Washington D.C. Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

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Jan. 28, 2022

1/28/22

 

 

 

Did You Know?

Some good news: Gross domestic product accelerated 6.9% in the fourth quarter, well ahead of the 5.5% estimate. Consumer activity and business spending led the gains, which propelled the U.S. economy to its strongest full year since 1984. Jobless claims remained elevated at 260,000 while orders for long-lasting goods hit their lowest point since April 2020, signaling an end-of-year slowdown. The quarter brought an end to a 2021 that saw a 5.7% increase in annualized GDP, the strongest pace since 1984 as the U.S. tried to pull away from the unprecedented drop in activity during the early days of the coronavirus pandemic. Consumer activity, which accounts for more than two-thirds of GDP, rose 3.3% for the quarter. Gross private domestic investment, a gauge of business spending and inventory build, soared 32%. (CNBC)

 

 

 

 Did You Know?

Yesterday the FED said the goal is to get inflation down to 2%. That would make a $500,000 home worth over $1.6 million in 60 years ...and $3,000 per month rent would be $9,843/month.

Posted in Economy News
Jan. 27, 2022

1/27/22

 

 

 

Did You Know?

U.S. new-home sales increased almost 12% to an annual rate of 811,000 in December, a number of homes that would be sold over a yearlong period of time if the same number of properties were bought each month based on the rate of sales in December. Compared to a year earlier, sales were down 14%.  For all of 2021, new-home sales totaled 762,000, according to the preliminary figures released in the latest report. That’s down from 822,000 sales in 2020. Economists expected new-home sales in December to rise to an annual rate of 757,000. (MARKETWATCH)

 

 

 

Posted in Real Estate News
Jan. 26, 2022

8 steps to selling a home in DC

 

 

 

8 steps to selling a house in Washington DC

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Alt-tag: A beautiful home, symbolizing steps to selling a house in Washington DC.

The easiest and quickest way to sell a house is to understand the entire process from start to finish. If you know what to expect and how to approach the task, you will reduce the selling time substantially. Hiring a real estate agent means you don't have to bother yourself with the technicalities of the actual process. Nevertheless, it is a good idea to educate yourself before going into this. Here’s what you need to know about selling a house in Washington DC.

Selling a house in Washington DC in three stages

Even though there are more steps to selling your home, we can group all of them into three distinctive stages:

  • before listing;
  • during listing;
  • after listing;

We are now going to look at all three stages separately.

Before listing

There are a lot of things to do before selling your DC home. The preparation process is equally important as the actual selling. In fact, if you skip this step, you will only make it harder to find the right buyer.

Step No. 1 - Set your selling goals

This step will define the pace of the home selling process. Are you in a hurry to move out? Is there a job waiting for you elsewhere, so you have to speed up the process? Or, do you have all the time in the world to make a sale?

You need to think about the time constraints and set deadlines. This will help you track the progress of selling your home and figure out if there are any unpredicted delays.

Step No. 2 - Clean, declutter, and stage

Your home needs to look visually appealing. Cleaning and decluttering are essential steps. Staging is a bonus step that you can do if you want. The entire idea is to help the buyer visualize how they can use the space in the best possible way. Some people leave homes completely empty to showcase the size.

 

If you plan to stage your home, you should learn more about home features DC buyers value the most.

Step No. 3 - Hire a real estate agent

You should look for a real estate agent only after you have completed the first two steps. This is mostly because you want to be ready to sell the home tomorrow if necessary. When the buyer comes, you need to be prepared.

Know your goals and time limits, and make your house presentable. Once you hire your agent, let them know what your expectations are.

During listing

You have completed the preparation process and found a real estate agent. Now is the time to list the home. This stage also consists of a couple of essential steps.

Step No. 4 - research the market

This is something you will do together with your real estate agent. You want to know what the other offers on the market look like. Furthermore, you want to know what the buyers are looking for.

Finally, it is essential to know if you are selling in a seller's market or a buyer's market. A seller's market means that you can get more money for your property. A buyer's market is the opposite - your home's value is lower than it should be.

Step No. 5 - Price your home and put it on the market

Now that you know the market, you can come up with a realistic price. During this step, you need to determine whether you are open to negotiations or not. If you are selling in a seller's market, you need to expect buyers to ask for a lower price. It is up to you whether you want to accept it or not.

After listing

Now that your home is listed, all that is left is to wait for buyers to come and see your place. If the process stretches out, you might start to feel nervous. Maybe even begin to think about lowering the price. Here is where you need to get back to your selling goals and re-evaluate them.

 

Another thing you can do during this period is to start preparing for a relocation. Per Beltway Movers, a substantial number of their customers often struggles with the lack of time when moving, simply because they did not start the preparation on time. You can start packing your stuff slowly, searching for a moving company and a new home.

Step No. 6 - Show your home to the buyers

After your home has been listed, you can expect buyers to start showing up. You need to make your home available. If you are in the process of preparing for the relocation, let your real estate agent know. If you staged the place, keep it clean to leave the best impression. It is generally good to leave the house when the buyers come to see it unless you want to meet them and charm them with your personality. Talk about this with your agent.

Step No. 7 - Selling the place

When you find the buyer and agree on the price, all that is left is to sell your home. If you have a quality real estate agent, you won't have to worry about anything. They know the entire process from start to finish. All you need to do is sign the papers they prepare for you. That's why having an agent at your side is a must. You won't have to worry about any technical or legal parts of the process.

Step No. 8 - Moving out

Congratulations! You have sold your home, and now is the time to move! If you have already found movers and started preparing for the relocation, you can handle this hassle-free. Relocations can be stressful, but a proactive approach to preparing should simplify the project.

The conclusion to selling a house in Washington DC

Selling a house in Washington DC does not have to be complicated. As you can see, as long as you are organized, have your goals set, and find the right help, the process will go smoothly. Follow these steps, and you won't have to worry about anything. Best of luck!

Meta description: Here are the most important 8 steps to selling a house in Washington DC. Learn how to simplify the process and make it stress-free.

Posted in Housing News
Jan. 25, 2022

1/25/22

 

 

 

 Did You Know?

The National Retail Federation reported that store losses from theft/shoplifting - mostly gang-related - mounted from $453,940 per $1 billion in sales in 2015 to $719,458 in 2020. The biggest increase over that period happened not during the pandemic but in 2019, when total losses from shoplifting surged to $61 billion, up from $50 billion in 2018.  Online sites selling stolen merchandise is big business. 

Posted in Community News
Jan. 24, 2022

1/24/22

 

 

Did You Know?

Countertops were the most commonly improved feature during kitchen renovations, with more than 90% of homeowners upgrading them. Engineered quartz remains the most popular material for upgraded kitchen countertops, with 42% of homeowners opting for it. While granite remains the second-most popular material, it has dropped to 24% from 28% last year. (HOUZZ)

 

 

Did You Know?

Home improvement website Houzz surveyed 2,891 homeowners for its 2021 Bathroom Trends Study, it found that more than a third of bathroom renovations undertaken in the past year or planned for the next three months include high-tech faucets and toilets with bidets, heated seats or self-cleaning tech. 41% of homeowners are using their bathrooms for rest and relaxation, seeking a “spa feel” in their spaces. (WSJ)

Posted in Real Estate News
Jan. 21, 2022

1/21/22

 

 

 

Did You Know?

Existing-home sales rose 8.5% from a year earlier to 6.12 million, a 15-year high. The median sales price of an existing home in December was $358,000, a 15.8% increase year over year.  (WSJ)

 

 

Did You Know?

Today, exactly 2 years ago, the first COVID case was confirmed in the USA. Who could have fully predicted what followed.....

Posted in Community News
Jan. 20, 2022

1/20/22

 

 

Did You Know?

Most 'bigger city' buyers are 100% accustomed to seeing a floorplan on a listing. Many are super-frustrated when they don't see a floorplan on the listing, so if you want to stand out and appeal to this audience always try to include a floorplan.....one that is easily legible.

 

 

 Did You Know?

For all of 2021, housing starts were the highest for any year since 2006. The seasonally adjusted annual rate of housing starts in December was about 1.7 million, beating consensus estimates that called for 1.65 million. The seasonally adjusted annual rate of issuance of building permits was about 1.87 million, higher than estimates that called for 1.71 million. Both starts and permits were higher than November’s revised rates of 1.68 million and 1.72 million, respectively. (Anyone wondering why building labor and material costs have soared need wonder no more!)  The rate of starts on homes with one unit fell 2.3% month over month, and was 10.9% lower than in the prior December. Construction on homes with five or more units, meanwhile, increased 13.7% month over month, and was up 56% compared with last year. (BARRONS)

Posted in Real Estate News
Jan. 18, 2022

1/18/22

 

 

Did You Know?
Federal tax receipts in the 4th quarter of 2021 - October to December - increased by 31%., a cool $248 billion increase to $1.05 trillion for the quarter. Individual income taxes revenue soared by 55% - $189 billion - to $536 billion. Corporate income taxes rose 44% - or $30 billion - to $99 billion. Payroll taxes and a variety of other receipts - including a 16% increase ($4 billion) in remittances from the Federal Reserve - made up the rest. (WSJ)

 

 

Did You Know?

During the 3rd quarter of 2021, investors bought 18.2% of all the homes that were purchased in that period in the US, up from 11.2% during the third quarter of 2020. (Washington Post)

Posted in Economy News
Jan. 17, 2022

1/17/22

 

 

 

Did You Know?

Massive surges in demand for cars met by sharply lower production capacity may better help explain inflation, clearly showcasing huge shifts in supply-demand:  Widespread 2020 factory shutdowns caused auto production to drop about 16% from 2019. Global output rose just about 2% in 2021: It takes a lot to ramp up production. Global output is forecast to rebound 13% this year, still below pre-pandemic levels. (WSJ) 

 

 

Did You Know?

Massive surges in demand for cars met by sharply lower production capacity may better help explain inflation, clearly showcasing huge shifts in supply-demand:  Widespread 2020 factory shutdowns caused auto production to drop about 16% from 2019. Global output rose just about 2% in 2021: It takes a lot to ramp up production. Global output is forecast to rebound 13% this year, still below pre-pandemic levels. (WSJ) 

Posted in Community News
Jan. 13, 2022

1/13/22

 

 

 

Did You Know?

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 3.52% from 3.33% for loans with a 20% down payment, the highest rate since March 2020....which was a strong real estate market. It was 64 basis points lower the same week one year ago.

 

 

Did You Know?

US state balances of rainy-day funds—budget stabilization accounts that allow states to set aside surplus revenue for unexpected downturns—climbed to a record high of nearly $113 billion in fiscal year 2021, according to data from the National Association of State Budget Officers released December 2021. States are expected to increase their general fund spending by 9.3% in fiscal year 2022 over the year before, according to Nasbo, the state budget officer group. The federal government isn’t likely to be doling out trillions of dollars in aid again, and the increase in tax revenue is expected to subside as well. (BARRONS)

Posted in Economy News