The Wethman Group’s Real Estate News – May 2019

May 2019

 

Stuck on repeat…low inventory…

April stats are out and it’s more of the same: inventory year over year is down (again), which is, in many months, keeping market activity low. This appears to be the new normal–see graph for 3 year trend showing declines over the seasons. We’re seeing a lot of buyers get crazy with bids, and we’ve been steadily working with our buyers to craft offers that can win without overpaying. Coming soon and off-market listings continue to be the holy grail. DC isn’t quite so bad–see graph below showing year over year increases in active listings.
The number of units listed in April is comparable to the same as March 2019, but there were more pending and sold homes in April 2019, compared to previous months. The average days on market has also decreased an average of 10 days compared to earlier this spring. Compared to inventory levels in 2018, the number of available properties overall across the area is substantially lower.
We’ve had a number of sellers list their homes this spring and and sell with through our Coming Soon marketing plan. They’ve usually received great prices and competitive terms for their properties without going active on the market. If you’re on the fence about selling now or later, email us and we’ll give you a personalized update on your home and market update!

Wethman Group Client Appreciation Event:

Nats Game July 7th

Save the date for our annual Nats game July 7th. Check your Perks email or our Perks Facebook (clients only) page for details and RSVP link!

 

Interest Rate Update

Rates have fallen this past week to 4.18%. This time last year rates were around 4.55%. Jumbo rates are also remaining very competitive. Adjustable rates are making a comeback as buyers seek to maximize their purchasing power–is it the right choice for you? WaPo had a great article (click here) discussing ARM loans.
30-Year Fixed Conventional 4.18%
5/1 ARM 3.95%
30-Year Jumbo 4.37%
Rates per Bankrate.com. Graph Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States [MORTGAGE30US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE30US, May 9, 2019.

HOME CARE CORNER:

PROPER GRADING

Spring rains are likely to wash away soil and mulch, so make sure you’re correcting the grading around your home this Spring as you do your Spring yard clean ups. Mulch washes away too easily to help with water run off; for correct grading, the ground should slope away from the house AT LEAST 2-3″ for every 10′. Proper grading, along with downspout extensions, is one of the more important things you can do to keep basements and foundations dry all year long!
Ask us for a copy of our Maintenance Checklist for other items to inspect. Routine maintenance throughout the year helps avoid large expensive repairs or replacements down the road!

CLIENT PERKS: OUR TRUCK!

Need a large piece of furniture moved, or donating items to charity? Picking up new patio furniture for summer? Don’t forget that clients and friends who refer clients can use our 14 ft truck for FREE! Just email to check available dates.
Have something you’d like to see us add to our collection of client items available to borrow? Just email us!
We’re happy to help with all your residential and commercial real estate needs throughout the DC metro area. Remember to Like us on Facebook for market updates and real estate tips!
We have a nationwide network of quality agents–let us know if you or someone you know needs a referral to another city.

 

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