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


FAQ: Is It A Good Time To Sell My House?

The current real estate environment poses a great opportunity for sellers and buyers. Timing couldn’t be better for both.

  • Demand for housing is high
  • Supply/Inventory is low, below what experts consider balanced
  • Interest rates are historically low

In this market sellers earn top value for their home and buyers experience greater buying power and increased affordability.

Interest Rates Over Time [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The Mid Atlantic Region to include DC, VA, MD, parts of WV, PA and DE housing Months of Supply is 2, well below the 4 to 6 months which is generally considered a balanced market.
  • The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it’s time to lock in now while rates are still low.
  • How can you take advantage of this market? Don’t wait and see, connect with a RE professional and make a plan.

Where Sellers Are Finding the Greatest ROI : Washington-Arlington-Alexandria, DC-VA-MD-WV Real Estate

Home sellers nationwide last year saw a $65,500 home price gain on an average sale, the highest level since 2006, according to ATTOM Data Solutions’ 2019 Year-End U.S. Home Sales Report. That represents a 34% return on investment compared to the original purchase price.

The Western states continue to see some of the highest returns. For example, in San Jose, Calif., owners saw an 82.8% average gain, followed by owners in San Francisco at 72.8% and in Seattle at 65.6%, according to the report.

See average gains at resale in the top 20 U.S. metro areas.

#DMVRealEstate #DCMetroArea is listed at the bottom

Source: Where Sellers Are Finding the Greatest ROI


Prepared Clients Are The Most Successful Clients

SOLD: #TheCarleton – 4550 N Park Ave 907 #ChevyChaseRealEstate

As the article published in Inman suggests, there are more that a few ways a buyer can sabotage their own home purchase.

Buyers sometimes can potentially sabotage a home purchase? Some factors to be aware of…: – You can read the full article here

  • Having unrealistic expectations – Balancing market realities with the price point that they can afford is important.
  • Hesitating – There is often a short window to pull the trigger when buyers come across “the one,” especially if it has just hit the market.
  • Making low-ball offers -Buyers risk alienating the seller, leaving the door open for other offers and, perhaps, losing out on what they want.
  • Being inflexible – The ability to adapt and function from a position of give-and-take is a must.

My clients illustrate success when one is realistic, stays within budget, is ready and willing to act quickly, then can make an offer based on market conditions and information shared about the seller’s priorities. Such clients  were able to close on exactly what they were searching for without compromise. ….and $50,000 below asking price.


SOLD: Why Working With An Experienced Listing Agent Is So Important.

There’s only so much sellers can control, the key is adjusting to the things they can’t. An agent’s true value is helping a seller navigate one to minimize the other. So what happened with Vaughn Landing? It closed 7 months and 3 contracts later. A three year old townhouse with one past owner in Germantown, MD, conveniently located, minutes from MARC station, highways and shopping.

The seller had gone through all the listing steps to prepare the townhouse for market. They priced it well, given its meticulous condition, market trends at the time and comparable units.

  • The first contract was ratified in 12 days after initially listing it. The buyer decided he wanted to live somewhere else (that is what I was told) and he walked on the home inspection.
  • The second contract, despite having a gainfully employed buyer, a lender letter saying income had been verified and finances run through the mortgage lenders DU (document underwriter) system, the buyer was denied financing due to insufficient funds.

Nothing the seller had done or not done landed him in this situation. What is the best strategy in this scenario?

  • Accept that there are several moving parts to a real estate transaction and no one controls the entire process.
  • Circle around to the very first consideration of step # 3 of the sales process keeping in mind the time already on the market.
  • Work with the information/feedback your agent has collected to decide what adjustments, if any need to be made and when to put it back on the market.
  • Remember time is of the essence.

Where Is The Housing Market Headed in 2020?

  • Some Highlights:

  • Interest rates will be lower than they have been since before 1980 at 3.8% and are projected to remain steady throughout 2020!

  • According to CoreLogic, home prices will appreciate at a rate of 5.4% over the course of the year.

  • Experts predict that the number of homes sold next year will be equal to or outpace 2019.
2020 Outlook – Positive

8101 Connecticut Avenue Chevy Chase, MD

8101 Connecticut Avenue Condominium, recorded in 1982 by the Maryland State Department of Assessments and Taxation has seen increasing attention over the past several years. The 175 unit development is one of the few in Chevy Chase, MD and the surrounding area where you can find true value for your investment. With sale prices increasing 6.8% and 5.5% over the last two years, understanding this micro real estate market is becoming more and more advantageous. What has your experience with 8101 been?