The Wethman Group’s Real Estate News

July  2016

Greetings!
July is hot, and so is the Wethman Group!  We are thrilled to be named to the list of Washingtonian’s Best Realtors in the DC area for the 2nd year in a row! Thanks to all of our past clients and friends who continue to support us and make us great. We’re honored!
June numbers show the market is as hot as the temperatures outside! Sales reached the highest point since 2009, and the median sales price for the DC area reached an all-time high. But the overall median sales price skews the story. Some pricier neighborhoods like Georgetown and Adams Morgan saw a fairly large decrease in median price last month compared with this time last year. This is a trend we have been seeing for the last several months. Buyers are active, the volume of sales closing are up, but there is still flexibility in price in some neighborhoods and on certain listings. A recent list of DC’s most and least expensive neighborhoods, is both interesting and somewhat shocking (Dupont in most affordable?), but this type of analysis isn’t comparing apples to apples (Dupont makes the list because of the number of smaller apartments and condos for sale). The Washington Post just named 3 new neighborhoods that are heating up.  Deciding where to buy can be a complex decision, especially with the market as interesting as this one. When you are weighing your options, reach out for a quick chat on what we are seeing in the neighborhoods you are considering.
One thing is certain, following Brexit, we are seeing near record low interest rates! If you are consideringrefinancing, reach out- we can recommend several great local lenders to work with to get the best rates. Another constant – inventory is low and continues to decline. Sellers, it is still a great time to get on the market! Let us walk you through a timeline that makes sense for you and our plan to maximize your return on investment.

Did you know we provide FREE educational seminars on home buying and selling to offices, alumni associations, community groups, and others. Attendees love these!  If you know a group who might benefit, let us know, we’d love to set something up.

Stay cool out there and beat the heat with this map of every pool in the district!

If we can help you or someone you know with your real estate needs, please do reach out. We always love to hear from you!
The Wethman Group
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Buyer Resources: DC’s Home Purchase Assistance Program (HPAP)

DC gov logoIf you are a DC resident and fit certain income restrictions, you may qualify for an interest-free loan to purchase a home in the District. Home Purchase Assistance Program (HPAP) provides gap financing assistance of up to $50,000 and up to $4,000 toward closing costs. Payments are deferred for the first 5 years, lowering the monthly out-of-pocket amount for buyers while settling into their new home. This is a great program, but there are a fair number of restrictions to qualify.

Qualifying factors:

  • Low to moderate income (moderate is currently capped at $84,100 or $96,900 depending on household size)
  • No ownership interest in a residential real estate property for the previous 3 years
  • Good credit
  • First trust loan amount capped at $417,000- conforming loan maximum

We are happy to walk you through this or other options available to first time homebuyers in the District, Virginia, and Maryland.

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Buyer Resources: Arlington’s Moderate Income Purchase Assistance Program (MIPAP)

arlington logo

If you are looking in Arlington and haven’t yet saved up the money for a down payment or closing costs, Arlington County has a program that may help. Arlington’s MIPAP program offers a deferred 0% interest rate loan to first-time homebuyers to help cover a down payment or closing costs of up to 25% of the purchase price. You make no monthly payments on the subordinate loan from the County until you sell or refinance. The County does get a shared interest in any potential appreciation of the property down the road when you go to sell or refinance. At the sale, you split any appreciation, up to 25% (determined by an appraisal), proportionally with the county in addition to paying off the original loan. If the property hasn’t appreciated, you simply repay the original loan, interest free.

Requirements:

  • Moderate income, currently limited to $62,100 for 1 person or $69,920 for a household of 2
  • Property must be located in Arlington County
  • Buyer must contribute at least 1% as a down payment
  • Maximum purchase price is $362,790, maximum loan amount is $90,700.

If you are interested in learning more about this or other programs available to homebuyers, please do reach out. We are happy to help you understand your options and find the right place for you.

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Buyer Resources: Down Payment Assistance from DC Open Doors

DC Open Doors logo

Do you have the income and credit to buy a home, but haven’t saved the cash for a down payment yet? DC Open Doors may be the answer. The program provides fully-forgivable loans for minimum (3-5%) down payments and access to below-market interest rate loans. This equates to essentially 100% financing. There are a few requirements listed below, but this program has already helped over 500 buyers in the first 3 years of operating the program.

Program Qualification Highlights

  • Can have an income of up to $125,580
  • Good Credit >640
  • Not required to be a first time homebuyer

 

Best of all, the down payment loan is offered at 0% interest and is forgiven at 20% a year for 5 years.  As long as the buyer makes payments on time and continues to occupy the property as their primary residence, the down payment loan is completely forgiven after 5 years! If a buyer decides to sell before the 5 years are up, they just pay off the remainder of the 0% interest loan along with the underlying mortgage. This great program is designed to help DC residents afford to stay in the city when they are ready to buy. If you are interested in learning more about this or other resources available to buyers, please contact us. We are always happy to walk you through your options.

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Seller Class: Postponed Until September

Are you or someone you know thinking of selling in the next 12 months?

Join us for a FREE Educational Seminar 

Keller Williams McLean: 6820 Elm St Suite 100

Tuesday, July 26th  September date to be announced

7pm-8:30pm

Topics to include:

  • Overview of the Local Current Housing Market
  • Home Listing Process and Expected Timeline
  • Financing Options for Buying Your New Home Before Selling
  • Fees and Closing Costs
  • Repairs or Updates that Bring the Most Return
  • Staging Tips
  • Seller Representation and Choosing an Agent
  • Additional time for your Questions

Register here to join.

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The Wethman Group’s Real Estate News

June 2016

Greetings!

This huge shift in weather has brought buyers out in droves! May closed sales reached the highest numbers since 2006. But, as the Washington Post noted, that’s only part of the story of this market. Prices overall are actually either staying flat or declining slightly despite the increase in demand and low inventory. Though that is just on average. On the front lines we are still seeing multiple offers in a few hot areas, but other neighborhoods are seeing closer to list price while competing more on the terms of the offer. But homes are still selling fast. Half of the houses in the area sold in less than 14 days last month. We expect some market upheaval as the election gets closer, and now with news of Brexit, there’s speculation that interest rates could drop EVEN LOWER!  Not sure if this is the right time for you to buy?  Contact us for a quick, no obligation conversation or attend one of our classes!
Attention Home Sellers: Are you or someone you know thinking of selling in the next 12 months?  We’re hosting a free Home Seller’s class onTuesday, July 26 at our McLean office.  We’ll be discussing market stats and outlook, which upgrades and repairs make sense, staging tips, and a process overview. You can register using this link!
Home Buyers: We haven’t forgotten you!  We’re starting up our free home buyer classes again, with the next one scheduled for Thursday, July 14 in Virginia Square.  Register here.
Client Appreciation Event: This month we headed to the ballpark and had a great time with over 100 clients and friends who joined us Sunday, June 12th to watch the Nats beat the Phillies in a nail-biting finish. With the Nats down by 1, bases loaded, and 2 outs, Jayson Werth hit a well-placed single to bring home Bryce Harper (pinch hitting) and Danny Espinosa to win.Thanks to all our clients and friends who referred clients to us — our business depends on you!  

If we can help you or someone you know with your real estate needs, please do reach out. We always love to hear from you!
The Wethman Group
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Under Contract- 6203 Franconia Forest Lane

We put this house on the market, and within 5 days we had over 35 showings, 4 offers and were under contract and set to close by the end of June.  This beautifully renovated 5 bedroom, 3.5 bath center hall colonial with attached one car garage in sought after Franconia Forest neighborhood! It features a stunning exterior remodel includes new windows, insulated siding, roof, deck, professional landscaping, and outdoor living hardscapes. The main level features gleaming hardwood floors with accent plush carpet, updated half bath, two closets, and laundry.

Elegant living room with chair rail, crown molding, elevated ceilings, and recessed lighting. Formal dining room with chair rail, crown molding, and a large picture window overlooking a serene, wooded lot. Renovated eat-in kitchen with newer maple cabinets, new stainless steel appliances, pendant lights, custom back splash and granite counters. (all items are within 1 year old expect cabinets). Modern floor plan as kitchen opens to cozy family room with recessed lights and fireplace! Sliding glass door opens to spacious two-level outdoor living with relaxing deck and stairs to flagstone patio – perfect for entertaining. Hardwood stairs and landing lead to upper level which features 4 spacious bedrooms, 2 renovated full baths, and linen closet. Enviable Master suite with recessed lighting and two closets (one larger walk in) and attached master bath with updated ceramic flooring, vanity, and spa shower. Renovated hall bathroom shines with new tile floor, updated vanity, custom shower surround, and lighting. All bedrooms have raised panel doors, plush carpet, modern paint, large closets, and ceiling fans. Spacious lower level features large recreation room, with 2nd fireplace, ceramic tile floor, recessed lighting, complete with a fifth bedroom and full bathroom. The bathroom has been stunningly updated to include new tile flooring, vanity, lighting and glass tile shower surround. Additional storage/utility room perfect for a workshop or more! Walk out from the recreation room into an outdoor living oasis featuring relaxing flagstone patio with stacked stone fire pit and stone wall with landscape lighting that backs to trees and additional lot.

Additional storage shed under deck perfect for outdoor furniture/lawn equipment or more! No home owners association! Ideal location, with quick access to three metro stops on Blue/Yellow lines (Springfield, Van Dorn, Huntington) and the VRE. Convenient to Springfield Town Center and Kingstowne Town Center with plenty of restaurants/retail. Perfect for commuters, with easy access to Ft Belvoir, the Pentagon, Crystal City, DC and more! 

Homes in Franconia Forest, have sold for $405K-$568K, depending on the size, upgrades and condition.  Average days on market ranges from 7 days to 51.  We listed 6203 Franconia Forest Lane for $585K, and it was under contract in less than 7 days.

Contact us today, to learn more about getting top dollar for your home!

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Active and Under Contract -2970 Birch Creek Ct

We’ve had a very busy week! The rain has finally stopped and buyers are out looking everywhere!

We were thrilled to help our clients list their home at 2970 Birch Creek Ct! This house was absolutely stunning, and updated top to bottom. We couldn’t wait for buyers to come through and see for themselves.

The owners handled all of the renovations themselves, and all the items from hardwood floors to expanded kitchen, custom fireplace, luxury master bath, sleek basement and manicured lawn were finished beautifully. We advised them on staging as needed, and other tips to help show the home in the best possible light.

The house features 3 bedrooms, 3.5 bathrooms, and had a walk out basement to a relaxing patio, deck and common area view. The kitchen, master suite and bathroom alone, sold the house!

We had over 26+ showings in 3 days, received 4 offers and went under contract, in less then 4 days with very strong terms! We listed the home for $359K, and received contracts over the list price.

This home is located in Wayside Village, in Dumfries, VA. Home of this size range in price from $280K-400K depending on total square feet, upgrades, walkout basement, garage etc.

Contact us, on how to get top dollar for you home!

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