Washington, DC Real Estate Market Update

Watch the video below to find out what’s happening in the Washington, DC real estate market. This video is about the May 2015 housing market trends in the nation’s capital. If you’d like more info, please contact us.

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North Arlington (Orange Line) Condo Update: May 2015

Welcome to the latest installment of the North Arlington condo update. Included in the stats are active listings and sales in zip codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon).

  • Sign up for a market conditions report.
  • See market data for all of Arlington.
  • See more Buyer Resources.
  • See last month’s post on Orange Line Condo prices.
  • Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).
  • Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1-Br Units 2-Br Units
Active Listings as of  June 18, 2015
Average List Price

$269,438

$501,485

Number of Active Listings

57

59

Average Property DOM(P) – Actives

83

70

SOLD LISTINGS for May 2015
Average Sold Price for Previous Month (does not include seller subsidies)

$361,709

$492,370

Number of Sold Listings in Previous Month

24

21

Average Property DOM(P) – Solds

31

69

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The Wethman Group’s Real Estate News

Greetings!

The Wethman Group is in full swing this Spring!  We had 14 settlements in April and 9 in May.  June already has 12 on the books, so is shaping up to be one of our best months yet!  As always, we thank you for trusting us with your real estate needs!  Now, on to market news and upcoming events like our first time home buyer class and baseball outing!

First, in market news, we’re starting to see some warning signs that the market is slowing in our area, though not across the board.  Some price points and neighborhoods remain hot, but others had palpable changes in the past few weeks.  We typically see a seasonal slowdown in July and August, but interest rate hikes, already hinted at by the Fed, could amplify the effects quickly in our area, where purchasing power is such a driver of our high priced market.  But add the World Bank to the list of people enjoying the low rate environment; they asked the Fed to hold off on rate hikes until 2016. If you’re thinking of selling this year, contact us so that we can pull together market data now to optimize timing.

Nonetheless, the DC Metro area is seeing better sales compared to Spring of 2014. The Northern Virginia Association of Realtors® reported that sales transactions for April 2015 rose by 4 percent. Our own  Katie Wethman, was interviewed in their recent publication and noted , “The market right now is very sensitive, buyers have data at their fingertips and know a value when they see it. But, they are quick to pass when they feel a property is overpriced.”  Katie makes the recommendation to sellers that they maintain a house in show-ready condition if they want to receive top dollar.“Buyers see interest rate hikes looming on the horizon, and are motivated to move quickly, but don’t want to risk overpaying,” she notes.

The Consumer Financial Protection Bureau is planning to address problems that surfaced during the meltdown of the housing market when millions of buyers took on complicated loan products they didn’t understand and ended up losing their homes in short sales or foreclosure. (Better late than never??) Some experts feel this will slow the loan process and may cause some hiccups initially. These changes are tentatively scheduled for August 1st. If you are thinking about buying in the next six months you should give us a call now so we can explain how this could effect the lending process for you.

Our next free first time home buyer class is scheduled for Wednesday, June 17th at Arlington Central Library.  We also have an exciting new location: we will be hosting a home buyer class (with free beer!) at Denizens Brewing Co in Silver Spring, MD on Tuesday, June 23rd.  Contact us for details or register here.

When we are not helping our clients with their real estate needs we are planning exciting events for them to attend with their loved ones. Our Gold Cup Client Event was a huge success. The weather was perfect, the bar was stocked and fun was had by all who attended. OnSunday, July 19th, we will take our clients to watch the Nationals beat the Dodgers at Nats park.  As always, our client appreciation events are FREE! It’s one of the ways we say thank you for trusting us to help you with your real estate needs and referrals.

Want to know more about buying a home with us?  Watch this short video about the home buying process!

Buying a Home with the Wethman Group
Buying a Home with the Wethman Group

 

We make it our top priority to be abreast of all the latest information available to help you make the best real estate decisions at the right time. Call or email us to discuss your real estate needs.

All Our Best,

The Wethman Group

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Home Staging Ideas to Get Your Home Ready to Sell

Guest Blogger: Jane Blanchard of Modernize.com

When a family is planning to sell a home, they want it to look as good as possible. A properly staged house can help prospective buyers develop a better sense of what it would be like to live in a particular home. Home staging also helps buyers focus on the positive elements of a house by looking at it as a place where a family lives, rather than having to look at an empty space and see nothing but potential defects. With the help of a few clever home staging ideas, you can do a better job of getting your house ready for the market.

Hide Anything Personal

Before

If your family is still living in a home, it’s important to remove any personal items from sight. While a buyer wants to be able to see a home as a warm and inviting place, there’s a thin line between seeing it as somewhere that a family could live and a place where your family does live. If no one is currently residing in a house that’s for sale, it’s still important to stick to the basics, rather than adding too many details to a staged location.

Neutralize All Paint Choices

modernize

Remember that time that you decided to let your kids paint their bedrooms bright colors? That paint job needs to be neutralized before you stage your home for sale. The color choice doesn’t have to be all-white in every room, which can be problematic in its own right. Light tans, browns and beiges can soften a room’s look while maintaining a certain level of intimacy. As with most home staging ideas, the goal is to present the place as a blank slate without making it appear too boring.

Maximize Curb Appeal

porch

The exterior of a home needs some life in order to entice a buyer, and a few properly placed plants and some touch-up work on a house can generate big returns. When trying to enhance a home’s curb appeal, try to refrain from choices that might limit a buyer. For example, planting a large tree or shrub is a bad idea when you can simply place several plants in pots around the house. When in doubt, always lean toward enhancing curb appeal with items that can easily be removed. If a buyer wants those items badly enough, they can always pay you to leave them behind or find their own substitutes.

For more tips and tricks, head to Modernize.com.

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North Arlington (Orange Line) Condo Update: April 2015

Welcome to the latest installment of the North Arlington condo update. Included in the stats are active listings and sales in zip codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon).

  • Sign up for a market conditions report.
  • See market data for all of Arlington.
  • See more Buyer Resources.
  • See last month’s post on Orange Line Condo prices.
  • Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).
  • Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1-Br Units 2-Br Units
Active Listings as of  May 20, 2015
Average List Price

$263,051

$484,679

Number of Active Listings

47

62

Average Property DOM(P) – Actives

85

74

SOLD LISTINGS for April 2015
Average Sold Price for Previous Month (does not include seller subsidies)

$357,546

$572,775

Number of Sold Listings in Previous Month

27

27

Average Property DOM(P) – Solds

47

23

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The Wethman Group’s Real Estate News

Greetings!

We’re off to the races! And we’re not just talking about the Spring market (though that definitely feels like a race right now too!)  The Wethman Group is literally headed to the races at Gold Cup with clients and friends at our Client Appreciation Event this weekend. If you are going to the races also please stop by Tent #124 and enjoy a cocktail with our team–we’d love to see you. Clients, if you haven’t received your invite, please contact us asap!

 

We had 14 successful closings in April and we are looking forward to warmer weather and new listings in May! We have new listings across the entire DMV area, including a great 4BR condo in Alexandria, a 2BR single family home in North Arlington, a single family home in Potomac, and a townhouse in Fairfax. If you are thinking of listing your home this spring, give us a call. We are still seeing multiple offers when homes are priced properly.  For buyers looking in hot neighborhoods, properties are moving fast, so this means you need to have your lender lined up, your documents ready to go, and your checkbook in hand. If you like a property, you need to move fast or someone else will.

 

Buyers, we continue to offer our free first time home buyer classes, with the next session scheduled for Tuesday, May 12th at 7:00 pm.  You can register athttp://register.wethmangroup.com  Want to know more about buying a home with us?  Watch this short video about the home buying process!

 

Buying a Home with the Wethman Group
Buying a Home with the Wethman Group

 

Summer is just around the corner and we are planning our next Client Appreciation Event: A Day at the Nationals Stadium with the Wethman Group. The game we are attending this year is Sunday July 19th against the Los Angeles Dodgers, so clients, please mark your calendars and stay tuned for more details.  As always, our Client events are free!  It’s one of the ways we say Thank You for your business!

 

We make it our top priority to be abreast of all the latest information available to help you make the best real estate decisions at the right time. Call or email us to discuss your real estate needs.

 

Think Spring!

The Wethman Group

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North Arlington (Orange Line) Condo Update: March 2015

Welcome to the latest installment of the North Arlington condo update. Included in the stats are active listings and sales in zip codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon).

  • Sign up for a market conditions report.
  • See market data for all of Arlington.
  • See more Buyer Resources.
  • See last month’s post on Orange Line Condo prices.
  • Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).
  • Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1-Br Units 2-Br Units
Active Listings as of  April 16, 2015
Average List Price

$301,262

$500,984

Number of Active Listings

53

60

Average Property DOM(P) – Actives

67

56

SOLD LISTINGS for March 2015
Average Sold Price for Previous Month (does not include seller subsidies)

$338,283

$537,096

Number of Sold Listings in Previous Month

19

23

Average Property DOM(P) – Solds

59

19

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