We need each other to survive

Lots of homes on the market these days and a lot of people out there looking. As more for sale signs go up, it becomes more important for sellers to set their homes apart from everyone else's home. The best way to do it is with price. This past weekend's Real Estate section in the Washington Post had a very good article that everyone who is selling now or in the future should read. Here it is if you didn't get a chance to see it: http://www.washingtonpost.com/wp-dyn/content/article/2006/07/28/AR2006072800764.html

If you're buying a home soon, remember my house buying mantra "if you like the house, make an offer." Even if your offer is less than list, always make it. Be sure it's a reasonable offer though. If the house is listed at $800,000 and you can only pay $400,000 it's probably not reasonable to expect a seller to come down $400,000 on price. But if the house is $600,000 and you offer $540,000, that's more reasonable and it gives you a chance to negoiate. Buyers and sellers need each other so you want to at least make an effort to come to a meeting of the minds.

Hope the open house list on Friday was helpful. Of course you know that open houses don't give you the complete view of what's on the market, that only a fraction of the houses that are for sale are open on any given weekend. Open houses give you a small sample of what's available but it's a good way to get to know a neighborhood.

Busy week ahead so I'm going to get started on my day. Enjoy the rest of yours..

The weekend's here, what are you doing?

I'm doing an open house this weekend. My listing at 53 Seaton Place NW will be open from 1-4 pm so be sure to come by. If you want to see what else is open this weekend, click on the link here and get the list. It's not everything open just houses that are listed for more than $375,000, 3 or more bedrooms and with a basement. Still there are 54 houses open.
Here's the link:
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=15004002546

I mentioned in the last post that buyers are "grazing" and I'm curious as to why. Anyone who's out there looking for a house right now and haven't made an offer on something yet, email me your reasons. I'm trying to understand what's going on. I tell all my buyers to make an offer if they see a house they like regardless of whether they offer the list price. Give the seller an opportunity to make a counter offer and see if you can work something out. That is a prudent strategy every day of the week. Make offers, you may get the house you want at the price you can afford too. Just a suggestion.

I'm getting ready to send out my quarterly newsletter, The Jones Report. With it I'm including a fact sheet on taking charge of your credit. I send it out snail mail so if you'd like to receive it e-mail me your info so I can include you. Busy next couple of days.
Enjoy the rest of your day.

Grazing in the grass

Everyone is trying to figure out what's going on with the real estate market, sellers, buyers, Realtors, economist, everyone. I my friends, have the answer. Stop trying to figure it out, it's all a mystery and the market is doing what the market is doing. Here's what I do know: there are a lot more houses on the market today than a year ago, there are more buyers out there looking than there were a year ago, and houses are staying on the market longer. Prices are down because they were unrealistically high to begin with. Even with the price shifts and the increased inventory, buyers are still waiting. At our sales meeting yesterday we discussed this and concluded that buyers are grazing. I like that term because that's really what's happening, buyers are grazing. They want to sample everything that's there and then think some more. What's happening while buyers are thinking is interest rates continue to go up ever so slightly, tax assessments go up, the cost to record and transfer property is going up and in the end by the time that buyer decides to buy something, even if the price of the house goes down, it'll cost the same or slightly more because he/she waited. And while he/she waited, the benefits of home ownership aren't realized. The stories in the newspaper aren't helping either. Here are two Washington Post articles. The first from today's paper and the second from Saturday's Real Estate section. When you read them keep it in perspective and remember what I've been saying for a while now about the housing market:
Article 1:
http://www.washingtonpost.com/wp-dyn/content/article/2006/07/25/AR2006072501513.html
Article 2:
http://www.washingtonpost.com/wp-dyn/content/article/2006/07/25/AR2006072500538.html
And if you're blue about finding something in this area, think about Baltimore (I also sell in Baltimore):
http://www.washingtonpost.com/wp-dyn/content/article/2006/07/21/AR2006072100663.html
Lots to digest I know. Remember, if you have any questions or concerns, please don't hesitate to contact me. Enjoy the rest of your day.

The condo market

I've been in New York City the past several days. I was there for a real estate conference and also had time to enjoy a little of the city. Donna and I got to see a couple of Broadway shows, the Producers (don't know what all the raves are for on that one) and the Lion King (absolutely loved it!). Also saw a great exhibit on the human body called Bodies. If you get a chance to see, go. Anyway, it was a busy week last week. No only was I away but I also had two closings during the week, one the day before I left and the other on Friday. I wasn't there so a colleague helped. Needless to say my week was a little stressful.

Someone asked me how the condo market is and whether they will get a good price on their current condo when they sell two years from now. Not having a crystal ball, I can't say what kind of price you'll get. What I can say though is that there are a lot of condos out there and the thing that will make your condo stand out and sale faster and possibly at a higher price is pricing. I've said many times that now more than ever it's so important for the condition of the property and the price to match. Keep your condo in good condition, update it if it needs it and price it competitively. Don't overreach because it will just sit there if you do. Here's the latest condo stat from GCAAR: http://gcaar.com/statistics/2006/dccc0606.pdf
Remember, if you have any real estate questions or concerns, please give me a call or shoot me an email. Enjoy the rest of your day.

Buy now or pay more later

The cost of buying a house in the District is going up. No, I'm not talking a bout the cost of housing going up as it continues in DC and other parts of the area. I'm talking g about the price you pay to transfer property in DC, that cost is going up. Whenever you buy and sell a property in the city you pay the city a transfer and recordation tax. Currently the cost is 1.1% of the sales price. So if the house you're buying is $470,000 your cost will be around $4700 for both the buyer and the seller. The buyer pays $4700 and the seller pays $4700. The DC City Council being the brilliant folks they are decided last week to increase that cost. Yeah, it's already expensive to buy a house in the city, so let's just make it a little more expensive. Now it will cost you 1.4%, effective Oct. 1, 2006. So come Oct. that same house will cost you around $6,020 to transfer and record. That's an increase of more than $1300. If you think it's ok to wait to buy or sell, just to see what the market's going to do, that waiting will cost you. Stop waiting. the market's doing what it's doing and waiting to see what happens means you go another year without the benefit of owning your home or without the benefit of selling a house in a market that clearly has not died.

Are you in the market?

If you're thinking about buying a house and you're waiting to see what happens, you may want to reconsider. Getting in to a house now is the best strategy for your future because not only do you reap the benefits of home ownership right now, but as interest rates continue an upward trend, you'll spend less if you buy now. There's so much to choose from too. If you're in t he market for a condo, there's plenty out there. The Washington Post article Saturdays points to that: http://www.washingtonpost.com/wp-dyn/content/article/2006/07/14/AR2006071400080.html

There are a lot of houses out there too. Took some clients out this weekend to look at houses. We saw about 15 or so. I'm still seeing houses where the condition doesn't match the price. We are way past the days where you could just put a sign in front of anything and it would sell in two days. Now more than ever, the condition of the house has to match the price. If you're selling your house there are things you can do:http://www.washingtonpost.com/wp-dyn/content/article/2006/07/14/AR2006071400711.html

Remember, if you have any real estate questions don't hesitate to contact me either by phone, 202-494-6797 or email, angela.jones@longandfoster.com. Enjoy there rest of your day.

So little time

It's been a week since my last post. No, I wasn't being lazy. Actually I've been out of town. Donna and I spent the week in Sin City, Las Vegas baby! We had a good time but found it a little difficult to truly relax and enjoy ourselves. Donna had a work issue hanging over her head and I had a settlement that was supposed to have happended June 29 but moved to the week we were going out of town so I was dealing with that. We did have fun playing Blackjack and seeing some shows. It was fun. We'll go back. We almost bought a timeshare out there though. Donna wanted to buy it but I had to keep a cool head and just say no. It was a good deal but not good enough. Maybe one of these days.

The housing market here continues to be strong. The market is not cooling. Some areas of the city are experiencing a slight slowdown. The Urban Institue is doing regualr studies about the Dc housing market. Good info, here's the link:http://neighborhoodinfodc.org/housing/DCHousingMonitor_2006sum.pdf

The market is still hot so it's time to buy if you haven't already and if you're thinking about selling, it's time to get the house ready. IKf you are planning on selling and you need help getting it ready, give me a call. That's all for now. Be back Wednesday.