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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SOLD: 520 John Carlyle St. #437 Alexandria, VA 22314

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Congrats to our client for selling her loft style, studio in Alexandria!

We listed her home in December, had lots of interest and received a full price offer in less than a week!

Her studio was beautifully update with hardwood floors, high ceilings, gourmet kitchen with granite counter and stainless appliances, two closets and a large bathroom.

Other units in this building have sold for $380K+ for a one bedroom and up to $599K for 2 bedroom unit. We listed and sold this studio for $289,000 with no seller subsidy. Even over the holiday season, we were able to list and sell this unit for a great price for our client!

If you are interested in selling your condo or home, please contact us for a customize price and marketing plan!

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520 John Carlyle St. #437 Alexandria, VA 22314

• 4th floor studio in prime Alexandria location overlooking courtyard
• 15ft+ ceilings with loft feel
• Ideal layout with alcove for bedroom
• Updated kitchen with maple cabinets, granite counters and stainless appliances and electric range
• Inviting living area with large picture windows
• Two large closets leading to bathroom, with plenty of storage
• Spacious master bath with granite counter, updated vanity and shower/bath tub combo.
• In-unit stacked washer and dryer
• Three building elevators for use
• 1 assigned underground garage parking spot
• $100/year pool membership available
• Various retail shops on main level of building including a Pho restaurant, dry cleaners, nail salon, on-site post office, etc.
• Beautiful landscaped courtyard
• Starbucks is located across the street.
• Whole Foods Market is just minutes away
• Convenient to Old Town Alexandria, King St Metro and more!

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

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SOLD- 204 S Ivy St Arlington, VA

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Who says the fall market is slow? We received and offer even before going on the market!

Gorgeous 3 bedroom, 2.5 bath home in Arlington Heights. Inviting living room with fireplace, large dining room and updated kitchen with new tile floors, refreshed cabinets and granite counter tops. Spacious master bedroom with attached half bathroom. Two other bedrooms with hardwood floors, and full bath with shower/tub combo. Bonus rec room in basement with space that sellers are using as a 4th bedroom. Screened in porch, slate patio with fully fenced yard with garage and driveway.

The house was painted, carpet was replaced, tile was installed and other small repairs were completed in preparation to go on the market.

Homes in this neighborhood have sold for $600K-$1.1M+ depending on size, updates and location. This home was abut 2000 sq feet, but had fantastic curb appeal and a large flat back yard. We sold this home for $805K.

Contact us if you have questions about the best updates for your home, and how to maximize your sales price.

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1031 Exchange

Are you an seller or investor looking to sell a property, buy a new property, but want to avoid paying capital gains or recapture taxes?

Have you heard of 1031 exchange? This is a process where you are redistributing the equity of one property into another investment, to defer additional taxes.

Here are some simple facts on the 1031 process;
1. Sell property & identify new purchase within 90 days.
2. Find a like kind/replacement property you want to acquire. (Must be equal or greater value).
3. Reinvest all equity into the new property OR apply equity to a higher valued property.

This transaction is similar to a trade, where the equity is transferred to a new property, rather than received as proceeds, and taxed.

We have had clients sell a long term investment property, for a new construction investment, sell their investment, and apply the proceeds towards a portion of an investment or, apply the equity of one property to the purchase three new properties.

As part of the exchange process, the purchase property must be identified with in the specified time frame, and the owner may not receive cash or other benefits from the sale.

Using a Qualified Intermediary to complete this process is highly recommended, given the complicated nature and timing of the transactions.

If you have more questions about completing a 1031 Exchange, our team has completed these types of transactions on our personal properties, and for clients. Contact us today, for more info!

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Seller Class: Postponed Until September

Are you or someone you know thinking of selling in the next 12 months?

Join us for a FREE Educational Seminar 

Keller Williams McLean: 6820 Elm St Suite 100

Tuesday, July 26th  September date to be announced

7pm-8:30pm

Topics to include:

  • Overview of the Local Current Housing Market
  • Home Listing Process and Expected Timeline
  • Financing Options for Buying Your New Home Before Selling
  • Fees and Closing Costs
  • Repairs or Updates that Bring the Most Return
  • Staging Tips
  • Seller Representation and Choosing an Agent
  • Additional time for your Questions

Register here to join.

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Under Contract- 6203 Franconia Forest Lane

We put this house on the market, and within 5 days we had over 35 showings, 4 offers and were under contract and set to close by the end of June.  This beautifully renovated 5 bedroom, 3.5 bath center hall colonial with attached one car garage in sought after Franconia Forest neighborhood! It features a stunning exterior remodel includes new windows, insulated siding, roof, deck, professional landscaping, and outdoor living hardscapes. The main level features gleaming hardwood floors with accent plush carpet, updated half bath, two closets, and laundry.

Elegant living room with chair rail, crown molding, elevated ceilings, and recessed lighting. Formal dining room with chair rail, crown molding, and a large picture window overlooking a serene, wooded lot. Renovated eat-in kitchen with newer maple cabinets, new stainless steel appliances, pendant lights, custom back splash and granite counters. (all items are within 1 year old expect cabinets). Modern floor plan as kitchen opens to cozy family room with recessed lights and fireplace! Sliding glass door opens to spacious two-level outdoor living with relaxing deck and stairs to flagstone patio – perfect for entertaining. Hardwood stairs and landing lead to upper level which features 4 spacious bedrooms, 2 renovated full baths, and linen closet. Enviable Master suite with recessed lighting and two closets (one larger walk in) and attached master bath with updated ceramic flooring, vanity, and spa shower. Renovated hall bathroom shines with new tile floor, updated vanity, custom shower surround, and lighting. All bedrooms have raised panel doors, plush carpet, modern paint, large closets, and ceiling fans. Spacious lower level features large recreation room, with 2nd fireplace, ceramic tile floor, recessed lighting, complete with a fifth bedroom and full bathroom. The bathroom has been stunningly updated to include new tile flooring, vanity, lighting and glass tile shower surround. Additional storage/utility room perfect for a workshop or more! Walk out from the recreation room into an outdoor living oasis featuring relaxing flagstone patio with stacked stone fire pit and stone wall with landscape lighting that backs to trees and additional lot.

Additional storage shed under deck perfect for outdoor furniture/lawn equipment or more! No home owners association! Ideal location, with quick access to three metro stops on Blue/Yellow lines (Springfield, Van Dorn, Huntington) and the VRE. Convenient to Springfield Town Center and Kingstowne Town Center with plenty of restaurants/retail. Perfect for commuters, with easy access to Ft Belvoir, the Pentagon, Crystal City, DC and more! 

Homes in Franconia Forest, have sold for $405K-$568K, depending on the size, upgrades and condition.  Average days on market ranges from 7 days to 51.  We listed 6203 Franconia Forest Lane for $585K, and it was under contract in less than 7 days.

Contact us today, to learn more about getting top dollar for your home!

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Active and Under Contract -2970 Birch Creek Ct

We’ve had a very busy week! The rain has finally stopped and buyers are out looking everywhere!

We were thrilled to help our clients list their home at 2970 Birch Creek Ct! This house was absolutely stunning, and updated top to bottom. We couldn’t wait for buyers to come through and see for themselves.

The owners handled all of the renovations themselves, and all the items from hardwood floors to expanded kitchen, custom fireplace, luxury master bath, sleek basement and manicured lawn were finished beautifully. We advised them on staging as needed, and other tips to help show the home in the best possible light.

The house features 3 bedrooms, 3.5 bathrooms, and had a walk out basement to a relaxing patio, deck and common area view. The kitchen, master suite and bathroom alone, sold the house!

We had over 26+ showings in 3 days, received 4 offers and went under contract, in less then 4 days with very strong terms! We listed the home for $359K, and received contracts over the list price.

This home is located in Wayside Village, in Dumfries, VA. Home of this size range in price from $280K-400K depending on total square feet, upgrades, walkout basement, garage etc.

Contact us, on how to get top dollar for you home!

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Active and Under Contract- 21 Kennedy St

We were very excited to list this wonderful townhouse in Warwick Village last week! We worked closely with the sellers to recommend cost effective repairs and upgrades, and worked with a stager to help maximize the space in the house!

21 Kennedy St, is a 3 level townhouse in Alexandria, just minutes from the “The Avenue” in Del Ray. The house features 3 bedrooms, 1.5 bathrooms, a refreshed kitchen, open and inviting living areas, and spacious rec room on the lower level. The house also walks out to a relaxing back patio/fenced yard, backing to trees.

The townhouse had gleaming hardwood floors on the main and upper level, and neutral carpet in the basement.

The house also included extensive updates! The infrastructure of this home has been updated with a newer energy saver roof, attic fan that senses heat and humidity, SS chimney liner, boiler, programmable thermostats for the boiler and AC, water heater, electrical panel with surge protector, gutters with gutter guards and large downspouts as well as updated brushed nickel lighting and hardware throughout. The home also features all new fiberglass double-pane low-e casement windows with a lifetime warranty. In addition, there is a home automation system; which includes mobile device controlled security cameras, door and window sensors, leak detectors, smoke/carbon monoxide detectors as well as remote / mobile device controlled lights.

Prime location! Amenities in Warwick Village include a children’s playground, dog park and a city pool. Popular Mt. Vernon Avenue shops, restaurants and farmer’s market are just a short walk away! Located just over a mile to Braddock Road metro; Potomac Yard metro station planned for 2018. Metro and DASH bus stop at Kennedy Street and Mt. Vernon Avenue. Ronald Reagan National Airport is 2 miles away.

We listed this home for $499K, and received over 35+ showings and received two offers in the first 5 days.

Properties in this area range from $470-$550K, depending on the size, upgrades and proximity to “The Avenue”.

Contact us today, for more information about this listing, or the best upgrades to maximize your home sale!

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