The in heart of FairFax County lies Tysons Corner. It is Virginia’s largest office market and one of the leading business centers in the nation with 26.3 million square feet of office space. Office buildings are typically mid-rise or high-rise in design. There are a few smaller structures and townhouse office condos around the periphery of the submarket. The largest business parks are Tysons II, West*Gate, West*Park and Westwood Corporate Center.

Fairfax County’s 1 million citizens are diverse and well-educated.

Residential Real Estate

Fairfax County and the Washington metropolitan area boast a broad variety of homes, locations and prices. Housing is available for individuals seeking an urban, suburban, small town or country feel. High-rise apartments, condominiums, single family homes and townhouses are plentiful.

Fairfax County’s major residential communities offer a broad spectrum of choices for the home-buyer or renter. The Northern Virginia Association of Realtors maintains a list of agents in northern Virginia. Real Estate assessment information for homes is available by address or tax map reference number on the Fairfax County Government Web site.

Metro Area Housing Affordability

*County states provided by Fairfax County Economic Development      Authorityhttp://www.fairfaxcountyeda.org/demographics

For additional information regarding Fairfax County history and facts, contact

Jeff Wu
Century 21, New Millenium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

Avoid These Mistakes When Selling Your House

1. DON’T PICK A REALTOR FOR THE WRONG REASONS

Choosing a Realtor based on convenience rather than experience, may prove disastrous. When working with a real estate agent, it’s critical that you have full confidence in that agent’s experience and education. A skilled, knowledgeable agent should be able to explain to you exactly why your home needs to be priced at a certain level – compared to recent listings and sales of homes similar to yours. Experienced agents also know exactly what the current pool of buyers are looking for in relation to particular styles and price ranges of properties. A skilled agent can recommend changes that will enhance the salability of your home, thus increasing the price – and/or decreasing the length of time before a sale.

2. DON’T TRY TO SELL TO THE “LOOKY-LOOS”

A prospective buyer who shows interest because of a “for sale” sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.

Your realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer’s savings, credit rating, and purchasing power in general. If your realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new realtor.

3. DON’T THINK YOU NEED TO BE HOME TO EXPLAIN THINGS TO A BUYER

You will be better served if you allow the Realtors to do their job without you there. Most potential buyers usually feel more comfortable if they can speak freely to the real estate professional without the owners being present. If people unaccompanied by an agent request to see your property, you should refer them to your real estate professional for an appointment.

4. BAD PRICING STRATEGY

Most sellers are aware they shouldn’t price their house too low. However, it’s all too common that sellers overestimate what their house can sell for and price too high.
The logic they often go by is that they can always “accept a lower offer” if the price they’re suggesting doesn’t work. However, what usually happens is buyers are just scared off by the higher price and don’t even come to look at your property.

5. DON’T FORGET ABOUT HEALTH AND SAFETY ISSUES

Be upfront and disclose to your Realtor any problems with the property. The problems are going to be discovered anyway. A decade ago, health and safety issues were rarely a part of the typical real estate transaction. Today, however, it’s common for inspections relating to health, safety, and even environmental concerns to be a part of most sales contracts. California law requires the seller to disclose to the buyer any knowledge of existing property problems. In many cases, these issues have been or can be factored into the home’s listing price.

For additional information on the mistakes to avoid when selling your house, contact

Jeff Wu
Century 21, New Millenium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

 Progress as of June 21, 2010

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Courtesy of Jeff Wu

Neighborhood Specialist

Tysons Corner Condos Sold May 2010

16 Condos (Condominiums) were sold in the Tysons Corner area in Northern Virginia in May 2010.  This includes 22182 (Vienna) and 22102 (McLean)  zip codes.  Properties ranged from a one bedroom one bathroom condo at the Fountains At McLean asking $218,000, with 624 square feet, all the way to a two bedroom two and a half bath condo in the One Park Crest building with 1620 square feet asking $728,000.  Here are some quick stats:

* Tysons Corner Condo real estate changed hands in these condo communities in May 2010 = Fountains at McLean (4), Gates of McLean (3), One Park Crest (2), Regency  At McLean, Rotonda, The Colonies (3), The Westerlies, and Westwood Village

* Average Days on Market = 24

* Average Sold to List Ratio = 99.15%

* Average Subsidy $479 (only 3 had any subsidy)

* Bank Owned or “Foreclosure” properties in Tysons Corner = 2

* Short Sale Transactions in Tysons Corner Condos = 0

* Up 46% over the number of Tysons Corner Transactions settled in May 2009 (same month, previous year)

* up 5.5% over the number of Tysons Corner Condos sold in April 2010 (previous closed month)

Data from MRIS

For Memorial Day, Fairfax County VA will be honoring the men and women who have protected, served, and defended our country.

According to Wikipedia, the literal translation of the word hero means “protector” or “defender”; that a “hero (male) or heroine (female) came to refer to characters who, in the face of danger and adversity or from a position of weakness, display courage and the will for self sacrifice – that is, heroism – for some greater good of all humanity, originally of martial courage or excellence but extended to more general moral excellence.”

By definition, not only are our folks serving in Iraq and Afganistan heroes, but our volunteer firemen, our police officers, our Volunteer Ambulance Corps, and the people who answer to the call of an emergency in our community are our heroes as well.  These are the people we will be honoring on Monday, May 31^st all across the country.

Memorial Day – originally called “Decoration Day” – unofficially began in 1865 as a way to honor fallen Union soldiers of the Civil War. Memorial Day has since become an occasion to honor fallen soldiers from all wars after WWI.

On Monday, when you’re sitting at the pool or lying on the beach, think about the meaning of the holiday and join in a national “moment of remembrance,” which will occur at 3PM EST. Vienna  will honor our military men and women with a concert at 10AM at Flynt Hill Cemetary, 2845 Chain Bridge Road, Vienna, Virginia 22181. The Vienna Community Band will perform.

Jeff Wu Neighborhood Specialist

 Want to know your home’s value?

 For more information on homes in Tysons, McLean, Reston and the surrounding area,  contact Jeff at Jeff@AgentKnowsHomes.com,

Cell: 240-994-7938, Office: 703-556-4222

Tysons Corner area Home sales in January 2010

- 23 Homes Sold in Tysons Corner Area (22102 McLean Zip Code + 22182 Vienna Zip Code) in January 2010

- The Type of homes sold were = 14 Tysons Corner Single Family Homes, 4 Tysons Corner Townhomes + 5 Tysons Corner Condos

- For all Tysons Corner Area Properties sold in January 2010 the average statistics were [1] 99.68% sold to list price ratio, [2] an average subsidy of $2,456.22 and [3] average of 98 days on the market

- The numbers are somewhat different by property type though:

–> Tysons Corner Single Family Homes = [1] 99.8% sold to list price ratio, [2] average subsidy of $1,942.2, and [3]average of 104 days on the market

–>Tysons Corner Townhomes = [1] 98.9%, sold to list price ratio, [2] $7,325.50 average subsidy, and [3] average of 88 days on the market

–> Tysons Corner Condos = [1] 100% sold to list price ratio, [2] average subsidy of ZERO ($0), and [3] an average of 89.8 days on the market.

- Homes sold in a variety of communities and neighborhoods =

–> Tysons Corner Single Family Homes = Colvins Glen, Estates at Great Falls, McLean Hamlet (2), Peacock Station, Pine Hill, Saddlebrook Farms, Shouse Village, Smith Farm, Spring Hill, Spring Lake, Timberly South, Woodhaven, and Woodside Estates

–> Tysons Corner Townhomes = Colonies of Madrillon, McLean Court, The Reserve at Tysons Corner, and Westwood towns

–> Tysons Corner Condos = Fountains at McLean, Regency at McLean, Rotonda (2), and The Colonies

- Of the 23 homes sold in the Tysons Corner area in January 2010, there was 1 identified as a Short Sale, and 1 identified as a “foreclosure” or bank owned sale

data from MRIS

NVAR (Northern Virginia Association of Realtors) Summary 2000 – Year to Date

Finding a mortgage before looking for real estate is a smart idea

One of the first steps in purchasing real estate should be getting a mortgage.  Getting a mortgage, or rather getting approved for a mortgage, lets a buyer know what he can expect to afford when looking at property.  It is important for a potential buyer to know how to secure a mortgage.

A good realtor will do a buyer consultation to discuss: the current real estate market, the home buying process, the buyer’s wants and needs in an new home, and also the financing.  It is so important to get connected with a good realtor and a good loan officer at the very begining of the process.  Both are essential in moving forward.

There are any places to look for a mortgage these days.  There are banks, mortgage brokers, finance companies, credit unions and private lenders.  Often experienced Realtors have mortgage brokers or banks that they work with often and using a lender that has a good reputation is often a safe bet.

When looking for a mortgage have a good idea how much you can afford to pay each month.  Look into the past, present and future to determine this.  It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you might buy.

When applying for a loan a person must provide documentation of income, expenses, and assets.  Have your financial statements and tax returns ready and the process will be much easier.

Having a mortgage ready to go before finding a property will make the entire process smoother.  Financing is harder to get these days and being prepared is a wise step in the home buying process.

For more information on mortgages click here.

For an email response with contact information for a good loan officer (or even more than one), send an email to Jeff@AgentKnowsHomes.com

An organized closet can make the difference when trying to sell a home

Some of these rules and tips are true no matter what area of the country you live in, Tysons Corner, McLean, Vienna or beyond.

When considering selling real estate the question surfaces, what can I do to improve my home and make it more appealing to a prospective buyer?  Looking at your closets might be the answer.  Closets may be the small improvement your home needs when getting ready to sell.

Newer homes tend to have bigger closets and they aren’t just dark spaces with doors any more.  Today’s closets, thanks to companies like California Closets and other offshoots, are filled with light and organized spaces like drawers, shelves, shoe racks and hanging bars that hang at different heights to accommodate different articles of clothing.  Some closets come across as small rooms.  Regardless of whether you have a new home or an older home, if your closets aren’t organized they can be.

Closets can be do-it-yourself projects or created by a contractor or a closet company.  Remodeling closets can be an inexpensive re-model that can add value to the sale of your home without breaking the bank.