The Wethman Group’s Real Estate News

May 2017

Greetings!

The Spring market is in full swing, with lots of activity on the buyer side, but the real story is still low inventory. The median sales price in our area reached the highest on record  for the second month in a row, easily beating last April’s record by 4.1%, and up 3.9% from last month. However, new pending sales were down 8.3% from this time last year, and down 2.5% from last month, coming in under the 5 year April average. So what gives? Inventory!
April new listings were down 13% from April last year and down 6.7% from last month! This is below both the 5 and 10 year April average, but still above the 10 year low we saw in 2012.
This low inventory means the market is moving FAST as buyers are competing for the listings that DO hit the market. Average Days on Market for April was 10! That’s down from 14 days last April and from 15 days last month.
We’re still seeing multiple bids on most properties that are priced to sell, and significant offers over asking in a few pockets of DC and Arlington. Even though the market is competitive, we have a lot of happy buyers right now! Making the most attractive offer isn’t just about competing on price. There are many components that play into the strategy of an offer. If you are thinking of buying, let us guide you on how to put your best foot forward in this hot market. Set up a conversation with one of our buyer agents to come up with a strategy that is tailored to your goals.
Thinking of selling? Now’s the time! Inventory declining now at the peak of the spring market is huge. Buyers are out and ready to move, but not finding many options. If you have been considering a change, start the conversation with our listing team to figure out your how to position your property to maximize your return.
House it Going? Real Estate Q&A Happy Hour: Tuesday, May 23rd in Clarendon
 
Questions about Buying or Selling? Just want more information about what we are seeing in the housing market? Join Katie for an informal chat over drinks at Spirits of ’76 Tuesday, May 23rd. Stop by with your questions any time between 5-7pm.

Clients and Friends Who Have Referred to Us
SAVE THE DATE: Baseball Event, Sunday, July 9th
Mark your calendars for Sunday, July 9th, and watch your mail for more details on reserving your tickets.
Love us? Review us! Your reviews mean so much to our business. Share your experience online at yelp, zillow, angie’s list, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude!
As always, if you or someone you know has a real estate need please reach out. We’re here to help!
The Wethman Group
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Just Listed & Under Contract 6302 Walyes St, Springfield VA

Listed last week, and we received a contract in less than 5 days! Details on the property below:

Spacious 4 bedroom, 3 bath home in Monticello Woods neighborhood.
Newly refinished hardwood floors in hallway, living room and bedrooms.
Spacious living room with large picture window and wood burning fireplace.
Large eat in kitchen with bay window, brick accent wall, recessed lighting 42 inch cabinets, cook top, double oven, pantry and extra counter/storage space.
Bedrooms on main level feature hardwood flooring, ample closets and lot of natural light.
Master bedroom features attached bath with standing shower.
Hall bath features white vanity along with shower & tub combo.
Expansive lower level features recreation/media room with recessed lighting and 2nd wood burning fireplace.
Huge unfinished utility/storage area with washer and dryer and 3rd bathroom.
4th bedroom or den off living area with walk-up access to back yard.
Large lot with almost 1/3 acre. Rear fenced yard.
Springboard- Community Pool located at the end of the street
Ideal location! Minutes to Springfield Metro, 95, 395, 495, Fairfax Connector Bus.
Conveniently located near Springfield Town Center with great restaurants and retail.

Homes in Monticello Woods range in price from $350-$535K depending on size and updates. Many smaller priced homes with less updates sell for $430K and below. The larger, more updated homes sell for $490K and above, depending on updates. Our sellers had a limited budget for renovations, so we provided our top items which we knew would improve the home’s marketability and gain interest from buyers.

If you are looking to for the right kind of updates to maximize your home’s value, contact us today!

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SOLD! 4105 25th St Arlington, VA

Congrats to our clients who sold their home at 4105 25th in Arlington! This beautifully updated 5 bedroom, 4 bath home, featured over 3000 sq ft, and is located in the desirable Lee Heights neighborhood. Great features of the the home were the open kitchen and living areas and large flat backyard. Sales in this neighborhood range from $900K-$1.5M depending on the size, upgrades and location.

We received multiple offers on the home, with very competitive terms and and closed $34K over list price. The sellers were on the market for over 6 months last year, with only one lower offer.

We took over the listing this spring, and helped the sellers with a customized marketing plan and new pricing to help appeal to the largest amount of buyers. This included minor updates, staging, professional photos, floor plan and more.

We had over 15 agent showings, and over 26 groups through the Open Houses and received 3 offers!  This house sold within 3 weeks, with very competitive terms for $1,234,000.

If you have questions on how to get the best price for your home, or want to know what upgrades will be most appealing to buyers, contact us!

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JUST LISTED: 3303 Wyndham Circle #248 Alexandria, VA

-Beautifully renovated 2 bedroom/2 bath unit at Pointe at the Park!
-Garden style unit, located on the second floor.
-Updated kitchen with new granite counters, breakfast bar, maple cabinets and stainless appliances.
-Inviting living and dining room with crown molding, wood burning fireplace and relaxing balcony. New wood laminate flooring installed 2017.
-Roommate style layout with bedrooms separated by living area.
-Both bedrooms feature brand new carpet, walk in closets and en-suite bathrooms.
-Bathrooms have been renovated to include: newer vanities, sinks, faucets, mirrors and brushed nickel light fixtures
-Full sized washer/dryer in unit, new hot water heater 2016 & AC installed in 2011.
-Large storage closet off balcony. Community bike storage available.
-Community includes: pool, fitness center, community room, Basketball Court, grilling area and secured entry to community.
-Community fee provides free shuttle to Pentagon City Metro (M-F)
-Ideal location! Just minutes to Bradlee Shopping Center with Safeway, Fresh Market, Starbucks, Atlantis, and more. Target and other shopping 5 minutes from community!
-Convenient to 395, Pentagon, Crystal City & Downtown DC

We made specific recommendations to the seller on the flooring, kitchen and bathroom updates to help appeal to potential buyers. The unit was also staged, to help buyers envision the space, and size of the larger bedrooms and living areas.

Sales at Pointe at Park Center range, depending on size and upgrades in the unit. Units that have not been updated, or have older finishes, have sold in the $260-$270K range. More updated units have sold between $280-$295K, depdning on size and location. This unit is listed for $290K.

Contact Katie for more details or private showing!

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The Wethman Group’s Real Estate News

April 2017

Greetings!

The Spring marketing is kicking in, with very slight increases in inventory, and multiple offers.  The March median sales price in our area reached the highest on record (since 1997) up 5.3% from March last year. Sales and pending sales were at the highest level in a decade and the inventory level declined for the 11th month in a row (but is still above the 5 year average). Median Days on Market (DOM) in our area for March was 15. That is down 12 days from this time last year!
We’re seeing multiple bids on most properties that are priced to sell, and significant offers over asking in a few pockets of DC. Properties are moving FAST and often competing with other offers on terms.  But not everywhere…why is that?
As the Stephen S. Fuller Institute reports, the main driver is the local job market. While we have enjoyed low unemployment in our area for many years, we have not seen an aggregate increase in real wages in some time. The already large gap in affordability in our area doesn’t leave much room for price growth when wages are not growing as well. If you are looking to buy, this is potentially good news. Mortgage interest rates have retreated again to the lowest rates since last November (if perhaps temporarily) despite the Fed’s increase in the benchmark rate in March.  Even though the market is competitive, with the right strategy and team of negotiators (that’s us!) you CAN be successful in this market.
We continue to urge our past clients who have been on the fence about selling to make a move. Inventory remains tight, even now, entering the peak of the housing market. Buyers are out and ready to move! If you have been considering a move, start the conversation with our listing team to get an idea of what this market means for your specific property.
Client Appreciation Event: Afternoon at the Winery
On April 1, we were joined by a great group of clients and referrers for a wine tasting and picnic at the Winery at Bull Run. Over the course of the afternoon, we tried 10 wines (some many times!), and lots of great food. This was our first event at the winery, but we are already talking about next year. If you aren’t on our event list yet, it is easy to get an invite- buy or sell with us or refer a friend!

Clients and Friends Who Have Referred to Us:
Save the Date: Baseball Event, Sunday, July 9th
Our next client appreciation event is our annual trip to a Nats game. Mark your calendars for Sunday, July 9th, and watch your mail for more details on reserving your tickets.
Love us? Review us! Your reviews mean so much to our business. Share your experience online at yelp, zillow, angie’s list, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude!
As always, if you or someone you know has a real estate need please reach out. We’re here to help!
The Wethman Group
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Just Listed: 4306 Pershing Dr #1

Just Listed and Active on the market- this beautifully renovated 1 bedroom/1 bath condo in Arlington Oaks community. Details below:

• Open layout with new, wood grain ceramic tile and modern paint throughout.
• Separate dining area with space for a larger table.
• Updated kitchen with newer cabinets, granite counters, stainless appliances and New dishwasher installed 2017.
• Relaxing bedroom, with ceiling fan and larger closet.
• Bathroom with newer vanity, light and tiled shower. Two closets off hallway. Spacious storage closet off dining room.
• Condo fee includes heating, water, snow removal and more. Amenities include: Community Room, Exercise Room, Community Laundry, Bike storage and storage bins available.
• Pet friendly- limited to one per unit.
• Ideal location! Quick access to Arlington Blvd, Glebe Rd, 1-66 and 1-395.
• Less than a mile to Ballston Metro & redeveloped Ballston Mall
• Adjacent to the Bus Stop and Bike Share.

Units in Arlington Oaks, have sold from $170K, up to $299K depending on size, number of bedrooms, baths and upgrades. Most updated, one bedroom units have sold for $200-$220K. Our unit is listed for $220K.

Email Katie@wethmangroup.com for more information or to set up a showing.

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Just Listed: 4105 25th St ( Lee Heights)

We just put this lovely Lee Heights listing on the market. The home is located in a desirable North Arlington community, and we help the sellers with staging and other tips to help make the home appealing to buyers.
Details on the home below!

• Beautifully expanded colonial with professional designed upgrades and finishes.
• Main level features newly refinished hardwood floors, and carpet.
• Inviting living room with wood burning fireplace, and elegant dining room.
• Gourmet kitchen complete with Silestone countertops, stainless steel appliances, pot-filler, solid maple cabinets with lighted glass fronts and a butler’s pantry.
• Large breakfast bar with additional seating, open to additional dining area.
• Open concept family room with built-in bookcases and sliding glass doors leading to sun filled deck.
• Custom designed office with solid maple cabinetry and built-in desks.

Upper Levels
• On the upper level, the enviable master suite features cathedral ceilings, with relaxing treed view of the yard. It also features a built-in custom vanity & two walk-in closets with custom shelving.
• En-suite master bath with double sink vanities, offers an over-sized jetted whirlpool tub and separate frameless glass shower featuring marble details.
• Two additional bedrooms feature built-in book cases, cordless window treatments, large closets with Elfa shelving and lots of natural sunlight.
• Full bath off hallway with granite counter topped double sink vanity and radiant heated flooring.
• Laundry room on bedroom level with Silestone counter top, custom cabinets & shelving, full sink and large cedar closet for additional storage.
• Spacious loft level suite with skylights, 4th bedroom, large private full bath with radiant heated tile flooring and multiple closets with plenty of storage.

Lower Level & Yard
• Expansive lower level with over 1500 sq ft of living space! Main area, perfect for a recreation or play room, extends to a private Au-Pair/In-Law suite complete with a kitchenette: full refrigerator, sink and custom built-in cabinet system and separate desk space.
• Lower level also features a full bathroom, additional 8×15 storage room, and large fitness room with garage-Tek flooring, two bright windows and separate walk-out to expansive rear yard
• Rare, flat back yard with plenty of room for tool shed, and playground.
• Other features include: security and intercom system.
• HVAC replaced in 2013 and Roof Replaced in 2011

Ideal Location!
• Located in desirable Lee Heights Neighborhood.
• Minutes to GW Parkway, 1-66, The Pentagon and Downtown DC.
• Only .6 Miles to Donaldson Run Pool (swim team, exercise classes and social events!)
• Active neighborhood, in between Lee Heights & Zachary Taylor Parks.
• Highly ranked school Pyramid: Taylor Elementary, Williamsburg Middle, and Yorktown High.

Home in Lee Heights sell anywhere from $ 819K up to $.18M, depsning on size, age of the home and upgrades. Several newer construction homes have sold in the $1.6M-$1.8M+ range.

This home features over 4000 sq ft and a desirable flat back yard. We listed the home for $1.2M.

Contact us to set up a private showing, or see how you can maximize value and upgrades in your home!

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Just Listed & Under Contract!

This gorgeous home was on the market just under 2 weeks, and received 4 offers with very competitive terms. We provide insight on staging, de-cluttering the home and renovations that were most appealing to buyers.

– Bright and sunny 2 level condo in Kingsgate Community
– Open and inviting floorplan with gleaming hardwood floors on the main level
– Gourmet kitchen with stainless steel appliances, granite counter tops, pantry and breakfast counter
– Separate living room, dinning room and half bath on the main level
– Cozy family room complete with built-in bookcases, ceiling fan and remote controlled gas fireplace
– Private patio for outdoor entertaining off the family room
– NEW upgraded carpet on the stairs and upper level hall
– 2 Master Bedroom Suites with ceiling fans and multiple closets with built-in organizers including a walk-in closet in the second Master
– First master features an updated ensuite bath with tub/shower combo
– Second master features an updated luxury full bath that has a dual sink vanity with quartz countertop, ceramic tile and an oversized walk in shower
– Full size washer and Dryer
-NEW HVAC in June of 2016
– Low condo fee and adjacent to shopping and dining
– Close to Washington, DC and less than 3 miles to I-395 and King Street Metro.

Other units in Kingsgate have sold for $350K-$410K, depending on size, location and upgrades. The more updated units have sold in the high $300K’s and low $400k’s. We listed this unit at $405K.

Email Katie@wethmangroup.com for more information or to see how you can get top dollar for your home!

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