DC REAL ESTATE UPDATE - NOVEMBER 2014
A concise synopsis of the Washington DC Real Estate Market
If history really does repeat itself, fall weather means slowing real estate sales as the holiday season approaches. There is a chance that sales might not slow all that much this winter with the announcement that Fannie Mae and Freddie Mac will soon be relaxing their underwriting guidelines. This huge change would help more buyers to enter the real estate market in the coming months. If the bar to qualifying for a loan is lowered slightly, expect more upward pressure on DC real estate prices as demand continues to outpace supply.
Typically, we have seen that the number of buyers in the market for single family homes and luxury condos during the winter months dwindles. Buyers may find that sellers in those sub-markets in particular are likely to be more willing to negotiate. More than any other time of the year, being flexible with timing will help you strike the best deal. Sellers may need to close quickly because of a change in job or family situation. It's also possible they will need some extra time to pack over the holidays, or look for a new home themselves. If you can accommodate the seller’s schedule, be sure to use that to your advantage.
Neighborhood Spotlight - Truxton Circle
Centrally located and changing quickly, Truxton Circle has seen a huge increase in interest from buyers this year. With three metro stations close by and price per square foot around 60 percent of better know neighborhoods nearby (think Chinatown or Mount Vernon Square), Truxton Circle has a great mix of location and convenience. You will find plenty of hip, locally owned businesses in all directions, as well as easy access to amenities like grocery stores, community centers, and parks. Truxton Circle real estate consists mostly of stately turn of the century row homes and condo conversions. Look for larger condos and commercial spaces to start popping up as the increasing prices continue to encourage redevelopment.
Trip of the Month - Sugarloaf Mountain
If you are looking for a nice walk in the woods then look no further than Sugarloaf Mountain in Dickerson, MD. Sugarloaf Mountain is a 45-60 minute drive from the District. The trails are well marked and there are many connecting loop trails so it’s easy to make the hike as short or long as you would like. Pets are allowed, but must be leashed at all times (pretty standard at any park). Sugarloaf Mountain is privately owned and operated so be sure to obey the posted warnings and rules. After you are done with your walk you can sample local wine at the Vineyard about a stones throw away. Click here for detailed information about Sugarloaf Mountain or Sugarloaf Mountain Vineyard.
Real Estate Tips - Fall Home Maintenance
1. HVAC : We highly recommend having your system inspected once a year by a professional. If you would like recommendations for inspectors, please ask! The fall is also a good time to check the filter. If it’s dirty, replace it. Finally, don’t forget to remove any items that could catch on fire away from the HVAC system and air ducts.
2. Outside Spigots : It will likely drop below freezing within the next week. Have you disconnected your hose and turned off the water spigots? It’s a good idea to check!
3. Leaky Windows/Doors : Is cold air getting in causing chilly drafts? You could be losing money (and heat)! You can easily install weather stripping around window frames and doors.
4. Dryer Vent : Is it free of lint and dust? Check the interior vent, hose, and exterior vent. Buildup can cause fires.
5. Carbon Monoxide Detectors : Do you have a detector? Now is a good time to test the batteries. Having a CO detector installed could save you and your family’s life.
6. Sump Pump : Do you have a battery backup on your pump? It’s surprising how many people have sump pumps, but no battery backup. It is a wise investment.
Interest Rate News
The average 30 year fixed mortgage rate has trended downward since January and are at the lowest point all year; 15 year fixed mortgages as well as 5/1 Adjustable Rate Mortgage have followed a similar pattern.
DC Real Estate Market News