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Written by Ryan Zook, Cook and Zook Team
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Friday, 29 May 2009 |
The Northern Virginia Association of Realtors reports that:
The number of Greater Northern Virginia region homes sold in April was 2,904, a 5.75% increase from April 2008’s total of 2,746 sales. This marks the thirteenth consecutive month of increased year-over-year sales totals for Greater Northern Virginia. The average sales price of $331,600 in April 2009 continues to lag behind the 2008 average by 18.6%. The April 2008 average sales price was $407,500 (see chart above).
Across Greater Northern Virginia, the number of listings showed a decrease from 2008 numbers, with 15,683 listings active, which is 33.2% less than this time last year, when 23,471 homes were available. The average number of days on the market (DOM) for a home sold in April 2009 was 89 compared with last year’s 112 DOM, a decrease of 20.5%.
Professor of economics and finance, Mark J. Perry, writes on his blog: "Although the average sales price in April ($331,600) was down from a year ago by 18.6%, it was up from the average price in March ($317,158) by 4.55%, which was above February's average price of $305,000. The $303,000 average price in January 2009 appears to mark the bottom of the market for Northern Virginia, followed by 3 months of increasing average prices. Now with both unit sales increasing (13 consecutive months) and average home prices increasing (three consecutive months), along with reduced marketing time by 23 days, we can probably conclude that the real estate market in Northern Virginia reached a bottom in January 2009 and is now coming back." Mark holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University. All the statistics are positive news for our local housing market and buyers on the fence should take advantage of the opportunities out there!
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Written by Patrick Powers, Cook and Zook Team
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Thursday, 28 May 2009 |
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Are you in the market to buy a home in the D.C. Metro area, but are not sure where you should buy? A great place to consider would be Arlington, VA. Across the Potomac River from our Nation's Capital and surrounded by an urban environment, Arlington has tons of amenities to offer besides proximity to Washington, D.C.
In 2005, the American Podiatric Medical Association ranked Arlington, VA first among most walkable cities in the United States... Check out "WALKArlington!" In many areas of Arlington, the grocery stores, retail shops, and restaurants are within walking distance. Additionally, with the help of the Metrorail system, you can walk to one of five Arlington Orange Line stations (Ballston, Virginia Square, Clarendon, Courthouse, and Rosslyn) or hop on a bus and commute all around the D.C. Metropolitan area for less than the cost of gas... Check out Arlington's "commuterpage.com!"
Arlington is also full of popular restaurants and nightlife. Looking to eat some great steaks? Ray's the Steaks is guaranteed to please your appetite. It was voted "Best Steaks" by washingtonpost.com's Best Bet's 2006 Reader's Choice contest. Don’t come to this restaurant if you are looking for a five star dining experience. The walls have no decor and the tables look old and cheap, however, the steaks are phenomenal. Ray's Hell Burger, also owned by Michael Landrum, was made famous last month when President Obama and Vice President Biden stopped in for a bite! If you like Thai, Bangkok 54 is a great place to eat inexpensively. Try Guapo's margaritas in Shirlington! If you're looking for nightlife, Clarendon features many bars including Clarendon Grille, Mister Days, and Whitlows. With an estimated 206,800 people living in the 26 square mile area of Arlington, there is never a dull moment.
Arlington is also considered to be one of the most highly educated areas in the country. Statistics from 2006 showed that over 67% of adults age 25 and older had a bachelor’s degree or higher and about 34% had a graduate or professional degree. In 2008, H-B Woodlawn, a local Arlington high school, was ranked 16th nationally by Newsweek Magazine. In 2005, 2006, and 2007 H-B Woodlawn was ranked 5th, 13th, and 13th respectively. If you have kid or pets, there are almost 200 public parks and playgrounds. If you are a jogging or biking enthusiast, there are 86 miles of biking and jogging trails. Do you enjoy the live arts and wining and dining? There are 9 live state theaters and close to 600 restaurants. Arlington has something for everyone. To learn more about what Arlington has to offer, visit the official site of Arlington County Virginia at www.arlingtonva.us/. We will write about the specific areas in future posts!
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Written by Ryan Zook, Cook and Zook Team
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Thursday, 14 May 2009 |
 The Cook and Zook Team's preferred lenders wrote two blogs about the Stimulus Package Tax Credit back in February. The government has been writing $8,000 checks to first-time home buyers that qualify under the new stimulus package. Now, the tax credit the deal just got a little sweeter. Yesterday, HUD Secretary Shaun Donovan announced that first-time home buyers using FHA loans would soon be allowed to "monetize" the $8,000 tax credit and use it for their down payment. This means that the years of saving up money for a down payment might have just decreased dramatically, bringing us closer to the days of 100% financing. The government will allow you to use the $8,000 credit at closing with no obligations of paying it back.
The obvious reason behind this government tactic is to continue stablizing the housing market. For many areas around the country, we are seeing housing prices level off and in some areas the prices are finally on the upswing. The "monetization" of the tax credit is one final measure to insure that the upswing occurs across the nation as a whole. There are limitations to the tax credit and as a consumer, you need to know the facts. If you are in the market to buy your first home, do not hesitate to contact the Cook and Zook Team and our preferred lenders.
To read other articles on this subject, please click on the links below:
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Written by Patrick Powers, Marketing Manager
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Thursday, 07 May 2009 |
 The way real estate is marketed today is vastly different than 20 years ago. Imagine searching for a home through the classified section. No pictures, no virtual tours, limited property information… you would be visiting homes for the first time without being able to weed out the bad ones. Today, newspapers and print media are becoming obsolete real estate marketing mediums. Today, everything you need to know about a property is just a mouse click away.
The Cook and Zook Team is well aware of the Internet’s relationship to real estate success. We have invested time and money to insure your home will have the best internet marketing plan available. Our latest addition to our Internet marketing campaign is DRAW MY HOME's interactive floor plan. Developed exclusively by the Cook and Zook Team, this virtual tour will give home buyers the opportunity to visually see the home without having stepped foot inside. We incorporate our custom, color, 3-dimensional floor plans into an interactive photograph experience. Prospective buyers will be able to roll over the different rooms on the floor plan, see the angle that the picture was taken, and the photos pop up! There isn’t a virtual tour out there that gives a more realistic feel for your property.
The use of DRAW MY HOME’s interactive floor plans will draw more attention and interest to your home. In today's real estate market, drawing the numbers is exactly what you need to sell your home for top dollar. Check out more of DRAW MY HOME's marketing features at http://www.drawmyhome.com/.
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