Winter is around the corner! If you’re buying a home there is a special considerations you should ask the seller to consider. This was the topic I discussed with Mike Murillo at WTOP News. You can listen to the discussion in it’s entirety by clicking on the link at left.
“How’s the market?” is one of the most popular questions that real estate professionals are asked. Nationally, home prices are still considered affordable, homes are on the market for less time, interest rates are still low and more than two-thirds of Americans say that now is a good time to buy. Here’s an overview of national housing market trends. If you want to know more about the local market, contact me at 202-412-6464. I’m happy to give you the scoop about our local real estate market.
70% say it’s a good time to buy.
64.8% Homeownership rate in Q1 2014
Home Prices Are Up!
Median existing home price in June was $223,300, up from 4.3% from June 2013.
The average sales price of a new home that sold in May 2014 was $319,200.
3.5 million U.S. properties rose out of negative equity from 2013 to 2014 due to rising home prices.
Median existing condo price was $215,700 in June, up 3.2% from June 2013
HOME SALES ARE UP AS WELL
In the past year, existing home and condo sales rose 11% to 5.29 million, close to the highest level in 4 years. Sales of new single-family homes rose 8.3% June and reached a seasonally adjusted annual rate of 497,000 units, the fastest sales pace in five years. Existing home sales increased 2.6% in June 2014 and have reached the highest sales pace since October 2013.
Are you looking to buy a home but can’t find what you want? Can’t decide whether to buy a single family home, town home or condo? Maybe it’s time for a new strategy. This was the topic I discussed with Mike Murillo at WTOP News. You can listen to the entire interview by clicking on the WTOP logo at left.
In many areas around the U.S., low inventory is causing a bidding wars to erupt between buyers. According to a recent study, over half of buyers faced competition on an offer they wrote. How can you outbid other buyers and get the house you love at a price you can afford? Follow these simple tips:
Do your research: If you have your heart set on living in a certain neighborhood, find out how long a typical home in that location stays on the market before selling and how much homes are selling for. This will give you a realistic estimate of what you can expect to spend.
Get pre approved for a mortgage. Pre approval, in addition to getting the rest of your finances in order, will help you figure out how much you can spend without over extending yourself financially.
Pick your battles. Many people are eager for a great deal on a foreclosed property or fixer-upper. When competitive bids are involved, it’s easy to overbid and negate the discount. If you’re a first time homebuyer, you may end up in a biddingwar with experienced investors who are in the market to flip a home for profit. Remember, buying a foreclosed property or home that’s in despair will involve a fair amount of renovation after it’s purchased. While minor repairs and updates are often par for the course in any home purchase, make sure you’re ready to handle the demands of these high maintenance properties before you bid.
Maintain perspective. If your bid is rejected, it’s natural to become more aggressive when you bid on the next home. However, this may cause you to pay more than you had originally intended. While no one likes rejection, don’t take the bidding was too personally.
Have the cash to cover the difference between the negotiated price and the apprised value of the home. Mortgages often do not cover more than the home’s appraised value. Since appraisals are partially based on comparable sales in the area, it’s possible for the appraised value to be lower than the negotiated price due to foreclosed and distressed properties. In this case, it’s helpful to have enough money saved to make up the difference.
If you’re in the market for a new home, I can help! Call me to learn more about our local market and how I can help you find the right home.
And remember, I’m never too busy for your referrals!
WHY WAIT TO BUILD NEW WHEN YOU CAN MOVE IN TODAY?
Open This Weekend! Saturday, 9/27 1-3 PM and Sunday, 9/28 2-4 PM.
To view full photo gallery of this home click on the image below:
Presenting NV Homes’ coveted Dartmouth Model at the new vibrant Parklands community. This stunning home was built with over $200,000 in upgrades including Five Bedrooms, Four Full Plus One Half Baths within a luxurious, approximately 5,000 square foot finished open floor plan on three levels. With a chef’s dream gourmet open kitchen, home office, formal living room, formal dining room, family room, bonus recreational room, fully finished basement with entertainment wet bar, custom built deck, attached two car garage and much more this home truly has it all. Located with easy access to major commuter routes and public transportation this home also offers easy commuting options. Attractively priced, this home delivers the luxuries that come with new construction but without the wait. Move in today and begin enjoying the conveniences of daily living that this home, community and locale offer.
I chatted with Mike Murillo at WTOP News about the anticipated current Fall market sales trends and beyond for our DC Metro Area Real Estate market. You can listen to the entire interview by clicking on the WTOP logo at left.