The Wethman Group’s Real Estate News – June 2019

June 2019

 

Glimmer of Hope for Buyers?

Inventory came up ever-so-slightly in both Northern Virginia and DC in late May and now into June, giving just a touch of breathing room to buyers who have been frustrated with bidding wars and waived contingencies.

We’re still seeing hot properties in entry level price ranges escalate well above list, though, and motivated buyers are doing pre-offer inspections and finding other ways to mitigate the risk that comes with waiving contingencies.

We’re seeing the market cool a bit in the upper ranges of $1.2M+, where inventory is higher, and buyers with children finalize their moving plans for this summer to be settled well before the school year.
Our team is busier than usual this June as a result of buyers still on the hunt, having been competing for the past few months. If you’re a buyer who’s been sitting on the sidelines this Spring, this may be a good time to dip your toe in the water.
In other team news, a video interview with Katie was recently featured in ARLNow’s Boring Title column. She spoke briefly about bidding wars and the risks that come with them. Check out the video here, and contact us for more info!
In market news, rates continue to fall so this is a great time to refinance! There are costs to refinancing, but a good rule of thumb is that it’s usually worthwhile if today’s rates are 1% or more lower than your existing rate. Contact us if you want to talk to one of our excellent lender partners!
As always, thanks for your business and referrals — we’re never too busy for your referrals!
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        Wethman Group Client Appreciation Event:   Nats Game July 7th

Clients, you should have received your invite with link (or check our Facebook Perks page!) to RSVP for our annual Nats game July 7th. Seating is limited, so please RSVPsoon!

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Interest Rate Update

 

Rates have lowered in the past week and buyers are hoping they stay low through the summer.
30-Year Fixed Conventional 3.93%
5/1 ARM 3.87%
30-Year Jumbo 4.16%

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.

 

WETHMAN GROUP LISTINGS

For Sale:
Coming Soon:
$799K/TBD

12154 Captiva Ct Reston, VA 20191
$325K/TBD
12811 Caldwell St Rockville, MD $280K
Under Contract/Sold:

545 E Braddock Rd APT 406 Alexandria, VA 22314 $425K

2707 Adams Mill Rd NW #408 Washington, DC $289K

 

 

 

 

 

 

 

HOME CARE CORNER:

Clean Those Gutters!
Keeping water away
from the house is one of the most important things you can do, and
clogged gutters are a common culprit when it comes to water in basements. Next time it rains, take a walk around your property and see where the water is flowing. Make sure it’s coming out of the downspouts easily, and use downspout extenders (<$10 on Amazon or Home Depot) to divert the water at least several feet away from the foundation.
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
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CLIENT PERKS: CORN HOLE GAME!

Hosting a backyard BBQ? Borrow our regulation size cornhole game for free! Just email us to reserve.
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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Katie Wethman’s Real Estate News – Dec 2018

December 2018

 

Market Update

As expected, the announcement from Amazon caused a a bounce in sales, particularly in 22202 “National Landing.” Typically activity and sales in November is slower, as we ease into the holiday season. This past month, 22 properties in the National Landing area went under contract compared to 3 homes in 2017. This is a substantial increase, driven by buyers trying to purchase so that are not priced out of the area once Amazon arrives. But don’t panic…see our own analysis in November’s Amazon Update and take a look at the George Mason University Conference on HQ2 Imapct Video Here. Despite the hype, have identified some cash flow positive investment opportunities, so contact us if you’re looking to invest!
Other areas outside of “National Landing” saw a increase in activity and sales in November, but not as dramatic of a change. Read more details here.
The country’s real estate market is predicted to enter a downtown in the coming 2-3 years, and Amazon may help buoy this area in an otherwise turbulent economic time. Follow our ongoing analysis and updates on ourInstagram and our National Landing Real Estate page. 
In other market news, home sale appraisal rules are changing. Some FNMA and Freddie Mac rules are already in place that eliminate the need for appraisals on certain home types with a sufficient down payment, and the administration has proposed eliminating appraisals on any home valued at under $400,000; instead it would be subject to a ‘evaluation’ by non-appraisers with limited regulation. This is a mixed bag for home buyers and sellers, as many home buyers see the appraisal as a safety net against overpaying for a property. Given that appraisals typically take 1-3 weeks, the elimination of this requirement would likely speed up settlements, and this change will save borrowers about $400-500 in fees. Check out more details here.
New Loan Limits & Interest Rates
The Federal Housing Finance Agency (FHFA) recently announced its new loan limits for 2019. The new (regular) conforming loan amount impacts nearly every part of the US, and was raised to $484,350 in 2019! A 6.8% increase compared to $453,500 in 2018. In higher cost cities, which includes the DC Metro area, the new limit is $726,525.
Current Interest rates (Source: Freddie Mac)
30 Year Fixed: 4.63%
5/1 Arm: 4.04%

Thinking of Selling? Our team is looking to get a jump on the Spring market and is currently setting up consultation appointments for January and February with sellers. We’re offering special financial and staging incentives for sellers who meet and sign with us before the end of February for a Spring 2019 listing—if you or someone you know is thinking of selling next year, please contact us to book an appointment!
As always, if we can ever help with your real estate needs, please don’t hesitate to reach out. Wishing you all very merry holidays and a happy new year!


HOME CARE CORNER
Winter is officially here! If you haven’t turned off your hose bibs, now is the time!
Click here for details: Hose Bib Shutoff Instructions.


CLIENT APPRECIATION EVENTS
THANK YOU to all of our clients that attended Pie Day and Breakfast with Santa! We loved seeing you! thank you for supporting our business all year long with your referrals of friends and family.
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JUST SOLD: 12094 Antler Ct, Fairfax, VA 22030

Congrats to our clients for closing on their Fairfax Townhouse today! We received multiple offers and closed above list price.

 

 

 

 

 

 

 

Details about the home:

Stately 3 bedroom, 2.55 bath townhouse located in Fairfax Ridge! This home offers over 2300 sq ft of living space on three levels with an attached one car garage. Spacious lower level recreation room with fireplace, and walkout to patio and fenced yard. Custom storage area below the stairs. Hall bath and coat closet off the entryway. The main level features inviting living and dining area with chair an crown molding, and walk out to deck with a serene treed view! Gleaming Brazilian hardwood floors on all stairs, main and upper level, Updated kitchen with granite counters and breakfast nook near the bay window. Separate laundry room and half bath on kitchen level. Upper level features three bedrooms and two full bathrooms. Master suite with expansive walk-in closet complete with custom organizers. Master bath offers a double vanity soaking tub and frameless glass standing shower. Peaceful deck & fenced patio, backing to trees. Well maintained HOA keeps the neighborhood in pristine condition. Ideal location, minutes to Fair Oaks Mall, Fairfax Town Centre with plenty of restaurants and retail. Short distance to Fairfax Government Center, Fairfax Corner, Merrifield Garden Center, Costco and Wegmans. Also, quick trail to Eagle View Elementary. Perfect for commuters with quick access to I-66, Lee Hwy, Rt 50, Fairfax County Pkwy, Rt 28 and more!

 

 

 

 

 

 

 

 

Properties in Fairfax Ridge have sold for $430K up to $560K+. The higher end of sales are typically for end unit townhouses with two car garages. This property sold for $501,900.

 

Contact us today to get a market value for your home!

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JUST LISTED & OPEN HOUSE-3721 Mazewood Lane Fairfax, VA

Excited for our client who listed her lovely townhouse in Fairfax this week.

Well maintained 3 bedroom*, 3 full bath and half bath townhome in Foxfield.
Located in a quiet community, with 1320 sq ft of living space on 3 levels, backing to trees. The woods behind the home are forever wild.
Gleaming maple hardwood floors on main level and upper level hall. Newer carpet in master bedroom.
Kitchen updated with silestone counters, newer lower cabinets and stainless steel appliances (with double oven). Hall bath and coat closet off the front entrance
Formal dining and living room, with sliding glass door to a relaxing deck!
Upper level features two bedrooms and two bathrooms
Master suite with vaulted ceilings, and large closet with custom organizers.
Attached master bath has been updated with newer vanity, shower/tub combo and ceramic tile flooring.
The second bedroom features a larger closet and attached bath with a large vanity and updated shower with glass door. New skylight in hall area installed in 2013.
Spacious lower level with living area for a recreation/media room or den. *Possible 3rd bedroom in lower level with closet & cedar closet.
Walkout to relaxing patio with treed view behind the property.
Major systems and appliances have been updated: Newer HVAC (6 months), windows (with transferable warranty). Home has been impeccably maintained!
Two assigned parking spaces convey with the property.
Community includes jog/walk paths, bike trails, tennis courts, outdoor pool, basketball courts & more.
Convenient location minutes to nearby retail and shopping and ideal for commuters! Minutes to RT 50, 66 and Fairfax County parkway.

Homes in Foxfield sell from $380 up to $425K depending on the size and upgrades. Many renovated homes have sold $399K and higher. Properties backing to parkland are espcially desirable. Given the upgrades and amenities of this home we listed the houe for $415K.

Contact us today for a private showing!

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JUST LISTED & OPEN HOUSE- 4141 N Henderson Rd #1004

Fall is here, but the real estate market is still busy! Check out our newest listing in Arlington, just minutes from Ballston Commons.

Details on this lovely unit:
-Open and inviting 1 bedroom, 1 bath unit with 851 square feet of living space.
-The unit features gleaming wide-plank hardwood floors in the living area and bedroom, along with crown molding and large picture window.
-Updated kitchen offers a breakfast bar, granite counters, and ample cabinet space with a separate pantry for added storage.
-Kitchen opens to open dining and living areas with access to the balcony.
-Spacious master bedroom with hardwood floors, sliding glass door and walk-in closet with organizers.
-Full master bath renovated with newer vanity, flooring and updated tile in the shower.
-Expansive balcony with stunning city views.
-Underground parking space available. Up to 3 garage spaces, $200/yr for 1st car
-Community amenities include a 24-hour front desk attendant, party room, courtyard with grill, laundry room, community garden, and an outdoor pool.
-Condo fee includes all utilities, except cable & internet.
-Hyde Park is an ideal location in Ballston. Close to Harris Teeter, with quick access to shopping, dining at Ballston Quarter and 4 blocks from Ballston Metro.

Property values in Hyde Park, vary depending on the location and upgrades in the unit. Some studios have sold close to $300K, while one-bedroom units typically sell for $320-$365K, depending on how large they are and updates in the kitchen and bathrooms. Other two bedroom units seller for $375K and above. Given the proximity to shopping and retail in Arlington, along with the up and coming Ballston Commons, this is an ideal location!

Contact us at info@wethmangroup.com to schedule a private showing.

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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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JUST LISTED & OPEN HOUSE! 12094 Antler Ct

Freshly updated and ready for the market! We’re excited to present our newest property for sale on 12094 Antler Ct – Fairfax, VA.

Details on this property include:

Stately 3 bedroom, 2.55 bath townhouse located in Fairfax Ridge!
This home offers over 2300 sq ft of living space on three levels with an attached one car garage.
Spacious lower level recreation room with fireplace, and walkout to patio and fenced yard. Custom storage area below the stairs. Hall bath and coat closet off the entryway.
The main level features inviting living and dining area with chair an crown molding, and walk out to deck with a serene treed view!
Gleaming Brazilian hardwood floors on all stairs, main and upper level
Updated kitchen with granite counters and breakfast nook near the bay window. Separate laundry room and half bath on kitchen level.
Upper level features three bedrooms and two full bathrooms.
Master suite with expansive walk-in closet complete with custom organizers. Master bath offers a double vanity soaking tub and frameless glass standing shower.
Ideal location, minutes to Fair Oaks Mall, Fairfax Town Centre with plenty of restaurants and retail. Walking distance to Fairfax Government Center, Fairfax Corner, Merrifield Garden Center, Costco and Wegmans. Also, short walk to Eagle View Elementary. Perfect for commuters with quick access to I-66, Lee Hwy, Rt 50, Fairfax County Pkwy, Rt 28 and more!

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Townhouses in Fairfax Ridge range in price from $450-$560K+ depending on size, location and of course condition. Properties that have sold on the higher-end were also end-units, with a two car garage and updates throughout. Our property at 12094 Antler Ct is listed for sale at $519900.

For more details or a private showing, contact the Wethman Group!

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JUST LISTED & OPEN HOUSE 6912 Sharpsburg Dr

The fall real estate market is still going strong! Excited for our client, who just listed her gorgeous home out in Centreville. This home in located in Hanna Estates and sales have ranged from $530K up to $623K for single family homes. Properties on the lower end of sales are smaller, with less updates. Properties at the higher end are nicely updated with gourmet kitchens, renovated bathrooms, and floor plans wth over 3200 sq ft!

Details on our listing:

Stately 4 bedroom 3.5 bath colonial with over 3200 sq ft of living space!
Light filled two story foyer greets you at the front door.
Formal dining room and living room, with gleaming floors with plenty of space to entertain.
Open kitchen with updated cabinets, granite counters, stainless appliances, ceramic tile and an island. Space for eat-in table with access to the screened-in deck.
Inviting family room off the kitchen with a gas fireplace.
Enviable master suite with high ceilings, space for sitting area, large walk-in closet and large master bath with soaking tub separate shower and large vanity.
Spacious bedrooms with plenty of closet space and a hall bathroom complete with tub/shower and large vanity.
Lower level features large rec room area, full bathroom and expansive storage and utility room.
Relaxing screened-in deck, with access to deck and fenced backyard.

Open House this Sunday 12-2pm!

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Email admin@wethmangroup.com for a private showing or more information.

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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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