Sun Gazette Arlington, Real Estate Guide, April 12, 2018

2018 ARLINGTON

S P RING REAL ESTATE GUIDE

SAVE THE DATE!

May 24th, join me for a Red Nose Day happy hour and silent auction. All proceeds go to the Red Nose Day Foundation to help end child poverty. Music, refreshments and a silent auction will be held May 24th from 4-8 pm at Long and Foster, 4600 Lee Highway Arlington, 22207.

MARK MIDDENDORF C: 703.928.3915 | O: 703.522.0500

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SPRING REAL ESTATE GUIDE | APRIL 2018 | INSIDENOVA.COM

Overall: Housing Activity Continues to Improve in Majority of Metro Areas Across United States Overall housing and economic activity in metro markets across the nation remained on a gradual, upward trend in the fourth quarter of 2017 even as permit activity remained a stubbornly lagging indicator, according to the National Association of Home Builders/First American Leading Markets Index (LMI).

“While the home-price appreciation and employment components of the LMI are at healthy levels and continue to expand, we are concerned with the sluggish permit activity,” said NAHB chief economist Robert Dietz.

“The weak permit numbers indicate that builders may be hesitant to start projects as they contend with supplyside hurdles, such as rising material prices and labor shortages.”

“This report shows that the overall housing market is moving forward at a gradual pace, with the fastest growing metro areas mostly in the South and West,” said NAHB chairman Randy Noel, a custom home builder and developer from LaPlace, La. “Continued economic growth, rising consumer demand and a pro-business political climate should keep housing on an upward trajectory in 2018.”

Markets in 195 of the 337 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity by the fourth quarter of 2017. This represents a year-over-year net gain of 25 markets.

Meanwhile, 82 percent of markets have shown an improvement year over year.

Two of the three individual components of the LMI registered healthy readings. Employment is at 98 percent of normal activity and home price levels are well above normal at 158 percent. However, single-family permits are running at only 56 percent of normal activity.

In an encouraging sign, employment levels are at or above normal activity in 128 markets – an 8.5-percent rise over last quarter. Permit levels, on the other hand, are at or above normalcy in only 62 markets and dropped 7.5 percent from the third quarter of 2017.

“The number of markets on this quarter’s LMI at or above 90 percent has risen to 274 – more than 81 percent of all metro areas,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company,

Welcome to the Sun Gazette’s annual Spring Real Estate Guide. Inside you’ll find news on the state of the market in the local, regional, state and national areas. And check out the advertising from some of the top agents in the area.

which co-sponsors the LMI report.

“This shows that the overall market continues to make modest but consistent gains.”

Baton Rouge, La., continues to top the list of major metros on the LMI, with a score of 1.71 (71 percent better than its historical normal market level). Other major metros leading the group include Austin; Honolulu; Oxnard, Calif.; and Provo, Utah. Rounding out the top 10 are San Jose; Nashville; Spokane, Wash; Los Angeles; and Salt

Lake City.

Among smaller metros, Odessa, Texas, has an LMI score of 2.15, meaning that it is now at more than double its market strength prior to the recession. Also at the top of that list are Midland, Texas; Walla Walla, Wash.; Florence, Ala.; and Gadsden, Ala. As part of the report, approximately 340 metro areas are scored by taking their average permit, price and employment levels for the past 12 months and dividing each by their

annual average over the last period of normal growth.

For permits and employment, both the 12-month average and the annual average during the last period of normal growth are also adjusted for the underlying population count. For single-family permits and home prices, 2000-03 is used as the last normal period, and for employment, 2007 is the base comparison. The three components are then averaged to provide an overall score for each market.

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A Neo-Georgian Celebration of Style

Iconic Lyon Park Property Offers a Local Taste of the English Countryside

N

estled in the heart of Lyon Park is this week’s featured property, a home that combines an exterior reminiscent of the neo-Georgian landscape of classic British estates with an interior that highlights Craftsman detailing and an open, airy, contemporary feel.

Long a beacon of the neighborhood – it was constructed in 1947, in the immediate post-war era, and expanded/ updated in 2012 – the home has been lavished with TLC through the years.

The result is a showplace set on a large (quarter-acre-plus) lot in a desirable “go-to” neighborhood.

“Charm” and “character” are not just buzzwords here. They represent a devotion to quality-of-life opportunities in a home that is perfect both for daily living and for entertaining in style, while being less than a mile from the many amenities of Clarendon.

The property currently is on the market, listed at $1,750,000 by Ron Cathell of Keller Williams Realty.

First impressions are tremendous, from the elegant exterior to the wideplanked pegged flooring and ornate all-oak staircase that welcomes us as we step inside to begin our tour.

Helen Payne was the architect of the 2012 renovation that was done by Merrill Contracting, which includes the

Facts for buyers Address: 219 North Garfield Street, Arlington (22201).

Listed at: $1,750,000 by Ron Cathell, Keller Williams Realty (703) 9752500.

Schools: Long Branch Elementary, Thomas Jefferson Middle, Washington-Lee High School. kitchen/family room, screened porch and master bedroom. The original addition of the master suite was done by Concept & Contours in the 1990s.

Among the many highlights of the nearly 4,300 square feet of interior space, we’ll single out a few for special attention: • The living/dining room combination is the personification of warmth and welcoming style, featuring a gas

fireplace, oak-trimmed windows and a showstopper built-in floor-to-ceiling oak bookcase surrounding the entryway.

• The kitchen is exceptional, with top-quality appliances, custom maple cabinetry and Blue Bahia granite countertops. It’s a space that is both a workhorse and a showhorse – a rare combination, indeed.

• The family room, which is open to the kitchen, features creatively elegant

ceiling mouldings.

• The sunroom is defined by Artsand-Crafts-style oak-trimmed windows, and serves as the home’s most tranquil living space.

• The master retreat, the first of six bedrooms in the home, is a study in sumptuousness. Three additional bedrooms are found on this level, and there is a bonus suite on the second upper level featuring a full bath.

The lower level, currently unfinished, provides exceptional storage place and options for the future.

Lyon Park long has been a desirable community, both for its central-but-setback location and its sense of neighborliness. And our featured property offers the opportunity to own one of the standouts of not just the community, but of the region.

Well worth consideration for those eager to enjoy all the pampering this home provides.

Articles are prepared by the Sun Gazette’s real estate advertising department on behalf of clients.

For information on the home, contact the listing agent.

For information on having a house reviewed, contact the Sun Gazette’s real estate advertising department at (571)333-6272.

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SPRING REAL ESTATE GUIDE | APRIL 2018 | INSIDENOVA.COM

Selling? Tuck Away Some Cash to Cover the Costs U.S. homeowners spend $18,342 on average to sell their home, according to Zillow and Thumbtack’s “2018 Hidden Costs of Selling” analysis.

But for those in higher-cost markets, such as Northern Virginia, the total could go much higher.

“Even in the hottest housing markets in the country, selling a home takes time and costs money,” says Jeremy Wacksman, Zillow’s chief marketing officer. “From decluttering and staging to pre-inspections, agents and homeowners often spend months behind the scenes prepping a home – well before it’s listed on the market.”

Zillow and Thumbtack identified several common, but often overlooked, seller expenses and calculated what they would cost around the country. Since most (61 percent) of today’s sellers have never sold a home before, many of these costs may come as a surprise.

Home sellers spend more time getting their home ready to sell than it will spend on the market, with the majority (78 percent) of sellers making at least one home improvement.

Sellers who hire professional help spend $4,985, on average, to cover many basic seller-prep projects like painting, staging, carpet cleaning,

lawn care and gardening, and local moving costs.

Labor costs can vary significantly by metro. Sellers in San Jose, Calif., pay $6,580 on average, whereas sellers in Dallas pay an average of $3,720 for the same projects.

Home sellers are also responsible for agent commissions and transfer or sales taxes, which are two of the largest closing costs.

Nationally, sellers spend $13,357 on average for both costs. However, since they are percentages of a home’s sale price, sellers in pricey markets like San Jose pay much more – $74,927 on average for the median priced home, the highest of the metros analyzed.

Sellers in Indianapolis pay the least ($8,604), as home values are lower and the state has no transfer tax.

Despite low inventory in many parts of the country, sellers still encounter massive pain points. From unexpected costs to determining the right list price, three out of four sellers say it was stressful or challenging to sell their home, according to the 2017 Zillow Group Consumer Housing Trend Report. More than three in four sellers say they made at least one

I have been selling and buying homes for 42 years and Carol is the best agent I have worked with ever!

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www.ArlingtonHouses.com carol@ArlingtonHouses.com

Continued on Page 16

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How much importance do buyers place on school districts when looking to purchase a home? And are most buyers aware that school-boundary areas aren’t set in stone, but can change over time?

The Sun Gazette surveyed some top real-estate pros across the region for their views: Lilian Jorgenson, Long & Foster: “Buyers are most definitely looking for a certain school district. They seem to have done their research and know exactly what they want. They are really not always aware the district might change, I believe.”

Casey Samson, Samson Properties: “School districts make all the difference. It can increase or decrease a buyer pool dramatically. In Vienna, there is a $50,000 swing in lot prices depending on the elementary school.

We had a large home in a poorly-rated school district sell for $200,000 less than the same size home in a top-rated district less then three miles away.

School districts are important even if buyers do not have kids in public schools. The lower the school rating, the less expensive the homes.”

Continued on Page 7

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Carol Ellickson, Sotheby’s International Realty: “Most buyers come to me from all over the country with a pretty good idea of what school system they would like to be in. They have already done their research. I would think they would know that school districts can change over time, but it is not a quick and easy process.

There is usually enough press beforehand to let buyers know there may be changes. The changes do not come quickly.”

Lori Shafran, Yeonas and Shafran Real Estate: “That’s one of the top questions we answer, and it’s a reasonable question for buyers. They should have the right to know. So we endorse what we have in the market area, refer to online resources like www. greatschools.org, and suggest they be resourceful – visiting schools and talking to school administrators.”

Casey Margenau, Casey Margenau Fine Homes & Estates: “If buyers are school-driven, it will matter and they will chase the good school districts. If not, it will not matter. It’s more about value, because the school district can drive the value of a home.

Even if you don’t have kids, a buyer

SPRING REAL ESTATE GUIDE | APRIL 2018 | INSIDENOVA.COM

Q&A: Do Schools Matter for Prospective Buyers?

Continued from Page 6 might still want a good school district.”

Barbara Lewis, Washington Fine Properties: “Opinions change and buyers have been making their own decisions based on lots of available information. It is interesting that when Colvin Run Elementary School was being built, a lot of parents did not want their children going across Leesburg Pike to attend school. Now, that is one of the most popular schools. Most buyers consider the school choices, but usually the features of a house are the major driving factors.”

Archie Harders, Long & Foster: “Federal guidelines prohibit me from giving my clients a personal evaluation or comparison of school districts.

In recent years, however, I have been able to provide several Web-site addresses to buyers looking for hard data and opinion. Specifically in Arlington, where an important rating Web site has just changed its opinion radically, I find that buyers are well-informed.

Internet access has also demonstrated to them that districts are fluid.”

Susan Joy, Long & Foster: “Buyers are very sensitive to school districts.

Buyers preparing to spend more than $1 million for a home are not prepared to compromise on the school district.

I find it is the buyers with middle- and high-school students who are more specific in which districts they will and will not purchase. I hear growing dissatisfaction about the number of classroom trailers and the increased class sizes. “ John Mentis, Long & Foster: “Buyers of single-family homes tend to care more because they have children or they tend to have children. The timing of the children comes into play. Those who don’t have children like being in a highly-rated school neighborhood because it helps with the selling price.

I don’t see buyers too much aware that districts can change over time.”

Jane Price, Weichert: “Most folks who are buying a home are well aware of various school districts and have very strong preferences. Even those who do not have school-aged children are often specific about what districts they want to consider buying a home in, because of their perception of different resale values that certain districts may have. I always remind them that school districts can change, just to make sure they are not surprised if this happens.”

Diane Lewis, Washington Fine Properties: “Many buyers do research on schools before they start looking at homes, and it is definitely a factor in their decision. Most are aware that districts can change, but this is not a huge concern, because the neighbor-

ing schools are still good. “ Julia Avent, Re/Max by Invitation: “Some buyers will rent a home or an apartment to be in the school district they want if they can’t buy or afford a home they want in that area.

I find many buy for the neighborhood or location, because they already are putting their kids in private schools.”

Eli Tucker, Eli Residential Group: “School districts and commute influence home prices more than anything else. Even buyers without kids place a moderate level of importance in school districts. I find that most buyers who are aware that boundaries and ratings can change in the future still rely heavily on the current state to make their purchase decisions. GreatSchools.org recently changed their grading system and it brought most schools in Arlington down by one to two points. I’m very curious how it will impact home prices in the top rated school boundaries.”

Debbie McGuire, Keller Williams: “Schools are very important to buyers.

They are always looking up the ratings on GreatSchools.com. We encourage them to go by the school and meet the staff. They are usually very aware of the school districts, and know that they can change in growing areas like Loudoun County. Homes in the most popular school districts can demand higher prices. That said, there is a market for almost all of the schools, as long as the homes are priced to the market in the area. Many times the move-up buyers are moving for schools. “ Rob Ferguson, Re?Max Allegiance: “It depends on the ages of the buyers sometimes and whether they have kids, but schools districts are a very big factor for most people.

Younger buyers not having kids right away looking at condos, schools aren’t as important. So much of real estate is tied to investments. If a home is in a good school district, that is a good investment.”

Gloria Adams, TTR Sotheby’s International Realty: “I had six offers in one weekend at one recent open house because the house was in a specific high-school district. Buyers want to be in certain school districts, and will leave one area for another because of that. Buyers do their homework about what are the best schools.

Every agent deals with this.”

Steve Wydler, Wydler Brother Real Estate: “For some buyers, schools drive everything, especially if a school has a special resource. There are usually general parameters buyers are looking for and want to stay within regarding schools. A property with a better school system has a better value.”

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Continued on Page 16 INSIDENOVA.COM | APRIL 12, 2018 | SPRING REAL ESTATE GUIDE

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Reevesland: Historic Farmhouse Will Hit Market SCOTT McCAFFREY Staff Writer

Discounting the possibility of any major hiccups – and it’s a project that has been filled with them – Arlington government officials continue their efforts to prep a portion of the historic Reevesland farmhouse site for sale.

“Our goal is for it to be on the market by the end of the year,” Susan Kalish, a spokesman for the county government’s Department of Parks and Recreation, told the Sun Gazette on April 6.

Over the past year, local officials have been taking procedural steps to prep the Boulevard Manor property. In April 2017, County Board members had directed staff to prepare the main house and a surrounding half-acre for sale, with the remainder of the 2.4-acre property to remain in government hands.

Next steps to meet the timetable and get the project to market? Construction to demolish a garage on the property and create a parking pad, as well as tackle several other

ancillary projects.

Arlington officials purchased the Reevesland property – located at 400 North Manchester St. – not long after the death of owner Nelson Reeves. But in intervening years, the local government never found a specific use for it, and the main house deteriorated.

Several groups pressed to turn the property into a learning center, but could never come up with a plan that passed muster with Arlington officials. Despite outcry, County Board members voted unanimously last year the split up the property and sell off the modest, two-story main house.

Whether it will find a buyer remains to be seen.

“The pool of buyers will be small because of the cost, time commitment and difficulty of renovating older houses,” predicted Betsy Twigg, an associate broker with Washington Fine Property, when Arlington officials in 2017 agreed to sell it.

County officials last year acknowledged that, given historic-preservation requirements in place on the home, the overall value of the property is “almost

a negative value” because of costs associated with restoring and maintaining the aging home.

When the 2017 vote took place, several County Board members suggested that any offers would be considered.

“We’re not expecting to make any money,” County Board member Libby Garvey said then. “We want the farmhouse to be preserved. It might be sold for a very nominal amount, because the money that might have to go into it would be so significant.”

The County Board’s action stipulated that the property be used primarily as a residence, but didn’t prohibit the homeowner from using it for a home occupation or even preserving it as a museum while living in it.

The house, built in the late 19th century, was the home of Nelson Reeves, who until the 1950s operated what was Arlington’s last dairy farm and later sold off much of the acreage for residential development.

Reeves, who was born in The grounds of the Reevesland farmhouse (shown in 1900, lived in the home until his back) are used by a local non-profit to teach young peodeath in 2000. ple how to raise vegetables.

Spring Market: Sellers Upbeat, Buyers Dispirited?

New consumer findings from the National Association of Realtors show that while a growing share of households in the first three months of the year feel more confident about the economy and their financial situation, those positive feelings are not translating to positive views that now is a good time to buy a home.

That’s according to NAR’s firstquarter Housing Opportunities and Market Experience (HOME) survey, which also found that homeowners are increasingly positive about selling, and non-homeowners have anxieties

PUBLISHER’S NOTICE EHO

We are pledged to the letter and spirit of Virginia’s policy for achieving equal housing opportunity throughout the Commonwealth. We encourage and support advertising and marketing programs in which there are no barriers to obtaining housing because of race, color, religion, national origin, sex, elderliness, familial status or handicap.

All real estate advertised herein is subject to Virginia’s fair housing law which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, national origin, sex, elderliness, familial status or handicap or intention to make any such preference, limitation, or discrimination.”

This newspaper will not knowingly accept advertising for real estate that violates the fair housing law.

Our readers are hereby informed that all dwellings advertised in this newspaper are available on an equal opportunity basis. For more information or to file a housing complaint call the Virginia Fair Housing Office at (804) 367-9753. Email: fairhousing@dpor. virginia.gov. Web site: www.fairhousing.vipnet.org

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about saving for a down payment and qualifying for a mortgage.

Heading into the busy spring buying season, optimism that now is a good time to buy a home is at its lowest share in the past two years (68 percent; 72 percent last quarter).

Among renters, feelings about buying are further diminished (55 percent; 60 percent last quarter). Conversely, those most optimistic about buying are homeowners, older respondents and those living in the more affordable Midwest and South regions.

NAR chief economist Lawrence Yun says extremely challenging market conditions to start the year are chipping away at home-buyer optimism.

“The critical shortage of listings in most markets continues to spark a hike in home prices that is not easy for many buyers – and especially firsttime buyers – to overcome,” Yun said.

“Adding more fuel to the affordability fire is the fact that mortgage rates have shot up to a four-year high in just a few months. Many househunters are telling Realtors that they are dispirited by the stiff competition for the short number of listings they can afford.”

Amid the ongoing climb in home prices in most markets, the share of homeowners who believe now is a good time to sell increased to 77 percent in the first quarter (76 percent last

SPRING REAL ESTATE GUIDE | APRIL 2018 | INSIDENOVA.COM

quarter), which is second only to last year’s third quarter (80 percent) as the highest overall share since the HOME survey began in December 2015.

“There’s no question that a majority of homeowners have amassed considerable equity gains since the downturn. Home prices have grown a cumulative 48 percent since 2011 and are up 5.9 percent through the first two months of this year,” said Yun. “Supply conditions would improve measurably, and ultimately lead to more sales, if a growing number of homeowners finally decide that this spring is the time to list their home for sale.”

Although optimism was a tad higher a year ago (62 percent), more households in the first quarter of this year (60 percent) believe the economy is improving compared to the fourth quarter of 2017 (52 percent). Homeowners, residents from the South and those from rural areas were the most optimistic about the direction of the economy.

Stronger economic confidence this quarter also led to households having improved feelings about their financial situation. The HOME survey’s monthly Personal Financial Outlook Index, showing respondents’ confidence that their financial situation will be better in six months, rose from 59.1

in December to 62.0 in March.

A year ago, the index was slightly higher (62.6).

In this quarter’s survey, non-homeowners also were asked about the barriers preventing them from saving for a down payment. Limited income (47 percent), student-loan debt (30 percent), and rising rents (28 percent) were the top three obstacles cited, followed by health and medical costs (14 percent).

Only 14 percent also said that nothing was holding them back from saving for a down payment.

Non-homeowners were also asked for the potential reasons why qualifying for a mortgage would be difficult.

Income uncertainty (45 percent), a low credit score (34 percent) and too much debt (26 percent) were mentioned the most.

“It’s never too early for those wanting to own a home in the future to sit down with a lender to discuss their current financial situation,” said NAR president Elizabeth Mendenhall, a sixth-generation Realtor from Columbia, Mo., and CEO of RE/MAX Boone Realty. “Home-ownership could be a more attainable goal once an interested buyer finds out how much they can afford to buy, as well as what steps, if any, are needed to improve their chances of obtaining a mortgage.”

Interest Rates: Likely Rise Set to Impact Affordability The years of historically affordable mortgage rates look to be ending, as rates have steadily increased in recent months and show no signs of turning back.

Since the beginning of the year, mortgage rates have increased nearly 50 basis points. Historically low mortgage rates have been the silver lining in today’s competitive housing market, keeping monthly payments relatively affordable even as home prices reached new peaks.

At the end of 2017, mortgage payments on the typical U.S. home required 15.7 percent of the median income, according to Zillow’s Q4 2017 affordability analysis. In the late 1980s and 1990s, mortgage payments took up 21 percent of the typical income.

If mortgage rates reach 6 percent next year, near the upper end of forecasters’ expectations, the share of income needed to cover monthly housing costs on the median U.S. home will be 20.5 percent, nearly the historic norm.

Combined with record-high home prices, housing affordability is already suffering in these markets, and will only worsen as rates climb.

In several large U.S. markets – including San Jose, Los Angeles and

Miami – mortgage payments already take up a significantly larger share of income than they did historically.

In San Jose, the share of income needed for mortgage payments increased from 36 percent historically to 46.1 percent at the end of 2017.

An additional side effect of higher mortgage rates will be felt in housing inventory, as some homeowners with lower mortgage rates may hesitate to sell their homes and take out a new home loan with a higher rate.

Most home shoppers can absorb modest increases in mortgage rates, but once rates begin to approach their historic levels, they will eat into housing affordability for buyers and could limit the number of homes for sale.

Inventory has fallen on an annual basis for 36 consecutive months, so any factors that further limit inventory will be a strain on the market.

“For nearly a decade now, homebuyers have been buoyed by historically low mortgage rates that made buying a home more affordable than it was for prior generations, but tomorrow’s buyers may not be so lucky,” said Zillow senior economist Aaron Terrazas. “Rates are showing a clear Continued on Page 16

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ded in 1968. ess since Long & Foster was first foun uch has changed in the real estate busin 703.362.7764 is the feeling of being home.

But one thing that remains the same Christine.Rich@LNF.com want to find the ght about real estate, but we all NEW LISTING Growing up you probably never thou New. listing in Cherrydale, one of North Arlington’s most rations to come right home to create memories for gene

WASHINGTON, DC/Brightwood

CHRISTINE RICH

OPEN SAT AND SUN, 1-4 3712 18th St N Arlington, VA 22207 Asking price $1,299,000

desirable neighborhoods.

- TRULY eco-friendly: organic gardens, solar-generated self-sustaining energy - Gorgeous .40 acre lot backing to county park - 5 bedrooms, 3.5 bathrooms - au-pair suite with separate entrance - renovated kitchen with cherry cabs, custom stained glass, center island, marble counters - renovated bathrooms - spacious 2-car garage leading directly to kitchen - ensuite master bedroom with walk-in closet and attached sitting room/studio - only 9 blocks to Ballston Mall - schools: Taylor Elementary, Swanson Middle, Washington-Lee High School (IB program)

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3 BED/2 BATH/REMODELED MLS #DC10166425*Under contract in less than a week w/ multiple offer, $30k over list*3-fin. lvls*Front porch, rear deck, fenced backyrd (used to have parking)*3 bedrooms upstairs, one currently used as closet, another as office *Remodeled kitchen & both baths*Open LR-DR-kitchen combo *Windows replaced*New roof 2014; upper level HVAC 2014*Granite, SS, wood cab kitchen*Wood floors*Charming little one-way street*More!*Sold “as-is”*If you are considering buying or selling something similar, please contact me for a private appointment.

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This beautiful 1BR/1BA unit is in has an all-new renovated onBathroom, a hom fullye. journeys peoplewiththeir s of helping Celebrating 50 year renovated Kitchen new appliances, e.™ paint, and of hom refinished wood floors, fresh the love & Foster. For Long other updates. Excellent condition! See many pictures online! Let me show you what I do for my clients.

Looking for a great buy in a great location? Choose a walk-to-Metro studio or a centralArlington two-bedroom condo—both beautifully renovated, both ready for you to move in, both coming on the market soon. Call me with questions or for your own private showing.

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Located just one block from the Courthouse Metro, this 2 bedroom, 2 bath, 1020 sq. ft., corner condo unit has a sunny enclosed balcony, updated kitchen, and comes with 2 garage parking spaces. Excellent value! For more information, or a personal showing, call Tom.

nY LONG & FOSTER | CHRISTIE’S (must accompany LF LIBBY ROSS

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4201 Lee highway Unit # 302 Arlington, Virginia 22207

Life Member, NVAR Top Producers Club Life Member, NVAR Million Dollar Club Certified Residential Specialist (CRS) Graduate Realtors Institute (GRI) 30 Years Real Estate Experience

A R LI NG TON

Information deemed reliable, but not guaranteed. If your propety is listed with another broker, this is not intended as a solicitation of that listing.

12, 2018 16 10 April SPRING REAL ESTATE GUIDE | APRIL 2018 | INSIDENOVA.COMwww.insidenova.com

TOM ANDERSON

703.284.9348 Office tom.anderson@longandfoster.com www.tomanderson.LNF.com

Standard LF CO Sun Gazette

Gray ™ For the love of home.

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CONGRATULATIONS TO OUR TOP PRODUCERS FOR MARCH

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PMS 282 www.insidenova.com April 12, 2018 INSIDENOVA.COM | APRIL 12, 2018 | SPRING REAL ESTATE GUIDE

17 11

Exceptional Style, a Focus on Tranquility

Custom-Built Home Features 7,000+ Square Feet of Superb Interior Space

W

ith our very unusual winter in the rear-view mirror, the focus now shifts both to spring itself, and to the blooming local real-estate market, where tight inventory has made for a competitive arena.

Our featured property is a home that surely stands out from the crowd. Set on a quiet cul-de-sac backing to Zachary Taylor Nature Area, the home proffers serenity and grace while showcasing more than 7,000 square feet of interior living space across four levels.

Attention to detail is evident throughout this custom 2014 home, from Japanese leather wallpaper to a sumptuous, two-sided indoor/outdoor gas fireplace surrounded by floor-to-ceiling Calcutta Gold marble.

The result is a home that provides a fitting backdrop for upscale daily living, and also is perfectly at home entertaining throughout the year.

The property currently is on the market, listed at $2,499,000 by Ruth Boyer O’Dea and Sheri Grant of Boyer O’Dea & Grant, TTR Sotheby’s International Realty.

Tall ceilings and a four-zone HVAC system provide style and comfort as we embark on our tour, which starts at the

custom entry door (carved from a fallen oak tree on the property).

While there simply are too many features to list, we will pick out some of our highlights: • The kitchen is a showplace, designed for the serious chef and those who enjoy entertaining. Quartzite counters, a center island and top-notch appliances are highlights.

• The family room features the aforementioned gas fireplace that is shared with the adjacent screened-in porch (which offers four large skylights and two ceiling fans). Truly an upscale, urban-village vibe is found here.

• The master retreat offers plentiful bedroom space, a glorious master bath

and custom walk-in closet with center island and dual matching chandeliers.

• The walk-out lower level offers, among other features, a recreation room, additional bedroom (the home’s seventh), media room and walk-out access to the lovely flagstone patio.

Extra touches abound throughout, from the walk-in toy closet on the lower level to the gas-line hookup for an outdoor grill. There also is a whole-house backup generator.

Visually arresting, the home makes an architectural statement while also serving as a wonderful backdrop for daily living.

Articles are prepared by the Sun Gazette’s real estate advertising depart-

Ruth Boyer O’Dea & Sheri Grant 703.338.2277 | 703.405.1016

ment on behalf of clients.

For information on the home, contact the listing agent. For information on having a house reviewed, contact the Sun Gazette’s real estate advertising department at (571)333-6272.

Facts for buyers

Address: 2522 North Upland Street, Arlington (22207).

Listed at: $2,499,000 by Ruth Boyer O’Dea (703) 338-2277 and Sheri Grant (703) 405-1016, Boyer O’Dea & Grant, TTR Sotheby’s International Realty.

Schools: Taylor Elementary, Williamburg Middle, Yorktown High School.

Boyer O’Dea & Grant

boyerodeagrant@ttrsir.com boyerodeagrant.com 2300 Clarendon Blvd, #200, Arlington VA 22201

12

SPRING REAL ESTATE GUIDE | APRIL 2018 | INSIDENOVA.COM

2017 TOP TEAM Arlington Brokerage

Economy: Low Unemployment Will Help Market Arlington’s unemployment rate tiptoed down to just slightly more than 2 percent in February, according to new federal data, with the county retaining its position as lowest in the commonwealth.

With 148,458 residents employed in the civilian workforce and 3,150 looking for jobs, the unemployment rate of 2.1 percent was down from 2.4 percent in January, according to figures reported April 4 by the Virginia Employment Commission.

The improvement in the jobs picture was replicated across most Northern Virginia jurisdictions, with jobless rates falling from 2.6 percent to 2.2 percent in Falls Church; from 2.8 percent to 2.4 percent in Alexandria; from 2.9 percent to 2.6 percent in Fairfax County and in Loudoun County; and from 3.3 percent to 3 percent in Prince William County.

In Northern Virginia as a whole, the jobless rate dropped from 3 percent in January to 2.7 percent in February, representing just under 1.6 million residents in the

civilian workforce and 44,500 looking for jobs.

Statewide, Virginia’s nonseasonally-adjusted unemployment rate of 3.3 percent was down from 3.7 percent a month before, with privatesector employment increasing by 20,000 and public-sector payrolls up 800.

The largest job gain during the month occurred in the leisure/hospitality sector, which picked up 4,900 jobs to 405,400 statewide. The trade/ transportation, construction and manufacturing sectors also saw improvement.

Among Virginia’s 133 cities and counties, the lowest jobless rates were found in Arlington; Falls Church; Alexandria and the city of Fairfax (2.4 percent each); and, in a four-way tie at 2.6 percent, Fairfax, Fluvanna and Loudoun counties and the city of Charlottesville.

On the other end of the spectrum, Northampton County had the highest jobless rate, at 8.1 percent, followed by Lancaster County at 7.8 percent and Northumberland County at 7.2 percent.

UNEMPLOYMENT RATES, FEBRUARY From Virginia Employment Commission, showing non-seasonally-adjusted civilian employment for February. “Previousâ€? is January. 5IF NPTU SFDFOU NPOUI T Ă HVSFT BSF QSF MJNJOBSZ

Jurisdiction Alexandria Arlington Fairfax County Falls Church Loudoun Prince William Northern Va. Virginia United States

Employed 97,443 148,458 621,690 8,092 208,527 235,620 1,599,076 4,184,503 154,403,000

Unemployed 2,442 3,150 16,431 180 5,615 7,391 44,504 143,326 7,091,000

Among metro areas, Northern Virginia has the lowest jobless rate, followed by Charlottesville (2.9 percent) and Winchester (3.1 percent). The highest rates were posted in Lynchburg (3.9 percent) and Kingsport/Bristol and Hampton Roads (3.7 percent each).

Nationally, Virginia had the fifth-best jobs picture for the month, nestled in a fiveway tie with Colorado, Maine, Utah and Wisconsin. The lowest jobless rates were found in Hawaii (1.9 percent) and Nebraska (2.9 percent), with the highest in Alaska (8.2 percent) and West Virginia (6.4

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Year-Over-Year Jobs Picture Improves in N.Va.: Yearover-year unemployment declined across the Washington metropolitan area in February, according to new federal data, part of a broad-based national trend toward lower jobless rates.

With 3.42 million in the civilian workforce and 122,700 looking for jobs, the Washington metro area’s unemployment rate of 3.6 percent in February was down from 4 percent a year before, accord-

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The D.C. region was among 319 of the 388 metro areas nationwide that posted lower year-over-year joblessness.

Unemployment was up in 48 areas and unchanged in 21.

Among all metro areas, the lowest jobless rates were found in Honolulu (1.8 percent) and Ames, Iowa (1.9 percent). The highest joblessness was found in El Centro, Calif.

(16 percent).

Among the 51 metro areas with populations of a million or more, the lowest jobless rates were reported in Nashville (2.7 percent) and San Francisco (2.9 percent), with the highest in Buffalo (6.4 percent).

In Virginia metro areas outside Washington, year-overyear jobless rates were down across the board. Statewide, the non-seasonally-adjusted jobless rate in February was 3.3 percent, down from 4.2 percent a year before and representing 4.38 million in the civilian workforce and 143,300 looking for jobs.

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INSIDENOVA.COM | APRIL 12, 2018 | SPRING REAL ESTATE GUIDE

13

Census: Demographic Shifts to Impact the Market The year 2030 will mark to mark an important demographic turning point in U.S. history, according to the U.S. Census Bureau’s 2017 National Population Projections.

By 2030, all Baby Boomers will be older than age 65.

This will expand the size of the older population so that 1 in every 5 residents will be retirement age.

“The aging of Baby Boomers means that within just a couple decades, older people are projected to outnumber children for the first time in U.S. history,” said Jonathan Vespa, a demographer with the U.S. Census Bureau. “By 2035, there will be 78 million people 65 years and older compared to 76.4 million under the age of 18.”

The 2030s are projected to be a transformative decade for the U.S. population.

The population is expected to grow at a slower pace, age considerably and become more racially and ethnically diverse. Net international migration is projected to overtake natural increase in 2030 as the primary driver of population growth in the United

States, another demographic first for the nation.

Although births are projected to be nearly four times larger than the level of net international migration in coming decades, a rising number of deaths will increasingly offset how much births are able to contribute to population growth. Between 2020 and 2050, the number of deaths is projected to rise substantially as the population ages and a significant share of the population, the Baby Boomers, age into older adulthood.

As a result, the population will naturally grow very slowly, leaving net international migration to overtake natural increase as the leading cause of population growth, even as projected levels of migration remain relatively constant.

Other highlights from the report: • By 2060, the United States is projected to grow by 78 million people, from about 326 million today to 404 million. The population is projected to cross the 400million threshold in 2058.

• In coming years, the rate at which the U.S. population

grows is expected to slow down. The population is projected to grow by an average of 2.3 million people per year until 2030. But that number is expected to decline to an average of 1.8 million per year between 2030 and 2040, and continue falling to 1.5 million per year from 2040 to 2060.

• As the population ages, the ratio of older adults to

working-age adults, also known as the old-age dependency ratio, is projected to rise. By 2020, there will be about three-and-a-half working-age adults for every retirement-age person. By 2060, that ratio will fall to just two-and-a-half working-age adults for every retirementage person.

• The median age of the

U.S. population is expected to grow from age 38 today to age 43 by 2060.

• The non-Hispanic whitealone population is projected to shrink over the coming decades, from 199 million in 2020 to 179 million in 2060 – even as the U.S. population continues to grow. Their decline is driven by falling birth rates and a rising number of deaths over time among nonHispanic whites as that population ages. In comparison, the white-alone population, regardless of Hispanic origin, is projected to grow from about 253 million to 275 million over the same period.

• The two-or-more-races population is projected to be the fastest growing over the next several decades, followed by single-race Asians and Hispanics of any race.

For Hispanics and people who are two or more races, their high growth rates are largely the result of high rates of natural increase, given the relatively young age structures of these populations.

For Asians, the driving force behind their growth is high net international migration.

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INSIDENOVA.COM | APRIL 12, 2018 | SPRING REAL ESTATE GUIDE

15

Survey Says: Idaho Was Fastest Growing in 2017 Idaho was the nation’s fastest-growing state over the last year, according to new Census Bureau data, with its population increasing 2.2 percent to 1.7 million from July 1, 2016, to July 1, 2017.

Following Idaho for the largest percentage increases in population were Nevada (2 percent), Utah (1.9 percent), Washington (1.7 percent) and Florida along with Arizona (1.6 percent).

“Domestic migration drove change in the two fastest-growing states, Idaho and Nevada, while an excess of births over deaths played a major part in the growth of the third fastest-

growing state, Utah,” said Luke Rogers, chief of the Census Bureau’s Population Estimates Branch.

With an estimated population of 8.47 million, Virginia’s year-over-year population growth was 0.7 percent.

The U.S. population grew by an estimated 2.3 million between July 1, 2016, and July 1, 2017, representing a 0.72-percent increase to 325.7 million.

The population of voting-age residents (adults age 18 and over) grew to 252.1 million (77.4 percent of the 2017 total population), an increase of 0.93 percent from 2016 (249.5 million).

Net international migration de-

creased 1.8 percent between 2016 and 2017.

California remained the most populous state in the nation in July 2016, with an estimate of 39,536,653 residents. Texas was second (28,304,596), followed by Florida (20,984,400).

Rounding out the top 10 were New York, Pennsylvania, Illinois, Ohio, George, North Carolina and Michigan.

Texas had the largest growth in raw numbers, with its population growing an estimated 399,734 in the year ending July 1, 2016. Florida added 327,811, while California brought in 240,177.

Eight states lost population between 2016 and 2017, with Illinois having the largest numeric decline, losing 33,703 people (a relatively small percentage change compared to its population of 12.8 million). Wyoming had the largest percentage decline (1 percent). Three states that had been losing population in the previous year, Pennsylvania, Connecticut and Vermont, saw slight increases.

States in the South and West continued to lead in population growth.

In 2017, 38 percent of the nation’s population lived in the South and 23.8 percent lived in the West.

Q&A: Do Schools Matter for Prospective Buyers?

Continued from Page 7 LLC: “As a builder of spec homes in North Arlington, it’s important for me to develop properties in good school districts. I never know who my buyer will be. Even if schools aren’t utilized by my buyers, the appreciation and resale values are solid. I live and build in 22207 where I know the reputation for good schools.”

Donna Moseley, TTR Sotheby’s International Realty: “Most buyers are very conscious of the importance of school pyramids and districts. We encourage them to research schools using search engines. Even for those buyers who do not have school-age children, we do remind them that, at some point when they decide to sell, schools will most likely have an impact on the future sale of any home.

We encourage them to stay current on county decisions that impact them.”

Mark, Middendorf, Long & Foster: “Buyers definitely look at schools, even if they don’t plan on being in a house very long or their kids won’t be old enough yet to attend those schools, because of the resale value.

Absolutely.”

Dawn Wilson, Keller Williams: “Buyers with children definitely focus on school districts if they plan on using the public schools. It is most likely their number one concern. They are usually also concerned about the individual schools within the district. However, some are looking at houses years

before their children are in school. I let them know that the school zones for individual schools can change, and even though they are focused on a particular school now, that school may not be a great fit for their child’s personality, educational interests or educational needs at the time they are going to go.”

Dean Yeonas, Yeonas and Shafran Real Estate: “Often times buyers are going to be very focused on schools.

There are premiums associated with various school districts. Even buyers without kids ask this question. There are more preferred school districts buyers will play more for – anywhere from 2 to 4 percent more, maybe. If it’s not in a preferred school district, a property can sit on the market a little longer.”

Ann Wilson, Keller Williams: “I have found that even buyers who don’t have children always want to know what are the best school districts. They are always worried if they will remain in the same school district.”

Karen Briscoe, Huckaby, Briscoe, Conroy Realty Group, Keller Williams: “There is a very strong correlation that schools have an impact on buyers and the value of a home.

Schools can impact property values.

Absolutely. Sometimes people will move out of a school district to get into one they believe is better.”

Jack Shafran, Yeonas and Shafran Real Estate: “Schools are very im-

portant. Purchasers usually have preconceived ideas about the districts they want to attend even before they look to buy. If they will attend private schools, the districts aren’t as big of a deal. Condo buyers might not be as specific on schools.”

Joan Stansfield, Keller Williams: “Our first-time home-buyers typically don’t place any value on schools or ratings, as they do not yet have a family. Since they typically only live in their first home for three to five years, it’s when they move up to their next home, and after having children, it becomes their focus. Our buyers with families will usually lead their search around school districts they prefer - and they are usually aware of redistricting and have already researched that possibility before they purchase their homes.”

Mike Highman, Acquest Realty: “The degree of emphasis that buyers have that I represent concerning school districts varies. A majority with school-aged kids do have a set criteria for the school district associated with properties. On the other hand, just-married Millennials and emptynesters are more interested in their needs than kid needs. Homeowners with kids who have been in school for three or more years have some sense of potential school-district change. “ Betsy Twigg, Washington Fine Properties: “It varies. If buyers have children, schools almost always come up. It’s a major topic of conversation.

For buyers without kids, it doesn’t always matter as much. For resale value, any buyer wants to be in a good school district, and Arlington has that.”

Craig Mastrangelo, Re/Max Allegiance: “While this specific interest is mostly home buyers with school-aged children, I find a large percentage of buyers pay close attention to the schools a home serves. I don’t know if buyers are as concerned with annual rankings moving forward. This may be that they won’t be in the home longterm or that their opinion is a particular district rankings won’t change significantly in a few years.”

Natalie Roy, Keller Williams: “Schools are right up there in musthaves as number of bedrooms and proximity to Metro. I encourage clients who have schools as a top criteria to do to their homework to ensure they are in the district they want. I tell clients that none of us have a crystal ball, and that it is impossible to know what school boundaries will look like in 10 or even five years.”

Marybeth Fraser, Keller Williams: “Once a location is decided, certain home buyers express school quality and proximity to schools as deciding factors in their home purchase. My experience has shown that some are even willing to pay more to get into their desired school districts, and trade off certain amenities. We are seeing an increase in residents moving to Arlington, leading to the need to redistrict and to build new schools.”

Selling? Tuck Away Some Cash to Cover the Costs Continued from Page 5 concession during the process, with reducing the list price as the most-

cited compromise.

“While there could be some initial sticker shock associated with the costs of selling a home, investing in home-

improvement projects like painting and home staging often proves to be very valuable in the long-run,” said Lucas Puente, a Thumbtack economist.

“Homeowners. . . should take time to research and budget for the projects that can ultimately help sell their home faster and at a higher value.”

Interest Rates: Likely Rise Is Set to Impact Affordability Continued from Page 9 upward trend, bringing an end to an era of historically affordable mortgage payments.”

16

“Some homeowners who locked in a lower mortgage rate may look to alternatives, like renovating their current home instead of becoming a buyer in a stressful, competitive mar-

SPRING REAL ESTATE GUIDE | APRIL 2018 | INSIDENOVA.COM

ket,” Terrazas said.

Renting doesn’t provide much relief as an alternative to home buying. The typical U.S. rental payment requires 28.9 percent of the median income.

In 14 large U.S. metros, rent takes up more than 30 percent of the median income, widely considered the standard for unaffordable housing costs.

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4 Bedroom, 4.5 Bath, with plantation shutters, in the “most happening” area in Northern Virginia – Merrifield VA. Near Hardwood on 3 lvls, updated BA’s, 5 BR’s, 4 car gar, pool & spa enhance this Merrifield & the Mosaic District master suite includes a sitting area, walk-in closet and updated bath.

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Chairman of the Board Barbara Farmer Farmer 703.447.3555 571.213.7500 Haru Wladyka Wladyka Joyce Becker #2 Producer, Company-WideHaru FALLS HILL ABR, GRI 571.213.7500 Joyce Becker GRI, CRS barbcleo@aol.com 703-615-0116 (C) Life Member NVAR 571-213-7500 703.855.4498 Barb Spollen Barb Spollen Life Member NVAR ABR, SRES, GRI 404 Life Member NVAR barbcleo@aol.com 703.855.4498 E. Jefferson, Falls Church City patderwinski@hotmail.com BarbCleo@aol.com 1313 Dolley Madison Blvd Merrifield &Million theDollar Mosaic District Joan Mosaic Multi-Million Dollar Claire Driscoll 1313 Dolley Madison Blvd Wladyka Merrifield & theSusie Ann Romer Haru Multi Club My Personalized Service is harurealtor@gmail.com 703.774.5010 703.774.5010 Multi-Million Dollar harurealtor@gmail.com $1,495,000 My Personalized Service is the Let me helpClaire@Clairedriscoll.com youMcLean, learn more about developing area! We specialize Let me help youLarcam learn Sales Club to Your Satisfaction OPEN HOUSE 703.597.4289 VA 22101 Life this Member, R S the Key McLean, R EE AA LL TT OO RR SSellers 703.855.4498 VA 22101 R Emore A Labo T info@spollengroup.com info@spollengroup.com www.harurealtor.com Sales Club 4 Bedroom, 4.5 Bath, with plantation shutters, Keystone to Your Satisfaction COMING SOON FEB 18TH 1-4 PM top-of-the-line in the “most happening” area www.harurealtor.com in Northern Virginia – Merrifield VA. Near in the “most happening” area in Life Member, NVAR 571.217.3814 Rltrann@aol.com hardwoods, stainless steel 703.848.54 NVAR Top Producer harurealtor@gmail.com 571.217.3814 COMING SOON the Dunn Loring Metro, Tysons Corner and major commuter routes it is thePristine Dunn Loring Metro, Tysons C appliances, skylights, silkSOON chandelier.

COMING Top Producer slarcamp@ joyce@beckerj.com TheRomerTeam.com 703.447.3555 joyce@beckerj.com setting on beautiful cul-de-sac, with almost www.harurealtor.com placeCity to be. With the new Fairfax Hospital development, THE place to be. With the new Fa COMINGcomplex SOON 703.862.5626 Bo-Yeon Downsizing?

Bhavin Walney Village, Chantilly $434,500 FALLSinHILL FALLS HILL Falls THE Church Stonehurst -Fairfax 489,500 weichert.co 1/3 acre, in the heart of Falls $ Church City.

Arlington Forest Stonehurst -Fairfax $ 2,700 continued growthThe is almost a guarantee. continued growth is almost a guar Claire@clairedriscoll.com Palladium Condo, McLean $729,000 8047 Side HillallDrive, Drive, Warrenton $685,000 sellerstwo@aol.com New roof, HVAC, sprinkler system in 2013 .

Splendid bedroom, 2brick 1/2townhome bath end-unit townhouse Palladium Condo, McLean $729,000 8047 Side Hill Warrenton $685,000 We can Help!

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Welcome to the convenience of living the condo lifestyle in the heart of Spectacular Executive Style Home 4 BRs, ½ BAs, 3 Sides Brick Merrifield & the Mosaic District Joan Merrifield & the Mosaic District Susie Classic Brick 3 BR Colonial with newly refinished hardwood floors, new windows GREAT RENTAL OPPORTUNITY. Wonderful 4 bedroom, 3 1/2 bath townhome in Welcome toAnd the3.5 convenience ofReport living the condo in the heart of living Spectacular Executive Stylehas Home - We 4doors BRs, 3Help! ½ to BAs, 3your Sides Brick Property Before youlifestyle 202.568.0355 Spacious room.open Formal diningmain room French leading lovely landscaped can Get FREE Stunning Penthouse With 3 Bedrooms Baths.

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Buying Selling #1 Companywide

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Get your FREE Templer Shah Splendid 3 bedroom, 2 end-unit townhouse Perfect Lot 1313 Dolley Madison Blvd We can Help!

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in the “most in Northern – Merrifield VA. Near access to thehappening” unit • Enjoy area Luxurious 2 StoryVirginia Lobby W/Concierge, Fitness Sun-filled rooms, access hardwoods, to towering unit • Enjoy ceilings, Luxurious granite 2counters Story Lobby and large W/Concierge, Fitness Life Member, NVAR cabinetry, S/S appliances & the adjoining family with gas log log fireplace.

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Susie 404 E. Jefferson, Falls Church City “HARU” Wladyka Kim Sharifi Splendid 3 bedroom, 2 1/2 bath end-unit townhouse We Jones can Get your FREE We can Help & theHelp!

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Larcamp $1,495,000 Life Lifetime by Top Producercommon LetMember meProperty help you learn Report more about Before this developing area! We specialize you Property Re Barbara Farmer 703.405.7480 202.568.0355 703.405.7480 Sellers Large open flexible main level floor plan with light4 Bedroom, 4.5 Bath, with plantation shutters, 703.517.2800 703.216.0454 703.848.5441 NVAR 703-216-0454 inTop the Producer “mostSpeak happening” area in Northern Virginia – Merrifield VA. Near Haru Wladyka Joyce Becker Life Member, NVAR hardwoods, with a Builder. stainless steel top-of-the-line filled living/great room & dining area.

Kitchen has oak 571.213.7500 Lifetime Top Producer slarcamp@ 703.268.0364 the Dunn Loring Metro, Tysons Corner and major commuter routes it is kimsharifi@hotmail.com appliances, skylights, silk chandelier.

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McLean Office | 703.760.8880

McLean Offic

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McLean Office | 703.760.8880

McLean Hunt McLean

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Bhavin $995,000 McLean $1,100,000 Multi-Million Dollar Don’t let the modest exteriorSide fool you! Hill This charming moderntownhouse home The Palladium Condo, McLean $729,000 8047 Drive, Warrenton $685,000 harurealtor@gmail.com Splendid 3 bedroom, 2 1/2mid-century bath end-unit We can Help! Get your FREE We can Help!

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Private balcony of living room. room Lower level has private entrance/ access to the unit •needs Enjoy Luxurious 2&Story Lobby W/Concierge, Fitness Sun-filled rooms, hardwoods, towering ceilings, granite End of cul-de-sac!

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ABR,GRI Life Member,571.213.7500 ABR,GRI NVAR Producer LifeTop Member, Barbara Farmer barbcleo@aol.com 703 309 HOME (4663)Madison Blvd 1313 Dolley NVAR Top Producer 571.213.7500 homeccs@aol.com homeccs@aol.com McLean, VA 22101 R E A L T O R barbcleo@aol.com Swww.claudetteschwartz.com www.claudetteschwartz.com

McLean Office | 7

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COMING SOON

R E A L T

SOLD

COMING SOON….MADISON CHURCH Bo-Yeon LANE….FALLS Downsizing?

Walney Village, Chantilly $434,500 “COMING SOON IN STERLING” Under $499,900 $500,000 Vienna Sterling Bo-Yeon Downsizing?

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1313 Dolley Madison Blvd McLean, VA 22101

R E A L

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INSIDENOVA.COM | APRIL 12, 2018 | SPRING REAL ESTATE GUIDE

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SPRING REAL ESTATE GUIDE | APRIL 2018 | INSIDENOVA.COM

New Homes: Sales Down Slightly Across the U.S. Sales of newly built, single-family homes remained virtually unchanged, inching down 0.6 percent in February to a seasonally adjusted annual rate of 618,000 units after upward revisions to the January, December and November reports, according to data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

“New-home sales are at a steady level, which is consistent with our measures of solid builder confidence in the housing market,” said National Association of Home Builders chairman Randy Noel, a custom-home builder from LaPlace, La. “As housing demand grows, builders need to manage increasing costs for labor, lots and building materials to keep their homes competitively priced.”

“The recent upward revisions to the sales numbers reflect our forecast for a gradual strengthening of the single-family housing sector in 2018,” said NAHB chief economist Robert Dietz. “Demographic tailwinds point to higher demand for single-family homes in the months ahead. Combined with solid job-market data, we expect more consumers to enter the housing market this year.”

The inventory of new-home sales for sale was 305,000 in February, which is a 5.9-month supply at the current sales pace. The median sales price of new houses sold was $326,800.

Regionally, new home sales rose 19.4 percent in the Northeast and 9 percent in the South. Sales decreased 3.7 percent in the Midwest and 17.6 percent in the West.

Spending on residential remodels will continue to grow at a modest pace in the next two years, according to experts at a press conference hosted by the National Association of Home Builders (NAHB) Remodelers at the International Builders’ Show in Orlando.

Professional remodelers from around the country agreed with the forecast, citing increased consumer confidence.

“We’re not only seeing more requests for proposals, but more committed projects from homeowners,” said Steve Cunningham, a remodeler from Williamsburg, Va. “In addition to regular updates and repairs, there’s been an uptick in more ambitious large remodel requests.”

NAHB predicts that remodeling spending for owner-occupied single-

family homes will increase 4.9 percent in 2018 over 2017 and an additional 0.6 percent in 2019.

“Remodeler confidence has stabilized at a positive level, as remodeling spending topped $152 billion in 2017,” said 2017 NAHB remodelers chair Dan Bawden, a remodeler from Houston.

“There is steady demand around the country, but the cost of labor and materials is challenging remodelers’ ability to meet that demand.”

“NAHB estimates that real spending on home improvements will grow by nearly 5 percent in 2018, as belownormal rates of home-building are creating an aging housing stock,” said Paul Emrath, NAHB vice president for survey and housing policy research.

“Factors inhibiting stronger growth include the ongoing labor shortage and rising material prices.”

Remodeling: Spending Is Expected to Stay on Track

Existing Homes: U.S. Sales a Mixed Bag to Start 2018 Pending home sales snapped back in much of the country in February, but weakening affordability and not enough inventory on the market restricted overall activity compared to a year ago, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, grew 3.1 percent to 107.5 in February from a downwardly revised 104.3 in January.

Even with last month’s increase in activity, the index is 4.1 percent below a year ago.

Lawrence Yun, NAR’s chief economist, says the housing market has gotten off to an uneven start so far in 2018.

“Contract signings rebounded in most areas in February, but the gains were not large enough to keep up with last February’s level, which was the second highest in over a decade,” he said. “The expanding economy and healthy job market are generating sizeable home-buyer demand, but the miniscule number of listings on the market and its adverse effect on affordability are squeezing buyers and suppressing overall activity.”

For the year, Yun now forecasts for existing-home sales to be around 5.51 million – flat from 2017. The national median existing-home price is expected to increase around 4.2 percent. In 2017, existing sales increased 1.1 percent and prices rose 5.8 percent.

INSIDENOVA.COM | APRIL 12, 2018 | SPRING REAL ESTATE GUIDE

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SPRING REAL ESTATE GUIDE | APRIL 2018 | INSIDENOVA.COM