North Arlington (Orange Line) Condo Update: July 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  August 18, 2015
Average List Price

$271,297

$469,139

Number of Active Listings

56

59

Average Property DOM(P) – Actives

109

87

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

$335,300

$589,170

Number of Sold Listings in Previous Month

33

23

Average Property DOM(P) – Solds

30

26

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The Wethman Group’s Real Estate News

Greetings!

We are enjoying a very busy summer here at The Wethman Group! We had 24 settlements in June and July and expect to keep the momentum into Fall!

We recently held our annual baseball outing client event at Nationals Park!It was a “balmy” July day but fun was had by all who came out. We want to thank those of you who joined us in cheering on the Nats and look forward to hosting more client events soon!

If you are friends with us on facebook you may have seen pictures of our new MOVING TRUCK!  Moving soon?  Picking up new furniture?  Need a truck for a charitable event? The truck can be used locally free of charge by both past and current clients as part of our client appreciation program! Please contact us at truck@wethmangroup.com for more information.

In market news, Real Estate Business Intelligence is reporting that the Washington, DC, metro housing market sustained strong sales in June, with the sales at the highest monthly level in nine years and pending sales at the highest June level in a decade. Sales increased 14% over June 2014. Specifically, Arlington County showed the highest June median sales price in the region, while Falls Church had a fairly significant decline. But there are rumblings nationwide about a market shift coming…Call us if you want to discuss market trends!

Realty Trac’s vice President is predicting that now is the time to sell and we agree! We have been reporting that rising home prices, demand from home buyers, and less competition is making 2015 THE year to sell. If you’re thinking of selling this year, contact us so that we can pull together market data now to optimize timing.

In mortgage news, 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.

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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North Arlington (Orange Line) Condo Update: June 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  July 15, 2015
Average List Price

$280,632

$472,451

Number of Active Listings

61

55

Average Property DOM(P) – Actives

87

63

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

$364,673

$498,494

Number of Sold Listings in Previous Month

34

37

Average Property DOM(P) – Solds

30

39

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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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