Thursday, July 31, 2008

Buying in Lyon Park, Waycroft and Ashton Heights Arlington

Question

Good morning Frank,
I am a frequent blog reader and also user of your franklymls site; one of the most helpful tools for buyers, in my opinion. My husband and I are currently looking for 2-3 bedroom single family homes in Lyon Park, Ashton Heights, and Waycroft, preferably in the range of $600-725K. We rent just down the road from 1021 in Courthouse, so we're fairly familiar with the area, but have had some difficulties in identifying
a) for sale by owner homes and
b) new listings of less than a week or two, by which time the ones worth seeing are typically under contract.
Any thoughts? Linda

Reply:
Hello Linda,
Yep, I have thoughts.
Email alerts will be key, and I will set those up to be hourly. Just make sure to confirm the first emails (3 total). The first email will have current homes and subsequently you will get an email every few days with new listings and price drops. I put the max for $900k so you know about everything.
Here are the homes that have sold since Jan 2008, about 1 per month per category. Which one do you like?
Lyon:
Ashton Heights
Waycroft:
(half sold within a week)
And if you do decide to sign with us (see blog post
http://blog.franklyrealty.com/2007/02/exclusive-buyer-agency-contracts-dont.html on Exclusive Buyer Agency agreements) we can be even more aggressive and actually send out a mailing to those areas specifically trying to find people who haven't picked a Realtor yet and are about to sell. I get about a 1% response rate, which isn't bad.
I'm sure you have seen the actives, can you tell me what you like and don't like from these?
Of the actives, what were your thoughts of these 2 in Lyon Park:
These 6 in Ashton Heights:
and this short sale: [edited out as per MRIS rules]
2 in Waycroft
As a rule of thumb, homes that sell in the first 10 days tend to keep 99% of their list price. However on average a home will drop 8% from the top price. So we want to look at homes that are 10-15% higher just in case they are way overpriced and can be knocked down, but then again, we have to get hourly alerts in case something good hits that is properly priced. Did you see the FranklyCRA blog post http://blog.franklyrealty.com/2008/07/frankly-cra.html on how to tell (in part) if something is overpriced?
As for FSBOs your best bet it Craigslist. And FranklyMLS.com will link to craigslist at the bottom of each individual listing. Also I just signed up for RealtyTrac.com which will give me some heads up for possible bank stuff coming down the pipeline.
Would you like to meet at one of the properties above? In part to just look around and in part to meet in person.
Also if you are on AOLIM or GTALK, my handles are below.
And have you spoken to a lender yet? If so which one?
- Written by Frank Borges LL0SA- Broker FranklyRealty.com

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