The Wethman Group’s Real Estate News

July 2017

Greetings!

We’ve seen cooler temperatures in our area here recently, and a bit of a cool down in the housing market. The spring market may have just peaked–June saw the most homes sold in a single month in our area since 2005. The median sales price, however, dropped slightly from May’s all-time high. As you can see from the chart below, it was still a June record, and the second highest monthly median price on record.  Despite June’s aggregate numbers, on the ground we’re starting to see certain price points and locations level off, and there are some disappointed sellers.
Buyers remain active. The market saw an influx of new listings in June, up 4% from June last year, but down 3.5% from the number of new listings we saw added the previous month in May. The number of listings that remain active and available to buy is still down 7.3% from this month last year, for the 14th consecutive month of year-over-year decreases in active listings. With interest rates remaining low, and pricing trending upward, buyers are out finding their homes among the inventory that is available.
As mentioned above, those buyers are starting to have more leverage in the market. We’ve recently seen less competition over individual listings, listings sitting on the market slightly longer, and buyers able to negotiate some favorable terms. Certain pockets of DC and Arlington remain fairly strong, but in other areas, the market is becoming less competitive. Perhaps it is just the annual seasonal lull, or we may be beginning to see a bit of a leveling off of the frenzy. As always, contact us for more specific data by zip code or price point to strategize timing.
Thinking of selling? Start a conversation with us now about timing. Inventory is still low and the market in our area experiences a nice little pop of activity most years around September. If you’ve been considering a change, let us work with you on a strategy to make the most of the current market conditions.

Client Appreciation Day at the Nats Game
On Sunday, July 9th, clients and friends who’ve referred us shared a gorgeous day at the Nationals game. The sun was shining, the temps were in the high 70s, and the Nats beat the Braves 10 to 5! Smiles all around. Want to join us next year? Buy or sell with us, or refer your friends our way. We have an amazing group, and we’d love to add you!
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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700 Blueberry Hill Rd, McLean VA

• Stately Colonial home in desirable Merrywood on the Potomac community.
• 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.

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

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Love the Wethman Group? Review Us!

We enjoyed working with you, and would love it if you could help spread the word about the services we offered you. Our business is largely built on the kind support we receive from current and past customers. There are a number of sites and we’d love for you to post a review on any or all.  Here are the links to some popular sites we know people search for agents:

Zillow

Angie’s List (must be a subscriber)

Yelp

Facebook

LinkedIn: https://www.linkedin.com/in/wethmank

Realtor.com

Google+

Not sure what to say? Here are some thoughts to get you started.  Even just a few quick sentences is helpful!

  • Why did you decide to work with us?
  • What did you like about working with us?
  • Was there anything in the process specifically that we were able to help you decide or negotiate?
  • Would you recommend us to others?

As always, we appreciate your support of our business!

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Active- 11576 Shadbush Ct. Reston, VA 20191

Your Private Oasis!
• Beautifully renovated 3 bedroom, 3 bath single family home on quiet cul-de-sac.
• Inviting living and dining room with gleaming hardwood floors, wood burning fireplace, large picture window and cathedral ceilings.
• Remodeled kitchen with granite counters, newer cabinets, stainless appliances, with large island and pendant lighting. Door from kitchen opens to deck, screened in porch and fenced yard.
• Serene screened-in porch off dining room with bead board, Trex deck and ceiling fan. Perfect for entertaining!
• Upper level features three bedrooms with hardwood floors and neutral paint. Updated hall bathroom with newer vanity, ceramic tile and shower/tub combo.
• Master bedroom with two closets and attached full bath with standing shower.
• Spacious recreation room or additional living area with access to garage, second deck, and fenced yard.
• Fully finished lower level with possible 4th bedroom (also used as a den), separate living area, laundry/utility area and additional living area. Perfect as a guest suite.
• One Car garage with plenty of room for additional storage.
• Windows replaced in 2016.
• Ideal location, minutes to Reston Town Center, 267/28/Fairfax County Parkway and more!
• Community amenities include: outdoor pool, basketball courts, jogging/walking trails and tot lots.
• Check GreatSchool.org for ratings
• Ideal location, minutes to Reston Town Center, 267/28/Fairfax County Parkway and more!

Properties in this neighborhood have sold for $430K-$520K+ depending on size, lot an upgrades. This property is in an ideal location because its at the end of a cul-de-sac, backs to trees with a wooded yard! This property is listed for $479,900.

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

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Seller Class: Tuesday, September 13th at the Shirlington Library

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

Join us for a FREE Educational Seminar

Shirlington Branch Library, 4200 Campbell Ave, Arlington, VA 22206

Tuesday, September 13th

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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Buyer Resources: DC’s Home Purchase Assistance Program (HPAP)

DC gov logoIf you are a DC resident and fit certain income restrictions, you may qualify for an interest-free loan to purchase a home in the District. Home Purchase Assistance Program (HPAP) provides gap financing assistance of up to $50,000 and up to $4,000 toward closing costs. Payments are deferred for the first 5 years, lowering the monthly out-of-pocket amount for buyers while settling into their new home. This is a great program, but there are a fair number of restrictions to qualify.

Qualifying factors:

  • Low to moderate income (moderate is currently capped at $84,100 or $96,900 depending on household size)
  • No ownership interest in a residential real estate property for the previous 3 years
  • Good credit
  • First trust loan amount capped at $417,000- conforming loan maximum

We are happy to walk you through this or other options available to first time homebuyers in the District, Virginia, and Maryland.

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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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