July Housing Statistics for Montgomery County & DC

DC Metro Housing Market Continues Its Comeback
Settlements Remain Strong in the District of Columbia

Despite the rise in interest rates, the amount of available inventory in the District and Montgomery County continued to shrink in July.  Housing continued to make a comeback in both jurisdictions with settlements for both condos and single-family homes up significantly over July 2012.

Washington, DC

The average number of days on market was down 33% from July 2012. The median price for condos was up 6.1%, and single-family homes saw an 14.3% increase.  Available inventory continued to decline compared to July 2012, with 25.1% fewer condo listings and 7.5% fewer single-family listings. Condo contracts saw a sizeable increase, 24.2%, and condo settlement activity remained strong as well with a 20.8% increase over 2012. Single-family contracts in the District saw a modest increase, 4.5%, but single-family settlements fared much better with a 21.7% increase over July 2012.

Montgomery County

The average number of days on market was down 39% over July 2012. The median condo price saw an  increase of 5.7%, with the price of single-family homes increasing by 8.1%. The amount of available inventory decreased slightly for both single-family homes and condos, 5.6% and 3.2% respectively compared to July 2012. New condo contracts increased by 26.9% in July, and new single-family contracts rose by 15.9%. Settlements were again on the rise in July, with a 31.1% gain for condos, and a 32.2% increase for single-family homes.

Source: Greater Capital Area Association of Realtors

Looking for a Realtor who is always up to date on the current market conditions? As top 3% in the nation, I offer my clients valuable information on all real estate matters. I am licensed in Washington, D.C., Maryland, and Virginia. And I specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium. Contact me today!

A Real Estate Investor’s Guide to Buying a Home

Most people only buy a couple homes in their lifetime. This lack of experience leads many home buyers to feel woefully unprepared — increasing their stress level which affects their decision-making at the worst possible time.  The process doesn’t have to be so complicated if you keep things in perspective. Here are five helpful tips to keep in mind when buying a home.  

One: determine your needs for the next five years. Affordability is number one. Make sure you consider all the costs (like maintenance). Also, family size, life style, and profession and important factors.

Two: get the facts. Try to determine what the home is worth based on comparable sales. Be very careful trying to project future value. In addition, if the home needs repairs, be very realistic when you estimate costs. Every problem is fixable as long as the home price is low enough.

Three: Don’t fall completely in love with the house. Real estate agents know that buyers rely on emotions, that’s why real estate agents put a lot of emphasis on the staging. Instead, buyers should be aware of the things behind the staging, like the price of improving home insulation.

Four: Get professional help. The key is to trust but verify.  Not all real estate agents are created equal so interview several and ask for references.  Educate yourself as much as possible so that you can better utilize your agent.  Real estate agents have many tools to help determine value. 

Five: Don’t be afraid to pull the trigger or walk away. If you love a house, the price is fair and affordable then don’t be afraid to seal the deal. On the other hand, if the home price is above market value or not appropriately discounted for the amount of work it needs, then remind yourself that there are plenty of other houses to choose from.

For more information on this article, go to: http://www.washingtonpost.com/blogs/where-we-live/post/a-real-estate-investors-guide-to-buying-a-home/2012/08/21/b3db4936-ebcc-11e1-aca7-272630dfd152_blog.html

Interested in investing in a home? Call Mynor Herrera for more information.