New Condo on Market

If you are looking for a nice garden condo in one of Washington's most exclusive garden neighborhoods - Cleveland Park - then boy to we have a sweet spot for you!

This 1-bedroom, 1 bathroom condo offers more than 700 square feet of tastefully renovated space, a view of the tree tops and a  parking space.

Definitely worth a look...

That's My 2 Cents' Worth!

DC Real Estate Market Sees Improvement in Q1 2009

The Washington area's housing market showed signs of recovery in the first quarter, but has not hit bottom and probably won't do so until 2010 at the earliest, according to a study scheduled for release today.

Have a look at the entire story...

That's My 2 Cents' Worth!

Washington Area MarketWatch

Don't Look For The Bottom Of The Market - Look For Balance Seems as if everyone these days wants to know when the real estate market is going to "hit bottom." After all, no one wants to buy while prices are still going down, right? Here's a healthy dose of reality: No one can predict the bottom, and efforts to "time" the market are almost always futile. Anyone who says they know with a high degree of certainty when the market is going to turn around should be regarded with a high degree of skepticism. Because not only is "the bottom" impossible to predict, what really matters is when your personal circumstances are aligned with current market conditions in a way that makes sense for you to pull the trigger on a decision to buy or sell. If you have just received a promotion at work, and another child is on the way, and you can lock in a 5% interest rate on your mortgage, this might be the perfect time to buy - even if you think prices may still come down a bit. The monthly payments on a $400,000 mortgage at 5% over 30 years are $2,147. If prices drop another 10% but rates go up to 6%, the monthly payments on a $360,000 mortgage would be $2,158. Remember that mortgage rates are near a historic low and are more likely to head up than down during the next year. Conversely, if you are absolutely convinced that home prices are headed up, but you've just lost your job - "the bottom" won't matter much to you, and neither will mortgage interest rates. Are we suggesting that market conditions don't matter? Of course not; we're just saying that your personal situation matters more. And if you are looking for an easily measurable sign of market conditions, look at the supply. That is simply the number of active listings on the market in your price category and in the area in which you're interested. Once you have it, look for balance. A "balanced" market has long been described as one with about a four months' supply of inventory. Right now in Washington, DC, homes priced under $750,000 are edging toward "balance," but the upper end of the market still has a ways to go. The chart below indicates the relative supply of homes by price range in Washington, DC; the market for homes priced under $750,000 is hovering at or below a six-month supply. An example: at the end of February 2009, there was a 5.5 month supply of homes priced between $300,000 and $500,000. This time last year, there was a 6.5- month supply. We have seen the return of multiple offers on well-priced homes in the middle and lower price ranges - and not just on foreclosures and short sales. At the upper end of the market, however, the scales are still tilted decidedly toward the buyer's side. At the current pace of contract activity, there is a 19.4- months supply of homes priced over $1,500,000. That doesn't mean that buyers for homes of this caliber have disappeared; it simply means that there are fewer of them - and the ones that are in the market for a home will still buy when the home is correctly priced. If it isn't, those buyers will simply look elsewhere. Each circumstance requires an awareness of overall market conditions combined with a thorough evaluation of the needs of our clients. If they are buyers, a careful evaluation of negotiating strategy and neighborhoods comps matter far more than the national housing trends detailed on the evening news. And for our sellers, an equally careful analysis of property condition, neighboring competition, level of risk tolerance and their ideal timeline for getting their home sold is far more important than anything they can read in the newspaper.

Another Indication of "Balance" When the market is out of balance, prices tend to change significantly. From 2003 until early 2006, listings were getting snapped up as fast as they came on the market - no balance, and prices skyrocketed. A pronounced gap between listing inventory and contract activity opened in early 2006 - and prices started to drop. The bigger the gap, the greater the downward pressure on prices. That gap still exists in DC, suggesting some continuing downward pressure on prices.

New Contract Activity - Condo/Co-Op The number of condos and co-ops receiving ratified contracts decreased 15.4% in February 2009 compared to February 2008; there was a drop in every price category under $750,000. Year-to-date, the number of new contracts is down 17.0%.

New Contract Activity - Attached Homes Contract activity for attached homes increased 23.1% in February 2009 compared to February 2008. Year-to-date contract activity is up 5.1% compared to 2008.

New Contract Activity - Detached Homes There was a decrease of 13.0% in the number of contracts on detached homes in February 2009 compared to February 2008, and activity fell in all but one price category. The number of contracts year-to-date is off 15.4%. For a look at results in Maryland of Virginia, click here... That's My 2 Cents' Worth!

Stately Open House in Great Falls, Virginia

The sun is out and the weather is beautiful - perfect for a Sunday drive out to the country... or a warm drive to a country-like setting close to the city. Such is the case with today's open house in Great Falls, Virginia - a 30 minute drive from downtown Washington, D.C.

This classic, elegant traditional colonial home offers all the updates of the new millennium and is set on 2.22 lush green acres. The gracious light-filled two story entrance foyer welcomes visiting family and friends. And because all parties ultimately end up in the kitchen, this spacious kitchen is open to the family room and flows beautifully to the outdoor deck to make it the perfect space to entertain.

And when you are ready to get away from it all retire to the grand owner's suite with its remodeled bathroom, including an enormous changing suite and spa tub. If you have ever been accused of having too many clothes, you might have found the perfect closet to showcase your ample wardrobe.

If you're searching for a home priced under $1.3M, this respite from the outside world may be just your cup of tea. For more information, click here...

That's My 2 Cents' Worth!

2008's Metro Area Housing Review

By any measure, 2008 was a brutal year for the local real estate market, as gains made during the housing boom continued to unravel.

Home sales fell throughout the region as credit dried up and buyers fearful of an increasingly uncertain job market sat on the sidelines. No local jurisdiction except the District was spared from falling home prices, and some of the hardest hit Zip codes in the suburbs had declines of more than $100,000.

Region-wide, the median sales price for single-family houses and townhouses fell 8 percent, to $382,500 from $417,000, in 2007, according to a Washington Post analysis of government sales records. The median price for condominiums also fell 8 percent, to $268,000 from $289,900. The median is the point at which half the homes cost more and half cost less.

For a full review, including a breakdown of market performance by zip code, click here...

That's My 2 Cents' Worth!