This Month in Real Estate – July 2019

Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.

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The Wethman Group’s Real Estate News – June 2019

June 2019

 

Glimmer of Hope for Buyers?

Inventory came up ever-so-slightly in both Northern Virginia and DC in late May and now into June, giving just a touch of breathing room to buyers who have been frustrated with bidding wars and waived contingencies.

We’re still seeing hot properties in entry level price ranges escalate well above list, though, and motivated buyers are doing pre-offer inspections and finding other ways to mitigate the risk that comes with waiving contingencies.

We’re seeing the market cool a bit in the upper ranges of $1.2M+, where inventory is higher, and buyers with children finalize their moving plans for this summer to be settled well before the school year.
Our team is busier than usual this June as a result of buyers still on the hunt, having been competing for the past few months. If you’re a buyer who’s been sitting on the sidelines this Spring, this may be a good time to dip your toe in the water.
In other team news, a video interview with Katie was recently featured in ARLNow’s Boring Title column. She spoke briefly about bidding wars and the risks that come with them. Check out the video here, and contact us for more info!
In market news, rates continue to fall so this is a great time to refinance! There are costs to refinancing, but a good rule of thumb is that it’s usually worthwhile if today’s rates are 1% or more lower than your existing rate. Contact us if you want to talk to one of our excellent lender partners!
As always, thanks for your business and referrals — we’re never too busy for your referrals!
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        Wethman Group Client Appreciation Event:   Nats Game July 7th

Clients, you should have received your invite with link (or check our Facebook Perks page!) to RSVP for our annual Nats game July 7th. Seating is limited, so please RSVPsoon!

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Interest Rate Update

 

Rates have lowered in the past week and buyers are hoping they stay low through the summer.
30-Year Fixed Conventional 3.93%
5/1 ARM 3.87%
30-Year Jumbo 4.16%

Rates per Bankrate.com. Graph Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States [MORTGAGE30US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE30US, May 9, 2019.

 

WETHMAN GROUP LISTINGS

For Sale:
Coming Soon:
$799K/TBD

12154 Captiva Ct Reston, VA 20191
$325K/TBD
12811 Caldwell St Rockville, MD $280K
Under Contract/Sold:

545 E Braddock Rd APT 406 Alexandria, VA 22314 $425K

2707 Adams Mill Rd NW #408 Washington, DC $289K

 

 

 

 

 

 

 

HOME CARE CORNER:

Clean Those Gutters!
Keeping water away
from the house is one of the most important things you can do, and
clogged gutters are a common culprit when it comes to water in basements. Next time it rains, take a walk around your property and see where the water is flowing. Make sure it’s coming out of the downspouts easily, and use downspout extenders (<$10 on Amazon or Home Depot) to divert the water at least several feet away from the foundation.
Ask us for a copy of our Maintenance Checklist for other items to inspect. Routine maintenance throughout the year helps avoid large expensive repairs or replacements down the road
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CLIENT PERKS: CORN HOLE GAME!

Hosting a backyard BBQ? Borrow our regulation size cornhole game for free! Just email us to reserve.
Have something you’d like to see us add to our collection of client items available to borrow? Just email us!
We’re happy to help with all your residential and commercial real estate needs throughout the DC metro area. Remember to Like us on Facebook for market updates and real estate tips!
We have a nationwide network of quality agents–let us know if you or someone you know needs a referral to another city.
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The Wethman Group’s Real Estate News – May 2019

May 2019

 

Stuck on repeat…low inventory…

April stats are out and it’s more of the same: inventory year over year is down (again), which is, in many months, keeping market activity low. This appears to be the new normal–see graph for 3 year trend showing declines over the seasons. We’re seeing a lot of buyers get crazy with bids, and we’ve been steadily working with our buyers to craft offers that can win without overpaying. Coming soon and off-market listings continue to be the holy grail. DC isn’t quite so bad–see graph below showing year over year increases in active listings.
The number of units listed in April is comparable to the same as March 2019, but there were more pending and sold homes in April 2019, compared to previous months. The average days on market has also decreased an average of 10 days compared to earlier this spring. Compared to inventory levels in 2018, the number of available properties overall across the area is substantially lower.
We’ve had a number of sellers list their homes this spring and and sell with through our Coming Soon marketing plan. They’ve usually received great prices and competitive terms for their properties without going active on the market. If you’re on the fence about selling now or later, email us and we’ll give you a personalized update on your home and market update!

Wethman Group Client Appreciation Event:

Nats Game July 7th

Save the date for our annual Nats game July 7th. Check your Perks email or our Perks Facebook (clients only) page for details and RSVP link!

 

Interest Rate Update

Rates have fallen this past week to 4.18%. This time last year rates were around 4.55%. Jumbo rates are also remaining very competitive. Adjustable rates are making a comeback as buyers seek to maximize their purchasing power–is it the right choice for you? WaPo had a great article (click here) discussing ARM loans.
30-Year Fixed Conventional 4.18%
5/1 ARM 3.95%
30-Year Jumbo 4.37%
Rates per Bankrate.com. Graph Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States [MORTGAGE30US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE30US, May 9, 2019.

HOME CARE CORNER:

PROPER GRADING

Spring rains are likely to wash away soil and mulch, so make sure you’re correcting the grading around your home this Spring as you do your Spring yard clean ups. Mulch washes away too easily to help with water run off; for correct grading, the ground should slope away from the house AT LEAST 2-3″ for every 10′. Proper grading, along with downspout extensions, is one of the more important things you can do to keep basements and foundations dry all year long!
Ask us for a copy of our Maintenance Checklist for other items to inspect. Routine maintenance throughout the year helps avoid large expensive repairs or replacements down the road!

CLIENT PERKS: OUR TRUCK!

Need a large piece of furniture moved, or donating items to charity? Picking up new patio furniture for summer? Don’t forget that clients and friends who refer clients can use our 14 ft truck for FREE! Just email to check available dates.
Have something you’d like to see us add to our collection of client items available to borrow? Just email us!
We’re happy to help with all your residential and commercial real estate needs throughout the DC metro area. Remember to Like us on Facebook for market updates and real estate tips!
We have a nationwide network of quality agents–let us know if you or someone you know needs a referral to another city.

 

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The Wethman Group’s Real Estate News – March 2019

March 2019

SPRING IS HERE!

March started with a bang and is still going strong! We’ve been seeing lots of activity in the market this month with many buyers out looking for homes, sellers receiving multiple offers, and lots of pre-market homes coming available as we cruise into the spring real estate market.
Most of our buyers are competing against multiple offers, and escalation clauses are common. We’ve been able to win a few bidding wars WITHOUT waiving contingencies, but it takes the right lender and a good offer strategy. “Coming soon” and off-market sales are becoming more frequent sales opportunities as well, so it’s critical to be working with an agent who is connected. Contact us for more info!
We’re excited for a strong year and we’re excited to help more with their Real Estate needs. Our goal is to reach 100 transactions this year, so if you know anyone thinking of buying or selling, please think of us!
WETHMAN GROUP CLIENT EVENTS: Today is the last day to enter our Wethman Group March Madness Brackets (using this link)! Prizes for top 3 clients to enter (clients only please.) You can also join us for fun, food, and some prop bets with prizes at our Final Four Basketball party on Saturday, April 6th (contact us, or check out the Wethman Group Perks Facebook page, to RSVP). And finally, Save the Date for our Spring Picnic at the Winery on May 11th (weather dependent). We hope to see you throughout the Spring season!
BUYERS: NOW is the time to get your pre-approval finalized and start talking strategy with us so that you’re ready to move quickly when THE ONE pops up. Call us, or get started at our FREE home buyer class in Arlington on Wednesday, April 3 (register here).
AMAZON UPDATE: This past week, Arlington County approved Amazon’s HQ2 Performance Agreement, which provides incentives back to the community based on Amazon’s performance with their new headquarters in National Landing. This incentive, which is tied to Amazon’s direct performance will not only bring 25,000 new jobs, but also infrastructure and support the area through Technology/Educational improvements, Transit updates and Affordable Housing Improvements.
Transit updates tied to the incentive package include:
  • New entrance to the Crystal City Metro station
  • South entrance off Potomac Avenue to the new Potomac Yard Metro station
  • Improvements to U.S. Route 1 in Arlington County
  • Pedestrian bridge from Crystal City to Reagan National Airport
  • Transit way expansion supporting Pentagon City, Crystal City and Potomac Yard in both Alexandria and Arlington
Housing updates include: Arlington and Alexandria will be investing around $150M through 2029 to support affordable and workforce housing in Alexandria, Crystal City, Pentagon City and Columbia Pike areas. This investment will help create anywhere from 2000-2500 units in the area.
Follow us on Instagram & our National Landing Facebook page for more details & updates!
SELLERS: Have you been considering selling your home? There is lack of inventory right now, and buyers are actively looking for a property in your neighborhood! While there is limited inventory, buyers are looking for certain items and will pay more for renovated homes with specific updates. Contact us today for a FREE Home Valuation, and to learn what buyers are looking for your home! Special incentives for those who book an appointment with us before the end of the month!
INTEREST RATES: Rates have recently dropped this past week to the lowest in a year! Now that the Fed has backed down from their hints of rising rates throughout 2019, we should see steady state for awhile.
30-Year Fixed 4.25%
30-Year Fixed VA 4.125%
15-Year Fixed 3.625%
Hear from Katie how we were able to help a client get a DC condo under contract before the open house!
Wethman Group - Getting the Seller to Cancel the Open House!
LISTING SPECIAL!
Thinking about selling your home in 2019, or know someone who is?
Meet with us by the end of March and mention this newsletter to receive commission incentives, a FREE HOME VALUATION and a FREE HOME CLEANING (up to $350) when you list with us.
OUR LISTINGS
HOME CARE CORNER
Spring Maintenance time is around the corner! its a great time to check your gutters, roof and windows for repairs. Check out our Maintenance Checklist for other items to inspect. Routine maintenance throughout the year helps avoid large expensive repairs or replacements down the road!
CLIENT PERKS: LOANER PROGRAM ITEM OF THE MONTH POWER WASHER!
Need to clean off the exterior of your home, patio or driveway? Use our Power Washer for FREE!
Have something you’d like to see us add to our collection of client items available to borrow? Just email us!
We’re happy to help with all your residential and commercial real estate needs throughout the DC metro area. Remember to Like us on Facebook for market updates and real estate tips!
We have a nationwide network of quality agents–let us know if you or someone you know needs a referral to another city.
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Katie Wethman’s Real Estate News – February 2019

February 2019

The Spring Market Has Arrived!

Despite limited inventory and frigid weather in the area, we’re helped 5 clients with their settlements in January 2019, and already a few in February too! We’re excited for a strong start to the year and we’re excited to help more with their Real Estate needs. Our goal is to reach 100 transactions this year, so if you know anyone thinking of buying or selling, please think of us!
As we typically see in January and February, multiple offers are commonplace because sellers are waiting for “Spring,” but buyers are out ready to write offers! We expect appropriately priced properties to move quickly throughout the rest of February and into March when inventory finally starts to slowly inch up. BUYERS: NOW is the time to get your pre-approval lined up and start exploring the market so you can hit the ground running when the inventory starts popping up — call us, and register for our free webinar via the link below.
We received a lot of questions about the previous government shutdown and its impact on the market, and Amazon’s decision to pull out of New York as its second HQ2 location. Fortunately, we did not see much of an impact with our clients and our current listings as a result of the shutdown–none of our settlements were delayed, and buyers were still excited to continue their home searches. We did see a slight increase in buyer activity in the Fall after the news was announced, but activity has returned to normal in anticipation of local hires and discussions of Metro and transit improvements as part of the Amazon deal. Amazon has confirmed that they are moving forward with the Arlington portion of their HQ2 build-out, and they are currently looking to “organically” grow the 25,000 jobs that were planned in NYC, rather than name a new location. Time will tell if our area ends up with more than our originally planned 25,000, but it makes sense that if things go well over the next few years, that we might see more job creation here than originally planned since Crystal City has the commercial space capacity, and our region can handle such a big influx of jobs. We’re not surprised that Amazon wouldn’t want to announce that in advance though, given the activist reaction in NYC.
Follow us on Instagram & our National Landing Facebook page for more details & updates!

Seller’s Corner

Have you been considering selling your home? There is a lack of inventory right now, and buyers are actively looking for a property in your neighborhood. While there is limited inventory, buyers are looking for certain items and will pay more for renovated homes with specific updates. Contact us today for a FREE Home Valuation, and to learn what buyers are looking for your home! Special incentives for those who book an appointment with us before the end of the month!

Taxes & Tax Law Changes

All of our clients that bought or sold a home in 2018 should have received a copy of their Closing Statement via email. If you are unable to find yours, please let us know! Don’t forget that new tax brackets and tax rates were passed late last year, and there are a host of changes, especially for homeowners. Consult your tax adviser for details.

Interest Rates

Rates have recently dropped this past week to the lowest in a year! Now that the Fed has backed down from their hints of rising rates throughout 2019, we should see steady state for awhile.
30-Year Fixed 4.37%
30-Year Fixed VA 4.125%
15-Year Fixed 3.625%

FREE Home Buyer Webinar

Are you interested in buying, but don’t have 10-20% for a down payment? We have options and advice to help you! There are programs available to buyers that require less than 5% down, you can finance PMI payments and help you achieve owning your own place. There are also lenders and programs for as little as 0-3%, and down payment assistance options that we can discuss too!
We’re hosting a free Home Buyer webinar on Wednesday, Feb 27 which will include an Amazon update, tax law update, and other factors to consider when buying a home. Click here to register.

Upcoming Events

Finally, keep an eye out for invitations to some of our client appreciation events!  We’re planning a Final Four Basketball party, and will also be hosting a Free Car Wash Day at a local car wash TBD, and our Spring Picnic at a Winery in May (weather dependent). We hope to see you throughout the Spring season!

LISTING SPECIAL!

Thinking about selling your home in 2019, or know someone who is? Meet with us by the end of February and you’ll receive Commission incentives, a FREE HOME VALUATION and a FREE HOME CLEANING (up to $350) when you list with us. Contact Katie to schedule your appointment!


HOME CARE CORNER
Winter is in full swing! With the snow we’ve been receiving make sure your gutters are clear prior to storms and melted snow/rain is able to drain away from your home. Also, take a quick visual inspection of your roof (and peek up into your attic if you have one) to help catch any early leaks and avoid larger repair costs. Here’s a tip if you see a water stain in your attic–take a sharpie or pencil and outline the spot…then check it again after another rain or snow to see if it has spread outside the outline to tell if it’s an active leak or an older stain.
LOANER PROGRAM ITEM OF THE MONTH: CHAFING DISHES
Hosting a party on a cold winter’s night? Or perhaps a Sunday brunch? Borrow one or more of our chafing dishes (both sterno and electric available) or warming trays to help make serving your guests a breeze! Large  coffee urn also together
Have something you’d like to see us add to our collection of client items available to borrow? Just email us!
We’re happy to help with all your residential and commercial real estate needs throughout the DC metro area. Remember to Like us on Facebook for market updates and real estate tips!
We have a nationwide network of quality agents–let us know if you or someone you know needs a referral to another city.
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