2014: Real Estate Whiplash
This year demonstrated a bit of a freeze-thaw in terms of real estate activity. The front end of the year proved to be typical of most fast-paced Spring Markets in the DC Metro Area. Buyers were out in droves competing for properties that were properly priced and prepared to sell.
Midway through the year, inventory dried up, leaving less for buyers to choose from. Competition drove prices skyward, and in many jurisdictions, property values increased dramatically this year. However, buyers have also grown weary of bidding wars and escalations, leaving some choice properties to linger on the market, forcing price reductions.
During my seven years of selling real estate, each year has offered a different set of interesting scenarios. This year was no different. What does next year hold in store for us? McEnearney Associates market expert, David Howell, has a few thoughts that 2015 will look much like 2014. READ MOREMeanwhile, the Fed continues to keep mortgage rates low and lenders continue churning out innovative new loan products that help buyers get a foot in the door. Thanks a wrap for #UrbanCastleDC for the year. From my home to yours, wishing you very a happy holiday season!
If information is power, my goal is to help make you the most powerful consumer on the real estate market.
- Brett
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News and Trends
LOGAN CIRCLE HOLIDAY HOUSE TOUR
Mark your calendar Sunday, December 7th 1pm to 5pm for a Logan Circle tradition - the annual Logan Circle Holiday House Tour! READ MORE
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REALTOR MAGAZINE
Did Mortgages Just Get Easier to Obtain?
Fannie Mae and Freddie Mac's new lending guidelines went into effect Monday, which are expected to help loosen up the tight credit standards that home buyers and refinancers have faced in recent years. READ MORE
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WASHINGTON BUSINESS JOURNAL
D.C.-Area Housing Prices Rising Slower than Other Big Cities
Your house or condo is still probably worth more than it was a year ago, but price gains in Washington trail many other big cities. READ MORE
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THE WASHINGTON POST D.C. Council Approves Soccer Stadium Deal, Paving Way for Games in 2017
The D.C. Council voted Tuesday to approve a stadium for the D.C. United soccer franchise, making way for a second pro sports facility near the banks of the Anacostia River and probably ending the team's decade-long search for a new home. READ MORE
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Housing Inventory that Rocks!
As of December 4, 2014, DC boasts 1,248 properties actively on the market for sale. That excludes FSBOs (For Sale By Owner) and pocket listings. Here's a look at inventory by price range throughout DC's hot 20011 zip code, which includes 16th Street Heights, Crestwood, Petworth and Brightwood 131 total properties on the market):
(31 total units available)
(43 units available)
(53 units available)
(6 units available)
(0 units available)
Not shopping in the 20011 zip code? Feel free to check out plenty of inventory throughout the DC Metro Area, or book some time with me for a free discussion about your real estate goals.
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