Real Estate Loudoun & Northern Virginia

I had a wonderful lunch today with my good friends Marilyn and John Burroughs. John is an incredibly talented architect and his wife and partner, Marilyn, is a nationally published interior designer. Together, they are New Leaf Collaborative and they are magic.  I met John over 10 years ago when he designed our addition and renovations for our Leesburg home.  He has such vision and understanding of what people really want and need.   I was in awe looking at some of the designs they brought to share with me over a casual lunch at Magnolias.

If you need a fantastic architect/design team look them up. They are always my first recommendation.

NewLeafCollab.com

Adorable cape cod with many recent updates. Main floor master has walk in closet. Updated full bath with custom tile and soaking tub. Neutral paint and decor throughout. Cozy family room. Separate dining area. Kitchen w/breakfast bar/island. Loads of storage, great use of space with closets and cupboards in all the nooks and crannies. Must SEE.  Fantastic commuter location near rts 287/9.  MARC train about 20 minutes away.  Call Kelly to schedule your showing. This one won’t last long!  LO7253205 for more photos and info.

Prudential Carruthers Realtors

Kelly Gaitten, Associate Broker, ABR

703-966-7036 cell/direct

Gorgeous “Southern Living” estate home with wrap porch and flagstone terrace overlooking tranquil pond.  Located in enclave of custom homes in Hamilton VA.  

No detail overlooked.  Hardwood flooring throughout, crown moldings, coffered ceilings, thoughtful  lighting, dramatic two story spaces.  Five bedrooms, Five full baths and two half baths.  Generous living areas with upper level laundry room.  Incredible Viking decorator kitchen has contrasting cabinetry on island and granite countertops. This well appointed kitchen has all of the upgrades you would expect.   Fully finished basement has media room, billiard room, and wet bar.

Three finished levels with over 7,000 square feet of luxury living in a peaceful setting, yet with easy access to schools, shopping and the Route 7 Bypass.

Paved driveway leads to the attached 3 car side load garage.  The detached 2 car garage has upper level bonus space ready for your final finishes as a studio or home office.  Irrigation system and generator.  Pond fronts the property with your own private pier.  Flat, tree lined back yard.  Offered at $1,100,000

I’ve been saying it for months…Loudoun Real Estate is in recovery.  The facts are finally in!   Loudoun County housing  statistics for December (from the Dulles Area Association of  Realtors) show that the average days on market for a home, from listing to contract, was 58 days.  That’s almost a 50% reduction from the 104 days on market we had this time last year.  Additionally, the number of active listings in December 2009 fell to 1806 from 2346 a year ago.

Supply is lower and demand is higher.  This correlates to the 95% of list prices vs sales price we had in December 2009, as compared to 91% last year.  Overall, the National Association of  Realtors reports a 44% increase in existing home sales for the year.  Finally, Congress extended and amended the first time home buyer tax credit:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Buyers are taking advantage of continued low interest rates which are expected to start climbing this Spring.   Prices are still very reasonable. However, low inventory of available homes and increased demand, have caused  prices to creep slightly higher.  In some price points we are seeing multiple offers.  All of these factors are giving sellers increased confidence.

I have been busy with listing appointments in December and January and currently have 11 listings, with more coming soon.    I anticipate this Spring to be one of the busiest we’ve seen in years.

If you are thinking of selling, give me a call for a Market Analysis.   My buyers receive auto email of preferred listings so we are sure not to miss a thing!

Info sources: Dullesarea.com, Realtor.org

Gorgeous University built home in Enclave right in the Town of Purcellville.  Convenient to everything!

3 Finished levels with hardwood floors on entire main level and 2nd level hallway.  High end finishes with crown mouldings, columns and 9ft ceilings on  main level.  The gourmet kitchen is light and bright with a large work space, island and butler’s pantry.  The breakfast room overlooks the deck and fenced back yard.  Spend cozy nights in the family room by the gas fireplace.   Stop by the main level office or sitting room on your way up to the second level.  The generous sized master has a tray ceiling and walk in closet.  The master bath has a luxury garden tub, separate shower and water closet.  The basement is fully finished with a den and full bath in addition to a large rec room area that walks out to the back yard.  The garage is a two car detached and located in your own private alley.  A standard for this charming neighborhood.   LO7231984

Fantastic executive home at end of cul-de-sac in Oak Knoll Farms, Purcellville, VA.   “The Larchmont”,  is one of the biggest models built by Birchwood Builders, with 5600+ square feet of space.   Gourmet kitchen with granite, custom floor tile, family room with built-ins, fireplace.  Glorious sun room with gas fireplace, formal living and dining room. Two staircases. Main floor au-pair suite.  Incredible master suite with separate sitting room, dressing room, luxury bath and private balcony.  Three decks, fully fenced back yard.  Original owner. regular sale. Lincoln elementary school district!  $849,900.  LO7215534

KellyGaitten.com or call 703-966-7036 to setup a showing!

I once asked my husband to explain to me why the stock market works the way it does.  How can the stock price of a certain product jump so quickly in a such short amount of time?  His answer was simple “more people are buying than selling”.   This is also true in real estate where supply vs demand drives the market.  Sell today, you get the benefit of what similar homes are selling for- right now.  Sell tomorrow, and the same pricing may not apply, as market conditions are subject to change.

Loudoun County Real Estate trends, as reported through the Dulles Area Association of Realtors, is a great way to tell the story of our local real estate market conditions.  My observation and opinion of  trends through October 2009 is that things have definitely improved.  Supply is down, demand is up and prices are creeping up.  An even better indicator is to see more homes being listed as “regular” sales, not short sales or foreclosures.  This is a refreshing and welcome change.  To me, it signals that the market has improved enough for sellers who may have been upside down a year ago, to be able to sell without having to go short or bring money to the closing table.  Those sellers become buyers and everyone wins.

The length of time it takes to sell your home has dropped dramatically since January 2009 when it was 110 days on market.  Through October 2009 that number has dropped by almost half, to 56 days on market.  There were 284 homes sold in month of January – in all of Loudoun County.  In October that number increased to 420, a 67% increase.   These trends mark changes in the market and are key pieces of information to show us what’s to come.  Stay tuned for updates.

NOW is the time to BUY and SELL. In my humble opinion – we are in a unique pocket of the real estate market right now. Supply of homes for sale is the lowest since July of 2005! September data for Loudoun County Real Estate indicate we had 2100 listing active on the market. Homes are moving under contract in about 61 days. I have had my own listings go in less time than that. A Leesburg property listed for $419k went in 2 days with multiple offers. We are waiting for the next “wave” of foreclosure properties which should start happening in the Spring of 2010.

Last Friday, I attended the Dulles Area Association of Realtors Economic Summit in Ashburn. Top Economists – including Gregg Stratton of the National Association of Realtors, spoke positively toward the real estate market for the first time in many months.

The first slide in Gregg’s outline: “Financial Markets Improving, Rise in Unemployment has Slowed, Housing sales/prices up in 2009 and Positive Economic Growth in 3rd Quarter”.

As a Realtor, I have been telling you all what I see and hear out in the field. All speakers indicated that the Metro DC area, including Northern Virginia, is somewhat insulated by the incredible job opportunities we have here. Yes, we have been hit by the down market and unemployment, but we are recovering at a faster pace.

I have felt the positive changes in the market for months and have shared this in my blogs and conversations. Economists like to have data and trends so they can report the facts. Once they report you’ll start hearing it on the media. Don’t wait. This is a GOLDEN opportunity if you’ve been waiting for change. It’s here.

You can find Gregg Stratton’s outline and more at the Dullesarea.com website. Call or email me today if you have questions or just want to find out what your home is worth in today’s market.

Sunday December 6,  2009

Hamilton Holiday Homes Tour

Benefiting the Sunshine Kids Cancer Foundation

Five Historic Homes including the Samuel Hamilton Rogers House:  “This handsome home began began as a small log cabin in the early1800’s.  The home is a restored stone foundation Queen Ann Victorian with a wraparound porch and turret. 6 Bedrooms, walk up attic”….Join for the tour and find out the rest of the story!

Tours begin at 1pm on Sunday the 6th at the Prudential Office in Hamilton at 4 E. Colonial Hwy. Hamilton, VA 20158.A shuttle bus will be available or you can walk if the weather cooperates- RAIN OR SHINE.

Please email me at kelgaitten@aol.com to buy advance tickets for the tour or for sponsorship opportunities. $15 per ticket up to the day of the tour.  Then, $20 each. Buy 2 or more and get discounted prices.   All proceeds from ticket sales go directly to the Sunshine Kids Cancer Foundation.  This is such a worthy cause!

The recent change in market conditions have put sellers back in the driver’s seat! Yes, prices are still down, yes, buyers are still asking for closing cost help and yes, sellers are still negotiating price and closing costs but they have buyers. In many cases, multiple buyers. The tide has definitely turned. Supply and Demand drives the real estate market.  Right now: many buyers trying to take advantage of the first time home buyer’s $8,000 tax credit and there are now fewer listings than we’ve had in 5 years.

If you are a buyer- don’t wait!   If you are a seller who has listed or considered listing in the last year and a half with no luck- now could be the right time! Appraisers are still being very cautious so pricing right is still key.

The last home I listed in Leesburg went under contract in 2 days with multiple offers. We close in 2 weeks! Give me a call for your market analysis today.