August is known to be a slow month in DC generally with the congressional recess and end of summer vacations. In our local housing market, we had just a little more pep than historical averages. September numbers won’t be out for a few more weeks, but we have also seen a bit of a pick up in our own office here in the short time following Labor Day. The season isn’t over folks!
New listings were up 7.2% from August last year, but down from last month, which is fairly typical seasonality. On our team, we had a couple of buyers who were looking all summer finally get a contract on the right place for them when a new listing popped up, and a couple of sellers match up with buyers after longer than anticipated on the market. The numbers show a mixed bag overall. The market is still active, but with prices leveling off slightly, and homes sitting a little longer, it is too soon to tell if what we are seeing in the market is seasonal or part of a larger shift.
As always, these are general trends. Contact us for specific data by zip code or price point to strategize your best approach.
There is still time to think about selling this year! Our area experiences another flurry of activity between September and the end of October, so if you are on the fence, it is time to move. Not able to move that fast? It is never too early to start planning for spring of next year–we see buyers out as early as February! If you’ve been considering a change, let us work with you on the best strategy to make the most of the current market conditions.
DC Recordation Tax News
First time home buyers in DC may soon be eligible for significant savings on closing costs! Beginning October 1, 2017, qualified buyers may receive up to 50% off the recordation tax (from as much as 1.45% down to .0725%) on eligible property purchases. The property value cannot exceed $625,000 and buyers must apply for eligibility, but this is great news for buyers looking in the District. We will share more information as the program is rolled out and we see it in action.
Client Appreciation Program and Events
CLIENT EVENT SAVE THE DATES:
Pie Day Party: Tuesday, November 21
Movie with Santa at Tysons: Saturday, December 2
Postcards and email invitations will go out to clients next month.
VENDOR GUIDE: Be on the lookout in the mail for our newly updated Recommended Vendor Guide!
LOANER PROGRAM ADDITIONS: You probably remember we have a free moving truck, but we’ve also now added an electric lawn mower and hedge trimmer to our inventory, available for your short-term use. We also have a leaf blower/shredder for Fall cleanups! Just email us to reserve an item for pickup.
First Time Home Buyer Classes
We are gauging interest for hosting our popular class for first time buyers on a few dates this fall. Curious about the process of searching for your new home? Is buying one of your goals for 2018 but not sure where to start? Are the low interest rates attractive, but still not sure if renting or buying is best in your situation? We cover these topics and more in our class and consistently get rave reviews for the usefulness of the content. Drop us a line to let us know you are interested in attending and we will keep you posted as we add dates.
Love us? Review us! Your reviews drive our business. To show our appreciation, if you share your experience online at Yelp, Zillow, Angie’s List, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude!
As always, if you or someone you know has a real estate need please reach out. We’re here to help!
The Wethman Group