The Wethman Group’s Real Estate News – September 2017

September 2017

Greetings!

As summer winds to a close we are seeing some changes in the market, but it is too soon to tell if this is part of a seasonal cooling or a bigger emerging trend. The year-over-year July median price in our area inched up 1% from last July, but was down 3% (just over $15,000) from last month’s record median price. July new pending sales were down 3% from last year’s record July high, and down 14% from last month. Houses are sitting on the market a bit longer, with average Days on Market (DOM) up 2 days from June. Our team has seen some great listings of our own sellers sit longer than anticipated, even when priced competitively, and in great showing condition. Is this the beginning of a tip in the favor of buyers? Time will tell and we’ll keep you informed.
Inventory is still low, with July marking the 15th straight month of month-over-month declines in active inventory. New listings were in line with previous July averages, but were quickly absorbed by buyers. New listings are actually up 1.5% year to date over last year, but increased buyer activity earlier in the season accounted for the continued decline in active inventory.
As always, these are general trends. We are seeing more variation among neighborhoods and price bands. Contact us for specific data by zip code or price point to strategize your best approach.
There is still time to think about selling this year! Our area experiences another flurry of activity between September and the beginning of October, so if you are on the fence, it is time to move. Not able to move that fast? It is never too early to start planning for spring of next year. If you’ve been considering a change, let us work with you on the best strategy to make the most of the current market conditions.
In the News
Fannie Mae joined Freddie Mac in announcing this week that appraisals will no longer be required on certain properties with low Loan to Value ratios, saving buyers (and lenders) both time and money. The majority of loans will be unaffected, but if the property is in a hot area, likely to hold or appreciate in value, and the buyer is putting down a large down payment, a waiver of the appraisal could save the buyer $500 in fees and potentially 10 days in closing time.
VOTE FOR US: Best of Arlington
Voting for Arlington Magazine’s Best of  Arlington survey is open and we’d love your vote for Best Real Estate Agent. Go to vote.wethmangroup.comand write in Katie Wethman. A vote for Katie is a vote for the entire Wethman Group team! Choose winners in at least 5 categories, and include your name, address (no requirement that you live in the area), and email for your vote to count. Your support means the world to us!
Love us? Review us! Your reviews drive our business. To show our appreciation, if you share your experience online at Yelp, Zillow, Angie’s List, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude!
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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The Wethman Group’s Real Estate News

July 2017

Greetings!

We’ve seen cooler temperatures in our area here recently, and a bit of a cool down in the housing market. The spring market may have just peaked–June saw the most homes sold in a single month in our area since 2005. The median sales price, however, dropped slightly from May’s all-time high. As you can see from the chart below, it was still a June record, and the second highest monthly median price on record.  Despite June’s aggregate numbers, on the ground we’re starting to see certain price points and locations level off, and there are some disappointed sellers.
Buyers remain active. The market saw an influx of new listings in June, up 4% from June last year, but down 3.5% from the number of new listings we saw added the previous month in May. The number of listings that remain active and available to buy is still down 7.3% from this month last year, for the 14th consecutive month of year-over-year decreases in active listings. With interest rates remaining low, and pricing trending upward, buyers are out finding their homes among the inventory that is available.
As mentioned above, those buyers are starting to have more leverage in the market. We’ve recently seen less competition over individual listings, listings sitting on the market slightly longer, and buyers able to negotiate some favorable terms. Certain pockets of DC and Arlington remain fairly strong, but in other areas, the market is becoming less competitive. Perhaps it is just the annual seasonal lull, or we may be beginning to see a bit of a leveling off of the frenzy. As always, contact us for more specific data by zip code or price point to strategize timing.
Thinking of selling? Start a conversation with us now about timing. Inventory is still low and the market in our area experiences a nice little pop of activity most years around September. If you’ve been considering a change, let us work with you on a strategy to make the most of the current market conditions.

Client Appreciation Day at the Nats Game
On Sunday, July 9th, clients and friends who’ve referred us shared a gorgeous day at the Nationals game. The sun was shining, the temps were in the high 70s, and the Nats beat the Braves 10 to 5! Smiles all around. Want to join us next year? Buy or sell with us, or refer your friends our way. We have an amazing group, and we’d love to add you!
Love us? Review us! Your reviews mean so much to our business. Share your experience online at Yelp, Zillow, Angie’s List, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude!
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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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.
Love us? Review us! Your reviews mean so much to our business. Share your experience online at yelp, zillow, angie’s list, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude!
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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JUST LISTED: 3303 Wyndham Circle #248 Alexandria, VA

-Beautifully renovated 2 bedroom/2 bath unit at Pointe at the Park!
-Garden style unit, located on the second floor.
-Updated kitchen with new granite counters, breakfast bar, maple cabinets and stainless appliances.
-Inviting living and dining room with crown molding, wood burning fireplace and relaxing balcony. New wood laminate flooring installed 2017.
-Roommate style layout with bedrooms separated by living area.
-Both bedrooms feature brand new carpet, walk in closets and en-suite bathrooms.
-Bathrooms have been renovated to include: newer vanities, sinks, faucets, mirrors and brushed nickel light fixtures
-Full sized washer/dryer in unit, new hot water heater 2016 & AC installed in 2011.
-Large storage closet off balcony. Community bike storage available.
-Community includes: pool, fitness center, community room, Basketball Court, grilling area and secured entry to community.
-Community fee provides free shuttle to Pentagon City Metro (M-F)
-Ideal location! Just minutes to Bradlee Shopping Center with Safeway, Fresh Market, Starbucks, Atlantis, and more. Target and other shopping 5 minutes from community!
-Convenient to 395, Pentagon, Crystal City & Downtown DC

We made specific recommendations to the seller on the flooring, kitchen and bathroom updates to help appeal to potential buyers. The unit was also staged, to help buyers envision the space, and size of the larger bedrooms and living areas.

Sales at Pointe at Park Center range, depending on size and upgrades in the unit. Units that have not been updated, or have older finishes, have sold in the $260-$270K range. More updated units have sold between $280-$295K, depdning on size and location. This unit is listed for $290K.

Contact Katie for more details or private showing!

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Just Listed: 4105 25th St ( Lee Heights)

We just put this lovely Lee Heights listing on the market. The home is located in a desirable North Arlington community, and we help the sellers with staging and other tips to help make the home appealing to buyers.
Details on the home below!

• Beautifully expanded colonial with professional designed upgrades and finishes.
• Main level features newly refinished hardwood floors, and carpet.
• Inviting living room with wood burning fireplace, and elegant dining room.
• Gourmet kitchen complete with Silestone countertops, stainless steel appliances, pot-filler, solid maple cabinets with lighted glass fronts and a butler’s pantry.
• Large breakfast bar with additional seating, open to additional dining area.
• Open concept family room with built-in bookcases and sliding glass doors leading to sun filled deck.
• Custom designed office with solid maple cabinetry and built-in desks.

Upper Levels
• On the upper level, the enviable master suite features cathedral ceilings, with relaxing treed view of the yard. It also features a built-in custom vanity & two walk-in closets with custom shelving.
• En-suite master bath with double sink vanities, offers an over-sized jetted whirlpool tub and separate frameless glass shower featuring marble details.
• Two additional bedrooms feature built-in book cases, cordless window treatments, large closets with Elfa shelving and lots of natural sunlight.
• Full bath off hallway with granite counter topped double sink vanity and radiant heated flooring.
• Laundry room on bedroom level with Silestone counter top, custom cabinets & shelving, full sink and large cedar closet for additional storage.
• Spacious loft level suite with skylights, 4th bedroom, large private full bath with radiant heated tile flooring and multiple closets with plenty of storage.

Lower Level & Yard
• Expansive lower level with over 1500 sq ft of living space! Main area, perfect for a recreation or play room, extends to a private Au-Pair/In-Law suite complete with a kitchenette: full refrigerator, sink and custom built-in cabinet system and separate desk space.
• Lower level also features a full bathroom, additional 8×15 storage room, and large fitness room with garage-Tek flooring, two bright windows and separate walk-out to expansive rear yard
• Rare, flat back yard with plenty of room for tool shed, and playground.
• Other features include: security and intercom system.
• HVAC replaced in 2013 and Roof Replaced in 2011

Ideal Location!
• Located in desirable Lee Heights Neighborhood.
• Minutes to GW Parkway, 1-66, The Pentagon and Downtown DC.
• Only .6 Miles to Donaldson Run Pool (swim team, exercise classes and social events!)
• Active neighborhood, in between Lee Heights & Zachary Taylor Parks.
• Highly ranked school Pyramid: Taylor Elementary, Williamsburg Middle, and Yorktown High.

Home in Lee Heights sell anywhere from $ 819K up to $.18M, depsning on size, age of the home and upgrades. Several newer construction homes have sold in the $1.6M-$1.8M+ range.

This home features over 4000 sq ft and a desirable flat back yard. We listed the home for $1.2M.

Contact us to set up a private showing, or see how you can maximize value and upgrades in your home!

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Just Listed & Under Contract!

This gorgeous home was on the market just under 2 weeks, and received 4 offers with very competitive terms. We provide insight on staging, de-cluttering the home and renovations that were most appealing to buyers.

– Bright and sunny 2 level condo in Kingsgate Community
– Open and inviting floorplan with gleaming hardwood floors on the main level
– Gourmet kitchen with stainless steel appliances, granite counter tops, pantry and breakfast counter
– Separate living room, dinning room and half bath on the main level
– Cozy family room complete with built-in bookcases, ceiling fan and remote controlled gas fireplace
– Private patio for outdoor entertaining off the family room
– NEW upgraded carpet on the stairs and upper level hall
– 2 Master Bedroom Suites with ceiling fans and multiple closets with built-in organizers including a walk-in closet in the second Master
– First master features an updated ensuite bath with tub/shower combo
– Second master features an updated luxury full bath that has a dual sink vanity with quartz countertop, ceramic tile and an oversized walk in shower
– Full size washer and Dryer
-NEW HVAC in June of 2016
– Low condo fee and adjacent to shopping and dining
– Close to Washington, DC and less than 3 miles to I-395 and King Street Metro.

Other units in Kingsgate have sold for $350K-$410K, depending on size, location and upgrades. The more updated units have sold in the high $300K’s and low $400k’s. We listed this unit at $405K.

Email Katie@wethmangroup.com for more information or to see how you can get top dollar for your home!

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The Wethman Group’s Real Estate News

March 2017

Greetings!

Whether it is the weather, or stabilized interest rates, the 2017 DC Metro housing market is off to a roaring start! January closed sales in our area were up 11.5% over last year, to the highest volume in a decade and median sales prices was up 3.9% over last year.
Inventory remains low, which means we are seeing new listings move FAST! We had two of our listings go under contract the first week this month- one in just 2 days! Overall in our area, Median Days on Market for January was down 10 days from January last year. New listings saw an increase of 12.8% over January of last year, but active listings (those remaining available on the market) were down 12.7% compared to last year and 3.1% from last month, meaning those new listings were gobbled up quickly. January inventory levels reached the lowest since 2014.
I know we have been saying this for months now, but if you are considering selling this year and have some flexibility in your move plans, now is a GREAT time! Buyers are looking and inventory is low. We are seeing big turn outs at our open houses and fast offers on our listings. Start the conversation with our listing team to decide on the best time to list given your goals and circumstances.
Buyers, over the next month or so we are expecting a seasonal uptick in inventory (though based on data we’re seeing, you should still expect the market to move quickly), which means the property you’ve been waiting for could come on the market. Get ready by learning about the home buying process ahead of time, and getting pre-approved with a lender. We are hosting our popular First Time Home Buyer Class in a few weeks, details below, and work with some fantastic lenders, so ask us for recommendations. If you can’t make the class, reach out with your questions- we are here to help!
Past clients, the best thanks we can get is your reviews and referrals! Leave us a review on zillow, yelp, or facebook to be entered into a drawing for two free Caps tickets (they’re doing great, by the way)!
Client Appreciation Event: Afternoon at the Winery
Wine Tasting and Picnic for Wethman Group clients!
Saturday, April 1st 12pm-3pm
Join us for an afternoon at a local winery to sip and learn about a variety of wines and enjoy our warm spring weather. Clients, watch for your invitation this week or contact us for your free tickets.
Upcoming First Time Home Buyer Class
Tuesday, March 21st, Capitol City Brewery Register Here
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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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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Under Contract: 1812 N. Culpeper St. Arlington, VA 22207

We ratified a contract on this beautiful home this week! This home is located in Highview Park, which has an ideal North Arlington location, and is assigned to highly ranked schools, but is still listed under $900K. Other details about this house:

• Totally renovated, 5 Bedroom, 3.5 bath Single Family home in North Arlington with more than 2,700 sq. ft. of living space.
• Two-story foyer and separate living room, office, dining room and family room on the main level.
• Beautiful Bamboo floors and recessed lighting throughout the home and 9 foot ceilings on the main and upper levels.
• Gourmet Kitchen with a center island, granite counter tops, stainless steel appliances, ceramic tile floor and gas cooking range.
• Master bedroom has a walk-in closet and luxury en suite full bath with separate whirlpool soaking tub and shower, double vanity and ceramic tile.
• Upper level has two additional spacious bedrooms and a full bath with ceramic tile.
• Walk-out basement complete with a huge rec room, two bedrooms, full bath and separate laundry/utility room.
• Slate front walkway, private driveway with off-street parking and fully fenced yard with shed.
• Ideally located near Arlington area restaurants, shopping and entertainment with easy commute to Rt. 29, Rt. 50, I-66 and I-395.

Other homes in the immediate area range from $760K-$1.27M, ranging on the size, updates and location. We listed this property for $849K, since it was completely rebuilt and renovated in 2012.

If you’d like more information about your home’s value or the market in your neighborhood, email Katie@wethmangroup.com for more information!

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