The Wethman Group’s Real Estate News

June 2017

Greetings!
The temps are hot and so is the market! The median sales price in our area reached the all-time high for any month on record, topping the previous high of $446,000 reached in June 2016. New contract activity was up over 4% over last May’s record.
May finally saw a nice increase in new listings, up 8.7% over last year, and 5.5% over last month, but it wasn’t enough to make up for the already low level of inventory we have been seeing. A lot of new listings are snatched up within days of entering the market. Median Days on Market (DOM) at 10 days- the second lowest mark in a decade (9 days in 2013). Which means active listing (those available to buy) in May were still down 10.9% from this time last year and at the lowest May level since 2013.
We’re 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 is still at the lowest level we have seen in 4 years and prices are reaching record highs. Buyers are well informed and ready to move. 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.

Upcoming Event: Client Appreciation Day at the Nats Game
To show our appreciation for our business, we’d love to take you out to the ballgame! Join us as the Nationals take on the Braves, Sunday, July 9th at 1:35pm. Tickets are on us, but you must RSVP. If you are a current or past client, or have referred clients to us, and haven’t yet received your invite, reach out to us at baseball@wethmangroup.com and we’ll get you squared away!
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! This quarter’s winner: Meghan Hurley! Meghan got 3 entries for her awesome reviews on Yelp, Zillow, AND Facebook. Thanks, Meghan!
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

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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Katie Wethman’s Real Estate News

October  2016

Greetings!
The record streak continued last month with the most closed sales in a decade in September. Median prices dipped 5% from the August high last month, and came in just in line with the median of September 2015. New listings saw a 23% increase over August, which we are feeling in our own office. If you are looking to buy, this is the time to get out there before sellers decide to stay put until spring. While new listings were up month-over-month, active inventory is actually down 14% from this time last year, which means a lot of those new listings are being absorbed quickly. Inventory overall remains low, even compared with last year, but is near the 5 year average for this area. In short, the market remains steady and active.
Still debating about continuing to rent or buy? Trulia just declared buying in the DC area works is 36% cheaper than renting! Of course this determination depends on your circumstance (including how long you plan to keep the place- Trulia is assuming 7 years, though break even in our area is around 4), so run your numbers on a rent versus buy calculator to get a sense of whether buying will save you money. Or give us a call to talk through the way we would think about it in your situation.
Two Upcoming Client Appreciation Events
To show our appreciation to our clients for your business and referring your friends and family, we are hosting two upcoming events. We’d love to see you!
Pie Day
As an expression of our thanks for YOU at Thanksgiving, come by and pick up a pie (your choice of apple or pumpkin) on us.
Monday, November 21, from 12pm-5pm at our McLean Office
6820 Elm St, McLean, VA 22101
or
 
Tuesday, November 22, from 2pm-8pm at Katie’s House
313 N Irving, Arlington, VA 22201

Reserve yours at thankful.wethmangroup.com.
Breakfast Movie Party with Santa
Save the date: December 3rd, at 10 AM we are hosting a Breakfast Movie Party with Santa at the Tysons AMC Theaters. Join us for breakfast, prizes, and a screening of Disney’s Moana.
As always, if you or someone you know has a real estate need, we’re always here to help.
The Wethman Group
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The Wethman Group’s Real Estate News

August  2016

Greetings!
This month, the DC housing market saw a new record, the lowest inventory since 2009! Prices were up from this time last year, but down slightly from last month. Sellers, it’s a good time to talk about listing. If you are thinking about getting on the market, but worried about the season, don’t be. There are a lot of interested buyers still looking that aren’t tied to the school year. With inventory and interest rates this low it’s a good time to list. If you are interested in learning more about the market from the seller’s perspective, how to think about improvements, staging and marketing, and how to buy a new place while selling your current house, join us for our Seller Class
at the Shirlington Library on Tuesday, September 13th. If you can’t make that date, I’m always happy to answer your questions one-on-one, just reach out.
For those considering buying, rent in the District continues to rise double the national average. Interest rates are low, but still projected to rise by the end of the year.

Did you know we provide FREE educational seminars on home buying and selling to offices, alumni associations, community groups, and others. Attendees love these!  If you know a group who might benefit, let us know, we’d love to set something up.

If we can help you or someone you know with your real estate needs, please do reach out. We always love to hear from you!
The Wethman Group
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Seller Class: Postponed Until September

Are you or someone you know thinking of selling in the next 12 months?

Join us for a FREE Educational Seminar 

Keller Williams McLean: 6820 Elm St Suite 100

Tuesday, July 26th  September date to be announced

7pm-8:30pm

Topics to include:

  • Overview of the Local Current Housing Market
  • Home Listing Process and Expected Timeline
  • Financing Options for Buying Your New Home Before Selling
  • Fees and Closing Costs
  • Repairs or Updates that Bring the Most Return
  • Staging Tips
  • Seller Representation and Choosing an Agent
  • Additional time for your Questions

Register here to join.

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The Wethman Group’s Real Estate News

June 2016

Greetings!

This huge shift in weather has brought buyers out in droves! May closed sales reached the highest numbers since 2006. But, as the Washington Post noted, that’s only part of the story of this market. Prices overall are actually either staying flat or declining slightly despite the increase in demand and low inventory. Though that is just on average. On the front lines we are still seeing multiple offers in a few hot areas, but other neighborhoods are seeing closer to list price while competing more on the terms of the offer. But homes are still selling fast. Half of the houses in the area sold in less than 14 days last month. We expect some market upheaval as the election gets closer, and now with news of Brexit, there’s speculation that interest rates could drop EVEN LOWER!  Not sure if this is the right time for you to buy?  Contact us for a quick, no obligation conversation or attend one of our classes!
Attention Home Sellers: Are you or someone you know thinking of selling in the next 12 months?  We’re hosting a free Home Seller’s class onTuesday, July 26 at our McLean office.  We’ll be discussing market stats and outlook, which upgrades and repairs make sense, staging tips, and a process overview. You can register using this link!
Home Buyers: We haven’t forgotten you!  We’re starting up our free home buyer classes again, with the next one scheduled for Thursday, July 14 in Virginia Square.  Register here.
Client Appreciation Event: This month we headed to the ballpark and had a great time with over 100 clients and friends who joined us Sunday, June 12th to watch the Nats beat the Phillies in a nail-biting finish. With the Nats down by 1, bases loaded, and 2 outs, Jayson Werth hit a well-placed single to bring home Bryce Harper (pinch hitting) and Danny Espinosa to win.Thanks to all our clients and friends who referred clients to us — our business depends on you!  

If we can help you or someone you know with your real estate needs, please do reach out. We always love to hear from you!
The Wethman Group
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The Wethman Group’s Real Estate News

Greetings!

The Wethman Group is in full swing this Spring!  We had 14 settlements in April and 9 in May.  June already has 12 on the books, so is shaping up to be one of our best months yet!  As always, we thank you for trusting us with your real estate needs!  Now, on to market news and upcoming events like our first time home buyer class and baseball outing!

First, in market news, we’re starting to see some warning signs that the market is slowing in our area, though not across the board.  Some price points and neighborhoods remain hot, but others had palpable changes in the past few weeks.  We typically see a seasonal slowdown in July and August, but interest rate hikes, already hinted at by the Fed, could amplify the effects quickly in our area, where purchasing power is such a driver of our high priced market.  But add the World Bank to the list of people enjoying the low rate environment; they asked the Fed to hold off on rate hikes until 2016. If you’re thinking of selling this year, contact us so that we can pull together market data now to optimize timing.

Nonetheless, the DC Metro area is seeing better sales compared to Spring of 2014. The Northern Virginia Association of Realtors® reported that sales transactions for April 2015 rose by 4 percent. Our own  Katie Wethman, was interviewed in their recent publication and noted , “The market right now is very sensitive, buyers have data at their fingertips and know a value when they see it. But, they are quick to pass when they feel a property is overpriced.”  Katie makes the recommendation to sellers that they maintain a house in show-ready condition if they want to receive top dollar.“Buyers see interest rate hikes looming on the horizon, and are motivated to move quickly, but don’t want to risk overpaying,” she notes.

The Consumer Financial Protection Bureau is planning to address problems that surfaced during the meltdown of the housing market when millions of buyers took on complicated loan products they didn’t understand and ended up losing their homes in short sales or foreclosure. (Better late than never??) Some experts feel this will slow the loan process and may cause some hiccups initially. These changes are tentatively scheduled for August 1st. If you are thinking about buying in the next six months you should give us a call now so we can explain how this could effect the lending process for you.

Our next free first time home buyer class is scheduled for Wednesday, June 17th at Arlington Central Library.  We also have an exciting new location: we will be hosting a home buyer class (with free beer!) at Denizens Brewing Co in Silver Spring, MD on Tuesday, June 23rd.  Contact us for details or register here.

When we are not helping our clients with their real estate needs we are planning exciting events for them to attend with their loved ones. Our Gold Cup Client Event was a huge success. The weather was perfect, the bar was stocked and fun was had by all who attended. OnSunday, July 19th, we will take our clients to watch the Nationals beat the Dodgers at Nats park.  As always, our client appreciation events are FREE! It’s one of the ways we say thank you for trusting us to help you with your real estate needs and referrals.

Want to know more about buying a home with us?  Watch this short video about the home buying process!

Buying a Home with the Wethman Group
Buying a Home with the Wethman Group

 

We make it our top priority to be abreast of all the latest information available to help you make the best real estate decisions at the right time. Call or email us to discuss your real estate needs.

All Our Best,

The Wethman Group

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The Wethman Group’s Real Estate News

Greetings!

We’re off to the races! And we’re not just talking about the Spring market (though that definitely feels like a race right now too!)  The Wethman Group is literally headed to the races at Gold Cup with clients and friends at our Client Appreciation Event this weekend. If you are going to the races also please stop by Tent #124 and enjoy a cocktail with our team–we’d love to see you. Clients, if you haven’t received your invite, please contact us asap!

 

We had 14 successful closings in April and we are looking forward to warmer weather and new listings in May! We have new listings across the entire DMV area, including a great 4BR condo in Alexandria, a 2BR single family home in North Arlington, a single family home in Potomac, and a townhouse in Fairfax. If you are thinking of listing your home this spring, give us a call. We are still seeing multiple offers when homes are priced properly.  For buyers looking in hot neighborhoods, properties are moving fast, so this means you need to have your lender lined up, your documents ready to go, and your checkbook in hand. If you like a property, you need to move fast or someone else will.

 

Buyers, we continue to offer our free first time home buyer classes, with the next session scheduled for Tuesday, May 12th at 7:00 pm.  You can register athttp://register.wethmangroup.com  Want to know more about buying a home with us?  Watch this short video about the home buying process!

 

Buying a Home with the Wethman Group
Buying a Home with the Wethman Group

 

Summer is just around the corner and we are planning our next Client Appreciation Event: A Day at the Nationals Stadium with the Wethman Group. The game we are attending this year is Sunday July 19th against the Los Angeles Dodgers, so clients, please mark your calendars and stay tuned for more details.  As always, our Client events are free!  It’s one of the ways we say Thank You for your business!

 

We make it our top priority to be abreast of all the latest information available to help you make the best real estate decisions at the right time. Call or email us to discuss your real estate needs.

 

Think Spring!

The Wethman Group

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Client Appreciation Event at National Park!

This past Sunday, we held a Client Appreciation event at Nationals Park. We’re so grateful for our nearly 100 clients and friends who joined for a fun afternoon.

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A great time was had by all.

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We continue to be so grateful for your business and referrals, and look forward to helping you in the coming year.

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And it helped that the Nat’s won against the Brewers!

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