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Market Update

Found 94 blog entries about Market Update.

By Susan Bodiker -March 7, 2018    

The Forest Hills neighborhood is unique, even by Washington standards.

Bordered on one side by the wild beauty of Rock Creek Park and on the other by Connecticut Avenue’s more civilized pleasures, it is also home to a stunning array of mostly contemporary homes, many of which are tucked within forested steep-angled cliffs.

Among them is the property at 2801 Davenport St. NW, a concrete and glass mid-century modern sitting high in the hills and overlooking the park. Designed by architect Charles Egbert and built in 1970, it offers 3,750 square feet of living space on three levels and includes four bedrooms, three-and-a-half baths, one wood-burning fireplace, walls of oversized and

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Read the February edition of Inside America's Coolest Neighborhood HERE

What a February it's been! Read all about it in the latest edition of our popular DC Area newsletter. Get the latest highlights on Rhett (and Emory baseball, of course) and Marjorie's presentation on "cleaning house." Read about our client who needed help selling a DC home in time for a cross-country move, and learn about Marjorie's "under the radar" strategy for finding homes when the pickings seem slim.

On page 3, Marjorie goes in depth about what how housing market here in DC is likely to play out in 2018. As always, you'll find the most up-to-date DC real estate sales info on page 4. 

We hope you enjoy February's newsletter as much as we've enjoyed creating it for

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Last year I celebrated my birthday in Kenya. This year was not so exotic… but memorable nonetheless. It kicked off at La Piquette with the Lunch Bunch on Thursday.

Friday night, the grandkids, Sean and Teagan, along with their parents, Cass and Ryan joined us for dinner to bid farewell to Uncle Rhett, who was returning to Emory, and to wish me a Happy Birthday!

My birthday, on Saturday, was bittersweet as Bill and I drove Rhett to Reagan National. He’s a senior. This is it. Baseball practice began Sunday morning. It was about 38 degrees.

We’re excited about Opening Day of his final season, but not about the game time temperature we’re likely to endure on February 3. Graduation is approaching in May and other than being very proud of my 6’-3”

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What a year! And what a December!

The DC housing market in December (and all of 2017) was remarkable for everyone. Every single month in 2017 boasted record high year-over-year monthly median sale prices since before the recession, and interest rates remained historically low. My sellers benefitted from excellent prices and plenty of competition for their homes, and my buyers were happy to lock in such low mortgage rates.

The following information is based on data from Elliot Eisenberg, Ph.D. of MarketStats (by ShowingTime) and the December 2017 Bright MLS housing data.

In December, the Washington D.C. Metro’s median home sale price was $420,050. That's 2.4% higher (nearly $10,000) than December 2016. In fact, the all of 2017 was up by the

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“Selling Secrets You Can’t Afford to Miss” has just been published. It provides insights for home sellers who want learn more about:

• The easiest way to sell your home for more money.
• Discover what most buyers look for in a home.
• Why price isn’t the only reason homes don’t sell.
• How to win negotiations and get more money.

These strategies have been thoroughly market-tested and proven successful time and time again. So, if you’re thinking of selling in the next seven months, get your free copy at DCHomeBlog.com/freebook and implement these “Insider” tips to get top dollar fast!

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Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate | Simplifying The Market

Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.

Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.

Let’s take a look at a historical view of interest rates

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Do You Know the Cost of Waiting? [INFOGRAPHIC] | Simplifying The Market

 

Some Highlights:

  • The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
  • Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic.
  • Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage!
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Financial Planning: 4 Reasons to Buy a House Today | Simplifying The Market

Homeownership will always be a part of the American Dream. There are advantages to owning your own home (educational, health, social) that far transcend any economic impact. However, we want to look at several of the financial advantages of homeownership in today’s post.

1. Buying is Cheaper Than Renting

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The report reveals that:

“Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation…Nationally, rates would have to reach 9.1% for renting to

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Home Prices Up 6.15% Across the Country! [INFOGRAPHIC] | Simplifying The Market

 

Some Highlights:

  • The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
  • In the report, home prices are compared both regionally and by state.
  • Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
  • Alaska, Delaware, West Virginia & Wyoming were the only states where home prices are lower than they were last year.
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The Impact of Homeownership on Family Health | Simplifying The Market

The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:

“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”

Today, we want to cover the section of the report that quoted several studies concentrating on the impact homeownership has on the health of family members. Here are some of the major findings on this issue revealed in the report:

  • There is a strong positive relationship between living
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