Dear Friends and Neighbors –
School’s out! Between camps and internships, kids these days stay just as busy as during the academic year. But if you’re looking for a family night out in D.C., check this list of free things to do around the nation’s capital this summer.
But remember, it’s always a good time to be thinking about real estate. “Frank”ly speaking, you’ll want to check out Frank Lloyd Wright’s Pope-Leighey House in Alexandria and Frank Underwood’s Victorian townhouse of House of Cards fame (if you haven’t caught up on season 5, summer is the perfect opportunity).
We often give a negative connotation to the term “millennial.” And yes, while they might spend a small fortune on avocado toast, they have been unfairly accused of slowing down the housing market. Even though it is overall cheaper to buy than rent in our market, the initial down payment needed has presented first-time homebuyers with a hurdle worthy of the Olympics. The oldest millennials are just now feeling established with their careers and their relationships. Naturally, single people are less likely to seek a “permanent” home; now that millennials are getting married and can take advantage of multiple incomes, they are finally looking to commit to a spot in the real estate market.
Don’t expect a huge uptake just yet though – right as this generation is gearing up for the big purchase, interest rates and home prices are on the rise, creating more roadblocks. And this is not anyone’s fault. Your home may actually be worth the $2 million price tag (although don’t rely on Zillow when determining a list price), but income levels are not keeping up with increasing home values. Because of this, in some pockets of the market, it may take longer than expected to find the perfect buyer. In the meantime, sellers should maintain curb appeal to maximize showings (but be careful out there!).
Wydler Brothers Is Growing: We proudly welcome the newest member of our brokerage!
A Realtor since 2001, Kesh consistently ranks among the top producers in the local real estate market. Born and raised in the area, Kesh has the experience and local know-how to help clients make the best possible decision. Kesh holds degrees in Electrical and Computer Engineering, allowing him to approach commercial and residential properties with a thoughtful and analytical view. He excels in navigating the complicated terrain of lot acquisition, reverse engineering, structural design, and bridges the gap between matching client needs with the right builder. Kesh has the unique ability to take a strategic, yet personal approach to the home building process.
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That’s a loaded question given the lack of information you’ve shared with us, but we’ll try to give you some guidance.