At this time last year, real estate was coming to the end of a spring market that was active but not as dynamic as the spring of 2010 when the First Time and Existing Home Buyer Tax Credit program was in full effect. After last spring, 22309 saw a slow, steady decline in sales and an increase in days on market. This year, we in the realty business are seeing significant activity and yes, bidding wars and escalation clauses! Have we gone back in time to the heady days of 2004? You may have heard some encouraging reports about the national housing market in general seeing some improvement. You …

As with the rest of the metropolitan area – and most of the country – the real estate market in 22309 this year has taken some hits to the chin. No significant change in performance is now expected until after the fall elections, which means there should be a continuing buyer’s market into 2012. However, some important changes to the way real estate business is transacted in Northern Virginia will begin to affect buyers and sellers as soon as the new year begins.  Changes in 2012 – Buyer Beware! The Northern Virginia Association of Realtors (NVAR) is introducing a new contract effective …

This week the Northern Virginia Association of Realtors convened an economic summit to discuss the sluggish housing market. The summit, “Surviving and Thriving in a Changing Economy,” featured key speakers Dr. Lawrence Yun, the National Association of Realtor’s Chief Economist; Dr. Stephen Fuller, Director for Regional Analysis at George Mason University; and Colonel Mark Moffatt, the Deputy Garrison Commander for the Base Realignment and Closure Committee at Fort Belvoir. First, the good news. All of the speakers reviewed the recent history of the housing market in the metropolitan area and …

The lazy days of summer have officially started.  For real estate this means fewer showings for homes as buyers (and agents) take vacations, meet other commitments and devote less time for housing.  A slow market translates into sellers being more willing to bargain on their prices.  The numbers of buyers and sellers bumps upward again as Labor Day weekend approaches and the Fall market begins. Now that we’re beyond July 4th, we are in the thick of the summer slowness and the numbers for 22309 reflect that decline.  Looking back at the sales for April and May (June’s numbers have not been …

It is striking that there are so many similarities in the home sales data for 22309 and Fairfax County in general.  Fewer homes are on the market this year, average and median sold prices have gone up, but so have days on market, while overall sales volume has fallen since March of 2010.  Days on market (DOM) – the time that a house sits on the market before going under contract – has increased significantly, but more so in our neighborhood.  The Fairfax County DOM figure has increased to 71 days from 51 last year (a 39% increase) while our zip code has increased to 123 days, a stunning 173% …

Each week, Patch compiles a listing of open houses near Mount Vernon. If you are a local real estate agent and would like to submit an open house listing, please e-mail the author by Wednesday at 5 p.m.  All of this weekend's open houses are being held from 1-4 p.m. on Sunday, January 29 unless otherwise noted.  4724 Neptune Drive, $1,649,000. This seven bedroom and five bathroom home is situated on half an acre of land is in Yacht Haven subdivision in Mt. Vernon. It comes with fireplaces in the master bedroom and the family room. 5112 Knapp Place, $524,900, Sunday 2 – 4 p.m. This home has …

Each week, Patch compiles a listing of open houses near Mount Vernon. If you are a local real estate agent and would like to submit an open house listing, please e-mail the author by Wednesday at 5 p.m.  All of this weekend's open houses are being held from 1-4 p.m. on Sunday, January 23 unless otherwise noted.  7945 Bolling Drive, $769,000 This 3,200 square feet home is located on .14 acres of land just off the George Washington Parkway. The five bedroom, four bathroom home includes a fenced backyard and a private courtyard. The entryway leads into a two-story living room and formal dining …

Each week, Patch compiles a listing of open houses near Mount Vernon. If you are a local real estate agent and would like to submit an open house listing, please e-mail the author by Wednesday at 5 p.m.  All of Sunday's open houses are being held from 1-4 p.m. unless otherwise noted.  Sunday, January 16 911 Bashford Lane, $499,900 Built in 1930, this three bedroom townhouse is located on .03 acres (it's in a row of houses). It's been completely remodeled and is on the north end of Old Town Alexandria. The new appliances include a new stainless steel oven and refrigerator, granite countertops …