market are up all across the board and average sold to list price remains relatively stable.  The market tends to slow down around the holidays, so we may see some further slides in the numbers.  Stay tuned to this blog for developments in the market as we should see more foreclosure inventory hitting the market starting in early 2011.

If you’d like more details specific to your county and/or zip code, please contact me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

Virginia Condo Owners Take Note

According to the National Association of Realtors (NAR), 23,000 condo projects could lose their eligibility for FHA-guaranteed sales and refinancing after 2,200 projects have already lost eligibility.

The FHA set standards last year that require condominium projects that were FHA approved before 2007 to renew their approvals by December 7, 2010 and NAR projects roughly 25,000 have missed the cutoff date.

25,000 projects is a staggering number of projects to not have renewed.  In response to this, FHA extended the deadlines out to 2011 but the 2,200 projects with the oldest approvals became ineligible this month.

With so many projects being stripped of FHA eligibility, the condo market may be impacted quite significantly.  I will of course be keeping a close eye on this and will keep readers up-to-date on developments.

To check the status of a particular condo project, visit the HUD website.

Chief Economist for National Association of REALTORS Looks at Bush Tax Cuts and Underwriting Standards

Lawrence Yun

I’m a Lawrence Yun (Chief Economist, National Assocation of Realtors) fan, so I thought I’d share with you a recent podcast of his in which he explains how extending the Bush tax cuts and underwriting standards could impact the real estate market in 2011.

Click on the link below to listen.

Lawrence Yun Podcast