Dear Friends and Neighbors –
We hope you and your families have enjoyed, or are enjoying, a little “spring break.” Warmer temps bring greener lawns, blossoming trees & flowers, and people outside everywhere! Spring has sprung!
And if being outside makes you want to paint the house or get a jump start on landscaping, see the article below that discusses where you will get the most bang for your buck with home renovations. And if you need help finding a handyman, painter or electrician, check out our preferred vendor directory.
Those of us in the DMV think of I-495 traffic when we hear the word “gridlock.” But a recent report from Trulia has used the word to describe the housing market both at a national scale, and in hot markets like Washington DC. After the market crash in 2008, home values dropped severely; owners either stayed put because they weren’t going to break even, or had to foreclose their home. More often than not, foreclosures were bought up by investors who converted them to rental properties, thus decreasing inventory.
Home values in the DC Metropolitan area are recovering nicely, but primarily impacting premium homes. This has caused a large price spread: first-time homebuyers can get an affordable starter home, but find the price gap to jump to a long-term residence nearly impossible to bridge. Meanwhile, potential sellers are still feeling nervous (despite regaining their equity) and are not in a hurry to “trade-up.” This means there is little inventory, and buyers are getting priced out of the few available options. However, the good news is that builders have begun to see strong profit margins again, which allows for expanded new construction at all price levels, heating up the frozen market. Sellers are starting to get wind of that so if you’re thinking about moving, it’s a great time to contribute to the inventory!
Some good news for buyers though. Mortgage rates are dropping for the third week in a row. At the start of the year, rates went up about 1/2 a point. Since then, they’ve been going up and down, around the 4.1-4.3% mark. This is one of those low points, so take advantage of it! And there couldn’t be a better time for it than the beginning of the spring season – when there are 25-55% more listings in the area than last month, and those sales happen in fewer days on market. Spring has sprung!
Wydler Brothers Is Growing: We proudly welcome the newest member of our brokerage!
Kyle comes to Wydler Brothers from Arizona, where he has held his real estate license for 6 years. During his time in real estate he has focused on developing lead systems, CRM and recruiting strategies to not only help the brokerage grow but also help agents grow as well. Kyle graduated from Fairfield University, where he double majored in Economics and Management, and was captain of the Mens Cross Country Team.
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