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

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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The Wethman Group’s Real Estate News

December  2016

Greetings!
Despite increasing interest rates, November closed home sales reached the highest November level since 2009, up 16.5% over last year and reached the highest median price since 2005. Inventories saw a double-digit decline for the fifth month in a row, to just slightly below the 5 year average, but well below the 10 year average, and 14% lower than this time last year. This shows buyers are still out and active, but have less to choose from. It’s a great time to sell! We expect this low inventory trend to continue through the winter months.
Interest rates have been creeping up steadily since the election, from 3.47% in late October to 4.16% this week. The long-predicted benchmark rate increase by the Federal Reserve was confirmed on Wednesday, December 14th, but has not yet affected home loan rates, which are more closely tied to long-term Treasury bonds. Last year following the only other bump in the benchmark rate in the last 10 years, we saw home loan interest rates drop after an initial increase. However, as Sean Becketti, Freddie Mac chief economist noted to the Washington Post, the uncertainty following the election makes the future hard to predict. “The consensus of the committee points to more rate hikes in 2017. However, the experience of this year combined with the policy uncertainty that accompanies a new Administration suggests a wait-and-see outlook… If rates continue their upward trend, expect mortgage activity to be significantly subdued in 2017.” We don’t have a crystal ball, but our bet aligns with a few experts that interest rates will continue to climb, but the ascent will remain slow and steady for the near future. If you’ve been considering buying in the next few years, please contact us so we can help think through the best strategy and timing for your needs.
Client Appreciation Event: Breakfast Movie Party with Santa
It was so wonderful to see all the clients and their little ones who joined us for Breakfast with Santa and Disney’s Moana. This is quickly becoming our favorite new holiday tradition.
As always, if you or someone you know has a real estate need, we’re here to help.  Wishing you all happy holidays and a bright start to the new year!
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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Katie Wethman’s Real Estate News

September  2016

Greetings!

August was another record-breaking month for the DC metro area housing market. Sales volumes were up 16%from the same time last year and the median sales price was the highest it’s been since August 2007. Inventory declined for the fourth month in a row, down 16.4% from this time last year, yet still slightly above the the 5 year average and 23% higher than the low in August of 2013. This is consistent with what we are seeing in offers. Properties are selling, buyers are buying, and prices are healthy, but not super inflated.

An ever so slight interest rate increase last week  caught attention, but rates are expected to stay nearly this low for the remainder of the year, with bets placed that next year we may see a more substantial uptick. If you are considering buying, but uncertain about what financing options are best for your situation, just ask. We work with a lot of great lenders and can help you find the right one for you.

Interested in buying your first home? Or need a refresher while thinking about your next move? We are hosting a free Home Buyers seminar Tuesday, October 11th, at 7pm at Capital City Brewery in Shirlington. You will learn about the entire process from searching for your dream house to closing on it. We will discuss the current housing market, how to decide if renting or buying is best in your situation, financing, and more. Register here to join us.

Mark your calendars for our upcoming Client Appreciation Event, Sunday,October 23rd at Williams-Sonoma and Pottery Barn in Clarendon. We have arranged a PRIVATE shopping event with tablescape demonstrations for the upcoming holidays, refreshments, plus a chance to shop to contribute to Care for Kids benefiting Children’s National Health System. For Wethman Group event attendees, when you buy a $50 gift card, the hospital program gets $50, YOU get $50 that can be used in either store or many other stores and restaurants AND 20% off at those participating stores through October 30th. We’re excited to be part of this great partnership between local businesses and this great cause.  Join us!

File under: Neat House, Sears Catalog Edition. Listed (and already sold) for the first time in our lifetime, this“gingerbread house” in Cleveland Park is a charming reminder of the simpler times in home acquisition. Can you image just ordering and putting it together following a guide with numbered parts?
Things are slightly more complex these days, but we are here to help! If you or someone you know has a real estate need, we’d always love to hear from you.

The Wethman Group

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Buyer Resources: Arlington’s Moderate Income Purchase Assistance Program (MIPAP)

arlington logo

If you are looking in Arlington and haven’t yet saved up the money for a down payment or closing costs, Arlington County has a program that may help. Arlington’s MIPAP program offers a deferred 0% interest rate loan to first-time homebuyers to help cover a down payment or closing costs of up to 25% of the purchase price. You make no monthly payments on the subordinate loan from the County until you sell or refinance. The County does get a shared interest in any potential appreciation of the property down the road when you go to sell or refinance. At the sale, you split any appreciation, up to 25% (determined by an appraisal), proportionally with the county in addition to paying off the original loan. If the property hasn’t appreciated, you simply repay the original loan, interest free.

Requirements:

  • Moderate income, currently limited to $62,100 for 1 person or $69,920 for a household of 2
  • Property must be located in Arlington County
  • Buyer must contribute at least 1% as a down payment
  • Maximum purchase price is $362,790, maximum loan amount is $90,700.

If you are interested in learning more about this or other programs available to homebuyers, please do reach out. We are happy to help you understand your options and find the right place for you.

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North Arlington (Orange Line) Condo Update: October 2015

Welcome to the latest installment of the North Arlington condo update. Included in the stats are active listings and sales in zip codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon).

  • Sign up for a market conditions report.
  • See market data for all of Arlington.
  • See more Buyer Resources.
  • See last month’s post on Orange Line Condo prices.
  • Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).
  • Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1-Br Units 2-Br Units
Active Listings as of  November 16, 2015
Average List Price

$300,174

$474,556

Number of Active Listings

56

48

Average Property DOM(P) – Actives

92

98

SOLD LISTINGS for October 2015
Average Sold Price for Previous Month (does not include seller subsidies)

$354,478

$540,806

Number of Sold Listings in Previous Month

14

24

Average Property DOM(P) – Solds

64

38

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North Arlington (Orange Line) Condo Update: September 2015

Welcome to the latest installment of the North Arlington condo update. Included in the stats are active listings and sales in zip codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon).

  • Sign up for a market conditions report.
  • See market data for all of Arlington.
  • See more Buyer Resources.
  • See last month’s post on Orange Line Condo prices.
  • Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).
  • Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1-Br Units 2-Br Units
Active Listings as of  October 12, 2015
Average List Price

$301,588

$500,590

Number of Active Listings

60

55

Average Property DOM(P) – Actives

85

90

SOLD LISTINGS for September 2015
Average Sold Price for Previous Month (does not include seller subsidies)

$342,597

$486,752

Number of Sold Listings in Previous Month

19

23

Average Property DOM(P) – Solds

38

93

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