Hump day

It's hump day and my mini-vacation begins in 24 hours so I'm not as focused today. I've got three closings coming up in the next couple of weeks, buyers who are ready to buy and a few sellers who are getting their houses ready for the fall market. It's a busy time.

The Washington Post had an interesting article on Sunday about the prices of homes in the burbs: http://www.washingtonpost.com/wp-dyn/content/article/2006/08/25/AR2006082501197.html. What that means for you is if you want to buy something there are so many things to consider including your commute.

I'll be out of town for the next few days. Donna and I are going to Rehobeth. I probably won't update this on Friday so forgive me if I don't enlighten you until Monday. In the meantime my listing at 53 Seaton Place NW will be open this weekend. The list price is $624,900. It's open Sunday from 1-4 pm. Hope you all have a great holiday!

Fall is in the air, get ready to sell/buy!

Fall is in the air and the fall home buying season is about to get underway. If you're selling you house, get ready. The traffic will pick up very soon. If you're buying, get ready. There will be more buyers out there competing with you.
The Washington Post has some items of interest over the weekend. Interest rates are going down:http://www.washingtonpost.com/wp-dyn/content/article/2006/08/25/AR2006082500551.html

There's more concern that the market is slowing: http://www.washingtonpost.com/wp-dyn/content/article/2006/08/24/AR2006082401714.html. Remember what I keep saying though, the market is doing what the market is doing. Don't worry about what the pundits say. If you're trying to buy, it's a great time to be out there looking. If you're trying to sell, it's a great time to be realistic about what your house is worth and what you can get for it. Now is not the time to reject offers that you might get, counter the offer if it's not what you want. If you're buying, now is not the time to sit and wait to see what happens. If you find a house you like, make an offer on it!

I love the fall! Enjoy the rest of your day.

What are you waiting for?

This is the time to buy a house if you're in the market for one. Interest rates are still relatively low and there are plenty of houses out there. What happens if you continue to wait? Interest rates go up, supply of houses goes down as more people take there house off the market (because of the gloom and doom that the media keep hyping), more buyers start looking and guess what, you end up spending more for less house. More news from the media today about the housing market. Here's the Post article: http://www.washingtonpost.com/wp-dyn/content/article/2006/08/23/AR2006082300551.html.

We don't have crystal balls so we don't know what will be going on in the housing market months from now. There are no guarantees that the house you buy today will double its value by this time next year. It likely will increase in value but no one knows how much. If you buy now you get the benefit of owning a home now. So what are you waiting for?
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Vacation's almost over

August is winding down, school's about to start in many areas, vacations are coming to an end and the housing market is starting to pick up again as we race toward the end of the year. Those folks who didn't buy in the summer are gearing up to hit the sidewalks and try to see as many houses as possible. The serious buyers are trying to beat the tax hike that takes effect on Oct. 1 if you buy in DC. The serious buyers are also trying to buy something so they don't miss the boat. No one knows what the housing market is going to do in the coming months so if you're in the market, you need to be in the market.
The Saturday Washington Post had an item of interest. Check it out: http://www.washingtonpost.com/wp-dyn/content/article/2006/08/18/AR2006081800476.html

If you're out there looking and you don't have an agent, give me a call. I can make the process a lot smoother for you and open a lot more doors than you'll be able to open simply by going to open houses. And when you find your dream home, I can help make the buying process a piece of cake. Call me.

Enjoy the rest of your day.

Home sales drop

The Post and USA Today are reporting the decline in home sales over the past several months. Here's what the Post has to say about it all:http://www.washingtonpost.com/wp-dyn/content/article/2006/08/15/AR2006081500373.html

Sales are dropping because the prices that houses were going for two years ago aren't there today. The market is becoming more normal. It's a good time for everyone, including sellers. If you're in the market, here's what's open this weekend for $750000 or less: http://matrix.mris.com/Matrix/Public/Email.aspx?ID=15348757363

Have a good weekend.

The selling frenzy

I recently met with some buyer clients to explain the home buying process to them and to help them understand what to expect. One thing I told them was not to believe all the media hype about what's going on with the market, listen but don't take everything to heart. I said this because everyone has an opinion about the market and there's so much information and misinformation that it can get so confusing that a buyer won't buy and a seller won't sell. It's all about selling newspapers or getting good ratings so there's a story almost everyday about what's going on in the market. The latest one was brought to my attention yesterday, a Good Morning America piece called How to Sell Your Home in 5 Days or less. Here's the link:http://abcnews.go.com/GMA/PersonalFinance/story?id=2312643&page=1.
I won't trash the ideas in the story but the reality is it takes more than five days to sell a house and while there are some good suggestions in the article, it takes a very simplistic approach to one of the largest assets you own, your home. I would proceed with caution.

Enjoy the rest of your day.

Price is everything

These days when you're trying to sell your home, price isn't the only thing, it's everything. Where it used to be location, location, location, now it's price, price, price. If you missed this past Saturday's Washington Post Real Estate section, here's info that I think is useful to those thinking about putting a house on the market in the coming months or if your house is currently on the market and it hasn't sold yet: http://www.washingtonpost.com/wp-dyn/content/article/2006/08/11/AR2006081100259.html

Getting it right the first time is hard. We all want houses to sell and sell for as much as possible. If your house is on the market and it hasn't sold, it's time for a price adjustment. When you reduce the price you get a whole new set of buyers who are looking in that price range. Throw in a little closing help and it makes people at least interested in making an offer. Hang in there though. It will sell, it may take a little longer, but it will sell.
Enjoy the rest of your day.

What's your loan?

Beware of your financing options if you are buying a home soon. There are so many programs available to people to help get them into houses but if you don't read the fine print or understand exactly what it means to you, it could cost you your home in the long run. This Wall St. Journal article explains:
http://www.realestatejournal.com/buysell/mortgages/20060811-simon.html

Also when you buy your home you need insurance. The Journal points out ways to make sure you don't get dropped by your insurance carrier:
http://www.realestatejournal.com/buysell/taxesandinsurance/20060811-loeb.html
Good information to have so I hope you find it useful.

Not many houses open this weekend. It's August and things usually slow a little right around this time. Here's the list of what's open this weekend for under $625,000, 3 or more bedrooms: http://matrix.mris.com/Matrix/Public/Email.aspx?ID=15222490812

Enjoy the rest of your day and the weekend.

The lazy days of summer

August is usually the time of year when everyone heads out of town. It's hot here and no one wants to be here in 100 degree temps. The heat also makes you very tired and lethargic. I'm feeling a little bit that way these days. It's hard to focus too.
Real estate is a bit lethargic these days too. People are waiting for things to cool off, not only the weather but the housing market too. The market's usually slow around this time of year. If you're planning to buy in the coming months and wondering where to look, check out this from the Washington Post:
http://www.washingtonpost.com/wp-dyn/content/article/2006/04/26/AR2006042601192.html

Stay cool and enjoy your day!

Catch it Today

Lots of great information on buying and selling lately in the media. They often get it wrong but yesterday's Today Show got it right. Check out this clip from the show's 6 Tips for buyers, sellers:
http://www.msnbc.msn.com/id/3032633/
Let me know if you have trouble opening this and I'll summarize it for you.

Many buyers say they want a good deal. The bottom line is if you find a house you like, it's a good deal. Just food for thought.