Northern Virginia & Washington DC Real Estate Market Update: August 2010

Though August is typically pretty slow, there’s still plenty of buzz in the real estate world, as well as the TV world, where Katie is making her TV debut on an episode of HGTV’s “My First Place.” Be sure to set your DVR to catch the Emmy-worthy performance this Thursday August 5 at 8:00 pm (and repeats in September)!
There’s also buzz about the actual real estate market, of course.  The DC rental market is heating up as vacancies drop, and with the recent stabilization of our housing market, some apartments, including buildings in Adams Morgan, are once again being re-developed into condos (remember 2004, anyone?)
Our local real estate market continues to be one of the most stable in the country, still driven by low unemployment.  The Wall Street Journal published this cool interactive chart that shows DC as 7th in price increase and lowest unemployment in the nation.
Inventory continues to stay low, but there’s also buzz about ‘sidelined sellers’ returning to the market soon.  As the article notes, we’ve recently had about 20 homes per day list, when in past years we’ve had 50, so it would be a good thing for our area to have some more homes on the market.  (Shameless plug: If you or someone you know is thinking about selling, please contact us!)

In other news…

Read the San Francisco Gate article about reasons NOT to buy (no, that’s not a typo) with some commentary by Katie Wethman of the Wethman Group.
In the “practice what you preach” department, I (Katie) recently bought a house! With rates being so fantastic (4.5%-ish, so time to think about refinancing, all you homeowners!), and prices stable, I really do think it’s a great time to buy.  Shameless plug #2: If you or someone you know is thinking of buying, we want to hear from you too!
As always, if we can be of assistance with your real estate needs, or you know someone looking to move, please don’t hesitate to contact us.

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