Northern Virginia’s short housing supply takes its toll on new home buyers

The lack of homes for sale in Northern Virginia and the Washington, D.C. metro area has taken its toll on the housing market, as it has in other markets. In every jurisdiction in Northern Virginia, there is just a little more than a month’s supply of homes on the market, says David Darakhshan, president of Galaxy Construction, a longtime developer based out of Ashburn. A balanced market has about a six-month supply of homes.

“Active listings were down 17%  in June of 2018 compared to last year around the same time in Northern Virginia. Hopefully, part of the reason listings were so low is that the milder weather for much of the winter made the buying season robust in January and February.”

The number of homes that sold in Northern Virginia dropped 4.11%  year over year for February, according to Multiple Listing Service (MLS).

“Homes in Northern Virginia may not be selling at the white-hot pace they were last year, but it’s still a very strong and healthy market,”

says Nela Richardson, chief economist of Redfin real estate brokerage in Washington, D.C.

The slower pace of sales appears to be tied to the limited availability of homes rather than any slowing of demand, says John Eric, a real estate agent with Compass real estate in Arlington, Virginia.

Washington D.C Real Estate
Photo Courtesy of Galaxy Construction

There’s definitely pent-up frustration because of the limited number of homes for sale.

“The slight uptick in interest rates is having an impact, too, because buyers feel that time is of the essence in getting into a house before rates rise more.” Says Eric.

Buyers looking at properties in the $500,000 to $1,000,000 range face a lot of competition. At a recent open house for a $700,000 listing, 50 people toured the property in one day. It’s no different at the higher price ranges. Recently, 45 buyers attended an open house at an Arlington listing priced at about $2 million.

Supply and Demand

Despite the high demand, we are currently seeing in the market, Richardson warns that:

“sellers should avoid overconfidence about the value of their homes. My advice for sellers is to not overprice” 

Richardson goes on to say;

“It’s still a hot market, but buyers are savvy. The 2007 crash taught us all a valuable lesson about overvaluing properties. Most people have learned to do their due diligence.  It’s best to stick with pricing not too far above or below market conditions.”

Buyers are much more sophisticated at evaluating price points, says Eric, and if something is overpriced, it will just sit on the market.

Gustavo Vega, president, and operator of RSI | Restoration Services Inc., a Washington, D.C. based Construction, Roofing, Fabrication, and Architectural Design firm, says

“Its not only new home buyers that are flooding the market. It’s also investors and flippers who are driving up property values in Northern Virginia.”

Since the real estate market in Northern Virginia was one of the areas in the country to be least impacted by the 2007 housing market crash, investors find the area to be a safe bet.

In Northern Virginia overall, the median sales price rose 8% in February 2018 compared with February 2017, but price appreciation varies widely from area to area.

Arlington, for example, because of its close proximity to Washington D.C., gets lots of attention for it’s from most buyers who are looking to cut down on their commute. However, home prices there increased only 0.4% between February 2017 and February 2018 due to the already high, and mostly overvalued properties, according to MLS. Prices in Fairfax County rose 7.7% during that same period, and prices in Loudoun County rose 6.8%. Median sales prices rose 18% in the city of Alexandria and 13.9% in Falls Church, Virginia.

The city of Alexandria’s jump in home prices was not only ahead of other Northern Virginia jurisdictions; it was also above the increases in the District, Montgomery County, and Prince George’s County. Among the close-in Northern Virginia suburbs, Arlington is already high-priced

“Alexandria, including both the city of Alexandria and the Alexandria section of Fairfax County, has that urban-suburban mix people are looking for. You’ve got walkability and places to go, yet the neighborhoods are also great for families. You also have a mix of condos, townhouses and single-family homes, which appeals to a lot of buyers.”

The volume of sales in the city of Alexandria rose by 18%, which was also ahead of most other areas.

What to watch in Northern Virginia

●Every community in the area has only a month’s supply of homes, well below the six-month norm.

●Low inventory is creating an acute shortage of homes in the $500,000 – $1,000,000 price range.

●Loudoun continues to build new communities that are walkable.

●Talks of Amazon’s HQ2 to the area are starting to show effects in the area’s housing market.

Amazon's HQ2 Reston Virginia
Amazon has Reston Virginia at the top of its list for its much anticipated Hq2

Northern Virginia is the clear favorite to land Amazon’s second headquarters, and D.C. is a close second, according to those with some insider information. Some of the most likely spots for the second headquarters in Northern Virginia, should the region win the bid, include Reston,  and Crystal City in Arlington.

Bovada released its list of odds for the 20 finalists to get Amazon’s 2nd HQ on Aug. 24, and Northern Virginia was at the top of the list with odds of +240. D.C. had odds of +350, followed by Austin at +400 and Boston at +450. Montgomery County, Maryland, was seventh with +1200.

Northern Virginia was one of 238 cities and regions that applied for the project, which would bring 50,000 new jobs and billions of dollars to the are. The list was shortened in January of this year, and Northern Virginia made the cut along with Washington, D.C. and Montgomery County, Maryland.

A company statement from Amazon released shortly after the new list was unveiled reads:

“Amazon evaluated each of the proposals based on the criteria outlined in the RFP [request for proposals] to create the list of 20 HQ2 candidates that will continue in the selection process.

In the coming months, Amazon will work with each of the candidate locations to dive deeper into their proposals, request additional information, and evaluate the feasibility of a future partnership that can accommodate the company’s hiring plans as well as benefit its employees and the local community. Amazon expects to make a decision in 2018.”

The D.C. area owns three spots on the short list. New York is the only other metro area on the list with more than one (New York and Newark, N.J.).

The Water Damage Restoration Process

Introduction

It begins with a little stain, at that point rapidly transforms into a colossal unattractive air pocket. If left untreated, that fix of water damaged roof will transform into greater chaos. Water damaged roofs can debilitate your home’s establishment and can even be a danger to your wellbeing on account of shape development.

Search for the source

The principal thing that you ought to do is to discover the wellspring of the break. How would you that? By searching for specific intimations. The climate, for one, will educate you concerning the area of the hole. For instance, if the break happens just when it’s down-pouring or snowing, the source could either be a stopped up drain, split shingles, or an ice dam develop. A water damaged roof that keeps on compounding notwithstanding amid dry months is most presumably because of a busted pipe. In any case, it’ll be pointless to settle a water damaged roof without fixing up the wellspring of the release first. You’ll simply wind up spending more cash over the long haul.

Expel the damaged roof

Once the source has been settled, the following stage is to prep the region for repair. Ensure that you have your wellbeing goggles, gloves, and cover on. Ensure the zone straightforwardly underneath the water damaged roof by setting a plastic canvas and a basin over the plastic covering if you have to deplete a bowed roof. On the off chance that the zone has to swell out, it implies that there’s water pooling above it. Precisely jab it with a screwdriver. On the off chance that the damaged part has bowed between the roof’s joists because of an excessive amount of water, at that point it is insightful to evacuate it simply. Do this by utilizing a destroying bar.

Dry the zone

Ensure the whole zone is dry and that any shape development has been dealt with before you begin the repair. Utilize fans to accelerate the procedure. Leave the windows and entryways open for better air flow also. Check here. 

Set it up

For spot medicines, begin by scratching off the paint on the influenced region. From that point onward, shower the zone with a preliminary. Enable it to dry before putting a crisp layer of paint. For greater damages, you have to saw off the zone, and afterward utilize fine coarseness sandpaper to expel all indications of sharp edges and knocks before fixing it up. You can utilize the current strip to enter the fix into. Concerning the completing coat, a consistent joint compound will do.

For finish substitution, put another sheet of wallboard over the region that has been prepared. In case you’re experiencing considerable difficulties propping it up, secure it with brief furring strips before putting the roof screws. Cover the creases with a drywall tape before applying a joint compound. Once the joint compound is dry, smoothen it out with sandpaper. Apply a groundwork and let it dry, and after that cover it with a similar paint shading as the rest.

Conclusion

Remember that not every single influenced zone should be expelled when it comes water damaged roof. Be that as it may, this ought to be inspected by an expert first. A portion of the elements that will be considered for this are the accompanying: The water isn’t tainted. There’s no proof of form development. The damaged region is stable. For more details, visit: https://www.flooddoctorva.com/water-damage-restoration-services/

The Water Damage Restoration Process

Who thinks water damage restoration is simple? There are thousands who think about this process as a very tiresome and vastly complex area that is not for them. You cannot blame them as restoration is not always the easiest thing to take care of. There are some restoration jobs easier than others depending on the size of the task at hand and the actual items damaged by water. However, the process is fairly straightforward and you should get to know what’s involved as you never know, one day you might need to know!

Turn Off All Electricity within the Property

First and foremost, you must make the property safe. It doesn’t matter if water has damaged both upstairs and downstairs of the home or just one room, all electricity should be switched off at the mains. This is to help ensure the home is safe to work in and that no electric shocks can take place. You never know, the water might have gotten into the mains supply so you have to be very careful. Water damage restoration is simple at times but there are still risks involved so you have to be very careful with this process and ensure you don’t rush it.

The Water Damage Restoration Process

Dry Out the Affected Areas

Next, you have to look at drying the rooms affected by the water. For instance you might have to clear an entire room of its contents to help speed up the drying time. Removing rugs, carpeting, personal items and everything else can be very useful. What is more, pumping out standing water will be a must and after most of the water is gone and it’s safe to put the electricity back on, you can use a dehumidifier. These can help pick up excess moisture and help prevent mold from forming. Water damage restoration seems easy enough but drying out can take a long time. You might want to keep all windows opened and even use the heating systems to dry the rooms. Click here  to know about preventing and responding to building Water damage.

Clean and Restore

Cleaning up and restoring items can take time. For carpets and upholstery you have to scrub them thoroughly to ensure any bacteria is removed and carefully restore them to their former glory. Of course there will be some restoration jobs that are tough to handle on your own and might require professional services. These services can be great especially if you are not sure you’re making the right move or not. Water damage restoration takes a lot of time and patience so be careful. It’s best to be effective rather than fast. Visit http://www.johnbrooksrealty.com/flood-water-damage-restoration-contractor-resolve-flooding-related-problems/ to know about right contractor for water damage restoration.

Restoration Can Be Useful

Would you rather restore your personal belongings or throw them all away and have to buy new things? Sometimes, it’s far easier and less costly to restore rather than replace and it can be a little better depending on what needs to be restored. You can’t always replace precious art work and documents so you have to be very careful. Restoration can be so important and you need good services and techniques to get it done right. Water damage restoration is important no matter how minor the damage appears to be.

Flood Water Damage Restoration – Get the Right Contractor to Resolve Flooding-Related Problems

Floods are terrible and when they cause problems within your region, they can result in water damage restoration. The problem with that is people don’t think they need to restore their homes as they think once the water is gone, the problems go with it. Unfortunately water can cause a lot of damage and if it is not dealt with in a timely manner, it’s going to cost a fortune to repair. What is more, if water damage is not taken care of, it could mean a home becoming unsafe to reside in. It’s not ideal which is why you need to find a good contractor to resolve the problems. Read on to find out how you can get the right contractor. Visit https://www.ready.gov/floods for prevention plan against floods.

You Must Look For a Local Contractor

Water damage restoration is a pain but you need someone who can help with the problems. The further you look for a contractor the longer it will take for them to come to you. Local contractors are probably the best people to start off with simply because they are the professionals closest to your home. You can actually find you get the problems dealt with in a quicker manner simply because of the distance factor. Contractors will be able to reach you quicker so will be able to do more before they leave. Travelling can also add to the final costs so think about that!

Their Years in Business and Reputation

If someone has been in business for a number of years and has received praise for their work over the years, that’s a very good sign. People who are in business, whether for a short or long period of time, can have a terrible reputation and there are reasons why their reputations aren’t so good. It could be they fail to deliver what they promise or that they are constantly late and don’t stick to what they say. You have to be wary of that so when you want to hire the right water damage restoration contractor you have to look at their years in business and their reputation. These two things can matter a lot when it comes to skill and know-how.

Flood Water Damage Restoration – Get the Right Contractor to Resolve Flooding-Related Problems

Costs and What They Provide

If a water damage restoration contractor says he or she can deal with document or electronic restoration they should be able to deliver. This is important to think about when it comes to hiring someone but you also have to look at the type of services they provide. If you need a certain service but a company doesn’t offer it, you have to enquire if they will be able to provide it and if not, you have to look elsewhere. You really need to know what services are on offer as well as how much they cost. If a company is charging far more than you can afford or what you are covered for with insurance there might be a real problem. You have to ensure the costs and services are fair.

Find the Right Contractor

It’s a nightmare to find a restoration service as you don’t really care too much over who you are choosing! Most people are only worried about saving their property so don’t think about who they are hiring. That’s a mistake because the person or people you hire will be the difference between saving a home and destroying it. If you hire a bad or wrong service they might make things worse; that is why you have to ensure you find the right contractors. Water damage restoration is important to fix and there are good services for you to use who can fix it. Click here to know about water-damaged building materials management policy.

Fire and Water Damage Restoration Professionals

Water damage restoration is serious no matter how minor it appears to be. Fire and water damage occurs almost every day in millions of households and dealing with that problem can be very tough to say the least. However, if you are able to get good professionals in to deal with the problem, they might just be able to solve the issues fast and effectively. It’s very much possible to get fire and water damage restoration professionals and have them deal with everything you need to. So, how can you find the right people for your home and why are their services so important? Read on to find out more. Learn more about water damage restoration process.

The Longer You Wait, the More Damage Is Done

Let’s say you didn’t go to a professional restoration service but the water had done damage to multiple parts of the home, what would happen? Well, if the water penetrated the structure of the home, it could result in structural issues and potentially cause foundations to shift. That means the home is not technically safe and it might mean putting yourself as well as your family in danger. It’s really quite important to look at water damage restoration so that your home is seen to quickly and effectively. Fire and water damage can easily occur but with the right professionals, it can be avoided.

Fire and Water Damage Restoration Professionals

Look At the Restorers Reputation

When you look at water damage restoration after a fire, you should ensure they have a good reputation. It truly matters whether you have minor or major damage. After a fire, there is a lot of damage from the smoke, the actual fire and of course the water and you need to ensure a professional attends to it quickly. Restoring your property is not going to be easy but if you get someone who comes with a good reputation you can find it’s far easier.

Check Out how long they’ve been In Business

You also need to know how long the restoration service has been in business. Why does this matter? Well, it’s about how much experience they have. Experience really does count, just as much as what reputations does, so you really have to focus on that too. You can also feel far more comfortable and at ease with someone you know has a few years of experience under their belts. Finding good water damage restoration services is easy to do but you need to take precautions to ensure they are suitable for your home. You can find you’re given the help and support you need to get your home back in good shape. Visit https://www.epa.gov/mold/water-damage-table-mold-prevention-mold-remediation-schools-and-commercial-buildings for guidelines for response to clean water damage within 24-48 hours to prevent mold growth.

Hire the Best

Professional restoration services are needed today. When a fire has hit you need to ensure you get the right people to help deal with your water damage. There has never been a more important time to get the help you need and it’s really something you should concentrate on too. You can restore a lot of damaged property, even if it looks beyond repair. Water damage restoration services can help in many ways and you shouldn’t forget that.