Rising Prices Predicted for Local Real Estate Market

The year is off to a fast start in the world of real estate!

The biggest news was the fiscal cliff deal. In real estate terms, things generally went well. Here is a brief summary of key items from the fiscal cliff deal affecting the real estate market:

  • No change, at least for now, on the mortgage interest deduction
  • Retroactive approval of the tax deductibility of mortgage insurance premiums
  • Long-term capital gains tax (such as that charged on investment property sales profits) increased to 20% only for higher income taxpayers
  • Modest tax credits for energy efficient windows, insulation, and other upgrades, as well as tax credits for new energy efficient homes

Market news locally continues to be outstanding: The Washington Post reported that Arlington, Alexandria, and DC have returned to the peak prices of years past, and Fairfax has made significant strides from the bottom of 2009. JPMorgan is estimating a price increase in 2013 between a 3.4% base-case scenario up to 9.7%. And once again, part of our area was named as one of the healthiest housing markets. This time it was Bethesda-Rockville-Frederick named as #3 in the Top 10 in 2013.

We are holding free first-time home buyer classes at Arlington Central Library on January 29th and February 27th. Are you or someone you know thinking of buying or need an update on current market conditions? Join us! You can register here.

The Wethman Group is growing! We are looking for talent to join our team. Do you know anyone who has always had an interest in real estate but isn’t sure how to get started? We have openings for two salaried administrative (in-office) agents as well as a commissioned buyer agent. The right candidates do NOT need to currently have a real estate license–we can help with that! Have someone in mind? Tell them to send us a resume!

  • Client Care Coordinator: Full time Monday through Friday. Work primarily with our sellers to coordinate all aspects of the listing process, including property marketing and contract-to-close transaction management. $16.50-$20 / hour + bonus potential. Benefits negotiable. More info here.
  • Marketing Manager: Full time, flexible hours. Work closely with the team to develop and manage lead generation activities, online presence, social media, client events, strategic partnerships, advertising campaigns. Pay commensurate with experience. Benefits negotiable.
  • Buyer Specialist: Full time, flexible hours. Work with local and relocating buyer clients to find their dream home! Commissioned, 1099, very competitive splits, six-figure earning opportunity! More info here.

As always, we thank you for your business and referrals. Just  reach out if we can be of assistance with your real estate needs.

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