Are Andresen

Archive for March, 2012

Does a High Tax Assessed Value Make Your Home Worth More?

Spring is here and so are the yearly tax assessments.  The tax value is used as one factor when determining your property taxes. The other part of the equation is the tax rate. The tax rate is set based on the needs of your locality (i.e Fairfax County or Falls Church City etc.) The locality will determine their budget and based on that they will set the tax rate to finance that.

This may be a surprise to you but the tax assessed value has little effect on the resale value of your home. Nevertheless, I meet people all the time saying they have found some secret formula to calculate a likely sales price based on the tax assessed value. There are also Realtors that use the tax assessed value as part of their offer basis for their buyer clients (“I will not have my clients pay above the tax assessed value”.) And then there is the homeowner that proudly called me up to tell me how they had just increased the value of their home by appealing their too-low tax assessment (the county was more than happy to increase the assessed value…)

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The Real Estate Market In Northern Virginia Is Hot!

The real estate market in Northern Virginia has been doing very well the first three months of this year. In particular areas like Arlington, Alexandria, Falls Church, Vienna and McLean have seen lots of purchasers and a limited inventory resulting in multiple offers and properties flying off the market.

Washington Post did an article earlier this week that talks about the great market. They cite the great weather, positive signs for the economy and an increase in consumer confidence as reasons for things picking up.  I agree with all of those reasons and have noted an incrase in consumer confidence. People have started to  move away from the “sky if falling” mentality and have started to realize that this is just another recession that will be followed by better economic times.

We spoke about the specific market in Tysons Corner a couple of weeks ago and the market in 2012 seems to be doing about the same as in 2011 (2011 did great.)

With prices rising it is likely more people will consider selling their home. If you are thinking of selling your home, please check out what we have to offer and contact us for a no obligation assessment of the value of your home. Your home may be worth more than you think!

2 Bedroom Rental Just Listed Near Tysons

We just listed a 2br, 1.5 bath at Woodburn Village behind Fairfax Hospital. It is located off Woodburn Road that intersects with Gallows Rd about where it interestcs I-495. The location is great minutes from I-495, I-66, Tysons Corner and also Rt 50 and Rt 29.

The unit is one of the larger models at over 1000 sq/ft. It has been updated with new paint and has gleaming hardwood throughout the apartment. The kitchen has counter-top and cabinets on both walls and there is a separate breakfast room. The $1,400 rent includes water, electricity, gas, heat and cooling.

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Great 4br/2ba Rental Minutes From Tysons Corner

Great 4 bedroom, 2 bath single family home with wonderful sunroom/breakfast room that opens out into large, flat, private fenced in backyard. Washer and dryer in home. Ample parking on driveway or on the street. There is no HOA in the community. Pets are on a case-by-case basis in a smoke-free home. HOME IS AVAILABLE MAY 1.

Pimmit Hills is ideally located in Falls Church minutes from where you want to be. Minutes to the north is Tysons Corner with great shopping and entertainment. It is also one of the major employment centers in the area with major presence of financial and defence companies (Capital One, SAIC, MITRE, Fannie Mae etc.)

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Entertainers Delight For Sale in Tysons Corner

This exquisitely appointed home is located in the desirable Brittany Parc subdivision in Falls Church. It is inside the beltway and minutes from Tysons Corner. It is walking distance from Whole Foods, shopping and dining.

The home has 4 bedrooms and 3.5 baths over three levels as well as a 2 car garage.

You will find all the upgrades with tray ceilings, hardwood floors and a huge open kitchen that is perfect for entertaining. Walkout from the main level to a deck and fenced rear yard.

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Great Living at Brittany Parc in Tysons Corner (Falls Church)

Brittany Parc is a peaceful enclave minutes from the busy and happening Tyson’s Corner. It was built in 2001-2002 by Centex Homes on a wooded site near a popular shortcut called Idylwood Road (it is a popular way with locals to bypass the crowded Rt. 7 and the HOV restricted I-66 during rush hour.) If you are familiar with the area, it is located behind Idylwood Towers at the end of Pimmit Drive in Falls Church, Virginia.

The 42 homes are what some would call “city style” homes – tall and stately with brick fronts in a colonial style. Most homes back to either green space or common areas. There are no common area amenities per-se, but there is a common area between the homes that the homeowner association is looking into making some sort of park. The community is well maintained with an active Homeowner Association. Landscaping is still being put in and a community-wide sprinkler system is in the process of being put to use. To make sure the community appears well kept, the homeowner dues include lawn care.

We currently have a home for sale in this neighborhood.

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What Condos in Fairfax County Are FHA Approved?

FHA financing is a popular type of financing in Fairfax County these days. From being unable to compete with the 0% down loans back in 2005 and 2006, they are now a part of over 20% of the purchases in the area.

The 3.5% down payment required is very competitive with the 10% minimum required from most other lenders. Also an FHA loan will allow you to receive the down payment as a gift in many cases (from your children or parents etc) - a useful feature for cash strapped purchasers.

Unfortunately, some purchasers run into problems with their FHA financing. Finding out that the condominium you fell in love with is ineligible for FHA financing results in disappointment, lost time and money. How can a purchaser avoid this situation ahead of time?

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Ruckstuhl Park on Idyl Lane/Idylwood Road Update (Falls Church)

Current view of meadow area behind the main home.

As we wrote about last summer, a large 7 acre property near Idylwood Towers in Falls Church was donated to the Northern Virginia Conservation Trust (NVCT) by Dr Lily Ruckstuhl in 2008. NVCT then transferred the property at a bargain price to the Fairfax County Park Authority.

Currently the property has three homes on it (in addition to a swimming pool.) It is expected that all the homes will be demolished with the cleanup scheduled to start this summer (not all the homes are vacant at this point.) After the cleanup has been completed the county will start developing the public master plan. the site will be mowed but kept mostly in a natural state until the master plan is completed. The master plan process for the park is not likely to commence for one to two years according to Fairfax County.

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2012 Real Estate Market Forecast For Tysons Corner (zipcodes 22102 and 22182)

Based on January and February 2012 data the market this year will remain strong. Based on previous years, there will be about 300 homes coming on the market in the 22182 and 22102 zip-codes in March and April alone. Throughout the summer until August, about 65 homes will sell per month.

If you look at the graphs, it is obvious that sellers in Tysons Corner like to put their homes on the market in March and April. Purchasers seems to prefer purchasing in the hot days of June and July (homes that close in June and July will typically have contract dates in the April-June time-frame.)

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