DC Metro Area Real Estate Trends | 2020 Summer

Have you noticed that as soon as a property goes on the market, it seems that within days they’re under contract? All indicators point to a strong summer real estate market.

  • New pending sales up 25.5% ( Zillow June Report)
  • New listings taken up 19.3% month -over -month ( Zillow June Report)
  • Demand for housing is out pacing supply = competitive market for buyers, excellent time to be a seller ( DC Metro area months supply is 1.4)
  • Our area is above average when it comes to exposure to low risk jobs by market. Meaning, there are more DC metro area residents who remain working in sectors including federal, state and local government, information technology, military and utilities.


#LMRE Most Current Under Contract or Sold Properties

Under Contract in 6 days
3601 38th Street NW #202
Washington, DC 20016
Under Contract in 2 days
Closed in 21 days

13305 Burnt Woods Place
Germantown, MD 20874
Didn’t make it one day on the market.
Shown once.
8101 Connecticut Ave C505
Chevy Chase, MD 20815

A Look At Selling Real Estate During Covid-19

Laurel Murphy Real Estates most recent listing reflects what regional market updates are reporting. With low inventory levels, my owners had no competition within their neighborhood at the time of listing their home located as 13305 Burnt Woods Place Germantown, MD 20874
With the neighborhood average 38 DOM the owners priced the house with in the range of the 90 day sold price history. This listing went on late Friday night and was ratified for full list price by Sunday. Being aware of local real estate trends and knowing how to interpret market data is vital to successfully selling your house in the shortest amount of time for the most amount of money.

Washington D.C. and Baltimore Metro areas felt the effect of COVID-19 with the lowest April volume of new listings in ten years, while also reaching a record monthly median sales price and ten-year low for days on market.BrightMLS

  • The DC Metro hit a new median sales price high ($507K) and a decade low for median days on market (7). Homes generally sold at 100.0% of asking price.
  • This April had the month’s lowest volume of new listings in the past ten years, as many potential new sellers opted to hold back listing their properties until after the “stay at home” orders end.
  • Month-to-month, new listing declined -26.1%; typically, new listings rise 9.2% in April compared to March.
  • New pending sales endured their sharpest year-over-year drop in a decade.
  • This was the weakest April performance and sharpest March to April decline (-24.4%) in the last ten years.

Inventory Alert | Single Family House Under 500,000

For Sale:
13305 Burnt Woods Place Germantown, MD 20874
Bedrooms: 3 | Full Bath: 2 | 1 Car Garage | Sq. Feet: 1439

Link to Listing

Fantastic, sun drenched 3BR/2BA single family home in Churchill Town Sector. Includes 1 car garage, open floor plan, high vaulted ceiling, hardwood floors through out, large eat-in kitchen and fireplace. Located on a quiet cul-de-sac. Conveniently located to local highways & shopping centers. Brand new heat pump and french drain system. 3D Virtual tour will be posted on Monday 5/18


Laurel Murphy Real Estate reaffirms its commitment to the mission and intent of Congress to provide fair and equal housing opportunities for all.


To commemorate the April 11, 1968 signing of The Civil Rights Act by United States President Lyndon B. Johnson


Trusted Partner

Success in residential real estate depends on the team brought together to achieve a mutual clients goals. Who you choose to work with is so important.
Not only for sellers and buyers but for agents as well. Agents choice in partnerships can have a big affect on a clients overall experience.

Brought To You By Fairway: Forbearance Explanation And Its Impact

Forbearance is being talked about everywhere. I wanted to give you the most current information we have on what it means and its possible implications.

What We Know:

  • Is it FREE? – NO
  • What does Forbearance mean?
    • That you may not have to make a mortgage payment for up to 6 months
  • Should someone enter into Forbearance on their mortgage?
    • ONLY if they’re experiencing financial hardships due to loss of employment/unforeseen circumstances
    • Pay as much as possible, each month, for as long as possible
  • Will Forbearance impact credit? – NO
  • Are those 6 months of payments forgiven? – NO
  • What happens to those 6 months of payments?
    • 4 options:
      • Reinstatement – At the end of the Forbearance period all of the past payments are due in addition to the current payment
      • Repayment Plan – The missed payments will be divided by 12 and added to the normal monthly payments over the next year
      • Deferment – The missed payments are added to the balance of the existing mortgage
      • Modification – Due to financial hardship, the borrower has to work with their Servicer to modify the terms of their existing mortgage
  • Will Forbearance on an existing mortgage negatively impact clients ability to refinance or purchase a home in the future?
    • YES – Servicers and Lenders have already stated that they will not “buy” loans if borrowers had previously been in Forbearance

If you’re in need of good mortgage counseling, I can connect you with my partner Malcolm at Fairway. Contact Laurel directly.


COVID-19: How Deep Will The Impact Go?

Looking to the Future: What the Experts Are Saying

Looking to the Future: What the Experts Are Saying | MyKCM

As our lives, our businesses, and the world we live in change day by day, we’re all left wondering how long this will last. How long will we feel the effects of the coronavirus? How deep will the impact go? The human toll may forever change families, but the economic impact will rebound with a cycle of downturn followed by economic expansion like we’ve seen play out in the U.S. economy many times over.

Here’s a look at what leading experts and current research indicate about the economic impact we’ll likely see as a result of the coronavirus. It starts with a forecast of U.S. Gross Domestic Product (GDP).

According to Investopedia:

“Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health.”

Looking to the Future: What the Experts Are Saying | MyKCM

When looking at GDP (the measure of our country’s economic health), a survey of three leading financial institutions shows a projected sharp decline followed by a steep rebound in the second half of this year:A recent study from John Burns Consulting also notes that past pandemics have also created V-Shaped Economic Recoveries like the ones noted above, and they had minimal impact on housing prices. This certainly gives hope and optimism for what is to come as the crisis passes.

Looking to the Future: What the Experts Are Saying | MyKCM

With this historical analysis in mind, many business owners are also optimistic for a bright economic return. A recent PricewaterhouseCoopers survey shows this confidence, noting 66% of surveyed business owners feel their companies will return to normal business rhythms within a month of the pandemic passing, and 90% feel they should be back to normal operation 1 to 3 months after:From expert financial institutions to business leaders across the country, we can clearly see that the anticipation of a quick return to normal once the current crisis subsides is not too far away. In essence, this won’t last forever, and we will get back to growth-mode. We’ve got this.

Bottom Line

Lives and businesses are being impacted by the coronavirus, but experts do see a light at the end of the tunnel. As the economy slows down due to the health crisis, we can take guidance and advice from experts that this too will pass.


Real Estate Is A People Business: Now More Than Ever

At its core, real estate is about people and the relationships that are created.

Real estate professionals take on the unique responsibility of guiding clients through a highly personal, and often emotional, multi-step process of selling or buying a home. It is a momentous occasion for everyone who’s gone through it. This can easily be overshadowed by the sheer amount of steps it takes to get to the settlement table and close. The constant support throughout the process is your real estate agent.

In this unique reality of Corona virus aka COVID-19, the importance of keeping the focus on people being served will have a greater, longer, lasting effect.

In our professional tool box, real estate agents have technology. We rely on and utilize it on a normal day to make the transaction part of real estate more efficient and convenient for our clients. This current climate is no different. The way in which we use it may vary but the focus remains on the people, first and foremost your safety.

Current industry standards comply with today’s social distancing necessity.

  • The Internet – its global reach to market RE for sellers to buyers
  • Social Media – for marketing and communication ie.GoToMeeting, Zoom, Instant messaging
  • Your phone – text, email, old school calling
  • Virtual tours – ie. Matterport, use of a videographer
  • Electronic signing – ie. DocuSign, Dotloop
  • Real estate apps – 24/7 home searching ie. Homesnap, Redfin, Zillow,
  • Online lender applications
  • Close at home with mobile notary
  • E-signing closing documents (available for sellers and cash buyers)
  • Wiring funds and EMD’s ( wiring instructions should be obtained over the phone directly from the title company only)
  • Online scheduling – options for appointment only at the owners discretion

    Title companies, lenders and insurance companies are listed as essential and are open for business. Together with real estate brokerages, each sector is doing everything they can to cooperate and comply with the safety measures while meeting clients needs.


For Those Sellers and Buyers On The Fence

Inman News Latest Market & Economy Report

Homesnap found that American homeowners will spend an average of 25.1% of their monthly income on their housing while renters will spend 37.9%

Despite high home prices, putting off a purchase to wait for a better deal may not be the best idea after all. Long-term, owning is more affordable than renting almost anywhere in the country, according to a new report released by home search platform Homesnap.

Looking at factors like the average monthly wages, monthly rents, monthly rental insurance payments and median home values, Homesnap has found that owning is more affordable than renting in 94.39 percent of cities in the United States.

*Real estate industry professionals from around the world turn to Inman first for accurate, innovative and timely information about the business. Known for its award-winning journalism, cutting-edge technology coverage, in-depth educational opportunities, and forward-thinking events, Inman is the industry’s leading source of real estate information.


Inventory | 8101 Connecticut Ave Condo Real Estate

For Sale:  8101 Connecticut Ave N702 Chevy Chase, MD 20815

Link to Listing

Bedrooms: 1 | Full Bath: 2 | Plus: Den/Study or 2nd bdrm | Sq. Feet: 1539

Rarely available, 8101s largest 1bdr, 2ba plus den. @ 1539 sqft. Sun drenched, beautifully updated and meticulously maintained. Comes with 2 garaged parking spaces and 2xtra storage spaces. Laundry in unit. Conveniently located, close to DC border, Bethesda, 495, public transportation and shops. | #LaurelsListing

Market Watch: Currently In 20815 and 20814

  • There are 12 units, active or coming soon between 1500-2000 sqft
  • Average list price $1,236,355
  • Average days on the market, 72 days
  • Average price per square foot $713.21

Paying Someone Else’s Mortgage vs. Your Own

With interest rates at historical lows, it may be a good time to start paying your own mortgage down instead of someone else’s.

As reported by CoreLogic, (the leading provider of property insights and solutions)

2019 Saw the Fastest Annual Rent Appreciation Since 2016 US Single-Family Rents Up 2.9% Year Over Year in December.

Read the full CoreLogic article here

Learn more about the Home Buying Process, start building equity now.

Low rental home inventory, relative to demand, fuels the growth of single-family rent prices. The SFRI shows single-family rent prices have climbed between 2010 and 2019. However, overall year-over-year rent price increases have slowed since February 2016, when they peaked at 4.2%, and have stabilized at around 3% since early 2019. – CoreLogic