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July 2016

Found 26 blog entries for July 2016.

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Today I am going to talk about 'What's Happening Now,' in my market update and tell you what it means for home sellers this summer!

In June, prices reached record highs for the month. The number of home sales in June was the highest monthly total since August 2005.

Let's just think about that for a minute... the two best sales months in the last 10+ years happened in the summertime! So much for the common misconception... 'Nothing sells in the summer!'  This year, one of my sellers sold on the Fourth of July! And last summer, three of my sellers celebrated Labor Day weekend by selling their houses!

Now, back to my market update. In June, half the

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Please stop by...OPEN 1-4pm Saturday, July 30th & Sunday, July 31st

3823 Fulton Street NW, Washington, DC 20007

Sparkling 6 bedroom, 4 1/2 bath semi-detached home with contemporary feel. High ceilings, open kitchen to large family room with fireplace. Gorgeous screened porch perfect for summertime relaxation and entertaining. Walkout lower level au pair suite includes a huge rec room, full kitchen, large and private entrance. Parking for two cars.  A short walk to parks, the National Cathedral & shops along Wisconsin Avenue.  

CLICK to view architectural photos & color floor plan.

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Home Sales Accelerate During The “Dog Days of Summer” [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Existing home sales have accelerated to the highest pace since February 2007 at an annual pace of 5.57 million.
  • Inventory of homes for sale remains below the historically normal 6-month mark at a 4.6-month supply, down 5.8% year-over-year.
  • Median home sales prices rose to $247,700, 4.8% higher than a year ago and replaced the previous peak in May of $238,900.

 

 

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House Hasn't Sold Yet? Take Another Look at Your Price! | Simplifying The Market

The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand has remained strong throughout the summer as many real estate professionals are reporting bidding wars with listings actually selling above listing price. What about your house?

If your house hasn’t sold, it is probably because of the price.

If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.

House Hasn't Sold Yet? Take Another Look at Your Price! | Simplifying The Market

Bottom Line

The housing market is hot. If you are not seeing results you want, sit down with your agent and revisit the

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Americans Believe Real Estate is Best Long-Term Investment | Simplifying The Market

According to Bankrate’s latest Financial Security Index Poll, Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.

Bankrate asked Americans to answer the following question:

“Which would be the best way to invest money you did not need for more than 10 years?”

Real Estate came in as the top choice with 25% of all respondents, while cash investments (such as savings accounts and CD’s) came in second with 23%. The chart below shows the full results:

Americans Believe Real Estate is Best Long-Term Investment | Simplifying The Market

Sterling White, co-founder of Holdfolio, gave one reason as to why real estate may have ranked so high.

"Houses are tangible. You can physically see and feel the product. So you know where your money is

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The Top Reason to List Your House For Sale Now! | Simplifying The Market

If you are debating listing your house for sale this year, here is the #1 reason not to wait! 

Buyer Demand Continues to Outpace the Supply of Homes For Sale

The National Association of REALTORS’ (NAR) Chief Economist, Lawrence Yun recently commented on the inventory shortage:

“With demand holding firm and homes selling even faster than a year ago, the notable increase in closings in recent months took a dent out of what was available for sale.

Realtors are acknowledging, with increasing frequency lately, that buyers continue to be frustrated by the tense competition and lack of affordable homes for sale in their market.”

The latest Existing Home Sales Report shows that there is currently a 4.6-month supply of homes for sale.

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Brexit 1 Month Later: The Impact on Mortgage Rates | My KCM

Just over a month ago, the United Kingdom decided to withdraw from the European Union in a decision commonly known as Brexit. At that time there was a lot of speculation on how that decision would impact the U.S. residential mortgage market. Today, we want to look at the impact of the first 30 days.

Most believed that the Brexit decision would drive mortgage rates down and keep them down for some time. As CoreLogic reported:

 “First-time buyers can count on continued low mortgage rates to help with affordability issues. Similarly, re-setting adjustable rate loans will have less of a rate shock, and in some cases may even go down.”

What has actually happened?

Initially, rates did fall. However, Freddie Mac has reported that rates have

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Please stop by...OPEN 1-4pm Saturday, July 23rd SUNDAY open house CANCELLED!

1912 37th Street NW

Fabulous 3-4 bedroom with 2 full baths, living room with fireplace, separate dining room, open kitchen to 2 story family room addition with floor to ceiling windows, sliding doors to stone patio & lovely fenced garden.  Wood floors throughout, central air conditioning & 3 skylights.  Separate 1,050 sq. ft. lot conveys, abundant parking.  Great location steps to Georgetown! 

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Please stop by...OPEN 1-4pm Satruday, July 23rd

3970 Langley Court #E617

Sparkling, updated one bedroom plus loft on top floor with cathedral ceiling, skylights, park views and wood floors in excellent condition! Washer/dryer and central air. Outdoor pool and tot lot. Walk to tennis, dog park, playground, parks, gardens, Giant, CVS, restaurants, post office and more!

Condo fee: $494.87 per month includes management, general maintenance of common areas, landscaping, trash & snow removal, master insurance policy, reserves, gas, water & sewer.

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