Feeling Nosy about DC? VA? MD?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across that week.

• Feeling nosy about the District of Columbia?
  
• Feeling nosy about Virginia?
  
• Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Witnessed by local REALTORS this week

• “We listed a multi-unit in Brookland Feb 1 for $529K --- received 4 offers yesterday --- went for $539K.”
• “Had a buyer looking at houses in Capitol Hill. Found a sturdy row house that needed a lot of work, listed at $499K that had been on the market 7 days. Competed against an investor who wanted to convert house into two condo units. My buyer won at $518K.”
• “We listed a charming row house in Mount Pleasant at $659K. It sold in 4 days slightly over asking price with only one offer … but lots of visible interest.”
• “Multiple-offer situation in Mount Pleasant for a house listed at $550K. House needed work. Five offers, ultimately went for around $610K, my buyer lost.”
• “My buyer was involved in a multiple-offer situation in Mount Pleasant for a house listed at over $1M. There were two offers on the table, and my buyers won at asking price.”
• “My buyer’s offer was one of four on a $699K listing in Chevy Chase (DC). Our offer was clean (no appraisal or inspection) and escalated to 7% above asking price. My clients were thrilled to get the property for 4% (+/-) above asking price.”
• “Fabulous condo in Kalorama. I saw it the first day it was on the market. Listed between $1M and $1.5M. I showed my clients the next morning with a blank contract in hand. Wrote an offer at the property: Full price; no appraisal; no financing contingency; but with an inspection. Seller ratified right away. Three buyers waited to see if our offer would fall through. It might have gone above list if given another day's market exposure. Lucky for us.”

Feeling Nosy about DC? VA? MD?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across that week.

• Feeling nosy about the District of Columbia?
  
• Feeling nosy about Virginia?
  
• Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

This week in local real estate ...

• Scenario number 1: One of the agents on my team had a very cute 1BR cottage on the market in Michigan Park. The listing price of $295K reflected the property's condition (namely, dirty and unimproved). However, the little house sat on a very nice lot, was originally well constructed, and had LOADS of potential. An interested buyer presented a full-price offer, and the seller rejected it, saying she wanted more. When pressed, she couldn't identify exactly HOW much more she wanted. The buyer is still out there, holding his breath and hoping that the seller comes to her senses.
• Scenario number 2: A buyer agent in my office wrote what he thought was a low-ball offer on a property priced around $1.2M --- $200K BELOW the asking price. It turns out that during the 60 day listing period (so far) the seller had already had five offers, and this agent's was tied for the best. Again, the buyer is waiting to see what happens.
• With all that said, it's important to note that some properties are receiving multiple offers OVER the asking price. The only rhyme or reason for this seems to be CONDITION. Even some over-priced homes are receiving multiple offers ... but only if they're truly in sensational condition. Buyers are overlooking many VERY GOOD homes that have even minor condition issues. Right now, buyers are feeling exceptionally anxious about purchasing (especially in light of all the bubble-talk). Because of their already high anxiety, they're saying they simply can't suffer having to do work to make a new home livable --- especially if they're paying what they think is a lot of money when prices seem to be dipping. Advice to sellers, if you want your property to attract these harried buyers, do whatever it takes to get your property in great showing condition prior to going on the market. It seems that many sellers would do more to prepare their CAR for sale than they would for their primary investment, their home.
• As in recent weeks past, there appears to be a great deal of negotiation going into situations where a listing may generate only a single offer. The seller inches down in $1000 increments, and the seller inches up in $1000 increments. And the gaps they're spanning could be as much as $50K, or more. Understandably, this process can take days or weeks. But, it appears that patience IS a virtue.
• Market note to sellers, if you have tons of people through the property, and you're on the market for a long time without an offer, the market is speaking to you. When the silence is deafening, it may be time to adjust the price, or bring the condition in line with the competition.

Feeling nosy about DC? VA? MD?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across that week.

• Feeling nosy about the District of Columbia?
• Feeling nosy about Virginia?
• Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

This week in DC real estate ...

• February started out strong and continues to be so. There are many buyers out there looking to purchase property but they are suffering from "price fatigue." They're tired of looking at over-priced listings and would rather NOT put an offer on something they perceive as too high. Sellers should be careful about presuming that a buyer will write an offer, even a low one, on their over-priced home. The right price is key in attracting buyers ... and offers.
• Likewise, buyers should not wait. The market continues to favor them, for the moment. And interest rates are inching up.
• Real-life story of the week. Seller had a buyer's offer on the table. Seller stalled, hoping another offer would come in. It didn't. Buyer walked away from the deal at 2:00 pm. At 2:10 pm, the sellers tells their agent, "we'll take it." Too late. Buyer says, "no dice." Next day, buyer comes back and says, "OK, but our new offer is 10% less." Seller took it ... and was grateful.
• There continue to be multiple offers (one, two, three buyers --- not fifteen!) on appropriately priced listings.
• It appears that many sellers have an over-inflated impression of their home's value. When pricing, it's vitally important not only to look at recent sales, but also at what ELSE is currently on the market. Sellers and their agents need to put on their "buyer hats" and try to figure out what kind of competition they're going to have when they go on the market. If there are other, attractive listings on the market, it might behoove sellers to wait until the competition is sparser.

Interest rate update

From my favorite lender, CONNIE ECHEVERRIA:

• It feels like the spring market has started early, from a lending perspective. Preapprovals and ratified contracts increased by almost a third this week, so virtually overnight!
• I think February will be an ideal time to lock into what could potentially end up as the cheapest rates of the year. As tensions continue to escalate with Iran, further threatening our global stability in the Middle East, the market reacts to the pressure. Additionally, the Fed raised the prime rate by .25 point and didn't sound like it planned to ease up with rate hikes as much as we had hoped, contributing strongly to the instability of the market, and a week end increase of 1/2 point overall to interest rates across the board.
• In order to stay ahead of competitive/multiple situations, I would urge buyers to buy/lock in now.

Connie Echeverria
Loan Officer
Prosperity Mortgage Company
202.364.1300 x6061 Office
202.285.3937 Mobile
connie.echeverria@wellsfargo.com

Feeling nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across that week.

• Feeling nosy about the District of Columbia?
• Feeling nosy about Virginia?
• Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

"Building a Big-Box Kitchen"

Did anyone read this article in the "Home" section of yesterday's Washington Post? The article details how one local homebuyer purchased a home sight-unseen (he was apparently "too busy" at work to see the home beforehand) and then renovated his kitchen using off-the-shelf supplies and appliances from Home Depot and Lowes. It's an interesting look at how real people, with a lot of vision and elbow grease, can transform their homes affordably. What I found ironic was that this guy was too busy to shop for a home (relying on his real estate agent and his sister to vet homes on his behalf), but "found" the time to stand "around for more than a half an hour, waiting for a $300 sold-oak door he spied some Lowes' workers unloading to make its way to the sales floor." People make me laugh.

This week in DC real estate ...

• The gut feeling among real estate practitioners locally is that the market seems to be picking up ... and the numbers support that feeling (notwithstanding the condo market, which remains softer than in the recent past). Inventory of single-family properties and townhouses in some neighborhoods has dropped slightly, which is fueling a growing number of multiple-offer situations. There's no frenzy for good properties, but there is increased competition among buyers.
• We're even seeing multiple offers on properties that have been on the market for a really long time (six months or more). This defies logic, but it's happening often enough for real estate agents to take notice. I believe that this also points to a decrease in inventory.
• What does a real estate agent mean when she says a property is "priced right" but it's not selling? This question was raised in a recent sales meeting I attended with a large group of realtors. An agent with a very nice listing in the "upper brackets" --- over $1M --- lamented that the property was priced right but was worried that it hadn't sold. The problem? She'd used comps that were out of date and reflected the market 6 months ago. According to these comps, this house should have sold relatively quickly (it was priced in line with other listings sold in the area over the last half a year, was in great condition and in a lovely, sought-after neighborhood). The short answer is that the prices of 6 months ago were hyperinflated and don't reflect today's market. The solution is simple, the owner and agent probably need to reduce the listing price.
• Also noted by a very successful agent during the meeting I mentioned above, buyers in the upper brackets market are looking for a "WOW." If a house (be it in Georgetown, or Forest Hills, or Burleith) is dated or tired, buyers will pass it by. Proper staging, combined with great property condition, is KEY in a softening market.
• It appears that lots of sellers are holding off on putting their homes on the market (thus the slight decrease in inventory now) until the Spring. Because inventory has dipped, agents are beginning to advise prospective sellers to go ahead and get their homes on the market now --- to take advantage of this (possibly) momentary market.