James Downing - REALTOR® - Washington DC Real Estate

Here is the breakdown as of September 29th, 2008

This week inventory levels are up slightly; which is normal during the Fall "Selling Season".

Montgomery County and Arlington County; continue to have inventory levels close to last year.

Washington DC, is seeing a spike in the number of Single Family Homes on the market. Due mostly to slower home sales in NE and SE Washington DC (NW DC is under its 2 yr high in inventory by 7%, while DC as a whole is over its 2 yr high by 2%).

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: 2027 (Up 2 from last week) Expired: 32 Under Contract: 508 (Up 23 from last week)

Condos: Actives: 1360 (Down 15 from last week) Expired: 13 Under Contract: 368 (Down 18 from last week)

Arlington County

Single Family: Actives: 514 (Up 20 from last week) Expired: 6 Under Contract: 153 (Down 8 from last week)

Condos: Actives: 557 (Up 24 from last week) Expired: 4 Under Contract: 113 (Down 5 from last week)

Prince Georges County

Single Family: Actives: 7318 (Up 26 from last week) Expired: 95 Under Contract: 988 (Down 40 from last week)

Condos: Actives: 836 (Up 6 from last week) Expired: 7 Under Contract: 99 (Down 14 from last week)

Montgomery County

Single Family: Actives: 4922 (Down 46 from last week) Expired: 42 Under Contract: 1171 (Down 21 from last week)

Condos: Actives: 1419 (Down 4 from last week) Expired: 5 Under Contract: 310 (Down 12 from last week)

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.

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

The SW section of Washington DC has long been considered by many an area of undervalued Real Estate. What has been missing? A GOOD grocery store, a Starbucks, maybe a Potbelly or a bookstore. That, along with more newer and modern Residential and Office space will help grow this area immensely.

Now the new Waterfront Project; is moving full steam ahead to bring some of these much needed services and spaces to the very conveniently located SW section of Washington DC. Financing has been secured for the 1st of two buildings at the Waterfront Project. See Article.

With major redevelopment 4 blocks away where the new Washington Nationals Baseball Stadium now resides; this entire section of the city is sure to bring many more suburbanites into the city to live, eat and play.

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

Here is the breakdown as of September 22nd, 2008

This week inventory levels are up slightly; which is normal during the Fall "Selling Season".

Montgomery County and Arlington County; continue to have inventory levels close to last year.

Washington DC, is seeing a spike in the number of Single Family Homes on the market. Due mostly to slower home sales in NE and SE Washington DC (NW DC is under its 2 yr high in inventory by 7%, while DC as a whole is over its 2 yr high by 2%).

GOOD NEWS !! in Prince Georges County; the number of properties for sale have dropped slightly from record highs - better yet - the number of homes under contract has reached a 2 year HIGH. This could be a true sign that the market has in fact started to level-out.

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: 2025 Expired: 32 Under Contract: 485

Condos: Actives: 1335 Expired: 13 Under Contract: 386

Arlington County

Single Family: Actives: 494 Expired: 6 Under Contract: 153

Condos: Actives: 533 Expired: 4 Under Contract: 118

Prince Georges County

Single Family: Actives: 7293 Expired: 95 Under Contract: 1028

Condos: Actives: 830 Expired: 7 Under Contract: 113

Montgomery County

Single Family: Actives: 4968 Expired: 42 Under Contract: 1192

Condos: Actives: 1423 Expired: 5 Under Contract: 322

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.

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

Many times; most especially in Bank-owned, foreclosed properties, or in properties being sold by a developer or builder, the seller requests (or makes you) use their settlement company. Laws pretty much say that Buyers have the right to choose their own settlement (aka Title Company) company; but trying to ask this of a bank for an REO (foreclosed property) is pretty much impossible.

Builders and developers also often "tie-in" seller paid closing costs if you use their lender and/or settlement company.

Of course both these folks are seldom making their choices of settlement companies based upon great service - it's about money. Either they are the cheapest, are providing some of that closing credit or are giving a discount rate to the seller for a bulk number of transactions.

I don't think it is EVER about service.

I have closed two foreclosed property transactions last month, both with different banks and different settlement companies. Both of these transactions were dreadful. It wasn't about the bank not being responsive with offers and counter-offers; it wasn't even about the (often overwhelmed) listing agents - it was the complete lack of basic customer service from the Settlement companies.

The settlement company is not really representing either party. They are representing the transaction. Both buyer and seller are paying them. More importantly, they are making most of their money from the buyers purchase of title insurance.

So then why is it so difficult to return a phone call? Update the agent (and the buyer) on the progress, get the correct information for closing - do anything correctly? The simple service for both of these companies was so bad - it is obvious that the only business they will get is by banks who "direct" their sales to those companies. No Real Estate Professional would ever recommend them to their clients.

One company even called 2 hours after settlement saying they made a mistake and owed the buyer money. After 3 weeks my client called and asked where the money was - he never recieved it and was worried to went to the old address. After 3 attempts of calling them - they returned a call and told me "oops, it's in the file, we never mailed it". Unbelievable!

The moral of the story is this: When possible - use a recommended Settlement Company and if you must use the sellers company - put on your 'Patience Hat' - you're gonna need it!!

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the Greater Washington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

The other day at was at an outdoor cafe with friends and I snapped this picture:

Note the wonderful style..... pants pulled up; hideous pink and blue argyle socks (you cant quite see the loafers) and of course dress shirt and Tie.

Being that I was in Bermuda for my birthday a few weeks ago; I thought; "Well maybe he is going for the Bermuda look" - only they actually wear SHORTS; not dorky khaki pants rolled up waiting for the next Tropical Storm to flood the streets!!

Does this guy in the picture have any friends? Why didn't they tell him he looks ridiculous !!??

Well the same holds true in Real Estate. Often we as Real Estate professionals go into homes where the seller is in LOVE with that old linoleum floor. It doesn't matter if its peeling up and was the "IN" style in 1964 - now its NOT "IN".

I once had a seller who told me how she picked out her custom wall paper and paid a "good penny" for it. I asked her when that was; she replied "1973, around the time of Watergate".

Well who was going to tell her that Nixon resigned and so should the wallpaper? It was now ONLY WORTH "a good penny; maybe a nickel at best!" Of course I was kind-fully honest with her - and no, she didn't hire me. Her place did sell after about 6 months - and I noticed from the on-line pictures; that yes - the wallpaper did get removed in about month 4.

Sellers of Real Estate must ask for and be open to honest feedback. What you may love - may not be the "IN" thing. While some features of a home are endless classics; others are not. Listen to your Real Estate professional - ask them what they think - and try to bring your home into the correct decade that will attract the buyers!

--Of course this also requires that the Real Estate Professionals being Open and Honest with the seller. Too many are afraid that what happened to me, will happen to them -- NOT getting the listing.

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the Greater Washington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA