Archive for the 'Information for Buyers' Category
Multiple Migraines
With all the hoopla going on in the media about the lack of inventory and multiple offers, there is little talk out there about the STRESS that occurs when listings go viral. Buyers are certainly feeling the stress. That’s a given. But it can be a real drain on the emotions for both sellers and their agents. Surprise, surprise.
Cati and I have had three listings hit the market over the past few weeks. In each situation we had multiple offers (3, 5 and 6 to be precise). So, why are we often feeling nauseous?
- Open house guilt. We get to meet a lot of the bidders first hand. We see them oohing and ahhing, taking measurements, walking the perimeter, picking out rooms with their kids. We kind of get to know them. And like them.
- Pre-inspection guilt. Sure, we’re keeping the home inspectors employed, but some folks will be spending their money for nothing. Nada. Zilch. Only one party can get the house.
- 2005 all over again? We were both in the business the last time things got out of hand. No inspections, Read the rest of this entry »
10005 Big Rock Road, Silver Spring MD 20901
Open House
Sunday, March 3
1:00 – 4:00 PM
Fabulous 4BR/4FB Colonial located in Woodmoor. Sophisticated and sleek renovation in 2009 including magnificent chef’s kitchen, screened porch and Master Bedroom Suite. The house is bathed in sunshine and overlooks Northwest Branch Park. Easy access to 495 and downtown Silver Spring.
Click here for more photos.
Offered at $625,000. Read the rest of this entry »
The Evers & Co. End of 2012 Real Estate Report
December numbers were strong, with dollar volume of sales 15.6% higher and average price 12% higher than December 2011. Tracking the market from it’s highest point in 2005 to its low point in 2008 and then comparing it to 2012, we can see that prices in the close-in Metro market are within 3% of what they were at the peak of the market, but dollar volume of sales, which fell in 2008 to 55% of the market’s peak, is still only 61% of the volume reached in 2005.
The combination of low supply, high demand and record-low mortgage interest rates have made prices climb rapidly in the past few years. This means that the spring market will be very competitive for buyers, and many listings will draw multiple offers. This year we can expect to see a noticeable rise in prices even between January and June, so buyers will do well to get into this market as early in the spring as possible. Sellers will do best by preparing their properties to show well and pricing them competitively.
*Statistics are taken from the Metropolitan Information System for three areas: Washington, D.C.; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Virginia.
Need a Bigger House? Let Me Guess Your Age!
The Wall Street Journal recently reported that the average age of a “move-up” buyer is 35. That’s the time when people are most likely to strive for a bigger and better home, upon discovering that their first purchase no longer meets their needs.
In fact, 36% of all home buyers in 2012 were between the ages of 35-44. That’s a 6% increase from 2009 when lending restrictions were tighter, and interest rates higher. What accounts for the need of a new home? Myriad factors. A lot of first time buyers now have families and want better schools, a bigger house, and sometimes a more suburban setting. They are more established Read the rest of this entry »
Bethesda in Top-10 Healthiest Housing Markets
Jed Kolko, chief economist at Trulia, just announced his Top-10 Healthiest Housing Markets heading into 2013. Bethesda is #3 on the list, following Houston, TX and San Francisco, CA.
A variety of criteria were factored into the rankings, including regional job growth, vacancy rates, and foreclosure inventory.
The DC region has long benefited from a strong economy and healthy job market. Vacancy rates are at all time lows. And as for foreclosures, there were a total of 8 in 2012 within the Bethesda zip codes, out of a total 1,050 sales (less than 1%). The national average is around 3%. On average, Bethesda buyers paid 85.1% of the original asking price for these bank-owned properties.
Inventory in our Bethesda market is slim, at best (at least, it feels that way). The most challenging price range is in the “trade-up” market – those homes priced between $900,000 – $1,300,000. Starter homes are easier to be had, as are the upper-bracket properties. That said, the total number of homes sold in 2012 improved by roughly 8% over 2011 levels (within Bethesda/CC/and parts of DC).
Fun Apps for Househunters
Buying a house can be daunting. There’s a lot of information to absorb, learn, and master. There are some handy apps out there that can ease the pain:
- Around Me. Shows you businesses around your chosen spot. If living near a Starbucks is criteria #1 in your house search, this could come in handy.
- WalkScore. A variation on Around Me, this app rates various neighborhoods/locations in terms of their “walkability”. How close are you to the metro? The local park? Coffee shop? Dry cleaner? East Bethesda scores pretty high on this app. The higher the score, the more walkable your neighborhood.
- Mortgage Calculator Pro. This app enables you to instantly calculate your monthly payments. You can factor in taxes, HOA fees, and insurance for (mostly) accurate estimates. Read the rest of this entry »
Final Walk Throughs
When you are buying a house, it’s customary to have a final walk through just before settling. The reasons are numerous, but mostly it’s to make sure that the house is in the same condition as when you signed the deal or had your home inspection (however many weeks ago).
It gives the buyer one last chance to see the place before they sign on the dotted line. It’s also in the best interest of the seller.
9 out of 10 times the house is in good shape and ready to go, but not always.
Sometimes the grass hasn’t been mowed in a while. Or the sellers have Read the rest of this entry »
Hot off the Press
These days, most people do their home searching on the internet. There are a bunch of sites out there that can provide you with information on the local listings. Some will offer up an opinion as to the value (Zillow). Others are known for having great maps or open house information. I happen to run a weekly post that summarizes listings in my neighborhood of East Bethesda. It runs the gamut. Just about every site has it’s niche. What they don’t tell you is that these search engines pull their information from one source: the Multiple Listing Service. That’s me! Rather, it’s part of me. The MLS gathers input from dues paying, licensed real estate agents and puts it into a pretty little package that feeds various real estate sites. The MLS gets the information FIRST. No other sites can offer real time updates.
As a result, I get a lot of calls from people asking about various listings that went under contract days ago. Or they want to see 123 Main Street, only, it’s sold. The information out there is only as good as the search engine that is Read the rest of this entry »
Bethesda/DC Area Absorption Rates- July 2012
There are several ways to figure out how well the real estate market is doing. One of them is to take a look at he absorption rate – or, the amount of time it will take to sell the current inventory. It is by no means an exact science, but it does help decipher the local market.
So, how did July 2012 fare? Geez- pretty well. There’s not much to sell.
I took a look at zip codes that included Bethesda, Chevy Chase, Cleveland Park, Friendship Heights and AU Park (more specifically, 20814, 20815, 20816, 20817, 20818, 20015 & 20016). Combined, they average Read the rest of this entry »
East Bethesda MD 20814 Homes for Sale 8/10/12
Update for 8/10/2012. Another new listing- and it’s already under contract (not pictured), one under contract, and no price drops.
All the homes in this article are currently for sale within East Bethesda. The top of the list features the newest listings, while the bottom showcases those that have been on the market for quite some time. I’ll be updating this post every Friday, so be sure to check back to see what’s new, what’s gone, & what might be coming (and check out the date up top… if it’s not current, neither is this information!). I’ve lived in East Bethesda for over 17 years. I’ve sold real estate in East Bethesda for over 12 years. It’s a wonderful neighborhood within walking distance of two metro stops AND downtown Bethesda. While all of this information is available to you on the various search engines (and please keep in mind that these are not all of my own listings), I’ve taken the time to inject my opinion on the condition, pricing, and likelihood of each property selling… or not. I hope you’ll give me a call if you have any questions. I have loved living here over the years, and I want to share it with other enthusiastic people!
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4548 Windsor Lane, TBD
New construction by Georgetown Custom Homes. Believed to have 6BR/4FB/1HB, but there’s still time to customize certain elements. Give me a call if you would like more details. Not officially on the market.
4323 Maple Avenue, $799,000
1949 rambler with some updates. Open floor plan with 3 bedrooms and 2 baths on the main level. Another bedroom and bath to be found on the lower level. Convenient location. New deck. Big attic. Days on Market: 58 Read the rest of this entry »
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