The Wethman Group’s Real Estate News – September

September 2017

Greetings!

August is known to be a slow month in DC generally with the congressional recess and end of summer vacations. In our local housing market, we had just a little more pep than historical averages. September numbers won’t be out for a few more weeks, but we have also seen a bit of a pick up in our own office here in the short time following Labor Day. The season isn’t over folks!
New listings were up 7.2% from August last year, but down from last month, which is fairly typical seasonality. On our team, we had a couple of buyers who were looking all summer finally get a contract on the right place for them when a new listing popped up, and a couple of sellers match up with buyers after longer than anticipated on the market. The numbers show a mixed bag overall. The market is still active, but with prices leveling off slightly, and homes sitting a little longer, it is too soon to tell if what we are seeing in the market is seasonal or part of a larger shift.
As always, these are general trends. 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 end 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–we see buyers out as early as February! 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.
DC Recordation Tax News
First time home buyers in DC may soon be eligible for significant savings on closing costs! Beginning October 1, 2017, qualified buyers may receive up to 50% off the recordation tax (from as much as 1.45% down to .0725%) on eligible property purchases. The property value cannot exceed $625,000 and buyers must apply for eligibility, but this is great news for buyers looking in the District. We will share more information as the program is rolled out and we see it in action.
Client Appreciation Program and Events  
CLIENT EVENT SAVE THE DATES:
Pie Day Party: Tuesday, November 21
Movie with Santa at Tysons: Saturday, December 2
Postcards and email invitations will go out to clients next month.
VENDOR GUIDE: Be on the lookout in the mail for our newly updated Recommended Vendor Guide!
LOANER PROGRAM ADDITIONS: You probably remember we have a free moving truck, but we’ve also now added an electric lawn mower and hedge trimmer to our inventory, available for your short-term use. We also have a leaf blower/shredder for Fall cleanups!  Just email us to reserve an item for pickup.
First Time Home Buyer Classes
 
We are gauging interest for hosting our popular class for first time buyers on a few dates this fall. Curious about the process of searching for your new home? Is buying one of your goals for 2018 but not sure where to start? Are the low interest rates attractive, but still not sure if renting or buying is best in your situation? We cover these topics and more in our class and consistently get rave reviews for the usefulness of the content. Drop us a line to let us know you are interested in attending and we will keep you posted as we add dates.
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 – 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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1140 23rd St NW #508 Washington, Dc

Just Listed! 1140 23rd St NW unit #508

Rare opportunity to live in upscale, thriving, and centrally located West End!
This immaculate unit features an open and inviting floor plan with large picture windows, neutral finishes, and a private balcony with garden views.
Functional kitchen with cabinet and counter space, complete with a pass through to the dining room.
The relaxing bedroom features two closets, built ins and a second entrance to the balcony.
Updated master bathroom with newer vanity & granite countertop, tile floor and shower/tub combo.
Washer & dryer are located inside the unit.
The Gibson condominium is a well-maintained with new elevators and roof.
The building also offers front desk concierge service, a party room, and rooftop deck!
Thriving area, just minutes to Trader Joe’s, Equinox, Soulcycle, Sweetgreen, Whole Foods, Rock Creek Park, Starbucks, and much more.
Quick access to the metro, K St, Georgetown University campus, Dupont Circle and downtown DC.
This unit is in a prime location, and is move-in ready!

Condos in the West End neighborhood range from an affordable $297k to an upscale multi-million dollar unit. One bedroom condos range based on size and upgrades from $297k to $658k .One bedroom units rarely are listed below $400k, in face, only 2 since the beginning of 2017 have been sold below $400k. This West End condo has been well maintained by the current owners and shows well.

Contact us for a private showing!

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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

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

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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