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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The Wethman Group’s Real Estate News

April 2017

Greetings!

The Spring marketing is kicking in, with very slight increases in inventory, and multiple offers.  The March median sales price in our area reached the highest on record (since 1997) up 5.3% from March last year. Sales and pending sales were at the highest level in a decade and the inventory level declined for the 11th month in a row (but is still above the 5 year average). Median Days on Market (DOM) in our area for March was 15. That is down 12 days from this time last year!
We’re seeing multiple bids on most properties that are priced to sell, and significant offers over asking in a few pockets of DC. Properties are moving FAST and often competing with other offers on terms.  But not everywhere…why is that?
As the Stephen S. Fuller Institute reports, the main driver is the local job market. While we have enjoyed low unemployment in our area for many years, we have not seen an aggregate increase in real wages in some time. The already large gap in affordability in our area doesn’t leave much room for price growth when wages are not growing as well. If you are looking to buy, this is potentially good news. Mortgage interest rates have retreated again to the lowest rates since last November (if perhaps temporarily) despite the Fed’s increase in the benchmark rate in March.  Even though the market is competitive, with the right strategy and team of negotiators (that’s us!) you CAN be successful in this market.
We continue to urge our past clients who have been on the fence about selling to make a move. Inventory remains tight, even now, entering the peak of the housing market. Buyers are out and ready to move! If you have been considering a move, start the conversation with our listing team to get an idea of what this market means for your specific property.
Client Appreciation Event: Afternoon at the Winery
On April 1, we were joined by a great group of clients and referrers for a wine tasting and picnic at the Winery at Bull Run. Over the course of the afternoon, we tried 10 wines (some many times!), and lots of great food. This was our first event at the winery, but we are already talking about next year. If you aren’t on our event list yet, it is easy to get an invite- buy or sell with us or refer a friend!

Clients and Friends Who Have Referred to Us:
Save the Date: Baseball Event, Sunday, July 9th
Our next client appreciation event is our annual trip to a Nats game. 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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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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Just Listed: 3039 Macomb St, NW #18 Washington, DC 20008

Cleveland Park Coop
2BR/1BA unit at the desirable Cleveland Cooperative!
Rarely available Unit features: hardwood floors, 750 sq ft, 10+ ft ceilings, and lots of natural light.
Needs renovations, but lots of potential.
Unbeatable location with nearby restaurants, shops & entertainment. Just mins to Cleveland Park, National Zoo, Uptown Theater & Cleveland Park Metro
Charming building, cat friendly & low coop fee.
No underlying Mortgage
Offers with loans MUST use PNC Mortgage; NCB, F.S.B.; JP Morgan Chase Mortgage; and H.S.B.C.

Units in this building rarely come on the market. Sales have ranged from $380K up to $430K for beautifully renovated 2 bedroom units. This unit is listed for $359K, and has lots of potential for upgrades. If you are interested in seeing this unit, contact us today.

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

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Just Listed: 3808 N. Pershing Drive Arlington, VA 22203

• Charming Ashton Heights Colonial in Arlington with traditional hardwood floors, curved archways, glass door knob hardware and recessed lighting throughout.
• Inviting living room with brick wood burning Rumsford fireplace.
• Main level den with built-in shelving, window seat, cabinet drawers and dual skylights.
• Separate dining room opens to gourmet kitchen with maple cabinets, ceramic cooktop and stainless steel appliances including a Kitchen Aide convection oven.
• Upper level features Master bed room with hardwood floors, ceiling fan and multiple windows allowing natural sunlight.
• Second bedroom with double closets and hardwood floors.
• Full hall bath complete with beautiful marble floor, counter top, subway tile and chrome fixtures.
• Lower level fully finished family room with newer wall to wall neutral carpet and recessed lighting.
• Third bedroom has dual closets with plenty of storage.
• Full bathroom with granite counter top vanity and ceramic tiled shower.
• Additional features include energy efficient water heater and front loading washing machine, Anderson high efficient replacement windows throughout, front-loading attached one-car garage.
• Gorgeous 5,650 square feet garden lot featuring professional landscaping and a private fully-fenced backyard with wood sundeck and mature trees.
• Around the corner from Ballston/Clarendon/Virginia Square Metro orange line corridor, ART transit, Metrobus stops, bike paths, trails, and neighborhood parks.
• Only 4 ½ miles to Washington DC!

Home in Ashton Heights sell for $500-$1.5M Depending on the size, location and upgrades in the home. This house is listed for $759,999. We worked with the seller to complete minor updates to the home, and recommended that they have it professionally staged. We had over 14 buyer showings scheduled in less than two days on the market.

Contact us for more information or to set up a showing!

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The Wethman Group’s Real Estate News

January 2017

Greetings!

The New Year is off to a quick start in the real estate world.  Is buying or selling a home one of your New Year’s resolutions?  It’s time to get started!  December median home prices in our area were the highest on record, up 4% from last year, but relatively stable since November, up only .08%. Inventories are typically low in the winter months, which is compounding the already very low inventory trend we are seeing in this area. Inventories are still 15% above the all time low in 2012, but below the 5 and 10 year averages.
Buyers are still quite active. We have several clients right now waiting for inventory to hit the market in the next few months to make a move. Buyers and sellers alike may be feeling the pressure to move while interest rates have, perhaps temporarily, leveled off since the increase that began in late October.
I know we have been saying this for months now, but it’s a great time to sell! If you are able to be flexible with your move plans, don’t wait until spring- talk to us about getting ready to go on the market now. Sellers, our experience shows that February is a great time to list – often resulting in multiple offers!
Buyers, get ready for the spring pop in inventory by educating yourself about the home buying process, and getting pre-approved with a lender. We are hosting our popular First Time Home Buyer Class next month, details below and work with some fantastic lenders, so ask us for recommendations based on your goals and circumstances.
We need reviews!  If you’re a past client, don’t forget to leave us a review to be entered into a drawing for two free Caps tickets (they’re doing great, by the way)!
Upcoming First Time Home Buyer Class
Tuesday, February 21st, Capitol City Brewery Register Here
As always, if you or someone you know has a real estate need, 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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