The Wethman Group’s Real Estate News – July 2019

July 2019
Hard to believe 2019 is more than half over, but we’re in the dog days of summer already! Read on for our take on the summer real estate market, but first…we need your help!
Please help us keep our streak going, and vote for us in Northern Virginia Magazine’s “Best Agent” Poll now through August 5!
The temperatures are up, but we’re seeing some *pockets* of reasonableness now in the housing market. Even a *tiny* bit of breathing room for buyers has come as a relief as “months of supply” held steady in June (see chart.) That means we’re seeing sales continue into July and August, which is usually a very slow time in the market. Buyers who were outbid over and over in the Spring are still out looking, buoyed by continued low interest rates (which are expected to stay low and even fall further in the second half of 2019, according to Fannie Mae.) If you’re thinking of buying, reach out to us!
Amazon’s getting press again, including this article in the NYT about the pressure our market is feeling. We stand by our initial assessment published last year though–our area already had an inventory ‘crises’ and correlation does not equal causation. (Contact us for a copy of our earlier analysis.)
Be wary of alarmist articles like this one in the Washington Post with crazy stats and learn to dig deeper (we can help!) For example, in the article, which touts 121% year-over-year appreciation in 22202, their sample of 31 homes is just not big enough to be meaningful, and looking just at that small zipcode is also misleading. They’re also looking at sales closed in November (when Amazon announced), but that represents homes that were under contract in October pre-announcement. Increases in prices are due to ongoing low inventory and low cost of borrowing, not the Amazon announcement per se. And sometimes a monthly average price will go up because of inventory bought by builders buying off market tear downs (not reflected in MLS stats) and then listing $1.5M homes. November is a terrible time to do a year over year comparison because of the low inventory; June to June is better–several months before the announcement vs this year well past the announcement, and you need to look at trends anyway, not a single month. We can find you months where year-over-year there were *declines* in prices in this zipcode in general and/or for certain property types. There’s lies, damn lies, and statistics. The answer is to work with an agent who knows the inventory, and has the tools to run the analysis you need on the type of home you want, in the location you’re looking (THAT’S US!)
We’re still advising both buyers and sellers in the Amazon HQ2 corridor to make their decisions on the fundamentals, not the news cycle. One idea to lessen the housing crises in our area is to consider zoning changes, similar to what Minneapolis has recently done. Arlington is already getting creative with their recent relaxation of Accessory Dwelling Unit rules. Look for more changes like this in the future for our area.
As always, thanks for your business and referrals — we’re never too busy for your referrals!
Wethman Group Client Appreciation Event:
Nats Game – A Home Run!
Thanks to all our clients and friends who joined us for our annual Nats outing! We look forward to hosting this annual event with help from our sponsors Southern Trust Mortgage, Ekko Title, and Atlantic Insurance.
Interest Rate Update
30-Year Fixed Conventional 3.86%
5/1 ARM 4.01%
30-Year Jumbo 4.16%
Rates per Bankrate.com as of 7/15/19. Graph Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States [MORTGAGE30US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE30US
WETHMAN GROUP LISTINGS
For Sale:
Coming Soon:
12154 Captiva Ct Reston, VA 20191
$325K/TBD
Under Contract
1219 N Taylor St Arlington, VA
3813 36th Rd N Arlington, VA
SOLD
12811 Caldwell St Rockville, MD $280K
4422 Hunt Place NE, Washington, DC – $435K
HOME CARE CORNER:
Check for Storm Damage
Of course we were inundated with an epic storm and flash floods just a few weeks ago. Now’s the time to prepare for upcoming storms (don’t forget it’s almost hurricane season) by doing the following:
1) Check roof for any damaged shingles (also check from inside the attic for any signs of water penetration.) Also check caulking around windows.
2) Clean gutters and extend downspouts away from the foundation.
3) Check that grading didn’t wash away in the last storm!
4) Test your sump pump if you have one, and consider adding a battery back up in case of power outage.
You may want to consider purchasing a dehumidifier, box fan, and shop vac if you have previously had water infiltration–these items are a must anytime there’s water in the basement!
Check our Maintenance Checklist for other items to inspect. Routine maintenance throughout the year helps avoid large expensive repairs or replacements down the road!
CLIENT PERKS: PROJECTOR & SCREEN
Clients, you can host a backyard movie night! We have a retractable screen (or just use a plain bedsheet or side of your house) and a projector for backyard fun! Just contact us to borrow.
Have something you’d like to see us add to our collection of client items available to borrow? Just email us!
We’re happy to help with all your residential and commercial real estate needs throughout the DC metro area. Remember to Like us on Facebook for market updates and real estate tips!
We have a nationwide network of quality agents–let us know if you or someone you know needs a referral to another city.
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The Wethman Group’s Real Estate News – November

November 2017

Greetings!

We may sound like a broken record, but October followed the suit of the trends we have been seeing in the local market across this year: low inventory, but continued sales and price increases. October marked the 18th month of year-over-year decrease in inventory with active listings down 2.8% from October last year. New contracts were up 2% from this time last year and the median sales price was up over 3%. For this time of year, properties are still moving relatively quickly, with the average Days On Market (DOM) at 17, down 6 days from the 23 in October last year, but still up from the low of 11 we saw in the summer months.
Still thinking of selling this year? Now is the time to act! 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.
How Will the Tax Bill Affect Area Housing
 

If you have been following the two versions of the proposed tax bill,you know that homeowners could be adversely affected by several of the changes. Because of the high prices in our area, we have the potential to feel the changes more than a lot of the country. This article does a good job of summarizing the two plans, and concludes the House bill would increase home-related tax liability for 18.5% of current homeowners. Buying would still be a better deal than renting, but for home buyers looking in the $500k-$1M range, that margin would shrink by 8-13%. The Senate bill does away with the deduction for property tax, raising the tax liability for homeowners, but with potentially less pronounced affect. The increase in cost of homeownership is projected to make current owners more likely to make do with current living situations than “move up”, which would lead to further strain on already low area inventory.
Wethman Group in the News
 
Katie was quoted this week in this Trulia article about the best area neighborhoods for first time home buyers. Check it out!
Client Appreciation Program and Events 
As always, we’re so appreciative our all of our clients and their referrals.  Our latest “Thank You” events:
 
Pie Day Party: Tuesday, November 21
Movie with Santa at Tysons: Saturday, December 2
 
Postcards and email invitations are out! Clients, let us know if we missed you and we will get you the information ASAP.
Stay tuned for more details about our new “Wethman Group Perks” program launching in 2018!
LOANER PROGRAM ADDITIONS: You probably remember we have a free moving truck, but we’ve also now added 2 warming buffets, a large coffee urn, and a 4 foot table, available for your short-term use. Yard full of leaves? We have a leaf blower and shredder, too.  Just email us to reserve an item for pickup!
First Time Home Buyer Classes – Coming Soon ONLINE!
In 2018 we are taking out popular First Time Home Buyer Classes online! Beginning in February, we will be offering a free online webinar that covers: deciding to buy, financing, your home search, and trends in the local market, among other topics. Register here and we will keep you in the loop when the dates are set, or forward this to a friend who is thinking about starting their search!
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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North Arlington (Orange Line) Condo Update: November 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  December 16, 2015
Average List Price

$307,523

$476,908

Number of Active Listings

53

45

Average Property DOM(P) – Actives

102

87

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

$314,433

$547,584

Number of Sold Listings in Previous Month

20

10

Average Property DOM(P) – Solds

83

68

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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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North Arlington (Orange Line) Condo Update: August 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  September 16, 2015
Average List Price

$297,435

$484,991

Number of Active Listings

65

60

Average Property DOM(P) – Actives

95

76

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

$364,533

$533,754

Number of Sold Listings in Previous Month

21

24

Average Property DOM(P) – Solds

28

48

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North Arlington (Orange Line) Condo Update: July 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  August 18, 2015
Average List Price

$271,297

$469,139

Number of Active Listings

56

59

Average Property DOM(P) – Actives

109

87

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

$335,300

$589,170

Number of Sold Listings in Previous Month

33

23

Average Property DOM(P) – Solds

30

26

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North Arlington (Orange Line) Condo Update: June 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  July 15, 2015
Average List Price

$280,632

$472,451

Number of Active Listings

61

55

Average Property DOM(P) – Actives

87

63

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

$364,673

$498,494

Number of Sold Listings in Previous Month

34

37

Average Property DOM(P) – Solds

30

39

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