MARCH MADNESS BRACKET CONTEST

PIERSON REAL ESTATE -  MARCH MADNESS BRACKET CONTEST - Get Your picks in before tomorrow's tip off at 12:15 p.m.

From your office mates and friends to your family and alumni groups, everyone wants you to get in on their March Madness bracket pool - but almost all of them have a buy-in and that can add up $$ after a few brackets. We are doing away with the buy-in and are offering a FREE bracket for all of our past and previous clients and don't worry there is still a prize...$100 Gift Card to Ray's The Steaks! So go ahead and root for the 5 vs.12 upset or make your picks based on mascots - you've got nothing to lose! For more information and to join click here. The pool password for our group is: mclean

Market Update

The latest stats for the Washington metro area have been released and here are some of the key trends as we head into the Spring market.

• Sales Price is Up -  The median sale price in the DC Metro Area is up 6.0% year-over-year to $317,900. The median sale price for townhouse properties was up 9.5% over February 2011, condo/co-op prices were up 6.8% and detached properties were 2.8% higher than the same period last year. Year to date, the median sales price of $312,000 represents a 4.0% increase over January-February 2011.

• Sales and New Contracts - The 2,507 homes sold in the Washington, D.C. Metro Area represent the highest February total since 2007. The number of homes sold are 4.2% higher than the five-year February average and represent  a 1.9% increase over February 2011 and a 7.0% increase over January 2012.  There was a significant uptick in new contracts in February, with 4,501 new contract agreements signed representing an 18.4% increase over January and an 11.4% increase over February 2011. The increase in contract activity continues to be influenced by low interest rates, increasing consumer confidence and unusually mild winter weather compared to years past and is a promising sign heading into the spring market

•  New Listing Activity - The 4,794 new properties listed in February are 2.3% more than the same period last year and it marks the first time since May 2011 that the area saw a year-over-year increase in new listing activity.

• Overall Inventory - This story remains the same:  Active inventory is at the lowest level since August 2005.  The 9,823 active listings to close the month represent a 27.3% dip from February 2011 and are 38.5% lower than the five-year February average.

Packing tips

Anyone that has moved knows that packing can begin with the best of intentions but can slowly turn into dumping whole drawers into boxes and stuffing shoes into garbage bags if you don’t plan accordingly. Erin Doland, the editor-in-chief of Unclutterer has a great collection of packing tips that are listed below.

• Wear shoes with good arch support and full-foot coverage. If weather permits, also wear long sleeves, jeans, and socks to help avoid injuries.
• Gather supplies: boxes (small, medium, and large), packing tape, roll of bubble wrap for fragile pieces, permanent black markers, band-aids, ice packs, pain reliever, trash bags, a wardrobe box for each person in the house, a good sense of humor, and anything else you’ll need.
• When acquiring boxes, make a stop at your local liquor or wine store to grab a few boxes with divided inserts. These boxes are perfect for safely transporting alcohol and other kitchen liquids like vinegar and olive oil. (If moving across state lines, check regulations for transporting alcohol and make certain to abide by these laws.)
• Make a hotel reservation for the night you arrive at your new place. Your goal will be to get the best night’s sleep possible so you can start refreshed for your first day of unpacking. You’ll also want a shower after moving stuff all day, and it’s best to not have to worry about making sure these things can easily happen.
• Clear floorspace in your home in four different locations and mark each area: Packed Boxes to Move, Charity Donations, Giveaway/Return, and Sell. These areas are where you will put these items until you’re finished packing your things. You will likely need at least a 10′ X 10′ area to hold the Packed Boxes to Move. Also, the area holding items you intend to sell should be easily accessible from the front door or in your garage so that potential buyers can see the product without having to climb over boxes and mess in your home.
• If you have children under the age of five, see if a grandparent, friend, or babysitter can keep your child occupied while you work.
• Your first act of packing should be a suitcase with two weeks of clothing and supplies. Be sure to include your toothbrush and toothpaste, a couple bath towels, soap, shampoo, hair dryer and anything else that is part of your daily hygiene routine.
• Your second act of packing should be an essentials kit — but don’t tape it up! These will be the last items you take out of your current house and the first items you unpack in your new place. These will be things like cleaning supplies, two or more rolls of toilet paper, a frying pan, a few paper plates and plastic utensils, sheets for all the beds, and anything else you will need the first couple days in your new place.
• Make large print signs for your new home with room names: Living Room, Family Room, Master Bedroom, Sally’s Room, Sally’s Bathroom, etc. These signs will make it easier on you and anyone helping you move boxes into your new place. Bring a roll of painter’s tape with you in your essentials kit and plan to hang the signs immediately upon getting access to your new place.
• As you move throughout your home packing boxes, I recommend starting with the heaviest items that will form the base of your Packed Boxes to Move area. Books are almost always a good item for this. Use small boxes, and group similar types together (cookbooks with cookbooks, children’s books with children’s books).
• Label the top and all four sides of a box with a short explanation of what is in the box (Toys) and what room the box should be placed in at the new house (Bobby’s Room). You want to label the top and sides so that the box can be facing in any direction and you can still know what is inside it and where to take it.
• Try your best not to mix different types of things in boxes (your shoes shouldn’t be with your coffee mugs). If this is unavoidable, at the very least do not mix items that belong in different rooms. Only pack kitchen things with other kitchen things, bathroom things with other bathroom things, etc.
• Sort and clean everything before packing it. If you never plan to use eight vases, put some of the vases in the Donate to Charity pile. The key is to not pack to move ANYTHING you don’t want in your new home. Clear the clutter now so you don’t have to spend time and energy moving it.
• Only use trash bags for trash. This will keep you from accidentally throwing something valuable away. If you want to use trash bags for transporting charity items, use differently colored bags (black for trash, white for charity) and write DONATION in big letters on the bag. Be sure to let the ink dry before using the bag.
• Set packing goals the same way you set other goals in your life. Be as specific as possible: Pack the living room on Monday, the garage on Tuesday, or whatever systematic method works best for you.
• Take breaks at least once an hour for five or ten minutes. Your sanity depends on it.

From the headlines....

Should you wait for prices to drop further? Is now the time to buy? What are financial superstars like Warren Buffett saying about real estate? USA Today printed a story earlier this week answering these questions along with some insightful background.

http://www.usatoday.com/money/economy/housing/story/2012-03-04/cnbc-real-estate-is-it-time-to-buy/53338660/1

Appliance Guide - Ranges

Gas vs electric? Double oven or warming drawer? What are new features? The Washington Post has a handy new online guide for those in the market for a new range or those that are still investigating. Click here to read the whole article and learn more.

Getting organized

Among the major resolutions people undertake in the new year is getting organized. While it may be your kitchen, the tool shed, toy room or your office desk, a little organization doesn't hurt anyone but the hardest part is getting started and having a strategy. If you are still struggling with the first step here are three websites that offer a myriad of tips and how-to's.

www.unclutterer.com
www.organizedhome.com
www.realsimple.com/home-organizing
www.lifehacker.com

Market Update - January 2012

Low inventory remains one of the top stories in the metropolitan D.C. market with 10,095 active listings available in January - the lowest level since 2005. But while the inventory was low, the number of signed contracts outpaced the five-year January average by 22% a positive sign that buyers are in the market and actively looking for homes. Other positive signs include that pricing in the area remained stable with the average sales price increasing 1.4% year over year $396,823 and half of the jurisdictions in the region saw a year-over-year increase in median sales price: Arlington (17.2%), Falls Church (16.6%), Alexandria (2.1%) and Fairfax County (2.1%).


     

The full report from RBI is included below:    

Contract Activity and Sales
    There were 2,343 homes sold in the D.C. Metro Area in January, down 2.9% from January 2011, but 3.1% higher than the five-year January average. The townhouse market actually saw a year-over-year increase of 1.4% over January 2011, with 642 closed sales. The 1,090 detached properties sold represented a decline of 6.1% from the January 2011 level.
    The 333 foreclosed property sales represented a decrease of 38.3% compared to 540 sales in January 2011 and a decline of 55.1% compared to 742 sales in January 2010. The 370 closed short sales were up 3.4% year-over-year, but accounted for only 15.8% of the sold market share. 7 out of 10 sales (70%) were traditional, not involving foreclosed or short sale properties, down slightly from a 72.8% share last month, but an improvement over January 2011 (62.8% traditional) and significantly higher than January 2010 (only 57.2% traditional).
    Contract activity continues to show positive signs, with 3,802 new contracts signed in January representing a 4.6% year-over-year increase, boding well for the year’s beginning and showing evidence of increasing consumer confidence.

    Inventory level remains low, though some areas see increase in new listing activity vs. January 2011.
    After closing 2011 with the lowest inventory level since August 2005, listing activity resumed normal seasonal patterns with 54.1% more new listings entering the market in January compared to new listings in December (the 10-year average December to January change is +51.3%). But the 4,178 new listings still represent a 4.7% year-over-year decline and the low inventory level remains the key story of the DC Metro Area market. With 10,095 active listings representing a mere 3 months of supply against an annualized rate of 3,328 sales per month, the shortage in supply should continue to put upward pressure on pricing. The inventory level represents a 25.3% decrease compared to the 13,510 active listings at the end of January 2011.
    While new listing activity was down 4.7% region-wide, 5 of the 8 jurisdictions actually saw a year-over-year increase in new listings in January: Falls Church (+100%), Fairfax City (+32%), Arlington (+11.5%), Fairfax County (+6.8%), and Washington, D.C. (1.0%). Prince George’s County saw the largest year-over-year decrease with 938 new listings representing 24.4% fewer new sellers than the 1,240 that entered the market in January 2011.
    The foreclosed market share of active inventory continued to fall, with only 4.9% of active listings under foreclosure representing less than half the 11.1% share in January 2011. Although the 2,278 short sales on the active market are down 27.7% year-over-year, the 22.6% share of the market is only nominally lower than the 23.3% share in January 2011.

    Pricing Remains Stable
    Home prices saw a nominal 1% year-over-year decline, with a median sold price of $310,000 in January compared to $313,000 in January 2011 while the average sold price actually increased 1.4% year-over-year to 396,823. Half of the jurisdictions in the region saw a year-over-year increase in median sales price: Arlington (17.2%), Falls Church (16.6%), Alexandria (2.1%) and Fairfax County (2.1%).
    The median price for detached homes in the region increased 2.9% from January 2011 to $385,898 while the median price for attached townhouse properties was down 3.2 percent to $300,000 and condo/coop prices were down 3.9% to $230,000. Foreclosed listings had a median sold price of $175,000, or 46% of the $375,000 median for traditional property sales. But the traditional median sale price was down 5.1% from January 2011 while the foreclosed median sale price represents a 6.1% increase year-over-year. The $200,000 median sale price for short sales represents a 15.3% year-over-year decrease from the $236,000 level in January 2011.
    The average sold price per square foot for foreclosed properties was $142 while short sales sold for an average of $152 per square foot in January. Comparing these levels with the $289 sold price per square foot average for traditional sales underscores the importance of tracking the bank-mediated composition of the market in the year ahead.