REAL ESTATE MARKET UPDATES

OPEN FOR BUSINESS – Covid-19 Update

March 20, 2020 – It’s been a challenging few weeks across our country, as the coronavirus (COVID-19) pandemic has grown. Numerous employers, including our own team at Long & Foster, have moved to a telework capacity, helping ensure the safety of our teams and the broader community. Putting people first is our priority, as it […]

What Effect Do World Events Have on the U.S. Housing Market?

Mortgage rates: buyers should have more purchasing power throughout 2020.
Consumer confidence. Consumer confidence is an economic indicator that measures consumer optimism about the economy and their personal financial outlook…

Keeping Up With the Value of Your Home!

Start with instantly learning the estimated value of your home by using our personal home value calculator. Next, for a more in depth evaluation you will want to contact us so we can perform a market analysis, taking in to consideration comps in your neighborhood and surrounding areas. This will allow us to give you an accurate assessment of yours homes value.

When assessing the value of a home you have to look carefully at many factors and conditions. Some of those factors and conditions may include:…

Key Developments in the Real Estate Market: What Happened in 2019? What Can we Expect for 2020?

Key Developments the Real Estate Market: What Happened in 2019? What Can we Expect for 2020? Interest rates were low, so money was cheap. Demand for housing was ample, although supply was limited. Homeownership rates rose, thanks to low mortgage rates. Healthy conditions were reported in the job and stock market. Concerns lowered for a potential recession. Altogether, 2019 brought positive news to the housing market and 2020 is likely to see the same. If you’re interested in learning more about the market or looking to buy or sell this year (or if you know someone that may), let me know. I’m here to answer all your questions.

Real Estate Market in 2020

Washington DC real estate market indicators:

Resolution of uncertainty in the world economy could affect interest rates.
Consumer confidence will remain strong.
Inventory issues will continue to affect buyers looking for low- to mid-priced homes.
New construction, especially of starter homes, may slow.
Price appreciation will remain healthy.
Home sales will be brisk, particularly for low- to mid-priced homes.

2019 Home Buyers and Sellers

As the cost of homeownership increases and options remain thin, family is stepping in…

By Suzanne De Vita RISMEDIA – Among first-time homebuyers this year, 32 percent depended on family or friends for financial help purchasing, commonly in the form of gifts or loans, according to the 2019 Profile of Home Buyers and Sellers, the newly released annual National Association of REALTORS® report.

A Record Year
Within the report, there were many records set this year—a marked sign of the times.

Of all homes purchased, just 13 percent were new—an all-time low.
Of all homes sold, just 8 percent were FSBOs, closing in on the lowest on record.
The average first-time homebuyer is 33 years old—the oldest on record.
Of first-time homebuyers, 17 percent were couples that were unmarried—a high rate, compared to the historic trend.
The average non-first-time homebuyer is 55 years old—a high hit in 2018, and repeated this year.
Of home sellers, 16 percent bought closer to family and friends—the most common motivation in the report, and a first as the most popular reason. 

Understanding Home Appraisals

Home appraisals If you’re selling your house, your real estate agent can provide the appraiser with a copy of your home plans, noting unique and desirable features that are helpful for determining the home’s value. Whether you’re buying or selling real estate, an accurate appraisal is key to the transaction’s success. When the appraisal is […]

No Housing Bubble

Home Values: DEFINITELY NOT in Bubble Range!! There are some industry pundits claiming that residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of home prices from 2000 […]

DC Real Estate Market Trend History

The DC real estate market trends in home sale prices has many people talking about home values in terms of where they are now, where they were and, of course, where they are headed.  It’s interesting to look back and see how home prices compare to values prior to the housing crisis. Annually, Freddie Mac releases their House […]

Housing Bubble?

According to Warren Buffet:  “There is no housing bubble”   May 5,  2016.  With nationwide home prices expected to appreciate by more than 5% this year, questions are arising about  the possibility of a new housing bubble forming. Warren Buffet addressed this issue last week in an article by Fortune Magazine… “I don’t see a nationwide […]