Neighborhood Expert Or Expert in Residential Real Estate

I understand that some neighborhoods are unique, thus the value of an expert would apply. But doesn’t it make sense to want an expert in the successful execution of real estate sales not just an expert in one neighborhood.

Here are a few things to consider:

  • One of the most valued characteristics of an agent should be the ability to interpret the market and to be able to position their sellers in the most favorable position to sell each home or property for the most amount of money given market trends.

  • An agent who understands the larger market can speak to why their seller’s neighborhood might be a better fit for buyers over other areas.

  • Marketing consists of location, condition, a property’s pricing and how all three are presented to the public.

  • Buyers are not thinking “Is the listing agent a neighborhood expert?” They are scrolling through myriad listings and know when a listing is in line with area comps. When they find one, they take a look at the photographs to make a decision whether to actually look at the property.


The Need For More Inventory Has Never Been More Apparent

Based on compiled data from more than six million property showings scheduled across the country, Home Buyer Demand jumps 98.4% in the West as traffic grows again nationwide.

  • March 24, 2021 – Dwindling inventory was again met with an outpouring of buyer demand throughout the country in February as an unprecedented 75 markets reported double-digit growth, according to the ShowingTime Showing Index®
  • Nationwide, buyer traffic jumped 49.5 percent, continuing a trend of national year-over-year growth in buyer demand that began in May 2020.
  • “In March and April, year-over-year comparisons will be less meaningful as the onset of COVID-19 in 2020 drove showing traffic down in those two months, but on a month-to-month basis we’re still likely to see further seasonal increases in demand, taking us further into this unprecedented direction. We expect that this will correlate with continued broad increases in prices.”


Americans have saved $1.6 trillion since the pandemic began.

Where To Spend All That Savings | An Opportunity To Build Wealth

  • Americans have saved $1.6 trillion since the pandemic started, per the Commerce Department.

  • That’s roughly half of overall global savings during the pandemic, and the same as South Korea’s GDP.

  • It’s also greater than the output gap, or economic hole created by Covid-19, signaling a coming economic boom.

Experts are currently projecting 4.6% growth for US GDP this year, per Bloomberg. If Americans spend all the money they saved in the past year, that could jump to 9%; whereas if they don’t, the GDP forecast could drop to 2.2%.

It’s why so many economists are predicting that lockdown lifting will see the biggest boomtime in a generation, potentially ushering in a new era in the US economy.

*Read full Insider article


Happy Anniversary | How Much Is My House Worth Today?

Congratulations Kevin and Danielle! Happy Anniversary to my clients who closed on this day March 4th, 2016 in Springfield, VA.

Located in the Glenwood Manor development, the couple purchased a 1700 sqft., 3 bedroom, 2.5 bath townhome for $379,000. 5 years later, for similar properties (any three bedrooms sold in the last 365 days), the median Close Price was $478,500 and the median Days On Market was 5. 

The decision to purchase instead of renting positioned them nicely to build equity that they now can utilize for their next move.

If you have been debating owning versus renting, understanding the market and how either decision could effect you in 3-5 years is worth discussing.

  • This information is not meant to be used as an appraisal. This is a snapshot of the Glenwood Manor development listings sold in the last 365 days as of March 4, 2021.

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.


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.

Existing-Home Sales Jump 4.3% to 6.85 Million in October

Key Highlights

  • Existing-home sales grew for the fifth consecutive month in October to a seasonally-adjusted annual rate of 6.85 million – up 4.3% from the prior month and 26.6% from one year ago.
  • The median existing-home price was $313,000, almost 16% more than in October 2019. Total housing inventory declined from the prior month and one year ago to 1.42 million, enough to last 2.5 months – a record low – at the current sales pace.
  • More than 7 in 10 homes sold in October 2020 – 72% – were on the market for less than a month.

Regionally

Existing-home sales in the South increased 3.2% to an annual rate of 2.91 million in October, up 26.5% from the same time one year ago. The median price in the South was $272,500, a 15.7% increase from a year ago.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Click for full NAR news release


‘Peculiar’ Economy to Stabilize in Second Half of 2021?

Leading economists say the labor, housing, and stock markets will reach crucial markers that will indicate the recovery’s progress. From NAR’s virtual Real Estate Forecast Summit, Dec. 10

Housing Market

The housing market has been a bright spot this year, though inventory is a challenge.  The problem, Berson says, isn’t just homebuilding and permitting but also getting prospective sellers to put their homes on the market. “Hopefully, people will feel good about strangers coming into their home once there’s a vaccine,” he said.  – Realtor Magazine

Click the link for more, source: ‘Peculiar’ Economy to Stabilize in Second Half of 2021?

START TO FINISH – 406 DAYS, SO MANY GREAT THINGS HAVE COME WITH TIME AND PATIENCE

No it’s not the pandemic; there we can only follow safety precautions and hope.

Rather it’s one of my clients’ timeline to Sell and Buy during 2020. How did they go from a home of 9 yrs, with three school-aged children and two full time working parents into a new build that will suit their family for the next 20+ years during an unimaginable world wide pandemic? One step at a time.


We first connected on October 20, 2019. From there, we developed an individual step by step plan of ‘how to’ execute their real estate goals.
Following that plan led them to identifying the location, negotiating with the builder of their new home, and ratifying on Jan 1, 2020.
Coordinating with the builder, designers, lender and title resulted in closing on October 2, 2020, three months behind schedule due to pandemic related delays.

Then it was time to list their home of 9 years.

Despite being three months behind our original timeline, we referred back to the step by step plan we had created.
Without skipping a beat, my clients stuck to the plan and completed everything we had discussed to get the house ready for market.
We listed on a Thursday, ratified 5 days later on that Monday and closed in 21 days on November 30, 2020.