July is hot, and so is the Wethman Group! We are thrilled to be named to the list of Washingtonian’s Best Realtors in the DC area for the 2nd year in a row! Thanks to all of our past clients and friends who continue to support us and make us great. We’re honored!
June numbers show the market is as hot as the temperatures outside! Sales reached the highest point since 2009, and the median sales price for the DC area reached an all-time high. But the overall median sales price skews the story. Some pricier neighborhoods like Georgetown and Adams Morgan saw a fairly large decrease
in median price last month compared with this time last year. This is a trend we have been seeing for the last several months. Buyers are active, the volume of sales closing are up, but there is still flexibility in price in some neighborhoods and on certain listings. A recent list of DC’s most and least expensive neighborhoods
, is both interesting and somewhat shocking (Dupont in most affordable?), but this type of analysis isn’t comparing apples to apples (Dupont makes the list because of the number of smaller apartments and condos for sale). The Washington Post just named 3 new neighborhoods that are heating up
. Deciding where to buy can be a complex decision, especially with the market as interesting as this one. When you are weighing your options, reach out for a quick chat on what we are seeing in the neighborhoods you are considering.
One thing is certain, following Brexit, we are seeing near record low interest rates! If you are consideringrefinancing
, reach out- we can recommend several great local lenders to work with to get the best rates. Another constant – inventory is low and continues to decline. Sellers, it is still a great time to get on the market! Let us walk you through a timeline that makes sense for you and our plan to maximize your return on investment.
Did you know we provide FREE educational seminars on home buying and selling to offices, alumni associations, community groups, and others. Attendees love these! If you know a group who might benefit, let us know, we’d love to set something up.
If we can help you or someone you know with your real estate needs, please do reach out. We always love to hear from you!
The Wethman Group
April Fool’s Day may have passed, but this market is also no joke! We’ve said it before: List your home early in the year. Buyers have been out for months, and most sellers are still de-cluttering. We had five successful closings in March and we are looking forward to warmer weather and new listings in April and May. If you are thinking of listing your home this spring, give us a call. In most neighborhoods the inventory is still low, and well priced homes are going fast, but reviews are mixed on how the market is doing. While we’ve seen bidding wars in some neighborhoods and at certain price points (particularly moderately priced single family homes), but rapidly growing inventory in other segments, like condos. Our local MLS reported that inventory was up a whopping 20% in March 2016 vs March of last year–the highest level of March inventory since 2007
. Typically April inventory spikes even higher. We’re still below 2.5 months of inventory, but that’s no consolation that sellers that haven’t priced well and are wondering why they have no offers. Across the nation, there are rumblings of a slow down in the market–could it actually come our way this time??
We’re off to the races again this year! The Wethman Group is literally headed to the races at Gold Cup with clients and friends at our Client Appreciation EventSaturday, May 7th. If you are going to the races also please stop by Tent #124 (North) and enjoy a cocktail with our team–we’d love to see you. We’ll also have some cornhole, friendly wagers and raffles to keep the action going between races. Clients, if you haven’t received your invite, please contact us asap!
As we settle into spring it’s important we do some seasonal home maintenance. Click here to view a checklist
we created to help you get started. Should you need a referral to a vendor, please give us a call we have many preferred vendors we refer our clients to.
As always, don’t hesitate to call us if we can help with your real estate needs.
The Wethman Group
Should you keep your home on the market during the holiday and winter months?? Will you get any buyers or traffic through your house? Many clients ask us these questions, as the holidays are approaching and the answer is YES! While the real estate market may slow down more in the fall, compared to the spring, there are still buyers out looking, even during the cold winter months! While it may seem odd, here are some of the best reasons you should list/keep your house on the market during the Holidays!
-The weather during the winter and holiday months can be cold and dreary, so buyers out during this time are serious, and not just “seeing whats out there”. Buyers that look at your home through the holidays, are usually serious and ready to make a decision quickly.
Sense of Urgency
-Buyer looking during the winter months, are likely starting a new job, relocating or getting transferred with the government or military. In this case, they have a firm deadline of when they need t find a home!
-Since many sellers think buyers won’t be looking during the holidays, many will take their home off the market and relist in the spring. That is good news for those still on the market, because less supply of homes, means more demand ( and showings) from buyers.
More Negotiating Power
-When there is less inventory, and a home is priced well, sellers have more negotiating power. If your home is listed during the holidays, they are not many other houses, and buyers HAVE to purchase, many sellers will receive strong offers and terms.
More time to Search
- Many people are off around the holiday, which means they have more time to search for houses online, and more time to see them! Although some people may be traveling, there are still many than stay home, and will likely be on their phone or computers looking at properties!
-Despite having your home for sale, you can set specific show hours, or decline appointments that are not convenient. Also, keys can be removed from the lock box over Christmas & New years, to ensure that you wont be disrupted.
-If you know you will need to sell during the holidays, you can also take pictures in the fall, so that your house looks more inviting compared to bare winter photos.
Houses feel more inviting!
-During the holidays, your home is usually decorated and feels inviting! This is another added benefit for buyers to see the house, from a different perspective.Certainly, less is more, but they can see the benefit of a large wood burning fireplace, and appreciate an energy efficient heating system!
-Some buyers may need to purchase before the end of the year for tax reasons, so this increases their motivation even further.
These are all great reasons to sell or keep your house on the market during the holidays! If you have questions regarding your neighborhood, and what would be the best time to help you get the most money in the least amount, contact us for more details!
Fall is in full swing and we are enjoying all the changes that come with the season. We have continued to stay busy here at the Wethman Group with 15 settlements in September and October! We hosted several First Time Home Buyer Classes and were proud to sponsor the JMU Metro Dukes Crab Fest.
We have two big client appreciation events coming up in the next few weeks so all our clients should look out forinvitations to Thanksgiving Pie Giveaway and Breakfast with Santa at the Movies — contact us if you haven’t received your invite!
Market & Lending Conditions
Nationally, it was a rather ordinary month for the residential housing market in October, based on a preliminary analysis of realtor.com®
data. “October saw little change in the for-sale housing market other than the typical seasonal decline in demand and inventory,” said Jonathan Smoke, chief economist.
But in our local market, we’re seeing inventory creep up and sales drop, and expect that to continue into November and December. This may be a good opportunity for buyers! Buyers are anxious about apotential Fed rate hike in December, and if mortgage rates go up, that will continue to cool our high-priced local market, especially. In other mortgage news, FHA recently announced changes to its notoriously difficult condo approval process, which should help provide additional financing options to condo buyers very soon.
Before the weather grows colder it’s important to prepare for the winter months to prevent costly damage. Email or call your agent if you need a copy of our Fall Maintenance Checklist.
We’re so grateful for our clients, friends and supporters this season of Thanksgiving and all year long. As always, don’t hesitate to call us if we can help with your real estate needs.