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
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
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
Looking for a new local gym? Clean, Friendly, Great Equipment - and in the Neighborhood.
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Why Not? Try the Club for FREE -TODAY SEPTEMBER 23RD!
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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
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
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Licensed in DC, Maryland & Virginia. James is a Graduate of the Realtor Institute and has completed training as Accredited Buyers Representative. He's better qualified to assist buyers and sellers.
I specialize in Relocations into the DC Metro area as well as 1st Time buyers and will be able to answer as many questions about home buying as you can ask! As an Accredited Buyers Representative (ABR); I have additional training and experience to represent buyers in their Real Estate purchase.
I maintain three Real Estate Licenses to serve you all around the beltway; in Virginia, Maryland and the District of Columbia.
Follow this link to Search for homes in the DC Metro area : HOME SEARCH
Washington DC has many wonderful sights and Neighborhoods. Where else can you live blocks from the White House or look out the window and see the Washington Monument?
We have a great subway system to carry you from the suburbs of Virginia or Maryland into the heart of the District.
Whatever you questions; I will be happy to help and guide you. Visit my blog for information about the DC Real Estate market and questions about the Washington DC area.
I have helped Buyers and Sellers throughout the Washington DC Metro area. No matter if it's your First Home, next home or vacation home - I can help and guide you through the entire process.
My experience includes working with Buyers, Sellers AND Renters in Washington DC, Virginia and Maryland.
* Selling or Buying
* First Time Home Buyers
* Condos or Co ops
* Military Relocations including civilian Personnel for the following DC area Military Bases:
It was very comforting to work with you and that meant a lot to me. Thanks for all your help and the priority you must have given to selling the apartment. I will certainly consult with you for any future real estate needs and recommend you to people I know. Again, thank for your professional, customer oriented services. -Ernest
This was the first home buying experience for both of us and James walked us through the entire process from start to finish. To ensure that we understood every aspect of the home buying experience, James took the time to learn more about us as individuals so that he could mold his search qeuery specifically to our needs/wants. James helped ease many of the questions and uncertainties we had as first time home buyers and remained professional throughout. We truly felt like more than just a client with James. To this day we drop his name to all friends and family searching in the capital region. -Michael Johnson
Thank you for your hard work and dedication. I will call you again and sent any friends I have your way. -SJ
Jim-- a huge thank you for being a terrific realtor and guiding us so well. The whole experience was a pleasure and we enjoyed our time together. We raise our glasses to you and again say thank you for everything. -Jill and Steve
I am so so glad you were my Realtor. You helped me every step of the way. I had no idea how many details there were to the whole process. Thanks again! -Eric
Thanks again for getting my condo sold so fast, especially since the market was so bad right now, I feel lucky to have found you to help me! -Brandon
I Love my place. The neighborhood is great! I'm happy to do anything just yet. I'm very happy and blessed about my purchase. Thanks again for all your hard work. -JJ
It was a pleasure working on this transaction with you. You were so organized and prompt with everything. Thank you and we hope to do business with you again. -Pat; Coldwell Banker
Thank you for everything. I knew I could count on you for your professionalism, quick resolutions and to go out of your way to get things done. It really meant a lot to me. Thanks so much! -Lise
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