The Wethman Group’s Real Estate News – October 2018

October 2018

Market Update
The October real estate market is holding firm, and not letting up! In the DC Metro area the average sales price is $508K, a 3.3% increase compared to 2017. The average days on market has declined 7% which likely has to do with limited inventory. Popular neighborhoods in Arlington, Falls Church, Fairfax County and Washington DC are all averaging 35 days on market or less. Inventory remains tight and there is roughly 9.3% less inventory compared to the same period in 2017. Despite lower inventory, buyers are still looking for nicely updated homes that are move in ready! Contact us today to find out market specifics in your neighborhood.
Interest Rates
Many people are focused on interest rates and for good reasons. In September, The US Federal Reserve raised short term interest rates for the third time this year. We are on track for one more increase in 2018. While rates are historically low, compared to 6-8% mortgage rates in the early 2000’s, an increase to 4.9% for a 30 year fixed mortgage feels like a pinch to many current buyers. While the hype of low rates from internet lenders may seem attractive, working with a reputable lender is still key to ensuring your contract makes it to settlement.
What are buyers looking for?
Real feedback from our listings and clients:
-Buyers are looking for move in ready homes with updated kitchen and bathrooms.
-Most buyers prefer hardwood floors or light colored carpet.
-When touring a home, if there is sign of wear or lack of maintenance, buyers question the condition of the major systems and appliances.
-While big ticket items are important, most buyers are interested in the cosmetic updates in a property.
-If a home is not updated, buyers are looking for a discounted price.
-Many buyers would rather pay for the upgrades through the sales price/mortgage than handle renovations after closing.
-Even with limited inventory in the fall, buyers are not rushing to purchase right now.
If you need assistance prepping your house for sale, call us!
Thinking of buying? It’s better to start sooner than later, even if your target move date is months away…with a lot of buyers ‘waiting until next Spring’, it’s a great time to find a great home with less competition from other buyers!

       ENTER OUR COLORING CONTEST!         

This month, we’re trying something a little different — a coloring contest! We’ll have 4 age groups, and the winner of each group will win a $25 Target gift card.

Age groups are 5 years and under, 6-10, 11-15, and 16+. Click here for a downloadable PDF of the picture to submit, and be sure to sign the picture and add the participant’s name and age.

 

 

This month, we’re trying something a little different — a coloring contest! We’ll have 4 age groups, and the winner of each group will win a $25 Target gift card.

Age groups are 5 years and under, 6-10, 11-15, and 16+. Click here for a downloadable PDF of the picture to submit, and be sure to sign the picture and add the participant’s name and age.

 

Just post your entry on Facebook, Instagram, or Twitter and tag theWethman Group or your agent. You can also email submissions or drop off at our office. Register by October 25th for your chance to win!


HOME CARE CORNER

Fall is here! That means plenty of leaves and limbs are falling too. Make sure to check out your gutters and clear any leaves or debris to ensure your gutters drain properly!

 

 


CLIENT APPRECIATION EVENTS

Save the Date: Pie Day – Tuesday, November 20th
Our annual pie day open house will take place the Tuesday before Thanksgiving at Katie and Kenny’s house. Clients, save the date on your calendar to stop by for a bite and a drink and bring home an apple or pumpkin pie for your Thanksgiving celebration. It’s one of our favorite events each year, and we look forward to sharing it with you! Clients, check your email or our postcard for the link to reserve your pie!

Also, Save the Date for:

Breakfast at the Movies with Santa – Saturday, December 1st

As always, if you or someone you know has a real estate need, please reach out. We are here to help!
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