DC CLOUT "DC Area Real Estate Buzz"

Washington DC January 2011 Homes Sold Average Prices Up 7%

Washington DC  Home Sales Statistics are in for January   2011. Here's a brief snippet- more details coming.....  The 1st numbers are for 2011/2nd number for 2010/3rd change percentage 

Average. sold price $476,023  -  $441,743  (7.76%)
Total Units Sold - 382 -  349  (9.46%)
Of that  382, 141   were condos/coop
Average sold price Condos -  $390,743 - $411,137  (-4.96%) 

Avg. Days on Market  82  - 86 (-4.65%)

Courtesy of  Al Matlock   contact Al at dcrealtor@live.com  or 301/452-2278

DHCD Announces New Home Purchase Rehabilitation Pilot Program

The new pilot program will be a tremendous asset to many HPAP buyers. Homes in need of repair no matter how limited had to be scratched of a prospective HPAP buyers list, because they would not receive approval  from HPAP.  That appears to have changed. I will be there Thursday when DHCD presents the new programs to us realtors – with explanations. (Home Purchase Rehabilitation Pilot Program Details)

The announcement from DHCD:

October 1, 2010

The Department of Housing and Community Development (DHCD) today announced the implementation of the Home Purchase Rehabilitation Pilot Program, which will allow first-time homebuyers using the Department’s suite of Home Purchase Assistance Programs to purchase homes that require limited repairs to address health, safety and building code violations.

This program enables the use of the Federal Housing Administration’s (FHA) 203(k) Streamlined Rehabilitation Program as a first trust lending product in conjunction with the Home Purchase Assistance Program (HPAP) or other DHCD purchase assistance second trust loans.  Applicants will receive a combined purchase money loan for acquisition and repairs from the first trust lender.  The HPAP or other DHCD program loans will continue to be a second trust loan for downpayment and closing cost assistance.  The applicant must meet all DHCD eligibility requirements.

The minimum rehabilitation loan for the FHA 203(k) streamline is $5,000 and the maximum is $35,000.  The repairs must be completed within six (6) months of the loan closing date when a Home Quality Inspection (HQI) is due. 

Limited repairs, such as the repair or replacement of roofs, gutters and downspouts; repair, replacement or upgrade of existing HVAC, plumbing or electrical systems; and the purchase and installation of appliances, are permitted under the program.  The applicant must select a FHA 203(k) lender, a general contractor, and a FHA 203(k) consultant to conduct scopes of work write ups and periodic inspections of the rehabilitation work prior to funding draws.

 

For more about the HPAP contact me @ dcrealtor@live.com

Home Not Selling? It’s Not Personal, It’s Probably Price

Home sellers face a new reality as they look to move up, down, in or out of their American dream in today’s market. Consumers, particularly those who purchased their homes within the last five years, often find their options limited by a lack of equity. Those who can sell are sometimes numbed by deflated home prices and find it difficult to justify yesterday’s valuations with today’s reality.
 
Many home sellers have dug in on price hoping to lose no additional ground. Others seem to have taken this market personally, letting emotions override analysis when setting price. Buyer sentiment has shifted as well, centered on maximum value with abundant amenities – resulting in stalemates and homes languishing on the market.  Both sides should be realistic as comparable sales and local-market dynamics still determine fair-market value. 
 
And there are compelling reasons to be realistic and make a move now. Sellers, assuming their objective is to buy another home, can capitalize on some of the lowest mortgage interest rates on record and an inventory of homes at attractive prices. So while they will sell for less, they will also buy for less and with significantly cheaper borrowing costs. 
 
Of course, professional sales representation is essential this transitioning market or any other. The Prudential Real Estate Network, recently recognized for “Highest Overall Satisfaction for Home Sellers Among National Full Service Real Estate Firms” in J.D. Power and Associates’ 2010 Home Buyer/Seller StudySM, is composed of true, local-market experts whose experience, analysis and consultation generate results in all market conditions. 

As the local experts, they’ll help set fair-market prices using factual reference points, such as an appraisal, comparables sales and personal knowledge to help estimate market value. Today, a house priced at or slightly below market value will attract the interest of real estate professionals and buyers, while overpricing chases them away. Even if the sellers adjust their prices later, it’s difficult to recapture buyer interest. 

Sales professionals develop comprehensive marketing strategies to sell a home. They generally use open houses, yard signs, Internet exposure, MLS, newspaper ads, brochures and other means to market properties.

Beyond that, they counsel sellers on other conditions that may keep sellers’ homes on the market, including:

•  Condition and appearance. Sellers shouldn’t rely on buyers to use their imagination; they need to capture it. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious, and the most cheerful. This invariably means rearranging and  eliminating furniture, removing excess knickknacks and so on, to create an open, uncluttered look. Outside, do a visual check of the front of the house from across the street. Does it have curb appeal? It should look inviting, with a trimmed lawn and a freshly painted front door. A real estate professional can offer some guidance in this area.
  
 •  Terms/conditions. Even if the home is accurately priced, and the buyer is delighted with what he or she sees, if the buyer can’t live with the terms of the sale, he or she may walk away. Keep an open mind on terms and conditions and evaluate how they may affect a potential sale.

 •  Incentives. Offering incentives can be  just the impetus a potential buyer needs a buyer needs to choose your property over others. Consider offering a carpet or paint allowance. If the buyer knows up front there is allowance for the worn carpet or paint, then may overlook those cosmetic flaws. You could pay for a professional home inspection or a home warranty, or pay closing costs.

Indeed, real estate opportunities abound for sellers and buyers who can come to terms with today’s market conditions. A qualified real estate professional will help you navigate the market, protect your interests and keep you moving toward your housing dreams.

Courtesy of Al Matlock Washington DC Realtor  contact Al at dcrealtor@live.com  301/452-2278

Washington DC Home Sales Up 22% YTD

Seven months into year, DC Home sales still strong - Homes in Washington DC for the first seven months of 2010 are:
* Up 22% in total dollar volume, to $1.9 billion
* Up 23% in units sold to 3794
* Down 1.82% in median sales price, to $376,000
* Down 23% in average market time, to 85 days.

Comparing July sales to June
* Units sold were down 26%, from 716 to 529
* Dollar volume down 26%  from $388 to $291 million
* Median sales price was up 8%, from $395,000 to $430,000

* Average market time down 6%, from 66 days to 62 days

Statistics generated by Al Matlock Washington DC Realtor - contact Al at  dcrealtor@live.com  or 301/452-2278

BAG A BARGAIN IN BROOKLAND - OPEN HOUSE SUNDAY 7/11

Cute detached home with 3 BR, 3.5 BA, HWF, FP, central air, great yard, deck, patio and off-street parking. Home has had renovations since 2007: updated kitchen w/granite & stainless, some bath updates. Fix a bit more, dress it to your taste and have a great home for the money. Seller needs to move NOW so bring your best offer ASAP. Third party approval required.

          
 
 Can't wait- contact  Al Matlock @  dcrealtor@live.com  or 301/452-2278
 
 
 

Ah, Spring … Make Sure Your Property Is Ready for a Warmer Market

Spring is a season of renewal – this year in particular. Just as the birds are chirping and flowers are starting to bloom, the U.S. economy is moving forward with real estate sales percolating in many markets. Indeed, the days grow longer in spring, allowing more time for consumers – especially those motivated by current, historically low interest rates and attractive home prices – to shop for their American dream.

If you’re considering selling your property this spring, now's a good time to complete some spring maintenance to make sure your home is in tip-top shape. Even if you aren't planning to sell your home, you should still add these chores to your list to help preserve your home's value and help avoid major repairs later on.

Walk Around the Outside

Check for any damage caused by winter's cold weather. Look for those sagging or loose gutters, window frames or siding. Is your roof missing any shingles, or is there any water damage under the eaves? Promptly schedule repairs for those items you can't do yourself.

Over the fall and winter, leaves, mud and debris may have accumulated in your gutters. Check your gutters for clogging and damage and schedule an appointment for cleaning.

Walk around your yard as if you were a first-time visitor. What impression does your home make? Be sure to clear away fallen branches and leaves. Loosen the soil around perennials, plant annuals or a vegetable garden. Prune shrubs and trees.

If your water supply has been off for the winter, turn it back on. Test your automatic sprinkler system or connect your water hose and check for cracks and leaks. Replace old washers or sprinkler heads.

Don't forget the backyard! Is it time to condition your deck? Be sure to hammer in any loose nails, or replace them with galvanized deck screws. Replace any broken boards or rails. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain. Then dust off that patio furniture you kept protected over the winter.

Repair any broken fence boards and paint or seal them as needed. Clean the pool if it has been covered all winter. Wash windows, screens and windowsills; repair any winter damage.

Take a Tour Inside

Start making a list of things to do in each room. Then go to work. Dust walls and ceilings to remove cobwebs and wash any grimy areas. Wash window curtains or remove drapes for dry cleaning. Deep clean rugs and carpets. Dust and polish wood or laminate floors.

Clean fan blades using mild soapy water. Check the central air-conditioning unit for debris and obstructions; vacuum the main condenser coil on top of the unit. Check the operating condition of window air-conditioning units; remove and wash filters in mild soapy water.

Make sure all exhaust fans and vents are clean and clear. Don't forget to remove the lint buildup from the clothes dryer vent.

One often-overlooked area is the fireplace. Be sure to sweep ashes carefully into your fireplace's ash pit or into a dustpan. Clean and lightly oil fireplace tools. Remember it's springtime, so you may want to decorate the fireplace or wood stove with a large silk flower arrangement.

Look around for clutter. Are there items you don't use any longer? If you are planning on moving, what items will you not need? Consider having a garage sale and then either donate or trash the remaining items.

And lastly, don't forget to replace batteries in smoke and carbon monoxide detectors. A good time to change them is when you change your clock for daylight savings.

Although performing these spring chores may be dreaded task, they go a long way in maintaining and even enhancing the attractiveness and quality your home. With more buyers out and about, you must be sure your property is ready for its next new owner!

For more info, questions or comments contact Al at dcrealtor@live.com 

Top 5 Cities Where The Recession Is Easing - Washington DC at the Top

1. (tie) Washington-Arlington - Alexandria, DC, Va.-Md,-W Va

Unemployment Rank: 1
Home Price Rank: 26
Metropolitan Gross Domestic Product Rank: 3
Three-Year Job Growth Forecast Rank: 17
Job Growth, 2007-2009 Rank: 3

1. (tie) Austin-Round Rock,Texas
Unemployment Rank: 3
Home Price Rank: 13
Metropolitan Gross Domestic Product Rank: 31
Three-Year Job Growth Forecast Rank: 2
Job Growth, 2007-2009 Rank: 1

3. Dallas-Fort Worth-Arlington, Texas -
Unemployment Rank: 9
Home Price Rank: 25
Metropolitan Gross Domestic Product Rank: 11
Three-Year Job Growth Forecast Rank: 3
Job Growth, 2007-2009 Rank: 5

4. (tie) Ninneapolis-St Paul-Bloomington, Minn.-Wis.  
Unemployment Rank: 5
Home Price Rank: 12
Metropolitan Gross Domestic Product Rank: 14
Three-Year Job Growth Forecast Rank: 13
Job Growth, 2007-2009 Rank: 18

4. (tie) Houston-Sugar Land-Baytown, Texas  
Unemployment Rank: 12
Home Price Rank: 32
Metropolitan Gross Domestic Product Rank: 8
Three-Year Job Growth Forecast Rank: 4
Job Growth, 2007-2009 Rank: 6

see entire list here

Make Sure Your Home Stands Tall in a Competitive Market

Home sellers today must convince a new era of buyers returning to the market that their homes stand for value and quality.
 
The time-honored open house event remains a terrific way to expose your property to many consumers and gain distinction from the competition. While your real estate professional will advertise and manage the event, it is up to you to ensure that your home is seen in the best light possible. Remember, you only have one chance to make a first impression, so approach your open house event as your property’s showcase. Here are several ways to make your property shine, inside and out.

Start with the outside. Do a visual check of the front of the house from across the street. Does your property have curb appeal? It should look inviting, with a trimmed lawn and flowerbed and a freshly painted front door. Polish door handles and knockers and replace worn items such as a rusty doorbell. Consider adding a new doormat and flowering plants at the entrance. Don’t forget to wash your windows and clean any oil or rust spots from the driveway.

Be sure to inspect the side and back yards. Add some flowering plants to the back as well. Clean and rearrange the outdoor furniture to look inviting. Put away gardening tools, and tidy around the grill area.

Now focus on the inside of the home where cleanliness, space, smell and lighting are vital. First get your house in tip-top condition by cleaning and clearing away clutter. Steam clean and vacuum the carpet. Make sure your floors are waxed and shiny. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine.

Be conscious of any lingering odors such as smoke, pets or strong-smelling foods. You may need to air out your home prior to your open house event. Consider grinding fresh lemons in the garbage disposal. And don’t forget to empty all trash containers.

Look at your countertops in the kitchen and bathrooms and the tops of your bureaus. Do they seem cluttered? Clear away and store as much as possible. You want your home to seem spacious.
 
Next, set the mood. Let your prospective buyers picture your home as their own. Rearrange the furniture so that rooms look more spacious, or consider removing furniture and accessories.

Lighting is also important to creating a desirable atmosphere. Bright lights provide a cheerful environment and make a small space appear larger. Pull back all the drapes and open the blinds. Turn on all the lights. Make sure all light sockets have fresh bulbs. Use softer lights for rooms in which you want a warm, cozy feeling.

Don’t forget little touches such as fresh flowers, lighted candles in the bathrooms, new logs in the fireplace, or a bowl of fresh fruit on the kitchen counter. You may even want to set your dining-room table with color-coordinated table settings.

Home buying is steeped in emotion. Sellers shouldn’t rely on buyers to use their imagination; they must capture buyers’ imagination. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious and the most cheerful.

For more info, questions or comments contact Al at dcrealtor@live.com 

5 Common First Time Home Buyer Mistakes

1. They don’t ask enough questions of their lender and end up missing out on the best deal. before they buy. The average first-time buyer only stays in a home for four years.

2. They don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right agent who’s willing to help them through the homebuying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale.

furnished by  DC Realtor Al Matlock  contact Al  at dcrealtor@live.com DC Clout A Home Buyers and Sellers Resource Center

$6,500 New Tax Credit for existing homeowners

The Feds have added existing homeowners to the new tax credit signed on 11/06/09 by President Obama.  

The specifics for existing homeowners.....

A $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Click here for entire program details..

Don't let this opportunity pass. Contact Al at dcrealtor@live.com and begin your home search today..  Don't delay - the pipeline is now clogged with buyers who were trying to make their purchases before the previous credit expired.  For them this is a reprieve, many would have not been able to close by the deadline...