The Wethman Group’s Real Estate News – May 2019

May 2019

 

Stuck on repeat…low inventory…

April stats are out and it’s more of the same: inventory year over year is down (again), which is, in many months, keeping market activity low. This appears to be the new normal–see graph for 3 year trend showing declines over the seasons. We’re seeing a lot of buyers get crazy with bids, and we’ve been steadily working with our buyers to craft offers that can win without overpaying. Coming soon and off-market listings continue to be the holy grail. DC isn’t quite so bad–see graph below showing year over year increases in active listings.
The number of units listed in April is comparable to the same as March 2019, but there were more pending and sold homes in April 2019, compared to previous months. The average days on market has also decreased an average of 10 days compared to earlier this spring. Compared to inventory levels in 2018, the number of available properties overall across the area is substantially lower.
We’ve had a number of sellers list their homes this spring and and sell with through our Coming Soon marketing plan. They’ve usually received great prices and competitive terms for their properties without going active on the market. If you’re on the fence about selling now or later, email us and we’ll give you a personalized update on your home and market update!

Wethman Group Client Appreciation Event:

Nats Game July 7th

Save the date for our annual Nats game July 7th. Check your Perks email or our Perks Facebook (clients only) page for details and RSVP link!

 

Interest Rate Update

Rates have fallen this past week to 4.18%. This time last year rates were around 4.55%. Jumbo rates are also remaining very competitive. Adjustable rates are making a comeback as buyers seek to maximize their purchasing power–is it the right choice for you? WaPo had a great article (click here) discussing ARM loans.
30-Year Fixed Conventional 4.18%
5/1 ARM 3.95%
30-Year Jumbo 4.37%
Rates per Bankrate.com. 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, May 9, 2019.

HOME CARE CORNER:

PROPER GRADING

Spring rains are likely to wash away soil and mulch, so make sure you’re correcting the grading around your home this Spring as you do your Spring yard clean ups. Mulch washes away too easily to help with water run off; for correct grading, the ground should slope away from the house AT LEAST 2-3″ for every 10′. Proper grading, along with downspout extensions, is one of the more important things you can do to keep basements and foundations dry all year long!
Ask us for a copy of 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: OUR TRUCK!

Need a large piece of furniture moved, or donating items to charity? Picking up new patio furniture for summer? Don’t forget that clients and friends who refer clients can use our 14 ft truck for FREE! Just email to check available dates.
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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Katie Wethman’s Real Estate News – February 2019

February 2019

The Spring Market Has Arrived!

Despite limited inventory and frigid weather in the area, we’re helped 5 clients with their settlements in January 2019, and already a few in February too! We’re excited for a strong start to the year and we’re excited to help more with their Real Estate needs. Our goal is to reach 100 transactions this year, so if you know anyone thinking of buying or selling, please think of us!
As we typically see in January and February, multiple offers are commonplace because sellers are waiting for “Spring,” but buyers are out ready to write offers! We expect appropriately priced properties to move quickly throughout the rest of February and into March when inventory finally starts to slowly inch up. BUYERS: NOW is the time to get your pre-approval lined up and start exploring the market so you can hit the ground running when the inventory starts popping up — call us, and register for our free webinar via the link below.
We received a lot of questions about the previous government shutdown and its impact on the market, and Amazon’s decision to pull out of New York as its second HQ2 location. Fortunately, we did not see much of an impact with our clients and our current listings as a result of the shutdown–none of our settlements were delayed, and buyers were still excited to continue their home searches. We did see a slight increase in buyer activity in the Fall after the news was announced, but activity has returned to normal in anticipation of local hires and discussions of Metro and transit improvements as part of the Amazon deal. Amazon has confirmed that they are moving forward with the Arlington portion of their HQ2 build-out, and they are currently looking to “organically” grow the 25,000 jobs that were planned in NYC, rather than name a new location. Time will tell if our area ends up with more than our originally planned 25,000, but it makes sense that if things go well over the next few years, that we might see more job creation here than originally planned since Crystal City has the commercial space capacity, and our region can handle such a big influx of jobs. We’re not surprised that Amazon wouldn’t want to announce that in advance though, given the activist reaction in NYC.
Follow us on Instagram & our National Landing Facebook page for more details & updates!

Seller’s Corner

Have you been considering selling your home? There is a lack of inventory right now, and buyers are actively looking for a property in your neighborhood. While there is limited inventory, buyers are looking for certain items and will pay more for renovated homes with specific updates. Contact us today for a FREE Home Valuation, and to learn what buyers are looking for your home! Special incentives for those who book an appointment with us before the end of the month!

Taxes & Tax Law Changes

All of our clients that bought or sold a home in 2018 should have received a copy of their Closing Statement via email. If you are unable to find yours, please let us know! Don’t forget that new tax brackets and tax rates were passed late last year, and there are a host of changes, especially for homeowners. Consult your tax adviser for details.

Interest Rates

Rates have recently dropped this past week to the lowest in a year! Now that the Fed has backed down from their hints of rising rates throughout 2019, we should see steady state for awhile.
30-Year Fixed 4.37%
30-Year Fixed VA 4.125%
15-Year Fixed 3.625%

FREE Home Buyer Webinar

Are you interested in buying, but don’t have 10-20% for a down payment? We have options and advice to help you! There are programs available to buyers that require less than 5% down, you can finance PMI payments and help you achieve owning your own place. There are also lenders and programs for as little as 0-3%, and down payment assistance options that we can discuss too!
We’re hosting a free Home Buyer webinar on Wednesday, Feb 27 which will include an Amazon update, tax law update, and other factors to consider when buying a home. Click here to register.

Upcoming Events

Finally, keep an eye out for invitations to some of our client appreciation events!  We’re planning a Final Four Basketball party, and will also be hosting a Free Car Wash Day at a local car wash TBD, and our Spring Picnic at a Winery in May (weather dependent). We hope to see you throughout the Spring season!

LISTING SPECIAL!

Thinking about selling your home in 2019, or know someone who is? Meet with us by the end of February and you’ll receive Commission incentives, a FREE HOME VALUATION and a FREE HOME CLEANING (up to $350) when you list with us. Contact Katie to schedule your appointment!


HOME CARE CORNER
Winter is in full swing! With the snow we’ve been receiving make sure your gutters are clear prior to storms and melted snow/rain is able to drain away from your home. Also, take a quick visual inspection of your roof (and peek up into your attic if you have one) to help catch any early leaks and avoid larger repair costs. Here’s a tip if you see a water stain in your attic–take a sharpie or pencil and outline the spot…then check it again after another rain or snow to see if it has spread outside the outline to tell if it’s an active leak or an older stain.
LOANER PROGRAM ITEM OF THE MONTH: CHAFING DISHES
Hosting a party on a cold winter’s night? Or perhaps a Sunday brunch? Borrow one or more of our chafing dishes (both sterno and electric available) or warming trays to help make serving your guests a breeze! Large  coffee urn also together
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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JUST LISTED & OPEN HOUSE! 12094 Antler Ct

Freshly updated and ready for the market! We’re excited to present our newest property for sale on 12094 Antler Ct – Fairfax, VA.

Details on this property include:

Stately 3 bedroom, 2.55 bath townhouse located in Fairfax Ridge!
This home offers over 2300 sq ft of living space on three levels with an attached one car garage.
Spacious lower level recreation room with fireplace, and walkout to patio and fenced yard. Custom storage area below the stairs. Hall bath and coat closet off the entryway.
The main level features inviting living and dining area with chair an crown molding, and walk out to deck with a serene treed view!
Gleaming Brazilian hardwood floors on all stairs, main and upper level
Updated kitchen with granite counters and breakfast nook near the bay window. Separate laundry room and half bath on kitchen level.
Upper level features three bedrooms and two full bathrooms.
Master suite with expansive walk-in closet complete with custom organizers. Master bath offers a double vanity soaking tub and frameless glass standing shower.
Ideal location, minutes to Fair Oaks Mall, Fairfax Town Centre with plenty of restaurants and retail. Walking distance to Fairfax Government Center, Fairfax Corner, Merrifield Garden Center, Costco and Wegmans. Also, short walk to Eagle View Elementary. Perfect for commuters with quick access to I-66, Lee Hwy, Rt 50, Fairfax County Pkwy, Rt 28 and more!

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Townhouses in Fairfax Ridge range in price from $450-$560K+ depending on size, location and of course condition. Properties that have sold on the higher-end were also end-units, with a two car garage and updates throughout. Our property at 12094 Antler Ct is listed for sale at $519900.

For more details or a private showing, contact the Wethman Group!

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JUST LISTED & OPEN HOUSE 6912 Sharpsburg Dr

The fall real estate market is still going strong! Excited for our client, who just listed her gorgeous home out in Centreville. This home in located in Hanna Estates and sales have ranged from $530K up to $623K for single family homes. Properties on the lower end of sales are smaller, with less updates. Properties at the higher end are nicely updated with gourmet kitchens, renovated bathrooms, and floor plans wth over 3200 sq ft!

Details on our listing:

Stately 4 bedroom 3.5 bath colonial with over 3200 sq ft of living space!
Light filled two story foyer greets you at the front door.
Formal dining room and living room, with gleaming floors with plenty of space to entertain.
Open kitchen with updated cabinets, granite counters, stainless appliances, ceramic tile and an island. Space for eat-in table with access to the screened-in deck.
Inviting family room off the kitchen with a gas fireplace.
Enviable master suite with high ceilings, space for sitting area, large walk-in closet and large master bath with soaking tub separate shower and large vanity.
Spacious bedrooms with plenty of closet space and a hall bathroom complete with tub/shower and large vanity.
Lower level features large rec room area, full bathroom and expansive storage and utility room.
Relaxing screened-in deck, with access to deck and fenced backyard.

Open House this Sunday 12-2pm!

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Email admin@wethmangroup.com for a private showing or more information.

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JUST LISTED: 3625 10th St N #104

Stunning 2BR/2.5BA + 1 den at The Monroe!
Rarely available, light-filled unit with 11ft ceilings, large windows, custom light fixtures, crown molding, and gleaming hardwood floors.
This unit features over 1600 sq ft, with an open floor plan and lives like a home!
Gourmet kitchen with granite counters, custom backsplash, stainless appliances, island & open to dining/living area. Perfect for entertaining!
Den with closet off living area could be used as 3rd bedroom.
Expansive master bedroom w/large walk-in closet, 2nd closet & ensuite bath with double sinks, soaking tub & tiled shower.
Sizable second bedroom, across from master, with attached bath and large closet.
Half bathroom off the hallway, and spacious laundry room (with full-size W/D) and room for storage!
This unit features updates throughout, and has been impeccably maintained!
Garage parking & storage included.
Building amenities include secured entry with concierge in the lobby, community room, exercise room, courtyard area and roof terrace with city views.
Convenient first-floor access with separate entrance to N Monroe St.
Unbeatable location, just a block to VA Square/GMU Metro, Quincy Park, and plenty of restaurants & retail!

Units at The Monroe have sold from $660K up to $950K depending on size and upgrades. The larger units with over 1700 sq ft sell for $800K and above. Given the size, upgrades, and location of our unit, we have listed for $850K.

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Contact us for a private showing or more details!

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Just Listed: 2860 Cherry Branch Ln Oakhill, VA

World Class Luxury

-Impeccably maintained “Williamsburg”‘ model in desirable Middleton Farm community. This home features 5 bedrooms, 4.5 baths, with over 6000 square feet of living space on all three levels.
-A beautifully manicured lawn, leads to the front door, with a two-story foyer. Custom ceramic tiles in the entryway and through the foyer, and family room.
-Elegant Living Room off foyer with wainscoting, hardwood floors and double crown molding.
-Formal Dining room adjacent to the kitchen that accommodates a large table for 12+ people.
-Renovated Kitchen with custom cabinets & built-ins, granite counters & backsplash, stainless steel appliances, island and chefs range. Space for an eat-in dining area, and looks out into the sunroom and relaxing views of the backyard.
-Powder room off the hallway with custom sink, vanity and tiled walls
-Laundry room on the main level with access to the backyard.
-Family room with stately stone fireplace, tile floor, and cathedral ceiling. Separate office/study on the first floor could be 6th bedroom.
-Enviable master suite with hardwood floors, features a separate sitting area, recessed lighting, and wainscoting. Master bedroom with tray ceiling, expansive master dressing room with built-in cabinetry, and en-suite bathroom with double vanities, soaking tub, and custom, tiled shower.
-2nd bedroom with carpet, en-suite full bathroom, and closet.
-3rd and 4th bedrooms across the hall with Jack/Jill bathroom, with double sinks and shower/tub combo.
-Expansive lower level boasts over 2000 sq ft of living space, complete with a 5th bedroom, recreation/billiards area, theater room, home gym, and workshop/unfinished room.
-Perfect for movie lovers, this home theater has stadium seating, large projector screen, 7.1 surround sound system, built-ins, and a Murphy bed. Sink/ bar area outside the theater with small fridge/counter for popcorn and snacks.
-Home gym with custom built-ins and recessed lighting. Room for a den/5th bedroom, and workshop area. Walk up from the basement to rear yard/patio area.
-Large deck off sunroom complete with hot tub, grilling area and view of serene backyard!
-Oversized garage, with separate mud room and storage.
-Ideal location, with quick access to Routes: 28, 267, 66 and Fairfax County Parkway. Minutes to Reston Town Center, Dulles Airport, and Silver line Metro to Tysons/McLean and Downtown Washington, DC.
-Highly ranked school pyramid: Floris Elementary, Carson Middle School, and Westfield High school.

Properties in Middleton Farm are rare, but homes in the past several years have sold from $730K up to $970K, depending on the size and upgrades in the home. Most larger homes with 4000 sq ft+, have sold for $850K and above. This home has been upgraded top to bottom with custom finishes and is listed for $1,035,000.

Contact us for a private showing!

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JUST LISTED: 805 31st St Arlington, VA

Fully remodeled cape cod in Arlington with three bedrooms, two full bathrooms, and over 2000+ sq ft of living space.
Relaxing front porch, overlooking the neighborhood. Inviting living room at the front of the house, with gas fireplace insert, and treed view!
Renovated, gourmet kitchen with granite counters, island/breakfast bar, newer cabinets and stainless steel appliances. Upgraded chef’s range, backslash, and dishwasher. Dining area off kitchen and deep pantry in the hallway.
Two bedrooms on the main level with hardwood floors, deep closets, and ceiling fans.
Hall bathroom between bedrooms with neutral tile, ad shower/tub combo.
Expansive master suite with plenty of space for bedroom, sitting area, and office/study. Recently renovated master bathroom with new ceramic tile, shower with frameless glass door, and new vanity.
Possible 4th bedroom off master with two closets can be used as a den or large walk-in closet. Additional closet organizers will convey.
Renovated basement with newer tile floor, separate laundry/utility area, and a custom built wine room!
Spacious, rear fenced backyard with custom patio, complete with built-in seating, and plenty of space for tables and a firepit.
This well-maintained home is located on a quiet tree-lined neighborhood, in Oak Crest.
Plenty of shopping and retail nearby to include: Harris Teeter, Giant, Safeway, Shoppers, CVS and more.
Active community: bike and walking path across the street, and Ft Scott Park up the hill.
Ideal for commuters: minutes to Crystal City, Del Ray, and downtown DC.

Homes in this neighborhood sell from $500K- $895K depending on size and upgrades. There are limited sales in the neighborhood, but recent properties have sold for $650K- $780K with a garage and more living space. Properties closer to Ft Scott Park typically sell for a premium. This home was listed for $775K, and received a strong offer after 1 day on the market.

Email admin@wethmangroup.com for more information or how to get top dollar for your home!

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COMING SOON! 11814 Great Owl Circle

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COMING SOON- RESTON, VA!

Stunning 4 bedroom, 3.5 bath townhouse in desirable Reston neighborhood!
Gleaming hardwood floors on main level, upper level and loft.
Updated kitchen with granite counters, newer cabinets, stainless steel appliances, complete with bay window and eat- in space.
Inviting living and dining area with plenty of natural light.
Upper level features 3 bedrooms, 2 full baths and a loft.
Enviable master bedroom with vaulted ceilings and en-suite master bath with shower and separate tub.
Loft with hardwood floors, skylight and ceiling fan and can be used as an office, den or library.
Spacious lower level with walkout to yard, complete with large bedroom, full bathroom and space for recreation room!
Townhouse is in impeccable condition and is turn key!

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Email admin@wethmangroup.com for a private showing or more information

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The Wethman Group’s Real Estate News – April 2018

April 2018

MARKET UPDATE
With taxes on everyone’s mind, we’ve been getting lots of questions about the mortgage interest deduction and how things may change under the new tax laws. For most owners, the majority of their mortgage interest (up to $750,000 worth of debt) is still very valuable. The limitation on State and Local Tax Deductions does temper the effect a bit though. IF you are thinking about buying or selling and want a more detailed discussion of the potential impact on your taxes, contact us to arrange a meeting.
The market in our area in March actually slowed slightly, compared to this time last year. Prices are still increasing (up 3.5% from the March median last year to a March high for the last 10 years), but sales volume, new contracts, and closed contracts all were down in March from this time last year. Active inventory was also down 13% from March last year, making it the 23rd consecutive month of year-over-year declines in inventory.
From what we are seeing with our own clients, demand from buyers is still high, but with less out there to buy, sales numbers are starting to reflect the low inventory.
With the continued emphasis on inventory, if you are thinking about selling, now is the time to start a conversation. Even if you won’t be ready to move until summer, contact us to take photos of the exterior of your house while spring is in full bloom and everything looks beautiful! And let us plan how to utilize coming soon marketing to get buyers interested in your property before you are even ready to move!
 EVENTS
Picnic at the Winery
Clients, join us Saturday, May 12th from 12-4pm as we enjoy a picnic at The Winery at Bull Run. We will have games, foods, and of course, wine! All ages welcome, so bring the kiddos!
Clients, Save the Date:
Sunday, July 8th– Annual Baseball Game- Nats vs. Marlins
2 Upcoming First Time Home Buyer Classes
Our popular First Time Home Buyer class covers deciding to buy, financing, your home search, trends in the local market, and even the implications of the new tax law! If you want a refresher before diving into the Spring market, join us for this free class and send your friends who are thinking of buying!
**TONIGHT** Webinar, Wednesday, April 18th at 7pm
In Person, Tuesday, May 1st at 7pm at Reliable Tavern in DC
 As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group
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JUST LISTED: 3811 Whitman Rd

New on the market: our stunning listing at 3811 Whitman Rd in Annandale, VA! This home is located in the desirable Winterset neighborhood and has been meticulously maintained.

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This home features 4 bedrooms, 3.5 bath colonial home with one car carport.
-Beautifully renovated home in the wonderful Winterset community!
-Gleaming hardwoods on main and upper levels.
-Remodeled kitchen with beveled-edge granite counters, stainless steel appliances, cherry cabinets w/ pullouts & soft catch doors
-Cozy family room with remote controlled gas fireplace and a brick accent wall
-4 bedrooms on upper level including the master suite with a remodeled master bathroom showcasing a new tile shower, rainfall showerhead, new vanity & Delta touch faucets!
-Exercise room on lower level along with a large storage room equipped with workbenches and ample builtin shelving
-Lower level fully equipped with a projector & screen, wet bar with a mini-fridge; even connect the recessed smart lighting to your Amazon Echo!
-Fully-fenced private backyard with a six-foot fence and a gas fire pit

Homes in Winterset have sold from mid $600K’s up to $850K depending on the size, location and upgrades. The most recent sale sold for $850K, but had been completely gutted top to bottom, and was essentially a brand new home.

3811 Whitman Rd is listed for $750,000.

Email admin@wethmangroup.com for a private showing or more information.

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