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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Sept. 27, 2022

9/27/22

 

 

Did You Know?
Approximately 64,000 home purchase contracts were cancelled in August, about 15.2% of all homes in contract last month. The highest cancellation rates were found in “pandemic boomtowns” located in Sun Belt states. All 10 cities with a back-out rate of 20% or higher were located in the region. Jacksonville, Florida, outpaced all other cities with 26.1% of pending sales dropping out of contract in August. Las Vegas, NV, ranked at 23%, followed by Atlanta at 22.6%, Orlando at 21.9% and Fort Lauderdale at 21.7%.
Did You Know?
Blocks of decades-old office towers sit partially empty, many too outdated to attract tenants seeking the latest amenities, and too new to be demolished or converted for another purpose, a global challenge. The Covid-fueled hybrid work and work-from-home trend vacancy rates have soared in cities from Hong Kong to London and Toronto. Some companies are simply cutting back on space to reduce their real estate costs. Others are relocating to shiny new towers with top-of-the-line amenities to attract talent and employees who may be reluctant to leave the comforts of working from home. Left behind are older buildings outside of prime locations. (Bloomberg)
Posted in Economy News
Sept. 26, 2022

9/26/22

 

Did You Know?
Land-use restrictions and a lack of public investment in roads, rail and other infrastructure have made it harder than ever for developers to find sites near big population centers to build homes. As people keep moving to cities such as Austin, Phoenix and Tampa, they are pushing up the price of dirt and making the housing shortages in these fast-growing areas even worse. In the Sunbelt, the average price of vacant land per acre more than doubled in the past two years through the second quarter. Land now accounts for 47% of U.S. home values, up from 38% in 2012 and less than 20% in the early 1960s. (WSJ)

 

Did You Know?

Billionaire John Paulson shorted more than $25 billion of mortgage securities at the dawn of the global financial crisis in 2007-9. As he sizes up yet another frothy housing market 15 years later, the founder of Paulson & Co. says another downturn in US home prices may be in the cards -- but the banking system is in a much better condition to handle it. Thanks Bill Fandell of COMPASS Telluride for sending this!  (BLOOMBERG)

Posted in Economy News
Sept. 22, 2022

9/22/22

 

 

Did You Know?

Higher US interest rates have bolstered the dollar, exacerbating inflation elsewhere by raising the cost of commodities which are, more often than not, priced in dollars. So while commodity prices are down off their crazy-high's earlier this year making building cheaper in the US, the price to build outside the US is waaaaaay up. (FT)

 

 

Did You Know?

Mortgage demand surged 3.8%, up for the first time in 6 weeks. The average 30-year fixed rate mortgage is DOUBLE that of a year ago, the fastest hike ever. Mortgage applications rose 1% but are down 30% compared to a year ago. Most believe rates are going up and staying up. (CNBC)

Posted in Real Estate News
Sept. 20, 2022

How to Stage your Kitchen to Impress Potential Buyers

 

 

 

How to Stage your Kitchen to Impress Potential Buyers

 

Featured image

Alt-tag: A beautiful kitchen staged to impress potential buyers.

 

A kitchen overhaul can cost a considerable amount of money, which you might not fully make back when you sell it. So instead of spending vast amounts of money on fully remodeling your kitchen, a smart way to save some money is to make small changeslittle by little, or replace broken, damaged, scratched, or simply old parts. You can change pieces of furniture by painting them or replacing them instead of replacing them with something entirely new while keeping them always clean and shiny. That way, your home will keep looking brand new and suddenly have a more profitable, budget solution. So, on that note, here are some tips that will help you stage your kitchen to impress potential buyers. 

 

Caption: Make sure your kitchen is spotless when you are staging your home.

Alt-tag: Cleaning can help you stage your kitchen to impress potential buyers.

 

How to stage your kitchen

When staging your kitchen, your main goal is to highlight your kitchen's best parts at first sight

  1. Remove unpleasant odors 

An excellent way to do this is to make it always look, feel and smell clean and fresh. When showing a house, you should ensure that all the garbage and recycling are out of the kitchen and that any general non-kitchen relative items are organized in boxes or another related room. Don't forget that nothing is more repulsive to a buyer than a bad smell. A kitchen should always be clean and smell fresh as the first thing that moves a buyer's interest is the appearance, so if you can make them feel like they are seeing something truly outstanding, most of the time, you have already won the buyer. 

  1. Make everything look spotless

The kitchen is where food is cooked, where family moments are spent and shared, so it should be full of life and appealing to the eye. When trying to sell a kitchen, it should seem like it has never been touched, without dirt, dust, or messiness, and as if the space is full of light, with clean and shiny windows, not dull, old, and rusty.

  1. Make room in your kitchen

 You should find the balance between functional and spacious, and you can achieve that with a minimal style of decoration and furniture, which is another simple way of improving your kitchen without spending a lot of money at the same time. Decorating in minimal ways lets you make the kitchen more beautiful while using fewer things that are both pretty and practical and also needing a smaller budget. So you can make it look livable, functional, organized, and spacious at the same time. 

   

Caption: You can’t focus all of your energy only on the kitchen.

Alt-tag: A beautiful dining area that is staged for a home showing.

 

Do more than just surface cleaning

 

  1. Organize and tidy up

When you have a home showing, the occasion calls for tidying up and reorganizing your cabinets and drawers. Interested buyers will be looking inside the cupboards and cabinets to see if there is enough space or just to check them, so they should also be tidy. Make sure you have them well organized to make even the most OCD person feel at home. That way, you can make even the smallest cupboard seem big to the eye, and at the same time, you can show a buyer how well positioned everything is in the kitchen.

  1. Get rid of old sponges and washcloths

Another good way to win buyers' hearts is to make them see the kitchen's potential. Replace all the old dish soap containers with new and fancy-looking ones that can be refiled and match perfectly with the rest of the kitchen. No one wants to see dirty old sponges, so always place new clean ones, even if it's just for show and looks.

  1. Display your kitchen's potential

Of course, you can not leave the stovetop empty. Make sure you decorate the place with small but helpful stuff for the kitchen. You could put some pots or even a teakettle to make the place look more beautiful and show some of its uses. You could also add new towels, so there are no stains on them, and, most importantly, you could even match the colors with those of the kitchen for an aesthetically pleasing outcome. Don't forget a basket of fresh fruits to act as the icing on a cake, as they are sure to catch the buyer's eye with their shiny, bright color and fresh, sweet aroma. It would be best if you also put some flowers in a vase on top of the kitchen's dining table, thus positively boosting the whole look.

You could update the kitchen's fixtures, and it is an inexpensive way to make your kitchen catch the attention of every potential buyer. Remove the old and rusty hardware with a screwdriver and replace it with new, fancier, and more elegant models. Consider using budget upgrades for the kitchen and other simple ways to improve it there are and by how much these few, small changes transform the kitchen. And the most fantastic part is that you do not need a lot of money for these changes as they are things you can casually buy at your nearest dollar store that will work as well, if not better than the expensive ones.

  1. Ensure everything works properly

Now that we established the basics and know most about the topic of how to stage your kitchen to impress potential buyers, let's talk about the electrical outlets. Install modern outlets and switches to make your kitchen look more useful and contemporary in the 21st century, and even add to its minimal style. The first step is ensuring the electrical outlets are new and do not have marks or scratches while checking to see if they work correctly. Having new electrical devices in your kitchen makes the buyer see his future in that kitchen and even unlock potential in how he could organize or use some of these. 

Finally, it would help if you didn't keep old lamps that don't have good brightness and consume too much energy. Make sure your kitchen is cozy with some secret, hidden-inside-the-wall lights that give out a trendy, modern type-of lighting and vibe while sitting there, and new lights on the sealing to make the place more bright and more beautiful than ever before.

  1. Declutter and remove unnecessary items

Since most people use their kitchens daily, there is often a bit of mess and clutter. You likely have more pots, pans, and cutlery than you know what to do with. The experts from amplemoving.com suggest that you remove everything that isn't necessary and place the excess items into storage. You can also make good use of the storage unit when it comes time to move to your new home.

The bottom line

We've shown you how to stage your kitchen to impress potential buyers. Carefully staged homes typically sell faster and for higher prices, so it is definitely worth putting in the extra effort. With these tips in mind, we believe you will impress every potential buyer just by looking at your kitchen.



Meta description: If you are selling your home and plan to have an open house day, you must learn how to stage your kitchen to impress potential buyers.

Images used:

https://www.freepik.com/free-photo/modern-kitchen-interior-with-furniturekitchen-interior-with-tiles-wall_28075684.htm#query=kitchens&position=5&from_view=search

https://www.freepik.com/free-photo/minimalistic-kitchen-corner-with-appliances_2448697.htm#query=kitchens&position=21&from_view=search

https://www.freepik.com/free-photo/3d-rendering-modern-dining-room-living-room-with-luxury-decor_31606074.htm#page=2&query=kitchens&position=21&from_view=search

 

 

 

 

Posted in Real Estate News
Sept. 19, 2022

9/19/22

 

 

Did You Know?

Sales declined in August from a year before by a seasonally adjusted 1.6% at furniture and home-furnishing stores, and by 5.7% at electronics and appliance stores, fueled by the cutback in home sales as interest rates soar.

 

Did You Know?

Rather than take less, some sellers are simply waiting out the housing downturn for pricing to recover over time. Some inventories that saw huge spikes earlier this year have scaled back a bit. The rate lock-in effect also impacts many sellers where the vast majority of outstanding mortgages have rates below 5%—with a big chunk even below 3%. If they sell now, they'd be giving up their historically low mortgage rate, hardly appealing for move-up buyers. (FORTUNE)

Posted in Real Estate News
Sept. 16, 2022

9/16/22

 

 

Did You Know?

We have $30 trillion of debt in the US: a 1 percent interest rate hike is $300 billion of incremental interest expense.....that's half of the annual US defense budget! For every 1 percent rate hike on $1 billion, the MONTHLY interest payment jumps over $830,000.00

 


Did You Know?

The number of traffic related fatalities is up 32% since 2011.....yet down 21% since 1972 even while the US population is up almost 48%....mostly because of seat belts, crumple zones and airbags.

Posted in Economy News
Sept. 15, 2022

9/15/22

 

 

Did You Know?

Total mortgage volume demand dipped 1.2% last week. But that was a shorter week due to Labor Day. Some mortgage rates are up over 6% similar to 2008. New mortgage applications rose 0.2%, down 29% annualized. Only around 450,000 mortgagees could benefit from refinancing right now. (CNBC)

 

 

Did You Know?
The Fed's actions are like a big tanker.....their efforts and policies can take a long time to take effect....up to three quarters. Lots of BIG data is delayed. Raising rates too far, too fast may be as bad - if not worse - than keeping them too low for too long. (CNBC)

 

Posted in Economy News
Sept. 14, 2022

9/14/22

 

 

Did You Know?

Inflation remained sticky in August.... Core inflation rose 0.6% month over month. On a year-over-year basis, inflation was 8.3% dipping just slightly from the 8.5% in July. UK inflation dipped surprisingly to 9.9% down from 10.1%.  However.....Cathie Wood still believes deflation is on the horizon and says the Fed is making a mistake....we shall see.... The fortunes of America’s richest billionaires tumbled on yesterday by $93 billion, the 9th-worst daily loss ever, as hotter-than-expected US inflation data roiled markets. Then, again I bet none of them sold anything!

Posted in Housing News
Sept. 12, 2022

9/12/22

 

 

Did You Know?

Buyer power? In some areas buyer power is rising.... the percent of buyers being outbid hit a peak in April of 12.6%.....that has dipped to 9.4% in July. (Marketwatch) 

 

 

Did You Know?

BUT......According to a recent survey which looked at visitors accessing listings as well as search results, nearly 46% of would-be house buyers polled said they’re planning to go ahead and purchase a home in the next 6 months, even though recession fears are weighing on prospective buyers, higher than the share of buyers who planned to buy in July 2019! (CNBC)

Posted in Economy News
Sept. 9, 2022

9/9/22

 

 

Did You Know?

The average contract rate for a 30-year mortgage for homes sold for $647,200 was 5.94% for the week ending Sept. 2,  up from 5.8% the week before. For homes sold for over $647,200, the average rate for the 30-year was 5.46%. The 15-year rose to 5.23%. The rate for adjustable-rate mortgages, which comprise 8.5% of total applications, rose to 4.81%, almost an entire percentage point lower than a 30-year fixed rate mortgage. Mortgage applications hit a 22-year low.

 

 

Did You Know?

Crude Oil pricing is down 37% off its high earlier this year, .... this is often an indicator of a slowing economy. 

Posted in Economy News