DC Real Estate News

If you don't level with your agent - they can't help you.

Tue, 17 Nov 2009 20:13:15 -0600

Recently I had a client who was buying a home. They came ready with a pre-approval letter and the willingness to buy a home seemingly within their price range. Once we found a home - we went through the offer; negotiated and formalized the contract.

When I asked to make sure everything was all set with the lender (because the lender wasn't returning MY calls); I was told - yes; but I think we want to switch into an FHA loan. OK?

NO - actually it's NOT OK. We have a contract for conventional financing and we need to ask the seller for addendum if we want to change the terms of the contract. My clients say; well we can get the loan, no problem, but the FHA is a much better deal for us.

Well the seller comes back and says "NO". The seller accepted the offer because while it wasn't full price; they felt good about the conventional loan.

Now the buyer decides to level with the agent and explain things. UH OH. "Houston, we've had a problem".

The buyer DID have an issue with financing, but didn't level with me in the beginning.

If you have hired a Buyer's Agent - they are working for YOU. They are protecting YOUR interests and fighting for YOU. But if we don't have all the information; then we can't do much to protect you. Always be honest and forthright with your agent. We know the contracts; the contingencies and the protections you have better than most.

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

Dear Lazy Agent....

Wed, 04 Nov 2009 17:28:06 -0600

Dear Lazy Listing Agent,

I have a client in town for 2 days. We do not have time to waste looking at crappy homes. Since you only had time to take 4 pictures of this 4 bedroom, 3 level home; we have decided to not waste our time looking at your listing. I know you said it looks "amazing" - but we need to see some pictures before driving all over town.

Please tell your seller we wish them the best of luck and if they decide to hire an agent who can take more than 4 pictures of the house - I am sure it will sell. Unless of course it really is a crappy house inside. But I guess we will never know.

If your client does decide to hire a agent who will actually spend a buck and hire a photographer and do some nice flyers. Have them call me.

Thank you.

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

DC Housing Market sure better than much of the country.

Mon, 02 Nov 2009 20:31:58 -0600

I have said it before and I will say it again. The Housing market in Metro Washington DC - is good.

Just this week; an out of town buyer was shocked when I told her that the 10 of the 14 homes she asked to see last week - were Under Contract. "Isn't it a Buyer's Market?"; she asked. "Not Really. Not in DC."

The truth is - the GOOD Homes are GOOD and they are selling. In many areas; within days or a couple of weeks. The BAD Homes - are still bad; and sit and sit.

A recent article; states that the Government Budget is helping the Washington area housing market. The Article basically states that demand for housing is growing quicker in Washington, than any other Major US city.

It sure helps when the Federal Government is the biggest employer in the DC Metro area; that coupled with the contractors and government support companies. Jobs and job growth is a sure fire way to help the Housing Market rebound.

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

Make sure your Retirement Home is Financially Secure

Mon, 02 Nov 2009 20:12:21 -0600

Every year, many older adults sell their home and move into Retirement communities. These communities offer many facilities, including meal service, activities and some medical assistance.

However, recent news has been breaking about many of these communities running out of money and going bankrupt. Erickson Retirement Communities; which runs several communities in the DC area; filed for bankruptcy a few weeks ago.

Another community, Ingleside, in NorthWest Washington; had to introduce large fees to cover the cost of increased expenses.

When picking out your Retirement Home; do your homework. Don't just look at the fancy facility, the groomed lawns and the list of activities. Look into their finances. Make sure you know what will happen to your large deposit and your monthly fee should the facility hit a ruff patch. Look at how their assets have increased or decreased with the recent downturn in the 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

Just Listed: 1 Bedroom Condo in Logan Circle

Thu, 29 Oct 2009 22:13:52 -0500

Logan Circle at it's Best

1239 Vermont Ave NW, Unit #503, Washington, DC 20005 View Map

Logan Circle at it's best.
This is a REAL 1 bedroom; with a huge & updated kitchen; large bedroom; ample closets and your very own Washer & Dryer. Fully remodeled 2 years ago. Nice view, even an extra storage space. A pet-friendly building & you can walk to your choice of Metro stations. Parking for sale in building through another broker for $32,000. All utilities included in condo fee.

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:

$324,900

MLS:

DC7191106

Bedrooms:

Bathrooms:

# of Floors:

HOA/Maintenance Fees:

554

Subdivision:

Logan Circle

Year Built:

1964

Property Amenities

Community Amenities

Contact Info

James Downing
REALTOR, GRI, ABR

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

All information is deemed reliable but is not guaranteed.

First Time Home Buyer Tax Credit Extended? Maybe....

Wed, 28 Oct 2009 21:26:42 -0500

While still not law; it sounds that most of congress agree to some form of extending the first-time home buyer tax credit. There is even talk about extending a reduced credit to folks whom have owned a home before.

While details are sketchy - and unclear - it sounds like the general agreement and concept are there - it's just waiting for congress to do their normal crappy negotiating on what to tack on and take off the bill.

Since most loans are taking over 30 days to close - it is difficult for buyer whom are not yet in a contract to purchase a home - to expect to close in time for the November 30th deadline. This is expected by many to hurt home sales nationally.

To read the AP News Article - CLICK HERE

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

Yes - A new picture - a different look.

Tue, 27 Oct 2009 18:21:28 -0500

A new picture of my with my new Real Estate Team member - Riley. She is part beagle; part something else; and all puppy. None-the-less; she keeps me busy when I am not listing homes and showing buyers around. She also loves to keep everyone in the office happy.

Whenever someone walks by my office door; they have to come in for "puppy-kisses".

Saying goodbye to my old picture; with my old compainion Casey - is not easy. She is still missed and will never be forgotton.

I pondered the thought for sometime about if I would continue to market myself with the picture of a pet. Sadly; pets come and go; as life changes. Then I figured - lots of things come and go. Like hair, wrinkles and love handles. Our image changes as the times change.

And so... welcome Riley.

September Looked GOOD in Washington DC

Tue, 27 Oct 2009 18:08:18 -0500

The word on the street and in many Real Estate offices is - Business is better than it was last year.

Well here it is; by the numbers:

This September 2009 in Washington DC as compared to last Septermber:

The total real estate in dollars was up 18.56% Wow that is an improvment!

The average sold price was down 12.15%

Number of properties sold was up 34.96% with an average listing period of 94 days - up 14.63% from last year.

So it shows that MORE homes are selling; but for an average list price lower than last year. Now what this DOES NOT mean is that home prices have dropped 12%. What it means is that more homes in the lower price points are selling vs those in the higher brackets.

There are also just over 3200 Active Listings in Washington DC; which is about a 5.5 month supply of homes. Hopefully October will continue this trend of increased sales and lower inventory.

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 10/13/09

Wed, 14 Oct 2009 09:06:08 -0500

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

Here is the breakdown as of October 13th, 2009

Even though there were many homes which came off the market (expired listings); few came back on the market this week.

Still the general trend is lower and lower inventory; while the number of homes under contract; rose dramatically over the past few days.

The next few weeks are key; as many buyers take advantage of the 1st Time Home Buyer Tax Credit before the looming deadline of November 30th.

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: 1668 (Up 26 from last week) Expired: 14 Under Contract: 783 (Up 47)

Condos: Actives: 1258 (Up 21 from last week) Expired: 13 Under Contract: 530 (Up 41)

Arlington County

Single Family: Actives: 403 (Down 32 from last week) Expired: 0 Under Contract: 222 (Up 41)

Condos: Actives: 494 (Up 15 from last week) Expired: 2 Under Contract: 189 (Up 17)

Prince Georges County

Single Family: Actives: 4567 (Down 36 from last week) Expired: 40 Under Contract: 2551 (Up 78)

Condos: Actives: 767 (Down 13 from last week) Expired: 8 Under Contract: 203 (Up 15)

Montgomery County

Single Family: Actives: 2824 (Up 1 from last week) Expired: 17 Under Contract: 1996 (Up 71)

Condos: Actives: 1136 (Down 7 from last week) Expired: 11 Under Contract: 514 (Up 40)

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

Fix Repairs or risk a delay in closing...

Wed, 14 Oct 2009 09:02:12 -0500

Many times during a home purchase; the seller is asked to make some repairs as part of a Home Inspection. Often; there is some negotiating back and forth as to what the seller MUST fix, as per the contract; and what the buyer WANTS to be fixed.

AT some point - all parties agree to the items to be completed before settlement.

Then the day before settlement - or even the the morning before; the buyers and their agent walk through the property and make sure the repairs are complete. So what happens if they are NOT complete?

Well there are usually two easy remedies. One - The seller simply credits the buyers with a dollar amount they determine if fair to complete the work. Two - The Closing attorney takes money for repairs and places into an escrow account until the repairs are complete then pays the bill once the work is complete.

However; changes in the lending world are making these options very difficult.

Lenders HATE the idea of escrowing funds. They want the transaction CLOSED with no lingering terms or conditions. Afterall; many lenders will sell these mortgages to someone else; and lingering terms like an escrow account - can hold things up.

So then; we can just ask for a credit right? Not so fast! The new disclosure regulations require that the APR that the lender told the buyer in the good faith estimate be no more or less than 1/8 of a percent from the actual APR at settlement.

So whats an 1/8 of a percent on a 200k loan? $250 OUCH. Thats not much.

SO if the APR IS off by more than 1/8 of a percent.... the lender must issue a new disclosure and then there is a 3-day waiting period. Yes - thats right - you are going to have to wait at least 3 days until you can close; depending on how fast the lender and issue the revised good faith estimate.

So how do you get around this potential pitfall? Easy:

- Make sure all parties are clear on what needs to be fixed and how.

- Provide receipts at least a week (or more) before closing; so any questions or concerns can be resolved.

- Maybe schedule a pre-walk-through 5 or 6 days before settlement. Of course this may not be possible. Often sellers are in the midst of packing and moving. The LAST thing they want is the new buyer coming into the home.

Time will tell how these changes will affect how we do business. The best idea - FIX IT right the 1st time and document how it was fixed and by whom!

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 10/8/09

Thu, 08 Oct 2009 14:29:02 -0500

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

Here is the breakdown as of October 8th, 2009

The number of properties on the market continues to drop as the number of homes under contract rises. The end of a month always sees a higher number of homes "Expire" and come off the market; as well as the number of homes going "Under Contract" drops.

The next few weeks are key; as many buyers take advantage of the 1st Time Home Buyer Tax Credit before the looming deadline of November 30th.

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: 1642 (Down 56 from last week) Expired: 62 Under Contract: 736 (Up 14)

Condos: Actives: 1237 (Down 5 from last week) Expired: 54 Under Contract: 489 (Down 28)

Arlington County

Single Family: Actives: 435 (Down 5 from last week) Expired: 17 Under Contract: 181 (Down 11)

Condos: Actives: 479 (Down 10 from last week) Expired: 48 Under Contract: 189 (Down 7)

Prince Georges County

Single Family: Actives: 4603 (Down 120 from last week) Expired: 221 Under Contract: 2473 (Down 33)

Condos: Actives: 779 (Down 19 from last week) Expired: 48 Under Contract: 188 (Down 5)

Montgomery County

Single Family: Actives: 2823 (Down 60 from last week) Expired: 74 Under Contract: 1925 (Down 93)

Condos: Actives: 1145 (Down 25 from last week) Expired: 41 Under Contract: 514 (Down 7)

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

UNDER CONTRACT - 3 Offers in 3 Days !

Thu, 08 Oct 2009 13:50:24 -0500

Yes; thats right. My team just put a home under contract in near record time. Buyer's market? Not in many areas of Washington DC.

It is true that there are a few deals to be had out there; however multiple offers and homes selling in days - is happening in many areas of the Washington DC Metro area.

This latest Listing was in nearby McLean, Virginia. A popular area due to it's proximity to Major Transportation Routes; Shopping and employment centers. Of course - while location is always KEY; fresh paint; fix-ups; and a great cleaning all go into the Selling Process.

In fact; it took weeks to get this home ready for sale. This preparation seems to have paid off in a big way.

The listings sitting on the market: Are not clean, freshly painted; fixed up; staged or priced right. If they were - they would be sold!

UNDER CONTRACT !!!

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 DC Metro ... What a Mess !

Sun, 04 Oct 2009 21:04:34 -0500

Metro: The name for the Washington DC's Mass transit system. Like the "el" in Chicago or the "T" in Boston; 'Metro' is the Mass Transit system of our Nations Capitol.

So why then are we so embarrassed? The truth is: Metro seems like bad dream. From horrific accidents by failed systems on our subway cars to Metro Busses running down and killing pedestrians to this: locking passengers in a closed station?

Are you serious?

Yes. Read THIS about how a Metro station manager closed up and locked passengers in the station after closing at 1am.

Now tell me: How is the General Manager of the Metro system still employed? If any of the rest of us in the world ran businesses that screwed up this bad - we would be out of work!

Unbelievable! Shame on you Metro and the DC Government.

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

Senators Talk about extending the 1st Time Home Buyer Tax Credit...

Sun, 04 Oct 2009 09:54:39 -0500

Well it's a long ways from really happening - but today; Two Senators, Chuck Schumer (D-NY) and John Cornyn (R-TX) -both agreed the

Home Buyer Tax credit is a good plan which should be extended to help lower the Home for Sale Inventory.

What - both sides of the Aisle agree with something? Amazing!

Of course; as with all Politics - I am sure there will be much arguing and debate over this credit. Will it be extended? Maybe. But you can never really trust any Politician to do exactly as planned - or hoped.

Time will tell weather or not the 1st Time Home Buyer Tax Credit will be changed; extended or allow to expire on November 30th. But let's all hope so. I'd say call your congressman and tell them how you feel. Of course living in DC - I don't have a vote in Congress.. C'est la vie.

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

Open House Today 1-4pm

Sun, 04 Oct 2009 09:10:50 -0500

Great Town Home - Fantastic Location

7329 Eldorado St, McLean, VA 22102 View Map

Location ! This 3 level end-unit town home features 3 bedrooms, 2 full and 2 1/2 baths and hardwood floors. Featuring an Eat-In Kitchen plus a separate dining room.

Relax on your private outdoor patio or by one of the two fireplaces. and enjoy your private beautifully manicured courtyard. This home even has a recreation room and a walkout lower level. Close to CIA, stores, parks and restaurants.

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:

$565,000

MLS:

FX7172619

Bedrooms:

Bathrooms:

2 + 2

# of Floors:

HOA/Maintenance Fees:

Year Built:

1972

Property Amenities

Community Amenities

Contact Info

James Downing
REALTOR, GRI, ABR

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

All information is deemed reliable but is not guaranteed.

White Lies, Bluffing , Negotiating. What are 'ethical' limits?

Wed, 30 Sep 2009 10:07:05 -0500

I remember years and years ago taking a college class on Business Ethics. I always found it interesting how students with different backgrounds could argue over an ethical debate based on their different life experiences and morals.

It is a agents job to represent their client to the best of their ability. To get their client - the best deal and to follow (within limits) the instructions of their client.

These things being said; when is it OK, if at all, to 'bluff' or use 'white lies'? Now my Grandmother always said, a lie is a lie and they are always wrong. When and where should an agent draw the line?

Of course time and time again I have negotiated real estate deals for clients. Getting them the best price and terms on a home sale or purchase is an art. Of course I know when my seller will go down another 10K or my Buyer would go up another 15k - but I don't tell the other side this. A Lie? No - I am just withholding information.

Now what if I say; "There absolute max is $x" and I know they can go higher? A Lie. Instead I would say something like, "This is the offer we put together, and If you counter, I will present it and we will see what happens." Answering a direct question with a direct answer - requires truth or lies.

Probably every Realtor has heard (or said) the phrase; "Well there are other offers coming in on this property." Truth? Bluff? Lie? If I had a dollar for every-time I was told an offer was coming in - I would have long ago retired! How about; "I have had x-number of agents tell me there are other offers coming in." That sounds a bit more truthful. ---If it IS true!

Telling another agent; "There is another offer coming in"; if in fact their is not - is a LIE. Right? Or is it BLUFFING in hopes of the 1st set of buyers will raise their offer or accept the counter offer --- is it?

What if your client tells you to "LIE" or "BLUFF" ?

Every business person makes these decisions everyday. Real Estate agents are no different. I have had clients ask me to say things that are not true, in hopes of bluffing the other side of a transaction. I simply say; "I can't lie - let's say this instead"; and always offer an alternative response that does not give away our position.

If the other side of a deal every catches you in a lie - the whole rest of the transaction (and your reputation) is in for a rocky ride.

How we choose to do businesses and how we decide to interpret the ethics and standards of conduct is important. Not only for the shear purpose of showing the general public we are above reproach, but the fact that bad Karma - can bite you in the butt !

This post is dedicated to the agent who may or may not have "bluffed" this week on that infamous "other offer". Can't wait for the Home Inspection!

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

Dear Agent - You are P!*#ing me off !

Tue, 29 Sep 2009 08:08:23 -0500

As in any business sometimes we just to rant to blow off a little steam. Well here is one of those times !

Those of us in the Real Estate Profession know how a large amount of general public feel about us. They question our professionals; our code of conduct; our knowledge and abilities. The average Joe often wonders if hiring a Real Estate Professional is really helpful.

Well I believe that most of us are those ultimate professionals who know our business; understand the market and always look out for our clients best interests.

Then there those "others" out there....

Currently I am dealing with two of them. They can't even return a phone call to answer a question on a property. My clients ask me what the other agents have said to our questions.

For days I have called and for days I tell my clients; I don't have any information. Gee, I'm a lot of help! The agents broker/manager? Left the voicemail. No return call. I guess the grape doesn't fall far from the vine.

What these agents are doing; simply by not returning a phone call; is showing the general public that maybe Real Estate Agents are not the "Professionals" they want to hire. Heck; if I was my clients - I would wonder if I was doing my job!

All I can say to those of you who are looking for a Real Estate Professional to work with. Interview a few. Ask them how quickly they return phone calls or emails. If they don't live up to your expectations; tell them to ship off and find one who does. Most of us actually do our job!

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 9/29/09

Tue, 29 Sep 2009 07:51:32 -0500

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

Here is the breakdown as of September 29th, 2009

The number of properties on the market continues to drop as the number of homes under contract rises. Most notably; Single Family Homes in both DC and Prince George's County; where the number under contract are at 4 year highs.

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: 1698 (Down 27 from last week) Expired: 12 Under Contract: 722 (Up 32)

Condos: Actives: 1242 (Down 30 from last week) Expired: 8 Under Contract: 517 (Up 22)

Arlington County

Single Family: Actives: 440 (Down 10 from last week) Expired: 3 Under Contract: 192 (Up 14)

Condos: Actives: 489 (Same as last week) Expired: 14 Under Contract: 196 (Up 3)

Prince Georges County

Single Family: Actives: 4723 (Down 56 from last week) Expired: 37 Under Contract: 2506 (Up 64)

Condos: Actives: 798 (Down 3 from last week) Expired: 14 Under Contract: 193 (Up 8)

Montgomery County

Single Family: Actives: 2883 (Down 19 from last week) Expired: 7 Under Contract: 2017 (Up 9)

Condos: Actives: 1170 (Up 14 from last week) Expired: 4 Under Contract: 518 (Down 14)

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

Renters: Use Caution !

Sat, 26 Sep 2009 08:21:08 -0500

Pretty much every Renter in the world knows that when you go to rent a new home or apartment - the landlord will run a background check on you.

They want to make sure the new tenant will pay their rent on time.

A typical new renter; will have their credit checked, a call to their past landlords and maybe a quick criminal background check.

But who is checking the landlords?

This week a colleague of mine met some new renters at a property he had listed by his clients; an owner of a lovely home in Maryland. The tenants had applied; been accepted; and were meeting the agent to get their keys and move in.

The new renters showed up; complete with moving truck and then the shock by EVERYONE involved.

The Bank had Foreclosed on the home. The agent was shocked! Calls to his clients - the owners who were just foreclosed upon went unanswered. The new tenants; homeless. All of their things in a big truck with nowhere to go.

So then; who is going to check the owners/landlords? The Realtors, if there is one - don't know the home is in foreclosure. The owners sure are not going to tell them!

Can you imagine a tenant asking the landlord for a copy of his credit report or a call from his bank to make sure his payments are up-to-date?

WELL MAYBE IT'S TIME for this ?!

How does a renter protect themselves from a landlord who isn't paying his mortgage? Unless they are living in the home and sees some Pre-Foreclosure notice delivered in the mail - how would they ever know until it's too late?

Someone needs to look out for the Renters - But who? How?

Well if every tenant insisted on a landlord background check - landlords would have no choice. However; it would only work if everyone does it; otherwise the landlord will just wait for the next applicant to come along.

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 DC Real Estate Market

Sat, 26 Sep 2009 08:20:45 -0500

Here are some statistics as complied by our Multiple Listing Service for the month of August.

These numbers are comparing against August 2009 vs August 2008:

Total dollar amount of sold homes: $280,734,055 Up .59%

The Average SOLD Price: $466,336 Down 16.29%

Total Homes Sold: 602 Up 20.16%

Averages Days on Market: 85 Up 6.25%

Ave % Sales Price V List Price: 92.49% Up .16%

There were 3142 properties for sale in Washington DC; which gives us about a 5 month inventory of homes.

However; September typically seems many more properties hit the market as new listings. Of course there are many more home buyers out in the fall than the hot DC summer. I would predict September numbers looking pretty dismal; but October should look great.

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

You rejected our offer completely? Really?!?

Fri, 25 Sep 2009 08:25:47 -0500

Now there are always those times when buyers make an offer so low - that sellers can't stop laughing. Or - worse yet; the sellers are so mad they want to run over the buyer in their car.

So my buyer makes an offer on this property. It was a string offer; by a well-qualified buyer. A quick close; with a short time for an inspection. Nothing crazy. Of course we disagreed on price.

As what often happens; it was hard to find a comparable sale which justified this sales price. We looked at comps from the past 90 days and didn't find anything to justify more than 92-93% of the listed price.

So we asked the sellers agent to provide the comps she and her sellers were using to justify their price. Well she provided 4 comps. All were from the April-May time frame and only 1 - was a property which was very similar and close to the Full Asking price.

So we offered 91% of asking price. Crazy? I sure don't think so.

Now in this part of the DC area; homes are selling for 94.68% of list price. This home has been on the market for 90 days. Yes they have dropped the price; but it still hasn't sold. Yet 1 mile away; 2 similar - and correctly priced homes; sold within 3 days of being listed! Of course with multiple offers.

The sellers flat out rejected the offer. No counter. Nothing.

Now while the sellers may have been offended; I sure think they should have countered - SOMETHING. Come down 5k or 10k and say 'Best & Final'; or SOMETHING.

A flat out rejection is a bit much. The "recession may be over'; but the housing market isn't that hot - not even in DC.

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

Earnest Money Deposits and Short Sales

Fri, 25 Sep 2009 08:05:38 -0500

This post brought on by a blog reader who asked me a question.

The question was about putting down a Earnest Money Deposit with a short sale and how much that deposit should be. Well in the DC area; an Earnest Money Deposit of 2-3% - or more - is pretty typical.

My issues is with Short Sales. Now I am NOT a Short Sale Expert and I am sure some Short Sales Experts will disagree with me. However, I have a problem with tying up thousands of dollars of a Buyers money in an escrow account for months on end.

We all know Short Sales can take months and months. To make a buyer keep 5 or 10 thousand in an escrow account is just crazy. It may not be a lot of money to some; but to many buyers this is a substantial amount of money.

Instead; I write into my Short Sale offers - Buyers Earnest Money to be deposited with 24 hours of Banks Approval of sale. Has it worked - Yes. Will it work every-time - does ANYTHING work every-time? No; probably not.

Still don't agree? Well what happens when the property gets foreclosed on and the sellers skip town? The sellers and buyers have a contract and (at least in DC); the only way to release a escrow deposit is for the buyers and sellers to sign a release form.

Ever heard of a seller being foreclosed on and then their short sale agent can never reach them again? You bet it happens? Then how does the buyer get their money back? Well I am sure a judge could rule on it - but who wants to go to all THAT trouble?

So buyers - be careful when putting your Earnest Money down on a short sale. Make sure you know what happens if the property is foreclosed and how you get that money back if the sellers can't be found or how quickly you will get it back if the Bank/Lender says 'NO' to the deal.

-As always; consulting your Buyers Agent and/or an attorney is always recommended if you are unclear on the terms of a contract which you about to enter.

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

Mt Vernon Squares Gym - RESULTS - Open House Today

Wed, 23 Sep 2009 08:43:43 -0500

Looking for a new local gym? Clean, Friendly, Great Equipment - and in the Neighborhood.

Well stop in Mt Vernon Squares RESULTS; in the City Vista Complex at 5th and K Streets NW.

Why Not? Try the Club for FREE -TODAY SEPTEMBER 23RD!

MORE INFORMATION HERE

LOCATIONS ALSO IN DUPONT, DOWNTOWN AND CAPITOL HILL

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

Multiple Offers are everywhere - at least in the DC Metro Area

Wed, 23 Sep 2009 08:34:10 -0500

One of my buyers; frustrated at the lack of inventory this summer; was excited to see several new listings hit the market over the weekend.

So we headed out early Saturday morning to start looking at properties.

She found a couple she REALLY liked. We talked about it - and she picked the best one. The home went on the market Friday afternoon.

I called the agent and she said; there were going to be multiple offers!

Well we made our best offer; as did several other people and the sellers picked another offer! Shoot! My buyer says; I saw something that came on Sunday - let's make an offer on that instead!

So I call the agent and guess what? They already had a contract. This property was on the market 48 hours.

48 Hours?! Pretty crazy!

It looks like in DC - if you have the right property at the right price -- it just may NOT be a buyers market anymore!

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

Welcome to the Team: Riley !

Fri, 18 Sep 2009 10:37:03 -0500

Here is the new addition!! I have been working from the Home Office more this week; so I can spend time with the puppy. Wow I have a renewed respect for those who work and have little kids. Puppies are JUST like little kids (except I can lock her in her crate while I run to show property!).

She is a Beagle-mix - MUTT recused from the Washington Animal Rescue League in DC. She is 100% puppy!