Up and Coming In Petworth

I happened to stop by a client’s new house today–a fantastic renovation of a rowhome in Petworth–and whom should I see walking down the street but Mayor Fenty himself! He was checking out the neighborhood, shaking hands, etc.–no doubt checking up on all the recent development in the area!  He was very interested in the recent sales in the neighborhood, which obviously has been undergoing a lot of changes lately, so we chatted for a few minutes.

Park Place, the new apartment and retail complex, is now open for business and
includes a rooftop terrace with bocce green lawn (yes, seriously).  A new Yes! Organic Market is also now open at 4100 Georgia Avenue, and a variety of other apartment and retail projects are underway as well.

Realtor Katie Wethman & Mayor Adrian Fenty in Petworth

Realtor Katie Wethman & Mayor Adrian Fenty in Petworth

Many homes in Petworth are older 3 level rowhomes with welcoming front porches, similar to the one shown here. Many are in need of renovation, but occasionally a builder will come in to “flip” one so you can have a home that’s been completely renovated and is move-in ready.  Buyers love the space (often 3 finished levels) and quality that you can get for the price while being so close to metro and with so much development happening nearby.

Search for Homes in Petworth

If you’re interested in learning more about the area, or starting your home search, please contact me to learn more.

Update 11/17: There’s an interesting discussion going on over at UrbanTurf about buying rowhomes in Petworth vs Mount Pleasant.

Read More:

Rehabbing Properties using FHA 203k Financing

DC Neighborhood Map (in progress)

DC Real Estate Market Stats

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Fairfax County, VA Inventory and Median Sales Price

This chart shows inventory vs median price for single family homes in Fairfax County for the past year.  Inventory is continuing to fall in Northern Virginia, and in particular Fairfax County.

Real Estate Market Chart by Altos Research www.altosresearch.com

It’s easy to see on this graph that median price has closely correlated to level of inventory–that is, until recently.  Has pricing hit bottom in our area? Certainly the combination of historically low rates and the first time buyer credit spurred purchase activity.  But we’re down to just a few months’ of inventory for buyers to choose from (5 to 7 months is considered a balanced market), so unless something happens to bring it back in to balance we can expect rising prices.

So what can bring it back in to balance?  If the much discussed “shadow inventory” appears, that would certainly add to the inventory, though it’s unclear which price points would benefit.  The potential extension and expansion of the $8000 first time buyer credit, coupled with a potential “repeat buyer credit” could spur sellers to decide to go ahead and list their home for sale.  And by limiting the credit to those who have owned for at least five years, chances are good that those sellers are not underwater on the homes and can afford to sell at today’s lower prices.  (Though it may be painful for them to remember what their home was ‘worth’ just a few years ago.)

Sellers, if this credit passes, this could be a very unique opportunity for you:

  • Prices are hovering above the historical correlation with inventory
  • A potential extension of the first time buyer credit will create temporary demand, even in what is usually a slow time of year
  • Interest rates are still at historical lows for your purchase
  • Prices at upper end homes (above $500k) have taken a bigger hit than entry-level (which was supported by the previous first time buyer credits), so you might get more for your money than in a normal, fully recovered market

If you have owned your home more than five years and you believe it is priced under $800k, this is the time to consider selling!

Contact me to sign up for a market analysis of your home (no pressure, I swear), and discuss how the listing process works.

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