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|
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