Gen’s Summer 2014 NoVa Market Update
What can we all remember about the first quarter in Northern Virginia real estate? There was no inventory. There were no homes on the market, but there were tons of buyers out there looking to purchase. Then came the snow. The snow impacted those who wanted to get out there and purchase homes, because the “real buyers” were all competing for the same properties and drove prices up. This was a true seller’s market, people. Coming into the Spring market, the inventory remained low. Nationally, job growth picked up into this season, and is up 288,000 jobs, the largest drop in unemployment since 2008. Regionally, there have been 31,000 resident workers added to the job force in the last two months, yet, unemployment rose up to 4.1% and the Spring/early Summer selling season is off to a slow start because of this. Interestingly, the highest median price in seven years is being recorded in our market. We are also seeing slower buyer activity as we have more homes finally coming onto the market; this is being considered a rebound for our real estate market. Interest levels remain low and buyers are still buying. In my opinion, with the buyers that I am working with, people still want to buy, they don’t want to have to play the games of waiving contingencies, but understand that the market is competitive. If a home is prepared for market, it will sell. The current average days on market is 13 DOM, which is down from last years 26 DOM. Buyers are getting savvy to know what it means to purchase and be ready to compete, but also want to be able to protect themselves. As more homes are coming on the market, sellers must have their homes absolutely sale ready and priced accordingly.
One more juicy tidbit about our DC Metro Area market place… We’re being sought after as the top places to “fix and flip” in the nation. That means that in some our our local jurisdictions, investors who are willing to put the elbow grease in are able to get up to a 30% return on their investment. Let me know if you’re interested in getting into that sort of project!
Meet My Team!
It brings me great joy to announce that my team is growing so that I can serve you all even better! Last time, I announced the addition of Lisa Tsoupelis, my wonderful Transaction Coordinator. I hope you you’ve been able to reach out and work with her because she is one of those wonderful people that knows how to make things right. Plus, Lisa has a wonderful British accent that makes everything just sound ever-so glamorous! Now, I have the pleasure to introduce you to my assistant and Director of First Impressions, Grace Nammour! Grace is a sheer delight and knows how to get things done; I call her “Amazing Grace.” She has a marketing background and has a deep appreciation for all things real estate. We can’t wait to help you and yours and all of your friends, family and colleagues through their real estate needs. Our ultimate goal is to make sure that you are treated like family and that your best interests are attended to throughout the entire real estate process and we want it to be fun!
Community News
We are excited to announce that Genevieve Concannon is the newest preferred realtor at Arlington Community Federal Credit Union! The partnership will allow Credit Union Members to utilize Gen’s Northern Virginia Real Estate knowledge and expertise to have a seamless real estate transaction!
Gen put together a Tree Canopy Initiative for the Nauck Community in May. The Nauck Civic Association, in conjunction with the Arlingtonians for a Clean Environment and The Arlington Tree Stewards worked with Gen to inform residents about the free large tree canopy trees. The trees will be delivered and installed in late Summer, early Fall.
Arbour Realty and Genevieve raised awareness for the Arlington Food Assistance Center at the Annual AFAC Gala. This year’s theme was Un Soiree Moulan Rouge- an 18th Century Circus theme! Fundraising efforts go towards the AFAC food pantry and food services for the community.
Have you heard about the new schools that may be breaking ground in Arlington? The buzz is that Arlington County and the School Board are looking to Kenmore, TJ and possibly Williamsburg for new school development to take care of the capacity issues that are currently being experienced in Arlington County. Kenmore is apparently the favored site.
Check out Gen’s 365 Things to do in Arlington and Green Drinks Arlington for more of the local Community events and calendars of activities that Gen manages for your benefit!
Get to know Bon Air Memorial Gardens in Arlington, VA
FOR SALE / 7821 Enola #206
UNDER CONTRACT / 3511 16th S.
UNDER CONTRACT / 3916 16th S.
If you or someone you know is looking to buy or sell property in Northern Virginia, I’d love the opportunity to give you my phenomenal service! Give me a call to discuss your real estate needs, today! I couldn’t do what I do without my amazing clients. Thank you all for allowing me to do what I love. I enjoy working with each and every one of you and can’t wait to help provide the same phenomenal service to your friends, family and colleagues!
