Thoughts on the Washington, DC, and Northern Virginia Real Estate Market

We've Moved Our Blog!

2009-12-31T18:57:00.000-05:00

We've moved! Visit our blog at http://blog.wethmangroup.com All of our old posts are there, and soon our quicklinks and other information will be there as well.

Why is the $6500 Repeat Buyer Credit Important?

2009-11-16T22:02:00.001-05:00

By this time, most people are aware of the extension and expansion of the $8000 first time buyer tax credit, and many even know about the new "category" of "first time buyers" who are eligible for a $6500 credit. You can read more details here.Income limits were raised (previously $75,000 AGI for a single up to $125,000), and the new deadline is April 30 (under contract). These changes

Buying and Selling Simultaneously

2009-11-12T21:50:00.001-05:00

Read the first two posts in the series here (Home of Choice contingency) and here (Home Sale Contingency).Our next tool is a two-for-one: Occupancy Agreements. There are Pre-Settlement Occupancy Agreements and Post-Settlement Occupancy Agreements (aka Rent-Backs).Read the rest of the post here.

$8000 First Time Buyer Extension and New $6500 Tax Credit

2009-11-06T23:27:00.005-05:00

It's officially passed the House and Senate, and is now awaiting the President's signature. Along with the extension of the $8000 First Time Buyer credit (now applies to any buyer under contract by April 30, 2010 and settling by June 30, 2010), there is now a new credit category: long-time residents of the same principal residence which has been given the shorthand name of "move up buyers"--

Up and Coming in Petworth: Mayor Fenty Visits

2009-11-01T22:26:00.003-05:00

I happened to stop by a client’s new house today–a fantastic renovation of a rowhome in Petworth–and whom should I see walking down the street but Mayor Fenty himself! He was checking out the neighborhood, shaking hands, etc.–no doubt checking up on all the recent development in the area! He was very interested in the recent sales in the neighborhood, which obviously has been undergoing a lot

Simultaneously Buying & Selling a Home

2009-11-01T11:19:00.000-05:00

Now that the first time buyer rush is nearing its end (unless it’s extended…stay tuned…), and there’s a lack of inventory for entry-level price points (below $450k-ish) in much of our area, this might be the ideal time for owners to start thinking about putting their homes on the market in our area. Yes, despite the holidays coming up…especially if the credit gets extended. But many sellers worry

Northern Virginia & Washington, DC, Real Estate Market Update - September 2009

2009-09-26T10:09:00.003-04:00

This is the monthly market update I provide to my clients. To be added to the mailing list so that you receive these updates as soon as they are available, please sign up using the box on the right hand side of the blog page.The market doesn't seem to have slowed down very much this Fall. There are plenty of buyers playing beat-the-clock, but the big news continues to be the lack of inventory

First Time Home Buyer Class - Scheduled in Arlington

2009-09-01T12:00:00.000-04:00

Are you one of the estimated 53% of buyers in 2009 who will be buying for the first time? Then register for a free first time home buyer seminar at Arlington Central Library to be held Wednesday, September 16 at 7:15 pm. As with our other classes, there is absolutely no cost or obligation to attend this one hour educational session where we will recap the current market conditions, discuss the

How are my property taxes calculated?

2009-08-23T16:50:00.006-04:00

There are two components to real estate property taxes: the assessed value and the assigned rate. Both are set by the County and change every year. So assessed value * tax rate = property tax bill. So even if your assessed values go down, your tax bill could go up if the tax rate changes enough! After all, the government still needs their money to keep things running. You can see easily look

Short Sale Statistics for Northern Virginia

2009-08-18T17:27:00.005-04:00

I got to wondering today whether more short sales are closing and thought I would share some interesting data I found. All data is per MRIS as of today. Number of active listings designated "potential" short sales in NoVA* = 607 (# in Arlington = 57)Number of short sales that have closed in NoVA in past 30 days = 199 (# in Arlington = 7)Close Price to Last List Price Ratio for Short Sales that

State of the Washington, DC, Real Estate Market - August 2009

2009-08-10T16:11:00.002-04:00

Summer has been surprisingly busy this year in the DC real estate world. Here's the latest: Buyers are in a race against the clock to claim the $8000 tax credit by November 30, which has spurred activity in lower price ranges ($500k-ish and below) dramatically. Northern Virginia inventory, in particular, is significantly lower than past years - check out this inventory graph, and the

North Arlington (Orange Line) Condo Update - July 2009

2009-07-28T12:53:00.002-04:00

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)Source: MRIS as of date of blog post. All data deemed accurate but not guaranteed. Stats exclude retirement communities. 1 BR Units 2BR Units ACTIVE LISTINGS as of July 28 Average List Price $346,294 $539,837 Number of Active Listings 36 58

North Arlington (Orange Line) Condo Market Update - May/June 2009

2009-06-14T10:21:00.002-04:00

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)Source: MRIS as of date of blog post. All data deemed accurate but not guaranteed. Stats exclude retirement communities. 1 BR Units 2BR Units ACTIVE LISTINGS as of June 14 Average List Price $337,281 $531,998 Number of Active Listings 42 57

State of the DC Area Real Estate Market: June 2009

2009-06-13T09:37:00.002-04:00

The Spring market is hopping, but some recent changes are making it difficult to predict what's around the corner. Here's what's going on in the local real estate world: Interest Rates Jump: Mortgage rates took a significant jump in the past few weeks. The short story is that optimism about the economy combined with fears about inflation are pushing rates up. But if you want the long

FHA to Allow $8000 Tax Credit to be Used as Downpayment

2009-05-14T21:15:00.005-04:00

Update 5/29: HUD reversed course today on its initial plan to allow homebuyers to use the $8000 credit towards a downpayment. Instead, the credit may be “purchased” by FHA approved lenders (and credited at closing), to pay for additional closing costs. While this decision may be helpful, it won’t have the impact originally hoped for, since buyers frequently negotiate to have sellers pay

Northern Virginia Inventory Sees MASSIVE Drops

2009-05-01T10:38:00.011-04:00

Update 5/9/09: Looks like I've got some investigating to do - the final MRIS numbers are published (updated graphs now available at my website here - click on the "Market Stats" in the left sidebar) and they aren't even close to the "live" data I ran on the last day of the month. Not sure what's going on -- seriously, how can hundreds of listings be not there on the last day of the month but

North Arlington (Orange Line) Condo Market Update - May 2009

2009-05-01T10:33:00.003-04:00

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)Source: MRIS as of date of blog post. All data deemed accurate but not guaranteed. Stats exclude retirement communities. Click here to see last month's stats. 1 BR Units 2BR Units ACTIVE LISTINGS as of May 1 Average List Price $339,093 $561,627

Arlington Virginia Neighborhoods

2009-04-30T09:47:00.003-04:00

I've started a series of blog posts specific to individual Arlington neighborhoods (starting with North Arlington because I live there -- sorry, South Arlington). Each neighborhood will eventually have its stats and a few links posted on this Arlington neighborhood boundary map to give buyers a bird's eye view of Arlington. Click the links at the bottom to read more about the history and a few

North Arlington (Orange Line) Condo Market Update - April 2009

2009-04-07T13:07:00.003-04:00

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities. Click here to see last month's stats. 1 BR Units 2BR Units ACTIVE LISTINGS as of April 7 Average List Price $336,185 $565,500 Number of Active

Six Myths About Choosing a Real Estate Agent to Sell Your Property

2009-04-02T20:37:00.010-04:00

When I meet with sellers, I often hear some variation of the same "myths"... I need to choose my “neighborhood specialist.” Typically buyers look in more than one neighborhood, so in fact you may have more success with an agent who understands what buyers are looking for and where else they might find it. A good agent will know more than just your neighborhood—they will know all the

North Arlington Condo Market Update - March 2009

2009-03-04T10:42:00.003-05:00

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities. 1 BR Units 2BR Units ACTIVE LISTINGS as of March 4 Average List Price $348,898 $546,430 Number of Active Listings 37 62

Guest Post: Home Owner Asbestos Prevention & Healthy Green Options

2009-02-23T17:17:00.002-05:00

Lots of older homes in our area have asbestos tile floors (particularly in the basement) and many have asbestos siding. In many cases, there's no risk to the owner, but it's worth reading more about in this guest post from the folks as Asbestos.com: