The Wethman Group’s Real Estate News – June 2018

June 2018

MARKET UPDATE
May was another record-breaking month in the DC Metro housing market. Prices ticked up to the highest in a decade, but not by much, rising just 1.1% $5,000 over May last year, but up a seasonal 3% or $15,000 over just last month. This is correlated with the lowest active inventory we have seen in May since 2013, despite new listings being up a seasonal 3% from last month, those new listings are being absorbed in record time. Median Days on Market (DOM) is down to just 9! Half of the homes that come on the market now are under contract in less than 9 days! This is 1 day fewer than last year and in line with the 9 day average we saw in 2013.
Interest rates bounced up and down over the past month, but have ended up back in the same starting point, which is good news for buyers still hoping to make their move by the end of summer. Despite the competitive market, our clients are still finding their home of choice and we are handing over keys all the time! Thinking of buying? Let us walk you through what this market means for your search strategy, or get started by attending our upcoming free webinar THIS WEDNESDAYJune 20th (registration details below). For many buyers, depending on your individual circumstance, we still think buying this year, even with all of the competition, will be better than waiting until next.
With the continued emphasis on inventory and seasonality in your favor, if you are thinking of selling, get in touch now to have us create the best strategy for you to sell for top dollar! The market is hot, but taking advantage of that competition requires the right marketing strategy and team to optimize your exposure to buyers. Check out our listing highlights below- 2 recent listings sold within days of hitting the market!
CLIENT APPRECIATION EVENTS
Baseball Game- Sunday, July 8th– Clients, it’s that time of year, you’ve received your invitation to our annual baseball game and you’ve responded! The event has proven so popular we are already on a waitlist for tickets, but we are determined to make sure we can get as many clients in a possible, so DO sign up for the waitlist if you are interested and root, root, root for the home team with us! If you haven’t received your invitation, please email us at events@wethmangroup.com and we’ll get you sorted out.
UPCOMING CLASSES
First Time Home Buyer Webinar: THIS WEDNESDAY, June 20th at 7pm
Our popular First Time Home Buyer class covers deciding to buy, financing, your home search, trends in the local market, and even the implications of the new tax law! If you want a refresher before diving into the Spring market, join us for this free class and send your friends who are thinking of buying! Register here to join.
Senior Seminar: Downsizing and Preparing Your Home for Sale
We joined TAD relocation last Thursday at Grand Oaks Assisted Living for a special seminar for seniors preparing to downsize and thinking about selling their long-time home. We had a great response and would love to share this information with any groups who are interested! Let us know if you have a group (or individual) who would benefit from downsizing information. We’d be happy to reach out!
As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group
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JUST LISTED: 3625 10th St N #104

Stunning 2BR/2.5BA + 1 den at The Monroe!
Rarely available, light-filled unit with 11ft ceilings, large windows, custom light fixtures, crown molding, and gleaming hardwood floors.
This unit features over 1600 sq ft, with an open floor plan and lives like a home!
Gourmet kitchen with granite counters, custom backsplash, stainless appliances, island & open to dining/living area. Perfect for entertaining!
Den with closet off living area could be used as 3rd bedroom.
Expansive master bedroom w/large walk-in closet, 2nd closet & ensuite bath with double sinks, soaking tub & tiled shower.
Sizable second bedroom, across from master, with attached bath and large closet.
Half bathroom off the hallway, and spacious laundry room (with full-size W/D) and room for storage!
This unit features updates throughout, and has been impeccably maintained!
Garage parking & storage included.
Building amenities include secured entry with concierge in the lobby, community room, exercise room, courtyard area and roof terrace with city views.
Convenient first-floor access with separate entrance to N Monroe St.
Unbeatable location, just a block to VA Square/GMU Metro, Quincy Park, and plenty of restaurants & retail!

Units at The Monroe have sold from $660K up to $950K depending on size and upgrades. The larger units with over 1700 sq ft sell for $800K and above. Given the size, upgrades, and location of our unit, we have listed for $850K.

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Contact us for a private showing or more details!

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The Wethman Group’s Real Estate News – May 2018

May 2018

MARKET UPDATE
Remember when we said last month that the market had slowed slightly in March? Well April made up for it! We are seeing bidding wars and lots of activity across the board, but particularly in DC and close-in markets in Virginia and Maryland. The weather may be damp, but the housing market is hot.
Despite lower inventory than April last year, sales volume is up 10% from last April. Consequently, prices are up in all locations, but particularly in DC proper, which saw a median price increase of 13.5% from April 2017 (from a median sale price of $519k in April 2017 to $590k in April 2018). We are seeing that prices in neighborhoods that were previously considered a “good deal” have also risen, meaning prices are acting more flat across the district, regardless of where a property is located.
New listings were up almost 9% from April last year, but active inventory was down 9% from last April, meaning those new listings are being absorbed, plus some. This also marks 2 years of year-over-year decline in inventories, though it is worth noting that historically we are still 21% above the 5-year-low seen in 2013.
Still, our own clients are still finding their home of choice and we are handing over keys all the time! Thinking of buying? Let us walk you through what this market means for your search strategy, or get started by attending our upcoming free webinar Tuesday, June 19 (registration details below). For many buyers, depending on your individual circumstance, we still think buying this year, even with all of the competition, will be better than waiting until next.
With the continued emphasis on inventory, and seasonality in your favor, if you are thinking of selling, get in touch now to have us create the best strategy for you to sell for top dollar! The market is hot, but taking advantage of that competition requires the right marketing strategy and team to optimize your exposure to buyers. Check out our listing highlights below- 2 recent listings sold within days of hitting the market!
CLIENT APPRECIATION EVENTS
Picnic at the Winery
We had a great time with our clients, Saturday May 12th at our 2nd picnic at the Winery at Bull Run. The unseasonably 90+ degree weather meant the bottles of Rose went down easy in the shade! We loved seeing so many of you and look forward to catching up again at the baseball game in July!
Baseball Game- Sunday, July 8th– Clients, watch your mailboxes and inboxes for your invite to our Annual Baseball game, Sunday, July 8th as the Nats take on the Marlins at home! Enjoy a quintessential DC summer afternoon and root, root, root for the home team with us!
UPCOMING CLASSES
First Time Home Buyer Webinar: Tuesday, June 19th at 7pm
Our popular First Time Home Buyer class covers deciding to buy, financing, your home search, trends in the local market, and even the implications of the new tax law! If you want a refresher before diving into the Spring market, join us for this free class and send your friends who are thinking of buying! Register here to join.
Senior Seminar: Downsizing and Preparing Your Home for Sale
Grand Oaks Assisted Living at Sibley Hospital
Thursday, June 14 1-3pm
We are excited to be partnering with TAD Relocation and Grand Oaks Assisted Living to offer a seminar on downsizing and preparing your home for sale at Grand Oaks at Sibley Memorial Hospital. If you or a loved one is considering downsizing, or would just like more information about process of selling your home, join us! RSVP to mbuckl10@jhmi.edu, or call (202) 660-7882.

As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group
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JUST LISTED: 805 31st St Arlington, VA

Fully remodeled cape cod in Arlington with three bedrooms, two full bathrooms, and over 2000+ sq ft of living space.
Relaxing front porch, overlooking the neighborhood. Inviting living room at the front of the house, with gas fireplace insert, and treed view!
Renovated, gourmet kitchen with granite counters, island/breakfast bar, newer cabinets and stainless steel appliances. Upgraded chef’s range, backslash, and dishwasher. Dining area off kitchen and deep pantry in the hallway.
Two bedrooms on the main level with hardwood floors, deep closets, and ceiling fans.
Hall bathroom between bedrooms with neutral tile, ad shower/tub combo.
Expansive master suite with plenty of space for bedroom, sitting area, and office/study. Recently renovated master bathroom with new ceramic tile, shower with frameless glass door, and new vanity.
Possible 4th bedroom off master with two closets can be used as a den or large walk-in closet. Additional closet organizers will convey.
Renovated basement with newer tile floor, separate laundry/utility area, and a custom built wine room!
Spacious, rear fenced backyard with custom patio, complete with built-in seating, and plenty of space for tables and a firepit.
This well-maintained home is located on a quiet tree-lined neighborhood, in Oak Crest.
Plenty of shopping and retail nearby to include: Harris Teeter, Giant, Safeway, Shoppers, CVS and more.
Active community: bike and walking path across the street, and Ft Scott Park up the hill.
Ideal for commuters: minutes to Crystal City, Del Ray, and downtown DC.

Homes in this neighborhood sell from $500K- $895K depending on size and upgrades. There are limited sales in the neighborhood, but recent properties have sold for $650K- $780K with a garage and more living space. Properties closer to Ft Scott Park typically sell for a premium. This home was listed for $775K, and received a strong offer after 1 day on the market.

Email admin@wethmangroup.com for more information or how to get top dollar for your home!

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The Wethman Group’s Real Estate News – April 2018

April 2018

MARKET UPDATE
With taxes on everyone’s mind, we’ve been getting lots of questions about the mortgage interest deduction and how things may change under the new tax laws. For most owners, the majority of their mortgage interest (up to $750,000 worth of debt) is still very valuable. The limitation on State and Local Tax Deductions does temper the effect a bit though. IF you are thinking about buying or selling and want a more detailed discussion of the potential impact on your taxes, contact us to arrange a meeting.
The market in our area in March actually slowed slightly, compared to this time last year. Prices are still increasing (up 3.5% from the March median last year to a March high for the last 10 years), but sales volume, new contracts, and closed contracts all were down in March from this time last year. Active inventory was also down 13% from March last year, making it the 23rd consecutive month of year-over-year declines in inventory.
From what we are seeing with our own clients, demand from buyers is still high, but with less out there to buy, sales numbers are starting to reflect the low inventory.
With the continued emphasis on inventory, if you are thinking about selling, now is the time to start a conversation. Even if you won’t be ready to move until summer, contact us to take photos of the exterior of your house while spring is in full bloom and everything looks beautiful! And let us plan how to utilize coming soon marketing to get buyers interested in your property before you are even ready to move!
 EVENTS
Picnic at the Winery
Clients, join us Saturday, May 12th from 12-4pm as we enjoy a picnic at The Winery at Bull Run. We will have games, foods, and of course, wine! All ages welcome, so bring the kiddos!
Clients, Save the Date:
Sunday, July 8th– Annual Baseball Game- Nats vs. Marlins
2 Upcoming First Time Home Buyer Classes
Our popular First Time Home Buyer class covers deciding to buy, financing, your home search, trends in the local market, and even the implications of the new tax law! If you want a refresher before diving into the Spring market, join us for this free class and send your friends who are thinking of buying!
**TONIGHT** Webinar, Wednesday, April 18th at 7pm
In Person, Tuesday, May 1st at 7pm at Reliable Tavern in DC
 As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group
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The Wethman Group’s Real Estate News – March 2018

March 2018

MARKET UPDATE
Your housing search this spring may seem like it requires a pot of gold! The February median price reached the highest in a decade, interest rates are still climbing, and inventory is holding low. While this sounds grim, these are all just trends of the averages over time. Historically interest rates are still low, and our buyers that are ready to compete are still walking away with their house of choice! We are beginning to see the expected seasonal increase in inventory (new listings up 25% from last month), but of those that come on the market, a larger percentage are finding contracts, making February Active Listings down 13% from February of last year. This is the 22nd consecutive month of year-over-year decline in active listings.
Closed sales and pending contracts remained flat against February last year again this month, meaning buyers are biting on a bigger percentage of homes on the market right now to make up for the lack of inventory. Buyers, let us help you gear up to move on YOUR house when it hits the market. Having your financing and game plan ready is essential this year.
 If you have been thinking about selling, now is the time. Every year buyers come out before the sellers, and the inventory this year is particularly lacking. Contact us now, to talk about how to make your property shine in this early spring market, or how to utilize coming soon marketing to get buyers interested in your property before you are even ready to move! We have sellers now with a summer move timeline, already gearing up to hit the market.
UPCOMING EVENTS
WG Perks Escape Room Event
This past Sunday our team, clients, and friends hit Escape Room Live Georgetown for some puzzle solving fun! Teams beat rooms themed Runaway Subway, Titanic, The Mummy, and Ghostbusters (alas the action in the rooms was too intense for photos). We are proud to report that ALL groups ESCAPED! Special thanks to our sponsors Vince Coyle Team at MVB Mortgage and Steve Milwicz at Atlantic Insurance Group.
Clients, Save the Date- Future Client Appreciation Events:
Saturday, May 12th– Picnic and Wine Tasting at The Winery at Bull Run
Sunday, July 8th– Annual Baseball Game- Nats vs. Marlins
First Time Home Buyer Webinar: THIS WEDNESDAY
We are taking out popular First Time Home Buyer Classes online, hosting a webinar Wednesday, March 21st at 7pm. The class covers deciding to buy, financing, your home search, and trends in the local market, among other topics. If you want a refresher before diving into the Spring market, join us for this free class! Feel free to send your friends who are thinking about buying this year, too. Register here for details.
 Welcome Alli Collier to the Wethman Group Team
We are excited to introduce you to our latest team member: Alli Collier. Alli joins the Wethman Group from a background in Public Relations and a former staffer for the US Senate. She is licensed in DC and Virginia and excited to help our buyers find the home of their dreams. When not scoping out the latest houses to hit the market, Alli spends her time outdoors, hiking, biking, or prepping for her next race.
As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group
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The Wethman Group’s Real Estate News – February 2018

February 2018

MARKET UPDATE

The groundhog may have seen his shadow, but in the real estate market Spring is coming early! While working with our buyer clients, we are seeing bustling open houses around the DC Metro area and crowded showing appointments. Driving some of the clustering at listings is near historically low inventory levels. January saw the 21st consecutive month of decline in year-over-year inventories and active listings are down 15% from January last year.

Median price in our area reached the highest median January price in a decade ($399,900), though we saw a seasonal dip of 5% from the median sales price in December. Closed sales and pending contracts remained flat, meaning buyers are biting on a bigger percentage of homes on the market right now to make up for the lack of inventory. Buyers, let us help you gear up to move on YOUR house when it hits the market. Having your financing and game plan ready is essential this year.

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If you have been thinking about selling, now is the time. Every year buyers come out before the sellers, and the inventory this year is particularly lacking. Contact us now, to talk about how to make your property shine in this early spring market, or how to utilize coming soon marketing to get buyers interested in your property before you are even ready to move!



UPCOMING EVENTS

unnamedWG Perks Escape Room Event

We are hosting our first Client Appreciation Event of the year, Sunday, March 11th at DC’s top-rated escape room experience. We’ll solve puzzles to escape from rooms with themes like Friday the 13th and Runaway Subway, and save some time to mingle after. Clients should have received your invite last week. Contact us if you haven’t. RSVP soon (and no later than March 1)! Space is limited and available on a first-come, first-served basis. Special thanks to our sponsors Vince Coyle Team at MVB Mortgage and Steve Milwicz at Atlantic Insurance Group.

 

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First Time Home Buyer Webinar

We are taking out popular First Time Home Buyer Classes online, hosting a webinar Wednesday, February 21st at 7pm. The class covers deciding to buy, financing, your home search, and trends in the local market, among other topics. If you want a refresher before diving into the Spring market, join us for this free class! Feel free to send your friends who are thinking about buying this year, too. Register here for details.


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

The Wethman Group

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