The Wethman Group’s Real Estate News

May 2017

Greetings!

The Spring market is in full swing, with lots of activity on the buyer side, but the real story is still low inventory. The median sales price in our area reached the highest on record  for the second month in a row, easily beating last April’s record by 4.1%, and up 3.9% from last month. However, new pending sales were down 8.3% from this time last year, and down 2.5% from last month, coming in under the 5 year April average. So what gives? Inventory!
April new listings were down 13% from April last year and down 6.7% from last month! This is below both the 5 and 10 year April average, but still above the 10 year low we saw in 2012.
This low inventory means the market is moving FAST as buyers are competing for the listings that DO hit the market. Average Days on Market for April was 10! That’s down from 14 days last April and from 15 days last month.
We’re still seeing multiple bids on most properties that are priced to sell, and significant offers over asking in a few pockets of DC and Arlington. Even though the market is competitive, we have a lot of happy buyers right now! Making the most attractive offer isn’t just about competing on price. There are many components that play into the strategy of an offer. If you are thinking of buying, let us guide you on how to put your best foot forward in this hot market. Set up a conversation with one of our buyer agents to come up with a strategy that is tailored to your goals.
Thinking of selling? Now’s the time! Inventory declining now at the peak of the spring market is huge. Buyers are out and ready to move, but not finding many options. If you have been considering a change, start the conversation with our listing team to figure out your how to position your property to maximize your return.
House it Going? Real Estate Q&A Happy Hour: Tuesday, May 23rd in Clarendon
 
Questions about Buying or Selling? Just want more information about what we are seeing in the housing market? Join Katie for an informal chat over drinks at Spirits of ’76 Tuesday, May 23rd. Stop by with your questions any time between 5-7pm.

Clients and Friends Who Have Referred to Us
SAVE THE DATE: Baseball Event, Sunday, July 9th
Mark your calendars for Sunday, July 9th, and watch your mail for more details on reserving your tickets.
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As always, if you or someone you know has a real estate need please reach out. We’re here to help!
The Wethman Group
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Just Listed & Under Contract 6302 Walyes St, Springfield VA

Listed last week, and we received a contract in less than 5 days! Details on the property below:

Spacious 4 bedroom, 3 bath home in Monticello Woods neighborhood.
Newly refinished hardwood floors in hallway, living room and bedrooms.
Spacious living room with large picture window and wood burning fireplace.
Large eat in kitchen with bay window, brick accent wall, recessed lighting 42 inch cabinets, cook top, double oven, pantry and extra counter/storage space.
Bedrooms on main level feature hardwood flooring, ample closets and lot of natural light.
Master bedroom features attached bath with standing shower.
Hall bath features white vanity along with shower & tub combo.
Expansive lower level features recreation/media room with recessed lighting and 2nd wood burning fireplace.
Huge unfinished utility/storage area with washer and dryer and 3rd bathroom.
4th bedroom or den off living area with walk-up access to back yard.
Large lot with almost 1/3 acre. Rear fenced yard.
Springboard- Community Pool located at the end of the street
Ideal location! Minutes to Springfield Metro, 95, 395, 495, Fairfax Connector Bus.
Conveniently located near Springfield Town Center with great restaurants and retail.

Homes in Monticello Woods range in price from $350-$535K depending on size and updates. Many smaller priced homes with less updates sell for $430K and below. The larger, more updated homes sell for $490K and above, depending on updates. Our sellers had a limited budget for renovations, so we provided our top items which we knew would improve the home’s marketability and gain interest from buyers.

If you are looking to for the right kind of updates to maximize your home’s value, contact us today!

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SOLD! 4105 25th St Arlington, VA

Congrats to our clients who sold their home at 4105 25th in Arlington! This beautifully updated 5 bedroom, 4 bath home, featured over 3000 sq ft, and is located in the desirable Lee Heights neighborhood. Great features of the the home were the open kitchen and living areas and large flat backyard. Sales in this neighborhood range from $900K-$1.5M depending on the size, upgrades and location.

We received multiple offers on the home, with very competitive terms and and closed $34K over list price. The sellers were on the market for over 6 months last year, with only one lower offer.

We took over the listing this spring, and helped the sellers with a customized marketing plan and new pricing to help appeal to the largest amount of buyers. This included minor updates, staging, professional photos, floor plan and more.

We had over 15 agent showings, and over 26 groups through the Open Houses and received 3 offers!  This house sold within 3 weeks, with very competitive terms for $1,234,000.

If you have questions on how to get the best price for your home, or want to know what upgrades will be most appealing to buyers, contact us!

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Under Contract: 700 Blueberry Hill

Buyers are out, and MOTVATED! We ratified another property in McLean, this week.

This home is located in the desirable Merrywood on the Potomac, with the unique benefits of a single family home, that actually has condo ownership.

The comps for this neighborhood range, but are above $1M for most recent sales. The lowest Sale was 706 Blueberry Hill for $982K in 2015. And the highest sale was 1300 Skipworth for $1.75M in 2016

• This home features 5 bedrooms and 4 1/2 bathrooms.
• Inviting foyer entrance and expansive floor plan.
• Separate formal dining room with wood burning fireplace, perfect for large tables and entertaining.
• Gracious living room off kitchen with sunny bay window overlooking the yard.
• Spacious gourmet kitchen with plenty of counter space, breakfast area with balcony and custom pantry.
• Office off of the foyer with custom wet-bar and built-in shelving can also be used as a study or den.
• Enviable master suite with attached full bathroom. dual-entry walk-in closet and additional second closet.
• Three generous sized bedrooms on upper level, with two full bathrooms.
• Lower-level features expansive family room with a fireplace, built-in wet bar for entertaining, additional 5th bedroom /home gym, full bathroom and huge storage room.
• Stunning private backyard with in-ground swimming pool, patio and extensive landscaped gardens.
• Over-sized 2 car garage with plenty of space for additional storage.
• Laundry room/mudroom conveniently located off of kitchen.
• Updates include: newer hot water heater & HVAC, slate roof and large double hung windows.
• This home is part of the section 2 cluster, and is only attached on one side.
• Ideal location minutes to the GW Parkway Chain Bridge Road, Tyson’s, Georgetown and Downtown DC.

This home is listed for $1,199,000.

Email Katie@wethmangroup.com for more information or to to find out the most accurate price for your home!

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SOLD: 520 John Carlyle St. #437 Alexandria, VA 22314

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Congrats to our client for selling her loft style, studio in Alexandria!

We listed her home in December, had lots of interest and received a full price offer in less than a week!

Her studio was beautifully update with hardwood floors, high ceilings, gourmet kitchen with granite counter and stainless appliances, two closets and a large bathroom.

Other units in this building have sold for $380K+ for a one bedroom and up to $599K for 2 bedroom unit. We listed and sold this studio for $289,000 with no seller subsidy. Even over the holiday season, we were able to list and sell this unit for a great price for our client!

If you are interested in selling your condo or home, please contact us for a customize price and marketing plan!

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3574 MARTHA CUSTIS DR #305, ALEXANDRIA, VA 22302

• Beautiful one bedroom end unit features a front porch and plenty of windows with lots of natural light.
• Gleaming hardwood floors throughout!
• Upgraded kitchen with granite counter tops and stainless steel appliances including NEW dishwasher and NEW microwave.
• Separate dining room for entertaining.
• Spacious and open living room with high ceilings.
• Master bedroom features dual closets and neutral carpet over hardwoods.
• Washer and dryer are located in the unit.
• Commuters delight with easy access to I-395, Rt. 1 and Rt. 7 and the DASH bus to the Pentagon.
• 5 miles to Ronald Regan International Airport.
• Blue and Yellow Metro lines at Braddock Rd.
• Close by shopping, dining and entertainment in The Village of Shirlington and access to the Washington & Old Dominion Trail.
• Heat, gas and water included!
• Amazing amenities include 3 outdoor pools, basketball, volley ball and tennis courts, party room, tot lots, exercise facility and laundry rooms.
• Historic Park Fairfax includes 22 acres of woodlands, trails and beautifully maintained grounds with large shade trees and landscaping.
• Listed on both the National Register of Historic Places and the Virginia Landmarks Register.
• Active community with planned outdoor jazz concerts, summer cookouts and holiday events. 


Email Katie@wethmangroup.com for more information or to set up a showing. 

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SOLD- 204 S Ivy St Arlington, VA

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Who says the fall market is slow? We received and offer even before going on the market!

Gorgeous 3 bedroom, 2.5 bath home in Arlington Heights. Inviting living room with fireplace, large dining room and updated kitchen with new tile floors, refreshed cabinets and granite counter tops. Spacious master bedroom with attached half bathroom. Two other bedrooms with hardwood floors, and full bath with shower/tub combo. Bonus rec room in basement with space that sellers are using as a 4th bedroom. Screened in porch, slate patio with fully fenced yard with garage and driveway.

The house was painted, carpet was replaced, tile was installed and other small repairs were completed in preparation to go on the market.

Homes in this neighborhood have sold for $600K-$1.1M+ depending on size, updates and location. This home was abut 2000 sq feet, but had fantastic curb appeal and a large flat back yard. We sold this home for $805K.

Contact us if you have questions about the best updates for your home, and how to maximize your sales price.

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1031 Exchange

Are you an seller or investor looking to sell a property, buy a new property, but want to avoid paying capital gains or recapture taxes?

Have you heard of 1031 exchange? This is a process where you are redistributing the equity of one property into another investment, to defer additional taxes.

Here are some simple facts on the 1031 process;
1. Sell property & identify new purchase within 90 days.
2. Find a like kind/replacement property you want to acquire. (Must be equal or greater value).
3. Reinvest all equity into the new property OR apply equity to a higher valued property.

This transaction is similar to a trade, where the equity is transferred to a new property, rather than received as proceeds, and taxed.

We have had clients sell a long term investment property, for a new construction investment, sell their investment, and apply the proceeds towards a portion of an investment or, apply the equity of one property to the purchase three new properties.

As part of the exchange process, the purchase property must be identified with in the specified time frame, and the owner may not receive cash or other benefits from the sale.

Using a Qualified Intermediary to complete this process is highly recommended, given the complicated nature and timing of the transactions.

If you have more questions about completing a 1031 Exchange, our team has completed these types of transactions on our personal properties, and for clients. Contact us today, for more info!

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Under Contract- 6203 Franconia Forest Lane

We put this house on the market, and within 5 days we had over 35 showings, 4 offers and were under contract and set to close by the end of June.  This beautifully renovated 5 bedroom, 3.5 bath center hall colonial with attached one car garage in sought after Franconia Forest neighborhood! It features a stunning exterior remodel includes new windows, insulated siding, roof, deck, professional landscaping, and outdoor living hardscapes. The main level features gleaming hardwood floors with accent plush carpet, updated half bath, two closets, and laundry.

Elegant living room with chair rail, crown molding, elevated ceilings, and recessed lighting. Formal dining room with chair rail, crown molding, and a large picture window overlooking a serene, wooded lot. Renovated eat-in kitchen with newer maple cabinets, new stainless steel appliances, pendant lights, custom back splash and granite counters. (all items are within 1 year old expect cabinets). Modern floor plan as kitchen opens to cozy family room with recessed lights and fireplace! Sliding glass door opens to spacious two-level outdoor living with relaxing deck and stairs to flagstone patio – perfect for entertaining. Hardwood stairs and landing lead to upper level which features 4 spacious bedrooms, 2 renovated full baths, and linen closet. Enviable Master suite with recessed lighting and two closets (one larger walk in) and attached master bath with updated ceramic flooring, vanity, and spa shower. Renovated hall bathroom shines with new tile floor, updated vanity, custom shower surround, and lighting. All bedrooms have raised panel doors, plush carpet, modern paint, large closets, and ceiling fans. Spacious lower level features large recreation room, with 2nd fireplace, ceramic tile floor, recessed lighting, complete with a fifth bedroom and full bathroom. The bathroom has been stunningly updated to include new tile flooring, vanity, lighting and glass tile shower surround. Additional storage/utility room perfect for a workshop or more! Walk out from the recreation room into an outdoor living oasis featuring relaxing flagstone patio with stacked stone fire pit and stone wall with landscape lighting that backs to trees and additional lot.

Additional storage shed under deck perfect for outdoor furniture/lawn equipment or more! No home owners association! Ideal location, with quick access to three metro stops on Blue/Yellow lines (Springfield, Van Dorn, Huntington) and the VRE. Convenient to Springfield Town Center and Kingstowne Town Center with plenty of restaurants/retail. Perfect for commuters, with easy access to Ft Belvoir, the Pentagon, Crystal City, DC and more! 

Homes in Franconia Forest, have sold for $405K-$568K, depending on the size, upgrades and condition.  Average days on market ranges from 7 days to 51.  We listed 6203 Franconia Forest Lane for $585K, and it was under contract in less than 7 days.

Contact us today, to learn more about getting top dollar for your home!

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