SOLD- 204 S Ivy St Arlington, VA

This slideshow requires JavaScript.

Who says the fall market is slow? We received and offer even before going on the market!

Gorgeous 3 bedroom, 2.5 bath home in Arlington Heights. Inviting living room with fireplace, large dining room and updated kitchen with new tile floors, refreshed cabinets and granite counter tops. Spacious master bedroom with attached half bathroom. Two other bedrooms with hardwood floors, and full bath with shower/tub combo. Bonus rec room in basement with space that sellers are using as a 4th bedroom. Screened in porch, slate patio with fully fenced yard with garage and driveway.

The house was painted, carpet was replaced, tile was installed and other small repairs were completed in preparation to go on the market.

Homes in this neighborhood have sold for $600K-$1.1M+ depending on size, updates and location. This home was abut 2000 sq feet, but had fantastic curb appeal and a large flat back yard. We sold this home for $805K.

Contact us if you have questions about the best updates for your home, and how to maximize your sales price.

Share

Katie Wethman’s Real Estate News

November  2016

Greetings!

The election over and everyone around the world is asking “Now what happens?”  That’s too big a question for purposes of this little real estate newsletter but here’s what we know so far as it relates to real estate. The markets are still digesting their ‘best guesses’, but so far the 10 year bond market has spiked, and most mortgage pricing is tied to that (not the 30 year, as some might assume). This means higher interest rates for now. It is too soon to tell if it’s the start of a trend, or a blip.  We’ve known for some time that rates couldn’t stay that low forever though, so my money is on ‘trend.’

Higher rates are likely to slow the growth in home prices, but that’s a double edged sword. Prices down + interest rates up = still unaffordable for buyers in our area.  Plus, sellers will be less willing to sell ‘at a loss’ meaning inventory could well go down.  SMR Research Corp, a mortgage research firm, estimates that rising rates will contribute to a decline in price for 1/3 of US homes by the end of 2017.

Most experts expect a rolling back of financial regulations put in place after the last housing crash, which will be a welcome change to Wall Street.  New regulations made lenders very risk averse, so this could open up looser borrowing qualifications-good for some buyers, but not without long term risk to the market.

The big wildcards still out there are GDP growth, inflation, job growth, and consumer confidence.  We’ll be keeping an eye on those.

Obviously these are uncertain times, and the market could shift quickly.  If you’re thinking of buying or selling in the next two years, please contact us so we can help think through the best strategy and timing for your needs.

Pie Day

We loved having the chance to connect with clients and friends just before the holiday for our annual pie day. Thanks to those who stopped by!

If you weren’t able to make it you have another chance to get together for our Movie Party in December.

Client Appreciation Event: Breakfast Movie Party with Santa

December 3rd, at 10 AM we are hosting a Breakfast Movie Party with Santa at the Tysons AMC Theaters. Join us for breakfast, prizes, and a screening of Disney’s Moana.

As always, if you or someone you know has a real estate need, we’re always here to help.

The Wethman Group

 

 

Share

Love the Wethman Group? Review Us!

We enjoyed working with you, and would love it if you could help spread the word about the services we offered you. Our business is largely built on the kind support we receive from current and past customers. There are a number of sites and we’d love for you to post a review on any or all.  Here are the links to some popular sites we know people search for agents:

Zillow

Angie’s List (must be a subscriber)

Yelp

Facebook

LinkedIn: https://www.linkedin.com/in/wethmank

Realtor.com

Google+

Not sure what to say? Here are some thoughts to get you started.  Even just a few quick sentences is helpful!

  • Why did you decide to work with us?
  • What did you like about working with us?
  • Was there anything in the process specifically that we were able to help you decide or negotiate?
  • Would you recommend us to others?

As always, we appreciate your support of our business!

Share

Katie Wethman’s Real Estate News

October  2016

Greetings!
The record streak continued last month with the most closed sales in a decade in September. Median prices dipped 5% from the August high last month, and came in just in line with the median of September 2015. New listings saw a 23% increase over August, which we are feeling in our own office. If you are looking to buy, this is the time to get out there before sellers decide to stay put until spring. While new listings were up month-over-month, active inventory is actually down 14% from this time last year, which means a lot of those new listings are being absorbed quickly. Inventory overall remains low, even compared with last year, but is near the 5 year average for this area. In short, the market remains steady and active.
Still debating about continuing to rent or buy? Trulia just declared buying in the DC area works is 36% cheaper than renting! Of course this determination depends on your circumstance (including how long you plan to keep the place- Trulia is assuming 7 years, though break even in our area is around 4), so run your numbers on a rent versus buy calculator to get a sense of whether buying will save you money. Or give us a call to talk through the way we would think about it in your situation.
Two Upcoming Client Appreciation Events
To show our appreciation to our clients for your business and referring your friends and family, we are hosting two upcoming events. We’d love to see you!
Pie Day
As an expression of our thanks for YOU at Thanksgiving, come by and pick up a pie (your choice of apple or pumpkin) on us.
Monday, November 21, from 12pm-5pm at our McLean Office
6820 Elm St, McLean, VA 22101
or
 
Tuesday, November 22, from 2pm-8pm at Katie’s House
313 N Irving, Arlington, VA 22201

Reserve yours at thankful.wethmangroup.com.
Breakfast Movie Party with Santa
Save the date: December 3rd, at 10 AM we are hosting a Breakfast Movie Party with Santa at the Tysons AMC Theaters. Join us for breakfast, prizes, and a screening of Disney’s Moana.
As always, if you or someone you know has a real estate need, we’re always here to help.
The Wethman Group
Share

How Interest Rate News Affects Your Home Search

With the interest rate in the news, I wanted to provide some perspective on what that might mean if you are considering buying a home. The Fed declined to raise the rate, but is projected to make a slight bump in December. While rates probably wont skyrocket soon, any increase does affect your buying power when it comes to house shopping. We would never advise you to buy a house based on fear or market pressure. The decision to buy should be made considering many factors, including your lifestyle, desires, and general readiness, in addition to financial considerations. To look at the financial picture, a rent versus buy calculator, like my favorite from the New York Times, can help you get a better sense of whether or not it makes sense for you.

If you are already considering buying a home, the projected bump in interest rates, and the estimated additional 5.4% increase in housing prices over the next year, may be reasons to consider looking in earnest now, versus waiting until next spring or summer. As an example, below is a snapshot at the average housing price for a first time home buyer in our area. If you are looking at homes priced higher, the difference will be even more pronounced.

The difference of $185 a month, may not look like much, but it adds up to almost $67,000 across the life of the loan for the same house. If you are ready to buy now, that difference could make it worth starting to look seriously this fall versus waiting until next year. The good news is that if you aren’t ready to buy, next year’s projected rate of 3.71% is still VERY low compared to historical averages.
As always, we want to lead with information and help you make the decision that is right for you. Feel free to contact us with any questions, we’d love to hear from you.
Share

Katie Wethman’s Real Estate News

September  2016

Greetings!

August was another record-breaking month for the DC metro area housing market. Sales volumes were up 16%from the same time last year and the median sales price was the highest it’s been since August 2007. Inventory declined for the fourth month in a row, down 16.4% from this time last year, yet still slightly above the the 5 year average and 23% higher than the low in August of 2013. This is consistent with what we are seeing in offers. Properties are selling, buyers are buying, and prices are healthy, but not super inflated.

An ever so slight interest rate increase last week  caught attention, but rates are expected to stay nearly this low for the remainder of the year, with bets placed that next year we may see a more substantial uptick. If you are considering buying, but uncertain about what financing options are best for your situation, just ask. We work with a lot of great lenders and can help you find the right one for you.

Interested in buying your first home? Or need a refresher while thinking about your next move? We are hosting a free Home Buyers seminar Tuesday, October 11th, at 7pm at Capital City Brewery in Shirlington. You will learn about the entire process from searching for your dream house to closing on it. We will discuss the current housing market, how to decide if renting or buying is best in your situation, financing, and more. Register here to join us.

Mark your calendars for our upcoming Client Appreciation Event, Sunday,October 23rd at Williams-Sonoma and Pottery Barn in Clarendon. We have arranged a PRIVATE shopping event with tablescape demonstrations for the upcoming holidays, refreshments, plus a chance to shop to contribute to Care for Kids benefiting Children’s National Health System. For Wethman Group event attendees, when you buy a $50 gift card, the hospital program gets $50, YOU get $50 that can be used in either store or many other stores and restaurants AND 20% off at those participating stores through October 30th. We’re excited to be part of this great partnership between local businesses and this great cause.  Join us!

File under: Neat House, Sears Catalog Edition. Listed (and already sold) for the first time in our lifetime, this“gingerbread house” in Cleveland Park is a charming reminder of the simpler times in home acquisition. Can you image just ordering and putting it together following a guide with numbered parts?
Things are slightly more complex these days, but we are here to help! If you or someone you know has a real estate need, we’d always love to hear from you.

The Wethman Group

Share

1031 Exchange

Are you an seller or investor looking to sell a property, buy a new property, but want to avoid paying capital gains or recapture taxes?

Have you heard of 1031 exchange? This is a process where you are redistributing the equity of one property into another investment, to defer additional taxes.

Here are some simple facts on the 1031 process;
1. Sell property & identify new purchase within 90 days.
2. Find a like kind/replacement property you want to acquire. (Must be equal or greater value).
3. Reinvest all equity into the new property OR apply equity to a higher valued property.

This transaction is similar to a trade, where the equity is transferred to a new property, rather than received as proceeds, and taxed.

We have had clients sell a long term investment property, for a new construction investment, sell their investment, and apply the proceeds towards a portion of an investment or, apply the equity of one property to the purchase three new properties.

As part of the exchange process, the purchase property must be identified with in the specified time frame, and the owner may not receive cash or other benefits from the sale.

Using a Qualified Intermediary to complete this process is highly recommended, given the complicated nature and timing of the transactions.

If you have more questions about completing a 1031 Exchange, our team has completed these types of transactions on our personal properties, and for clients. Contact us today, for more info!

Share