July 2017

In today’s highly competitive real estate market, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared for success when buying a home.

The 3 tips we are going to expand on today come from a recent blog by Trulia entitled, The Skinny on Skinny Inventory. 

1. Be Prepared

“Homebuyers should talk with a lender, real estate agent, and a home inspector BEFORE finding a home to make an offer on.”

Being intentional, pre-approved, and prepared will set you up for the accelerated time tables that come with a highly competitive market. If you are the most prepared buyer interested in a home, if you have already secured financial approval, and if you are

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place? 

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a survey by Braun showed that over 75% of parents say, “their child’s education is an important part of the search for a

Some Highlights:

• Interest rates are still below historic numbers.
• 88% of property managers raised their rent in the last 12 months!
• The credit score requirements for mortgage approval continue to fall.

Thinking about buying or selling? You probably have questions. CLICK the link below for a free, confidential 17 minute conversation... LET'S TALK! 

Recently, Freddie Mac reported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.”

1. Homeownership can help you build equity over time.
2. Your monthly payments will remain stable.
3. You may have some tax benefits.
4. You can take pride in ownership.
5. Homeownership improves your community.

Let’s expand on each of Freddie Mac’s points:

Homeownership can help you build equity over time.

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a

In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.

Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, as compared to an appraiser’s evaluation of that same home.

Bill

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.96%, which is still near record lows in comparison to recent history!

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to

Homebuyers and agents alike often misunderstand when to include a deadline in their offer. I’ll go over two scenarios that highlight how to use the power of deadlines in this market.

Welcome to the latest episode of “What’s Working Now!”

Homebuyers and real estate agents alike often misunderstand the power of deadlines. Today, I’ll go over the pros and cons of including a deadline with your offer.

Recently, one of my buyers settled on a house that was brand new to the market. The house went up for sale on a Thursday, and the agent asked for offers by next week. My buyer really wanted this house, so I said, “If you write a compelling offer that is too good to be true, we can include a deadline and make them answer us tonight

In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their homes on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers 

Recent studies have shown that 94% of buyers search online for a home. That is in comparison to only 16% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the homes they actually purchased?

• 51% on the internet
• 34% from a Real Estate Agent
• 8% from a yard

Not quite ready for market, Call Marjorie for a Sneak Peek!

3201 Garfield Street NW

Private oasis in the city, surrounded by trees. Elegant & updated 4 bedroom, 4.5 bath home, great for entertaining. Entry foyer, living room with recessed hearth and wood burning fireplace, family room with built-ins & wall of windows opens to back patio & veranda. Eat-in kitchen, large formal dining room with bay windows & library, excellent condition! Great location close to schools, restaurants, shops & between two Metros.

Not quite ready for "prime time" call Marjorie for a Sneak Preview 240-731-8079

3540 39th Street NW

Super bright 2 level, 2 bedroom, 2 full baths plus den. Two separate entrances, eat-in kitchen, living room & dining area, huge master bedroom with dressing area and lots of closet space. Pool, BBQ areas, tot lot, public tennis, dog park, garden & playground. Around the corner from the new Cathedral Commons Shopping Center. Grocery, pharmacy, restaurants and more. 1 dog plus 1 cat or 2 cats permitted.

Monthly condo fee: $798.00 includes management, general maintenance of common areas, landscaping, trash & snow removal, master insurance policy, reserves, gas, water & sewer.

From the owner:
"I have lived at McLean Gardens for 10-years now and