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My 2 Cents' Worth
Welcome to My 2 Cents' Worth - your source of easily accessible, up-to-date market knowledge and advice on real estate in the Washington, D.C. metropolitan region. I invite you to visit frequently and post remarks and questions... and I promise to answer any questions you may have either in ongoing blog sessions or in an upcoming episode of the My 2 Cents' Worth video blog posted on YouTube.

Thanks for stopping by!

-Brett West, Realtor

 

... and by the way, I'm never too busy for your referrals!


Mobile - 202.744.0576

BWest@McEnearney.com

www.BrettWest.com

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Friday
30Oct2009

Good Care Puts Dollars in Your Pocket

Washington Times recent published a story that featured my comments on how homeowners can omptimize their home-selling experience by following some important maintenance tips. I've pasted the story below...

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October 23, 2009

 Good Care Puts Dollars in Your Pocket

 By Cary Lee Dailey

 

While the leaves are turning red and gold, the temperature is dropping and children are gearing up for Halloween, October is prime time for homeowners to develop a fall maintenance strategy. Area experts say now is the time to take care of basic house and yard work to ensure that a home is ready for the cold, wet months ahead.

Proactive homeowners can prevent major problems that can be costly to fix. By keeping up with basic tasks and preserving the condition of the property, sellers can also gain a competitive edge if they want to place their home on the market anytime soon.

Mike Ward-Dahl, owner of the home-inspection firm Pillar to Post Inc. in Fairfax County, says cleaning gutters and ensuring that they are securely attached should be a priority.

"If it's not done frequently, it can lead to leakage in the roof and attic," he says, adding that clogged gutters can get so heavy they can fall right off a house.

In addition to giving the gutters some attention, Mr. Ward-Dahl says it's important to have the HVAC system serviced and to change the furnace filters. Although many homeowners believe changing the filter annually is sufficient, he says the filter actually needs to be replaced several times a year. If not, the system is strained - reducing its air flow and efficiency.

Checking the thermostat (or even installing a new programmable one) and applying caulking and weatherstripping, where necessary, are essential maintenance chores to be performed before winter arrives. These simple acts help avoid drafts and lower heating bills during colder months. This is also a good time of year for homeowners to test smoke and carbon-monoxide detectors and change their batteries.

For fall yard maintenance, Mr. Ward-Dahl says homeowners should trim any overhanging tree branches that are dangerously close to the house and that dead trees and limbs should be removed so they don't cause damage during storms.

"Get rid of them before they fall down," he warns.

Cliff Kornegay, a licensed home inspector and owner of Capitol Hill Home Inspection LLC in the District, says he has seen devastating consequences when homeowners do not perform any fall maintenance on their homes.

He conducted an inspection last week for a customer who had a blocked, overflowing gutter that was so heavy that it eventually came loose and slammed in the wrong direction. This resulted in a flood, causing plaster on the brick wall of the home to come loose, and the owner's new hardwood floor buckled.

Unfortunately, Mr. Kornegay says, homeowners often learn the hard way that ongoing repairs and upkeep are critical in averting these types of scenarios.

"A home is just like a person - you have to take care of it," he says.

Mr. Kornegay suggests homeowners pay close attention to their pipes and the roof.

"If you have crawl spaces in the basement or attic, check to see that the pipes are insulated, so that they don't freeze and break," says Mr. Kornegay. "It can start with something small, but moisture problems account for a large number of home problems."

Garden hoses should be disconnected and covered with hose bibs if they aren't frost proof, and the indoor valve should be used to shut off and drain water from the pipes leading to outside faucets.

The roof should be checked for missing shingles or any other potential problems by a professional, and the chimney should be inspected and cleaned before it is used to prevent dangerous chimney fires.

All of the effort put into these basic tasks to prepare and protect the home will be worth it when it comes time to sell, according to area Realtors. Brett West, a Realtor with McEnearney Associates Inc. in Alexandria, says he always recommends his sellers complete "house-related homework" this time of year because a little bit of maintenance now can alleviate big headaches later.

Mr. West says something as simple as changing the HVAC filter can make or break a home inspection, as well as provide assurance to prospective buyers that the property has been properly maintained.

"It really sets the tone and the rest of the house follows suit," he says. "Somebody will go through the home and scrutinize it, and if they see that you have skipped out on replacing a filter, they will wonder - what else did you miss?"

Insulating, weatherstripping and caulking windows and doors can pay off by helping to lower heating bills and make the house more energy-efficient, another positive feature for potential buyers.

Mr. West says that now, more than ever, buyers are asking to see monthly utility bills as they consider their budgets in this tight economy.

"It's wise to be energy conscious," he says. "The buyers want to know, 'How much am I going to have to pay to heat this place?' "

He points out that homeowners should consider replacing old windows with energy-efficient ones, especially for older homes.

When focusing on the overall presentation of a home during this time of year, Mr. West believes buyers will be enticed by homes that are staged to capture the festive fall spirit. He recommends sellers paint an accent wall with a deep mustard or rust shade and put out some fall table linens.

"Any buyer is just looking for the home to be presentable, and sometimes homes never look better than when they are decorated for the season," he says.

While the interior and exterior of the home must be in top-notch shape, the surrounding landscape also plays a large role in enticing prospective buyers. Glenn Sutcliffe, an agent with W.C. & A.N. Miller Realtors in the District, says that when the weather gets chilly, people tend to hibernate and that the yard is usually the first thing to go. He believes curb appeal is just as significant now as it is during warmer months, maybe even more.

"This area is known for its beautiful autumn, so it's critical that landscaping look great," says Mr. Sutcliffe.

Outdoor maintenance should include spreading a fresh coat of mulch, keeping the lawn mowed (and free of leaves) and trimming bushes and trees.

Area landscapers agree and say that although it appears that grass and shrubbery are not growing any longer, fall is a great time for fertilizing because the roots that will sustain plants in the warmer months are growing deeper to prepare for the winter.

"Fall is to root development what spring is to foliage development," says landscape designer Blake Dunlevy with D&A Dunlevy Landscapers Inc. in Poolesville.

For those homeowners who want an immediate burst of color, Mr. Dunlevy recommends hearty annuals that can survive the frigid temperatures - such as pansies, as well as cabbage and kale. Outdoor displays of pumpkins and cornstalks can provide additional character for a home.

Mr. Dunlevy says fall is a fantastic time to plant trees and shrubs, as well as bulbs (such as tulips and daffodils) so the yard will explode with different shades when spring arrives.

It is also a good time to reinvigorate the lawn or plant a new one; Mr. Dunlevy says installing sod is affordable and can provide a "wow" factor for a home before potential buyers even walk through the front door.

"Not everyone notices the ornamental plants, but everyone notices a green, beautiful lawn," he says.

Wednesday
09Sep2009

Hot Homes on Market

Here's a look at a few of my favorite homes currently on the market. Maybe we can find the right favorite home for you...

Capitol Hill - Set in the heart of Capitol Hill, this gorgeous townhouse is a pure charmer with 2 bedrooms and 3 bathrooms is only a couple blocks from Capitol South Metro Station.

Columbia Heights - This condo with 2 bedrooms and 2 full bathrooms comes with all the great finishes you'd expect of today's modern condo - granite and stainless in the kitchen, and hardwoods throughout. It is being offered at a new highly-competitive price of $395,000. Must see!

Dupont Circle - This rowhouse with 4 bedrooms and 4 1/2 bathrooms is so stunning it stops foot traffic. Check out the 2-car garage, roof deck and chef's kitchen all in the heart of one of D.C's favorite neighborhoods.

Kalorama - In terms of location, high-end finishes, square footage and price, this condo with 2 bedrooms and 2 full bathrooms is unmatched! Steps to nightlife in Adams Morgan, recreation in Rock Creek Park and two Metro Stations (Woodley Park/Zoo/Adams Morgan or Columbia Heights), this home has it all.

Southwest Waterfront - Walk to the Maine Ave. Waterfront with all it's markets and attractions from this beautiful traditional rowhouse built in 2001 with 4 bedrooms and 3 1/2 bathrooms and a 2-car garage.

 
Good education makes for a good, educated consumer. That's My 2 Cents' Worth!
Monday
07Sep2009

A Great Combination


Historically low interest rates and lower homes prices have combined to make the median priced home in Washington, DC as affordable as any time since 2005.

In June 2003, the median price was $305,000, and the rate for a 30-year fixed mortgage was just 5.23%. Three years later, the median price had soared to $430,000 - and interest rates soared too, with the 30-year fixed rate at 6.72% in June 2006. That bump in home prices and mortgage rates combined to make the purchase of a home a very expensive proposition, spurring the rush to adjustable rate mortgages and even riskier subprime and interest only loans. It was inevitable that home prices had to fall - personal income growth simply could not keep pace with the accelerated rise in home prices.

At the end of June 2009, the median price of a home sold in Washington, DC had dropped a bit to $425,000 (DC's prices have held up better than any other jurisdiction in the region), and mortgage interest rates had fallen to 5.43%. That combination of slightly lower prices and much lower rates meant that the monthly principal and interest payment for a loan at the median price was $2,391, well below the peak payment required for a median priced home in June 2006. And that means homes are as affordable as they were before the boom. And for those who may be waiting for home prices to fall further, we suggest keeping a close eye on interest rates. We suspect that rates are going to head up from here, and even if home prices do drop a bit more, higher rates will make homes less affordable than they are today. This is a great time to buy and lock in long term, low fixed rates.
Friday
28Aug2009

Washington's Market Update - Summer 2009

Historically low interest rates and lower homes prices have combined to make the median priced home in Washington, DC as affordable as any time since 2005.

In June 2003, the median price was $305,000, and the rate for a 30-year fixed mortgage was just 5.23%. Three years later, the median price had soared to $430,000 - and interest rates soared too, with the 30-year fixed rate at 6.72% in June 2006. That bump in home prices and mortgage rates combined to make the purchase of a home a very expensive proposition, spurring the rush to adjustable rate mortgages and even riskier subprime and interest only loans. It was inevitable that home prices had to fall - personal income growth simply could not keep pace with the accelerated rise in home prices.

At the end of June 2009, the median price of a home sold in Washington, DC had dropped a bit to $425,000 (DC's prices have held up better than any other jurisdiction in the region), and mortgage interest rates had fallen to 5.43%. That combination of slightly lower prices and much lower rates meant that the monthly principal and interest payment for a loan at the median price was $2,391, well below the peak payment required for a median priced home in June 2006. And that means homes are as affordable as they were before the boom. And for those who may be waiting for home prices to fall further, we suggest keeping a close eye on interest rates. We suspect that rates are going to head up from here, and even if home prices do drop a bit more, higher rates will make homes less affordable than they are today. This is a great time to buy and lock in long term, low fixed rates.

For a complete look at jurisdictions throughout the Washington, D.C. Metro Area visit my web site.

Principal & Interest Payment to Purchase Median Price Home Washington, DC - June 2003-2009 Unless otherwise noted data derived from Metropolitan Regional Information Systems, Inc. (MRIS™) for the District of Columbia, Montgomery, Arlington, Fairfax, Loudoun & Prince William counties and the cities of Alexandria, Falls Church & Fairfax.

Sunday
02Aug2009

Open House: Stunning 2br/2ba Condo in Kalorama

Success in selling a home has always relied on a handful of factors: location, location, location; condition of the property; and asking price. Look no further than 1810 Calvert St., NW #5 to find the very definition.

Located in among DC's most coveted and treasured neighborhoods - Kalorama - this home features unexpected amounts of space for its location. Imagine 1,200 square feet with two full bedrooms and two full bathrooms. The master suite includes a true walk-in changing room. Finishes are very rich, contemporary - stainless steel and butcher block in the kitchen, and gleaming concrete floors with acid-stain finish. The living room/dining room combo offers ample space for entertaining large parties.

1810 Calvert is just steps from Adams Morgan - teaming with shopping and nightlife - as well as Rock Creek Park, among other community amenities.

Though this home is in fantastic condition, the owner has cleverly priced this home at $509,000, which is about $30,000 below comparable condos.

Today's open house runs from 1-4.

For additional information, or more photos, please visit www.BrettWest.com.

Location, condition and price make this home extremely attractive.

That's My 2 Cents' Worth!