SOLD | Serving the DMV | Inside the Beltway

8101 CONNECTICUT AVE, Chevy Chase MD 20815 | #LaurelsListing

One of the better,  if not the best value, inside the Beltway. 8101 Connecticut Ave Condo real estate sales were relatively slow compared to other years. Owners no doubt, like a lot of other sellers, took a wait-and-see approach. How long could the disruption caused by Covid really be? However, for owners that decided to forge ahead and sell their properties, it proved lucrative. So far in 2021, average days on market is 2, down from 7 in 2020. Grossing 104.14% of the list price, up from 98.32% in 2020. 

Great way to start the new year. 
I am currently having conversations with owners who no longer can or want to wait it out. 
Looks and feels like there will be more inventory at 8101 this year. 
What is for sale right now? Please call, text or email me for more information.


Rent Prices Growing Faster Than Pre-Pandemic: CoreLogic

Widespread unemployment has not managed to dampen rent growth in most parts of the country

READ FULL INMAN ARTICLE

  • Rent prices across the country rose by 3.7 percent in November, a significant spike from 2.8 percent rise recorded during the same time last year.
  • Single-Family Rent Index report released by CoreLogic on Tuesday, rent growth has picked up and is accelerating at a rapid speed even as the country grapples to control the pandemic. 
  • Due to low inventory, unemployment has yet to make as much of an impact on rental prices as many analysts predicted at the start of the pandemic.

Why Right Now May Be The Time to Sell Your Home

Why Right Now May Be the Time to Sell Your House | MyKCM

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.

Why Right Now May Be the Time to Sell Your House | MyKCM

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state:As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.

NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.

Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.


December: The Washington DC Metro Area Real Estate Market

These real estate markets reported record-setting activity in 2020, despite enduring a weaker spring market due to social distancing protocols.

The following analysis of the Washington, D.C. Metro housing markets has been prepared by Bright MLS and is based on December 2020 Bright MLS housing data.

In Summary:

  • In 2020, the total sales dollar volume for the D.C. metro reached $34.6 billion (+11.7%).
  • Total sales volume for the year (57,266) ended up 3.3%. Seven months of the year marked ten-year monthly highs.
  • New listing volume was essentially flat with 2019. Combined with strong buyer demand, it created the region’s tightest market on record.
  • The year saw buyers snap up homes across the metro area, as days on the market fell into the single digits for the first time (nine days).
  • In December, new pending sales showed an unprecedented year-over-year growth, up 30.3% in a traditionally slow month. It was the best gain for any month in the past ten years.

Urban to Suburban Lean

Congratulations Dave and Gulmira! After 14 years in Cleveland Park, DC it was time for more space and a sprawling yard. Despite the challenges of Covid-19, three rejected offers, a rent back and a short time rental they ended up with the perfect house and location for them. Thank you for trusting me to facilitate listing one home and buying the next.

Cleveland Park, DC to Kensington, MD – view listings

Two New Surveys Indicate Urban to Suburban Lean

There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.

In a recent Realtor Magazine article, they discussed the issue and addressed comments made by Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

“While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal, Yun said. More first-time home buyers and minorities have also been looking to the suburbs for affordability, he added.”

NAR surveyed agents across the country asking them to best describe the locations where their clients are looking for homes (they could check multiple answers). Here are the results of the survey:

  • 47% suburban/subdivision
  • 39% rural area
  • 25% small town
  • 14% urban area/central city
  • 13% resort community/recreational area

According to real estate agents, there’s a strong preference for less populated locations such as suburban and rural areas.

Real Estate Brokers and Owners Agree

Two New Surveys Indicate Urban to Suburban Lean | MyKCM

Zelman & Associates surveys brokers and owners of real estate firms for their monthly Real Estate Brokers Report. The last report revealed that 68% see either a ‘moderate’ or ‘significant’ shift to more suburban locations. Here are the results of the survey:

Bottom Line

No one knows if this will be a short-term trend or an industry game-changer. For now, there appears to be a migration to more open environments.


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

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.