The Wethman Group’s Real Estate News – August 2019

August 2019
Let’s make it the Summer of Love for the Wethman Group! We need your help one more time–this time to keep us in the Top Agents 2020 list of Arlington Magazine. We’d love to have your support as we try to keep our streak going. Vote for us at this link through September 9. Please note you must enter votes in at least 5 categories for your vote to count. Thank you!
Inventory is up ever-so-slightly when we look at the Washington DC area as a whole this Spring, but we can expect the usual drop in listings across July and August. But get ready…we usually see a seasonal uptick in September and October before buyers and sellers pack it up for the winter. If you’re thinking of buying or selling this fall, please contact us ASAP so we can take a look at what’s happening in your area and come up with a strategy based on your goals!
We’re still beating the ‘everybody calm down’ drum with respect to Amazon. Unfortunately crazy headlines serve as click bait, so we’ll continue to parse through data to answer your questions–just contact us! Short story: you MUST dig deeper into the data…too many news outlets (and agents who don’t know any better) are using sample sizes of fewer than 5 homes to get the crazy statistic they want people to believe to make people panic. And rest assured, developers are rushing in to meet demand, primarily with tear downs/new builds coming in at $1.5M+ (hence the skewed statistics) and multi family apartments and condos nearby, like this development plan for 788 new apartments in Rosslyn. If you’re thinking of buying or selling in Arlington or anywhere in the HQ2 area, please contact us for the real deal!
As always, thanks for your business —
we’re never too busy for your referrals!

Interest Rate Update

We’ve been getting some questions about whether it’s a good time to refinance, and the answer is ‘yes’ for many people. Don’t assume that just because the monthly payment would be lower that it’s a good idea though; you need to remember that the loan will ‘reset’ to 30 years (or whatever term you choose) and so you’re spreading the remaining principal out over this new term, not your existing term. This is also a great time to see if you can get PMI removed if you were close to the equity threshold–we have all of the high Spring sales as comps. Contact any member of the The Wethman Group if you want to discuss whether it makes sense, and for a recommendation to an awesome lender!
30-Year Fixed Conventional 3.88%
5/1 ARM 3.88%
30-Year Jumbo 4.04%
Rates per as of 8/13/19. Graph Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States [MORTGAGE30US], retrieved from FRED, Federal Reserve Bank of St. Louis;
For Sale:
12154 Captiva Ct Reston, VA 20191
Coming Soon:
405 N Highland St, Arlington VA 22201 $1.65M
1219 N Taylor St Arlington, VA $800k
3813 36th Rd N Arlington, VA $1.05M
15406 Neman Dr Bowie, MD $252k
12811 Caldwell St Rockville, MD $279k
3006 Winter Pine Ct Fairfax, VA $470k
Preparing for Hurricane Season
On the heels of some flash floods, no one wants to think about hurricane season, but we should expect remnants from a storm or two each year in our area. Here are some helpful tips from Arlington County on preparing for a storm. One thing I’d add to their list — take some photos BEFORE a storm, so that you have some additional documentation about any storm-related damage.
Another good idea is to purchase some water detector alarms. We use these not only near sump pumps, but near water heaters, AC units, and under sinks for early detection of leaks!
Clients, we have a second pressure washer in our arsenal (thanks Amazon Prime Day!) This one is smaller, all electric powered, and easy to transport. Perfect for smaller patios, decks, and fences. Just contact us to arrange a loan!
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.