DC Real Estate News

Washington, DC : Market Update 6/29/09

Mon, 29 Jun 2009 20:51:58 -0500

Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of June 29th, 2009

Washington DC continues to see the number of properties Pending; as the highest numbers since 2007; while inventory levels remain fairly steady.

Prince Georges County continues to show the most significant improvement. The number of properties under contract are at the highest levels in over 3 years; while the number of properties on the market has dropped 2000 homes; the same level as last as June of 2007.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.

Washington DC

Single Family: Actives: 1864 (Down 25 from last week) Expired: 16 Under Contract: 709 (Down 14)

Condos:              Actives: 1411 (Up 6 from last week) Expired: 7 Under Contract: 572 (Same)

Arlington County

Single Family:     Actives: 469 (Down 1 from last week) Expired: 0 Under Contract: 239 (Down 12)

Condos:              Actives: 504 (Down 8 from last week) Expired: 2 Under Contract: 230 (Up 5)

Prince Georges County

Single Family:     Actives: 5551 (Up 5 from last week) Expired: 48 Under Contract: 1832 (Up 49)

Condos:              Actives: 813 (Down 6 from last week) Expired: 11 Under Contract: 135 (Down 2)

Montgomery County

Single Family:     Actives: 3468 (Down 31 from last week) Expired: 18 Under Contract: 2203 (Up 36)

Condos:              Actives: 1259 (Up 11 from last week) Expired: 5 Under Contract: 445 (Down 18)

It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

Mortgage Rates - Up or Down?

Sat, 27 Jun 2009 11:47:26 -0500

The Mortgage Interest Rates are still VERY low. When I think back to buying my first home in 1996; I had an 8.75% interest rate. Everyone congratulated me for such a great rate.

Now rates are hovering in the low 5%'s. Pretty damn good if you ask me!

Everyday the rates change slightly; most sites are showing the average rate to be 5.51% with no points. No this is of course assuming you have good credit and some money to put down.

Rates seemed to have ticked up .07% since last week; but down from the huge jump a couple of weeks ago when they were near 5.75%.

As always; when shopping for a mortgage - call 2 or 3 of your favorite lenders. Ask your Realtor to recommend a couple. STAY AWAY from the 'Lending Tree' people - they will just cost you headaches in the long run.

Compare the following:

- Rate (Important, but not everything)

- Fees (Anyone can give you a lower rate; but at a price)

- Service (you get what you pay for. A slightly lower rate only saves you money if the loan actually closes)

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Appraisers have us by the... Numbers.

Sat, 27 Jun 2009 11:33:19 -0500

If you read my last post; you are seeing a trend. Well it is not just a trend in what is on my mind this week, but a trend on what is happening in the Real Estate market in general.

Appraisers determine how much the home is worth and how much of a loan the bank will give. Well in much of the DC Metro area; we are moving away from the crazy buyers market and homes are in fact selling. Well; they are going under contract. The "selling" part is what is the problem.

Low Appraisals are killing deals all over the place. Buyers can't get financing, sellers can't drop the price to the low appraised value because of little equity - deals are falling apart.

Appraisers use comparable sales. I get that. But let's look at this senerio: House for sale... in the 1st week they get 2 offers at (or damn close to) full

price. The seller selects an offer and the Appraiser swoops in. He sees 3 homes in this neighborhood that sold for 20k less than this sales price and says "Poof" your home is worth 20k less. Not what these 2 buyers were willing to pay (fair market value); but what the last homes sold for. The seller lowers the price and this home sells for the lower price.

The house next door goes on the market. Gets 2 offers; appraiser says "Nope" - it's only worth what your neighbor got.

and so on and so on ...

How do the prices ever change then ???

When the Appraiser can appreciate the fact that a home is getting multiple offers while new to the market. Maybe - JUST maybe - he can consider "Fair Market Value".

Just my 2 cents.....

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Who sets the Fair Market Value?

Sat, 27 Jun 2009 11:12:07 -0500

As an experienced Realtor, this should be an easy question - right? Well not-so-fast.

From Wikipedia: Fair market value is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay ti a knowledgeable, willing, and unpressured seller in the real estate market.

The amount of money a knowledgeable, willing, and unpressured buyer would pay....

Well I can assure you; most buyers are willing, knowledgeable and unpressured in THIS type of Real Estate market!

From Business school to real-world use, I have always looked at the Fair Market of a good or service (or a house) as what a consumer is willing to pay. The problem is, as we are all aware - is that banks and lenders are backing loans for these purchases. In order to protect them - the banks charge a $400-$500 fee to the customer for an appraiser to assess if the buyer is paying too much and thus determines how much of a loan the bank will grant.

(Can you imagine what would happen if credit card companies did this for durable goods? I'm sorry ma'am those Jimmy Choos are only worth $30 not $300 - you will need to use cash).

The Problem:

Stricter (and needed) lending standards have put in place a much more random system with regards to Appraisers. Instead of Mr. Loan Officer calling the appraiser he always uses in NW DC; he "orders it" from a 3rd party. The 3rd party then at random picks an appraiser to come out and tell the bank (and the customer) how much its worth.

So the likelihood of getting an appraiser from the burbs, who is not as familar with this neighborhood is MUCH greater. Well does that make a difference?

Think about your own neighborhood you live in now. Now think of a similar home a mile or two away in a different neighborhood. Your home can look alike; be about the same size - but is the value the same? Probably not - but you know that because why? You LIVE there - you KNOW the areas and you ARE an educated buyer or seller.

So here is a stranger who may be an expert on appraising a home - but does he 'know' the neighborhood differences? Let's hope so - because he is one who decides what your home is worth.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

STOP - The Multiple Offers !!! We are not used to this !!!

Wed, 24 Jun 2009 20:10:08 -0500

It's a Buyer's Market Right? Well not so fast. Multiple Offers are back - and back in force.

It seems almost every offer I am writing now is in Multiple Offers. One set of clients have lost 2 (damn close to full price) offers in the past week. We are writing offer #3 on a new property and guess what - the agent just received another offer.

Now this is a part of the DC Metro area that I don't; nor do I think many would; consider it a "HOT Area". It's just a plain old, close-in, suburb in Maryland.

Well we will be writing the strongest offer possible. This market is taking on a new face. The bottom? Been there - done that.

YOU MISSED IT.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

DC Tax Law Change: Major Change for Co-Operative Owners !!!

Wed, 17 Jun 2009 16:24:37 -0500

In Washington DC we have many Co-operatives. Co-ops are not found all over the country; just mostly in cities like New York and Washington DC.

One of the Major Benefits about Co-ops have been the fact that Buyers and Sellers have not had to pay the Washington DC Transfer or Recordation Tax.

This has resulted in significant savings for both sides of a Co-op transaction and helped to make co-ops more attractive to buyers; many of whom are cash-strapped 1st Time Home Buyers.

You see in a Co-op; you are not actually 'transferring' or 'recording' the title of the property; because in a co-op there is no Title. You are buying shares of a corporation. (SEE COOPS for more details).

However; a NEW DC LAW; starting October 1, 2009: mandates these Transfer and Recordation Taxes for CO-OP Units. This is HUGE!

For Sales under $400,000 the tax is 1.1% for sales $400,000 and above the tax is 1.45%

Example:

A co-op selling for $350,000 is taxed at $3850 - to BOTH Buyer AND Seller. A co-op selling for $450,000 would be taxed at $6525 for BOTH Buyer AND Seller.

This is HUGE and I am sure it's all to try and increase the tax base to fight a slower economy.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Is it OK to video someone's home and post in on your blog?

Wed, 17 Jun 2009 10:05:39 -0500

It seems every day a new Blog or Blog site pops up. This is especially true in Washington DC. Over the past few weeks; there has been a well written; and very sleek and sexy looking blog site that is growing.

This site sells ad space and promotes listings, open houses, talk about the local market and the like. Well I heard yesterday that this site is going to be sending people (agents who write sometimes for them); to do a video tour of homes on the market - and then post them on their site.

HUH ?

My understanding is that these listings won't necessarily be that agent's or even his companies listing - but just some random (and I am sure sexy and pretty) property for sale in the DC area. Will they have the owners permission? My source says "No" - they are just going to film and post the listing.

I don't know about you - but I would have a FIT about this if this was my listing. If it was my home - I would be calling my lawyer in about 10 seconds (and grabbing by favorite golf club and aiming it... well you get the picture).

I ask my source - so how can they do that? Is that even legal? He (who is not lawyer) said - I think they can.

Love to hear what my readers think?!

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Washington, DC : Market Update 6/16/09

Tue, 16 Jun 2009 21:17:38 -0500

Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of June 16th, 2009

The number of properties under contract continue to be at higher levels than we have seen in many years. Inventory levels; especially in the Single Family Home Category - continue to be stable or slightly decreasing overall.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.

Washington DC

Single Family: Actives: 1862 (Down 2 from last week) Expired: 50 Under Contract: 711 (Up 14)

Condos:              Actives: 1419 (Up 31 from last week) Expired: 56 Under Contract: 520 (Up 24)

Arlington County

Single Family:     Actives: 455 (Down 11 from last week) Expired: 3 Under Contract: 252 (Up 8)

Condos:              Actives: 510 (Down 2 from last week) Expired: 9 Under Contract: 209 (Up 7)

Prince Georges County

Single Family:     Actives: 5551 (Up 5 from last week) Expired: 125 Under Contract: 1832 (Up 49)

Condos:              Actives: 813 (Down 6 from last week) Expired: 42 Under Contract: 135 (Down 2)

Montgomery County

Single Family:     Actives: 3621 (Up 30 from last week) Expired: 57 Under Contract: 2151 (Up 51)

Condos:              Actives: 1251 (Down 16 from last week) Expired: 123 Under Contract: 433 (Down 1)

It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

Federal 1st Time Home Buyer Tax Credit.... Time is ticking away....

Tue, 16 Jun 2009 21:01:17 -0500

Today I was asked - when does the Tax Credit run out for 1st Time Home Buyers? They wanted to know if it was the end of year or the end of November. They also wanted to know if it was "Under Contract" or "Sold" ?

Well here are the answers: (from:www.federalhousingtaxcredit.com)

Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

So: you have just over 5 months to find a home and complete the sale; in order to be able to use the tax credit (other restrictions apply - see the website).

Keep in mind: Lenders are having issues closing loans in time. I would not advise trying to plan on closing the last week in November. If you want to "wait until the last minute" - I would plan on closing no later than mid-November.

Happy Home Buying !

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

The UN-Motivated Seller

Sun, 14 Jun 2009 19:22:34 -0500

We all read and hear the term "Motivated Seller". Here is a seller that just makes me crazy!

I call her to make an appointment to show her $1.1 Million Dollar Home this week. My clients arrived today and want to be in a contract to purchase by Thursday.

The seller says: "I have so much going on. I simply can't be bothered this week."

Me: "We could come anytime Monday or Tuesday."

Seller: "No, maybe next weekend I will have things back in order."

Me: "Sorry, my folks only have the next two days to look."

Seller: "OK, goodbye."

Does this seller have a clue?! I guess she doesn't want to sell it! Needless to say - when I left the Listing Agent a message - she wasn't very pleased. Not at all!

Sounds like time for this Seller to get a dose of Reality !

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Just Listed : 1 Bedroom Condo Mclean Gardens

Wed, 10 Jun 2009 21:25:21 -0500

1 Bedroom Condo - GREAT Location

3804 RODMAN ST NW #101, Washington, DC 20016 View Map

You will love this wonderful 1 bedroom condo with a great walk-out patio. This condo has lots of light and is fully updated. Comes complete with Washer/Dryer, Hardwood Floors, Walk-In Closet. Small pets welcome and comes with parking.

James T. Downing
Team Leader -
The Downing Real Estate Group

REALTOR, GRI, ABR
Licensed in Maryland, Virginia & Washington DC

703.244.3971 Direct
Jim@JimDowning.com Email

Coldwell Banker
Residential Brokerage
5028 Wisconsin Ave. NW
Suite 100
Washington, DC 20016
202-362-5800 Office

Details

Asking Price:

$389,000

MLS:

DC7081223

Bedrooms:

Bathrooms:

# of Floors:

HOA/Maintenance Fees:

313

Year Built:

1985

Property Amenities

Contact Info

James Downing
REALTOR, GRI, ABR

Main 202-362-5800
Dir 703-244-3971
Email | Website

New Appraisal Process-Not to Worry Your Home is on a Toxic Waste Dump

Tue, 09 Jun 2009 21:40:26 -0500

My Blog Buddy from Over the River - talk about the "New" Appraisal Process. We are all seeing Appraisers you are unfamiliar with areas or neighborhoods say and do some crazy things!

Via Cindy Jones-Northern Virginia Real Estate & Military Relocation Services (RE/MAX Allegiance #1 RE/MAX Company in the World):

Yep that was on the appraisers report. An entire neighborhood in Woodbridge is built on a toxic waste dump. What does the lender do with this little piece of news?

It is just one of the new twists that we are seeing when appraisers who may be unfamiliar with a neighborhood head out to provide the lender with a value on a home. Now anyone who is familiar with the neighborhood in question knows that there isn't now or has there ever been toxic waste associated with the site.

After weeks of back and forth, a significantly delayed settlement and a frantic first time homebuyer the issue was resolved. What did it take? A new appraisal to refute that the neighborhood wasn't contaminated with some strange combination of chemicals sure to cause a nighttime glow and mutated mosquitos and of course the buyer had to pay for it!

Then yesterday while anxiously waiting for the appraisal results on another property the word came down that the assigned appraiser was on vacation and wouldn't be getting to the property for another few days. Okay so why don't you assign another appraiser? Just not the way the new system works is the reply. But our anticipated closing is a week away. So that isn't our problem.

Don't get me wrong I think appraisers are a key piece to the puzzle and if we had some stronger regulations when the market was going crazy we might have kept some, not all of today's mortgage mess from happening. But the newest wrinkle with the HVCC has come at a time when we need appraisers to know the area they are assigned as well as the agents who list the homes.

I'm sure at some point we will all look back on these days with a better feeling that what we have now. For the moment the sinking feeling in the pit of my stomach over multiple appraisals being delayed and coming back with strange notations is keeping me from having a balanced perspective.

Lawsuits + DC Condos = Lenders not giving loans....

Tue, 09 Jun 2009 21:09:51 -0500

While the Real Estate market in the Washington DC area seems to be seeing new life - the condo market continues to face turmoil.

One of the latest issues is reports of various condo buildings not being given loans due to lawsuits. In one condo builing in Logan Circle; a bank refused to underwrite a loan at the 11th hour; because of a lawsuit the condo association has made against the builder/developer.

In another building, along the U Street Corridor; the developer is facing issues with the lender. It is believed that a lien and lawsuit are preventing any new settlements to occur in this brand-new building.

If you are looking to buy a condo in DC - make sure you are asking the right questions up front and know that any pending lawsuits (which should be disclosed with the Condo Document Packet) will most likely effect your ability to get financing.

For those of you in condo buildings who are thinking that suing your developer or builder over some unresolved issues. Try to keep it our of court. You just may make your building unmarketable for perspective buyers!

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

The BIG Old (cumbersome) Banks...

Fri, 05 Jun 2009 09:02:04 -0500

So perhaps 2 blog posts in a row about big lenders being bad is a bit much. But when I have clients completely Sc%$@*d by a bank - I tend to get a bit "annoyed".

After Bank of Everywhere - threw customer service out of the window and made my clients stay in a hotel for the weekend; I have stricken that bank from my list of "recommended lenders".

So I won't mention their exact name - because; while I have a very true story about their lack of service and overall incompetence - I am sure Bank of Everywhere would use some of their Tarp money to make a lonely blogger take down a post that hurt their already tarnished reputation.

You see; any good Real Estate Agent - has "recommended" lenders. We recommend them because they make our job easier through communication and customer service. In essence - they make our jobs easier and make our clients get to closing without monster headaches.

So when my favorite Bank-of-Everywhere Loan Officer completely dropped the ball (because the big behemoth of a bank can't deliver) - I went to another favorite loan officer with Big City bank. He is doing another loan for me and is doing a great job. I tell him - he is going on my "Top 3 List: of lenders".

Then he says to me,,,"Shhh - I am am leaving to Bank of Smallville". It seems that Big City bank is going the way of Bank of Everywhere. They will move their underwriters to a central place - which is sure to make things a giant MESS.

It seems that my New "Top 3" Loan Officers are with small - local (well-established) lenders. Sadly; there are some excellent Loan Officers out there - that won't get a hint of a referral from me - because their companies have decided to replace any semblance of customer service or meeting deadlines with a slow-moving; central system with little to no sense of speed of service.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Selling our house? A Realtor Bonus Won't do the trick...

Fri, 05 Jun 2009 08:29:14 -0500

Many times I have been asked by sellers about offering a bonus to the Buyers Agent. Offering a bonus - they think will help the agent bring a buyer to a property.

My opinion: It's not a bonus that will do the trick - it's the PRICE. Let me say that another way. Don't waste your money in offering a bonus to the Realtor bringing a buyer - just LOWER THE PRICE!

In today's market - Buyers are doing so much of their own searching on the internet - many times they are telling the agents which properties to show. While offering a bonus to the agent may be an incentive for the agent to "steer" their client to the property - many times the buyers are the ones dictating which properties they want to see anyway.

Did I say Agents May "Steer" Clients?

Oh I did and oh yes; this is unethical and should never happen. I am however, a realist. I know that some agents live paycheck to paycheck (just like many Americans). I also know that if an agent has to feed their family they will probably either consciencely or unconsciencely steer their clients to the listings that will pay more. It's wrong PERIOD. Agents have a duty to find their clients the BEST home which their needs and wants - ABOVE ALL ELSE.

So then - why fuel the fire by offering bonuses? Just don't.

I personally HATE bonuses because I am always afraid my buyers will think I am pushing a home where a bonus is being offered. In fact last month I had such a thing happen. I actually didn't push for this home at all (it was perfect for her) - because I didn't want her to mistake why I was pushing it. She did buy it - but not because of anything I said.

So How do I sell my house?

-PRICE it correctly

-CONDITION of the home needs to be above your competition

-MARKET it properly - make your agent work

-CLOSING COSTS may be offered to potential buyers (Pay the buyers extra to buy your home - not their agents).

Happy Home Selling !!

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

The Swing of the Pendulum.... What Borrowers need to know

Wed, 03 Jun 2009 14:34:12 -0500

As we all know - in years past; just about anyone could get a mortgage. Of course there were standards; but they pretty darn loose. A mediocre credit score; very little cash and even shaky job history - would get you qualified for a mortgage.

The Pendulum had swung so far - that my dog could have been pre-approved to buy a home!

Now things have changed. DRASTICALLY !

I have had clients will PLENTY of CASH. GREAT job history. GOOD - even GREAT Credit. But the hoops they are now having to jump through is getting simply - CRAZY !

Many of the agents in my office joke about buyers needing to supply a DNA sample when applying for a loan. It's almost the truth. Banks and their underwriters are being super-cautious when approving loans for people.

The Pendulum is now at the opposite EXTREME!

Some things Borrowers Need to know:

- Work with a reputable lending institution. With so many changes in lending standards - make sure you are using the best in the business. Remember: Biggest is not usually Best.

-Get your loan officer every single piece of paper he/she asks for immediately. Not quickly - but immediately. They need every hour; every day to get things processed.

- Be ready for last minute requests. An old tax form; an old check stud - keep all your important papers close at hand.

- DON'T move money around. Large deposits or withdraws are big old RED flags to underwriters. If you need to transfer money for closing. Do it as soon as you can and preemptively send your loan officer documentation as to where the money was transfered from and where it was transfered to.

- The Banks are backed-up. Period. They have cut staffs and now are overwhelmed as the volume of sales and re-fi's are increasing. For many of the large banks - be prepared for long hold times and overall lousy service. Even lenders whom I have worked with for years are victims by their own banks lack of resources and personnel to process the loans.

- The closing date - with so many delays and last minute requests from the underwriters - don't bank everything on moving the day after closing. Expect a couple of day delay.

Lastly - be patient. Easier said than done; especially in a big move; but it is the way things are today.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Washington, DC : Market Update 6/2/09

Tue, 02 Jun 2009 21:03:05 -0500

Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of June 2nd, 2009

The number of properties under contract are at HUGE high levels. In DC; there are more homes under contract at one time than there has been for years. The same holds true for Prince Georges County, Arlington County and Montgomery County.

These numbers; based upon observances in the field; lead me to believe - the unpredictable "bottom of the market" is somewhere close. Maybe behind us; maybe ahead - but not far.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.

Washington DC

Single Family: Actives: 1864 Expired: 19 Under Contract: 697

Condos:              Actives: 1388 Expired: 23 Under Contract: 496

Arlington County

Single Family:     Actives: 466 Expired: 4 Under Contract: 244

Condos:              Actives: 512 Expired: 2 Under Contract: 202

Prince Georges County

Single Family:     Actives: 5547 Expired: 106 Under Contract: 1783

Condos:              Actives: 819 Expired: 13 Under Contract: 137

Montgomery County

Single Family:     Actives: 3591 Expired: 35 Under Contract: 2100

Condos:              Actives: 1267 Expired: 16 Under Contract: 434

It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

American Idol - Best Singer or Most Popular Contest?

Sun, 31 May 2009 19:33:02 -0500

**** Warning : Non-Real Estate Related Post ****

As many people are miffed about the decision on the American Idol winner last week; I too am dismayed at the results. While everyone has their opinion as to what "talent is" and who is "the best" - it is hard to say that Adam - the loser of AI; was the less talented one.

However one of my friends; whom is also a professional entertainer said: it is called American Idol - Not American Singer or America's Most Talented. It is American Idol.

Well this news story from the NY Times claims that AT&T may have swayed the results. READ IT

Pretty interesting

Price Reduced ! Make an Appointment to see this College Park Home Now !

Wed, 27 May 2009 12:59:32 -0500

Fantastic College Park Home

4605 Clemson Road, College Park, MD 20740 View Map

This immaculate, 3-4 BR/2.5 BA single family home is in a highly sought-after, residential neighborhood.

Complete with a beautiful family room addition which has four skylights, built-in surround sound and French doors out to a private stone paved patio. The home also includes an updated kitchen, sun room, formal living room and dining room, custom painting, a finished basement with surround sound, a new stone paver driveway plus a 2-car detached garage!

Also featuring hardwood floors and new premium quality carpet, recessed lighting, and a wood-burning fireplace.

New Pella windows, window treatments/ shutters, and extensive professional landscaping. Other features include a large attic for storage & dual-zone heating and air conditioning. The finished basement includes a separate entrance….perfect for a rental, in-law, or au pair suite.

James T. Downing
The Downing Real Estate Group

REALTOR, GRI, ABR
Licensed in Maryland, Virginia & Washington DC

703.244.3971 Direct
Jim@JimDowning.com Email

Details

Asking Price:

$525,000

MLS:

PG7041443

Sq. Feet:

2800

Bedrooms:

Bathrooms:

2.5

# of Floors:

Garage Size:

Year Built:

1930

Property Amenities

Contact Info

James Downing
REALTOR, GRI, ABR

Main 202-362-5800
Dir 703-244-3971
Email | Website

It's a good thing the Real Estate Market is "BAD"

Thu, 21 May 2009 10:02:27 -0500

We all know how "BAD" the Real Estate market is. People are still talking about it; I see it in the newspapers. It MUST be TRUE !

So then can someone tell me why:

I have had multiple clients get out-bid (with their full-price offers) on properties they wanted to buy?

The two condos my clients wanted last weekend - were under contract (in the first few days of being listed)?

Home Inspectors are so busy - you can't get an appointment?

The underwriters are so busy they can't get loans delivered on time?

The Settlement Companies are so busy - it's difficult to get a date and time for a near end-of-month settlement; let alone reschedule a delayed settlement - that's next to impossible!

Sounds like it's time to start chanting a different tune...

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Home Tour

Tue, 19 May 2009 22:53:15 -0500

OK; so no laughing... This is my very first attempt at a Personalized Video. Trust me - this home is much better than the guy talking about it (me) !!!

CLICK HERE FOR THE TOUR

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

"Blogging for Dollars," Video - Part 2

Tue, 19 May 2009 22:52:28 -0500

Well I had to reblog this.. Not because he runs my office - but .. well watch and you will understand...

Via Darrin Friedman - Coldwell Banker Chevy Chase:

The Following is the sencond half of the speach given at last weeks NAR panel on social media a dn how it is changing the Real Estate industry. As one of four panelists, my portion was focused on blogging and how it has fundementally turned around my office. As always, if you have any questions just contact me. THANKS and ENJOY!

Open House Sunday May 17th 1-4PM

Sun, 17 May 2009 08:34:17 -0500

Fantastic College Park Home

4605 Clemson Road, College Park, MD 20740 View Map

Details

Asking Price:

$549,000

MLS:

PG7041443

Sq. Feet:

2800

Bedrooms:

Bathrooms:

2.5

# of Floors:

Garage Size:

Year Built:

1930

Property Amenities

Contact Info

James Downing
REALTOR, GRI, ABR

Main 202-362-5800
Dir 703-244-3971
Email | Website

Washington, DC : Market Update 5/11/09

Mon, 11 May 2009 09:49:29 -0500

Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of May 11th, 2009

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.

Washington DC

Single Family: Actives: 1922 (Up 40 from last week) Expired: 16 Under Contract: 656

Condos:              Actives: 1507 (Up 10 from last week)    Expired: 11 Under Contract: 473

Arlington County

Single Family:     Actives: 501 (Up 3 from last week) Expired: 3 Under Contract: 221

Condos:              Actives: 554 (Up 9 from last week)     Expired: 5    Under Contract: 199

Prince Georges County

Single Family:     Actives: 5731 (Down 4 from last week)    Expired: 49    Under Contract: 1619

Condos:              Actives: 847 (Down 13 from last week) Expired: 9 Under Contract: 117

Montgomery County

Single Family:     Actives: 3751 (Up 3 from last week)        Expired: 25    Under Contract: 1988

Condos:              Actives: 1274 (Up 33 from last week)    Expired: 14    Under Contract: 415

It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Landlords and your agents: Know the Laws in DC about Security Deposits

Mon, 11 May 2009 09:13:13 -0500

While I am not a lawyer - I do know the basic Landlord/Tenant Laws in Washington DC. It often drives me a but nuts; when I am helping someone with a rental or someone tells me something; which I know to be so incorrect.

While there are many landlord/tenant laws, the one I see broken and bent the most is about Security Deposits.

Here is what is allowed in Washington DC:

One Month's Deposit may be collected. Period.

What about a Pet Deposit?

The landlord may collect a Pet Deposit - BUT the TOTAL deposit - One Month's rent. They may not collect one months rent PLUS anything else. It would a bad idea for a landlord to collect a pet deposit and then reduce the rest of the deposit. What if the damage was not from the pet?

A landlord could add a monthly "Pet Rent". Say an additional $25 per pet; or something like that. But the Maximum Deposit is determined by DC Statue.

What happens to the deposit?

The landlord must put the security deposit into an account that earns "passbook value" for a year. So whatever your bank is giving on a normal savings account. This interest must be given to the tenant when they move if they have lived in the unit at least 12 months.

What about getting my deposit back?

Within 45 days after move out - the landlord must either return the deposit + the interest or notify in writing that all or some of the deposit is being kept to cover damages. The landlord must send a detailed list of any repairs/expenses that are taken out of the security deposit. The landlord then must return the balance of your deposit, if any, within 30 days back to the tenant.

The District of Columbia has a great Tenants Guide to Decent Housing (click to see it in a .pdf). You may also obtain a copy in english or spanish by contacting the DCRA.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016