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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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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Just Listed & Under Contract 6302 Walyes St, Springfield VA

Listed last week, and we received a contract in less than 5 days! Details on the property below:

Spacious 4 bedroom, 3 bath home in Monticello Woods neighborhood.
Newly refinished hardwood floors in hallway, living room and bedrooms.
Spacious living room with large picture window and wood burning fireplace.
Large eat in kitchen with bay window, brick accent wall, recessed lighting 42 inch cabinets, cook top, double oven, pantry and extra counter/storage space.
Bedrooms on main level feature hardwood flooring, ample closets and lot of natural light.
Master bedroom features attached bath with standing shower.
Hall bath features white vanity along with shower & tub combo.
Expansive lower level features recreation/media room with recessed lighting and 2nd wood burning fireplace.
Huge unfinished utility/storage area with washer and dryer and 3rd bathroom.
4th bedroom or den off living area with walk-up access to back yard.
Large lot with almost 1/3 acre. Rear fenced yard.
Springboard- Community Pool located at the end of the street
Ideal location! Minutes to Springfield Metro, 95, 395, 495, Fairfax Connector Bus.
Conveniently located near Springfield Town Center with great restaurants and retail.

Homes in Monticello Woods range in price from $350-$535K depending on size and updates. Many smaller priced homes with less updates sell for $430K and below. The larger, more updated homes sell for $490K and above, depending on updates. Our sellers had a limited budget for renovations, so we provided our top items which we knew would improve the home’s marketability and gain interest from buyers.

If you are looking to for the right kind of updates to maximize your home’s value, contact us today!

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SOLD! 4105 25th St Arlington, VA

Congrats to our clients who sold their home at 4105 25th in Arlington! This beautifully updated 5 bedroom, 4 bath home, featured over 3000 sq ft, and is located in the desirable Lee Heights neighborhood. Great features of the the home were the open kitchen and living areas and large flat backyard. Sales in this neighborhood range from $900K-$1.5M depending on the size, upgrades and location.

We received multiple offers on the home, with very competitive terms and and closed $34K over list price. The sellers were on the market for over 6 months last year, with only one lower offer.

We took over the listing this spring, and helped the sellers with a customized marketing plan and new pricing to help appeal to the largest amount of buyers. This included minor updates, staging, professional photos, floor plan and more.

We had over 15 agent showings, and over 26 groups through the Open Houses and received 3 offers!  This house sold within 3 weeks, with very competitive terms for $1,234,000.

If you have questions on how to get the best price for your home, or want to know what upgrades will be most appealing to buyers, contact us!

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JUST LISTED: 3303 Wyndham Circle #248 Alexandria, VA

-Beautifully renovated 2 bedroom/2 bath unit at Pointe at the Park!
-Garden style unit, located on the second floor.
-Updated kitchen with new granite counters, breakfast bar, maple cabinets and stainless appliances.
-Inviting living and dining room with crown molding, wood burning fireplace and relaxing balcony. New wood laminate flooring installed 2017.
-Roommate style layout with bedrooms separated by living area.
-Both bedrooms feature brand new carpet, walk in closets and en-suite bathrooms.
-Bathrooms have been renovated to include: newer vanities, sinks, faucets, mirrors and brushed nickel light fixtures
-Full sized washer/dryer in unit, new hot water heater 2016 & AC installed in 2011.
-Large storage closet off balcony. Community bike storage available.
-Community includes: pool, fitness center, community room, Basketball Court, grilling area and secured entry to community.
-Community fee provides free shuttle to Pentagon City Metro (M-F)
-Ideal location! Just minutes to Bradlee Shopping Center with Safeway, Fresh Market, Starbucks, Atlantis, and more. Target and other shopping 5 minutes from community!
-Convenient to 395, Pentagon, Crystal City & Downtown DC

We made specific recommendations to the seller on the flooring, kitchen and bathroom updates to help appeal to potential buyers. The unit was also staged, to help buyers envision the space, and size of the larger bedrooms and living areas.

Sales at Pointe at Park Center range, depending on size and upgrades in the unit. Units that have not been updated, or have older finishes, have sold in the $260-$270K range. More updated units have sold between $280-$295K, depdning on size and location. This unit is listed for $290K.

Contact Katie for more details or private showing!

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Just Listed: 4306 Pershing Dr #1

Just Listed and Active on the market- this beautifully renovated 1 bedroom/1 bath condo in Arlington Oaks community. Details below:

• Open layout with new, wood grain ceramic tile and modern paint throughout.
• Separate dining area with space for a larger table.
• Updated kitchen with newer cabinets, granite counters, stainless appliances and New dishwasher installed 2017.
• Relaxing bedroom, with ceiling fan and larger closet.
• Bathroom with newer vanity, light and tiled shower. Two closets off hallway. Spacious storage closet off dining room.
• Condo fee includes heating, water, snow removal and more. Amenities include: Community Room, Exercise Room, Community Laundry, Bike storage and storage bins available.
• Pet friendly- limited to one per unit.
• Ideal location! Quick access to Arlington Blvd, Glebe Rd, 1-66 and 1-395.
• Less than a mile to Ballston Metro & redeveloped Ballston Mall
• Adjacent to the Bus Stop and Bike Share.

Units in Arlington Oaks, have sold from $170K, up to $299K depending on size, number of bedrooms, baths and upgrades. Most updated, one bedroom units have sold for $200-$220K. Our unit is listed for $220K.

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

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Just Listed: 4105 25th St ( Lee Heights)

We just put this lovely Lee Heights listing on the market. The home is located in a desirable North Arlington community, and we help the sellers with staging and other tips to help make the home appealing to buyers.
Details on the home below!

• Beautifully expanded colonial with professional designed upgrades and finishes.
• Main level features newly refinished hardwood floors, and carpet.
• Inviting living room with wood burning fireplace, and elegant dining room.
• Gourmet kitchen complete with Silestone countertops, stainless steel appliances, pot-filler, solid maple cabinets with lighted glass fronts and a butler’s pantry.
• Large breakfast bar with additional seating, open to additional dining area.
• Open concept family room with built-in bookcases and sliding glass doors leading to sun filled deck.
• Custom designed office with solid maple cabinetry and built-in desks.

Upper Levels
• On the upper level, the enviable master suite features cathedral ceilings, with relaxing treed view of the yard. It also features a built-in custom vanity & two walk-in closets with custom shelving.
• En-suite master bath with double sink vanities, offers an over-sized jetted whirlpool tub and separate frameless glass shower featuring marble details.
• Two additional bedrooms feature built-in book cases, cordless window treatments, large closets with Elfa shelving and lots of natural sunlight.
• Full bath off hallway with granite counter topped double sink vanity and radiant heated flooring.
• Laundry room on bedroom level with Silestone counter top, custom cabinets & shelving, full sink and large cedar closet for additional storage.
• Spacious loft level suite with skylights, 4th bedroom, large private full bath with radiant heated tile flooring and multiple closets with plenty of storage.

Lower Level & Yard
• Expansive lower level with over 1500 sq ft of living space! Main area, perfect for a recreation or play room, extends to a private Au-Pair/In-Law suite complete with a kitchenette: full refrigerator, sink and custom built-in cabinet system and separate desk space.
• Lower level also features a full bathroom, additional 8×15 storage room, and large fitness room with garage-Tek flooring, two bright windows and separate walk-out to expansive rear yard
• Rare, flat back yard with plenty of room for tool shed, and playground.
• Other features include: security and intercom system.
• HVAC replaced in 2013 and Roof Replaced in 2011

Ideal Location!
• Located in desirable Lee Heights Neighborhood.
• Minutes to GW Parkway, 1-66, The Pentagon and Downtown DC.
• Only .6 Miles to Donaldson Run Pool (swim team, exercise classes and social events!)
• Active neighborhood, in between Lee Heights & Zachary Taylor Parks.
• Highly ranked school Pyramid: Taylor Elementary, Williamsburg Middle, and Yorktown High.

Home in Lee Heights sell anywhere from $ 819K up to $.18M, depsning on size, age of the home and upgrades. Several newer construction homes have sold in the $1.6M-$1.8M+ range.

This home features over 4000 sq ft and a desirable flat back yard. We listed the home for $1.2M.

Contact us to set up a private showing, or see how you can maximize value and upgrades in your home!

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