DC’s Capitol Hill real estate data brings good news to home sellers.   In our 20003 ZIP code  this year’s prices have gone up 3.86% over last year’s same time period (through October 31).

Current trends promise home sellers favorable conditions for the time being and into the near future:

• The average number of days on market is down, from 50 to 43.

• The average “sold price” to “list price” was 97.8%.

• The current absorption rate is just under two months — that means if there were no new listings introduced, it would take two months to clear out all of the inventory. A balanced market is 5-7 months. Short inventory and high demand favors sellers.

Further, the National Association of REALTORS® showed Existing Home Sales climbing 2.1% and home supply fell to a multi-year low. Analysts believe that a home supply of less than 6.0 months favors home sellers. At the current sales pace, the entire U.S. home inventory would be sold in just 5.4 months.

Just as I’ve said for a few years now – short inventory and high demand favors home sellers.

Homeowners, if you are thinking about selling, don’t be shy. Have me over for a consultation and let’s get your place ready to list by January with a winning home staging plan.  If you have concerns about winter weather, I can assure you that there is no discernible pattern suggesting that prices drop off during the winter months.

If you are thinking of entering the market as a buyer, be prepared for competition and keep this solace in mind: since rates are still so low, you have great buying power. Stick with it and if you lose one house, remember there will always be others.

Signing off,

Jessica

Selling your home during the holidays requires additional  flexibility and preparation. For those who can manage it, the holidays can be a good time to sell.

Sales may be slower, but prices are not lower. That is really good news for sellers. Again, while every year has had spikes and drops, there is no discernible pattern suggesting that prices drop off during the winter months.

Holiday season buyers tend to be serious and are often more motivated.   They may be families relocating for job changes or those who’ve recently sold a home and need a new place to live.    Your buyer could also have goals or time frame deadlines they are trying to meet by  the end of the year, giving you a more solid escrow, as well.  And some buyers just prefer the more relaxed environment with less competition for  properties and more attention from agents.

Home staging is more important during the holidays.   When selling your home during the holidays you can use the festive atmosphere to make your home outshine other listings.  In our Capitol Hill neighborhood, potential buyers pass by on their way to shops and holiday events. Make sure their first impression brings them back.

• Outdoor holiday decorations should tastefully draw attention to the unique and attractive design elements of your entry.  Create an inviting mood with natural seasonal materials such as wreaths, florals, and lighting.  Word of caution – decorate with restraint.
• Warm up your home and your buyers with freshly baked treats, a comfortable thermostat, and a few well-chosen decorations.  Remember the “less is more” phrase and keep surfaces clear when possible.
• Remember when decorating that potential buyers need to envision themselves living in your space and may not share your cultural or religious customs

Something to learn from all this: if you are a homeowner considering selling your home on Capitol Hill this holiday season, keep in mind that excellent interest rates  and motivated buyers lead to successful sales.  I can help with your home staging plan.  Contact me to see how quickly we can get your home sold!

Capitol Hill real estate trends that clearly favored the home buyer in early 2012 have moved in the direction of the seller as the year draws to an end.  

I believe that 2012 will be remembered  by successful home buyers as the year for a good deal.  In February  I wrote that “A combination of historically low mortgage rates and declines in home pricing are resulting in the most affordable home market in two decades.”

The housing recovery is real. Earlier this fall, the trends favored both buyer and seller when the low mortgage rates were bolstered with increasing consumer confidence. Most recently the trends – short inventory and high demand – favor the home seller, with both asking and sales prices on the rise.

In 2013, the expansion of housing inventory will boost the continuing recovery of the  real estate market.

Jed Kolko of Trulia, forecasts that in 2013 we will need to see the expansion of the “for sale” housing inventory, which has fallen 43% nationally since the summer of 2010.  The current low levels, in part due to the low prices, are depressing sales.

“Rising prices should lead to more inventory, for two reasons: (1) rising prices encourage new construction, and (2) rising prices encourage some homeowners to sell. The big question for 2013 is whether today’s price gains will continue strongly enough to encourage builders to build and homeowners to sell. Why it matters: more inventory will lead to more sales and give buyers more homes to choose from.”

Our local DC economy is healthy. The availability of jobs encourages people to move to the area and, once settled in, few want to leave.  The housing inventory is low.  High demand for residential housing is pushing up the prices, and many home sellers are receiving multiple offers.

In the DC area the  positive indicators of strong job growth and low vacancy favor a healthy housing market.

I predict that, in 2013, Capitol Hill real estate trends will increasingly favor the home seller.

If you are thinking about selling a home, contact me.  I would love to start the New Year working with you to sell your home.

In signing off, let me wish you a Happy and Prosperous New Year!

Jessica

For DC home buyers planning to venture into the home foreclosure market, there are well-priced homes for sale.

If you are considering buying a home in DC, you may want to consider buying a foreclosed home, also called a real estate owned (REO) or bank-owned property. Current data indicates that banks are seeking alternatives to foreclosure, so now is a good time to explore the home foreclosure market.

Why look at foreclosed properties?

Housing prices are still below their peak in 2006, and another wave of foreclosed properties is expected to hit the housing market this year as banks unload their backlog—offering homes at low prices. Washington, D.C. and New York have shown relative strength and have home prices at least 50% above 2000 price levels, but still below their peak.

How do you find a foreclosed home for sale?

In the DC area many foreclosed homes are listed for sale the same way as traditional homes. In addition to searching the usual resources such as newspapers and online real estate listings and websites, you will want to search various bank and government websites for REO properties. Simple online searches for “REO properties” or “foreclosures” will result in a variety of online property resources and listings.

As your real estate agent, I can help you search for the best foreclosure properties.   The two most common ways of buying a foreclosed home are through a real estate agent or through a public auction.

How is buying a home from the foreclosure market different? 

A foreclosure property is often sold “as is.”   This means that the home inspection is critical to you as a buyer. Be sure to have a licensed home inspector evaluate the condition of the house.

• If owned by a bank or real estate company, a record of repairs and maintenance property may not be available.  As a result, the bank is often unable to verify the condition of the property or complete a Seller’s Disclosure.
• The cost of any repairs will become your responsibility. When buying a home “as is”, you will need to factor in the costs of the itemized repairs in addition to the mortgage payment.

The best advice I can give you is to engage an experienced real estate professional when buying a home from foreclosure properties. As a real estate agent, I have the expertise to guide you through the foreclosure process, including the contracts and home inspections.  Contact me to set up our first meeting.

Signing off,

Jessica

If you are selling a home, expect home buyers to be alert to any signs of water damage.  Learn  how to protect your home and minimize the damage of most storms.

Recent unusual weather events have led to increased concern about potential wind and water danger to our homes. Visual images of devastation are hard to ignore. With the approach of winter weather, you may be apprehensive about selling a home.  But basic maintenance strategies, from repairing the roof and securing insulation to cleaning the rain gutters, will help protect your home from most storm related damage.

Consider the surprisingly easy yet critical annual task of maintaining rain gutters. Clear rain gutters protect windows and doors, siding and even your home’s foundation from too much concentrated moisture.  If your home has multiple stories or you are uncomfortable using a ladder, consider hiring a handyman to complete this task.  In many Capitol District neighborhoods, high roof lines and difficult access   warrant professional help.

Here’s what you need to know whether you decide to hire someone or do the job yourself:  

• Use a safe and solid ladder to reach your gutters. You will need to move the ladder frequently – do not stretch to reach far  areas.

• Wear protective gear, such as goggles and work gloves – you never know what you’ll find up there!

• Use the right tools.  A small hand shovel  and bucket or disposable bag should be sufficient. You can also use a scrub brush as needed.

• Test it out. Once the gutter is clear, use your garden hose to have a practice storm and track the flow of water racing through your cleaned rain gutter.

• If all is well, your work is complete.  If not, look closely at your drain pipes to make sure they are not clogged as well.  Your gutter slope may need to be adjusted.

Need advice?  Contact me for help in finding critical products and services when you are selling a home.   The current market is positive for home sales and clear rain gutters will draw attention to your home’s overall sound maintenance.

The home buying process can be tricky and you want to get the best deal possible.  How can you be sure that your new home is the best you can afford?

Actually, as you begin the process of buying a home, your smart choice is to do a little research and then work with a  Capitol Hill Real Estate agent who knows the local area. You’ll be ahead of the game if you rely on your agent to share their knowledge of the neighborhood you are exploring. Your Capitol Hill real estate agent can give you the data on similar property values, market trends, crime statistics, and the local schools.

When you trust your realtor to help you in determining home pricing and neighborhood values, you’ll find the home buying process much easier. Whether you are a first time home buyer or have already dealt with the sale and purchase of a home, information about the home buying process can help make your experience a successful one.  Experienced realtors identify steps or stages in the process and work with you to make sure that the tasks of each are completed successfully.

This series, Wilkie’s Steps to Buying a Home, is based on my experience as a Capitol Hill real estate agent. Think of it as a tool kit for you to use as you navigate the various stages of the home buying process such as selecting a realtor and loan pre-approval.  I am ready to help you find the best value in your home purchase, and to guide you with the most current information available.   Check out my blog in the coming weeks for additions to the tool kit.

BONUS:  If you want to do your own research on any area, here are some resources for you to consider.

• General Town Info – City Data  (Also check out individual town websites.)
• Local Business & Entertainment – Yelp
• Crime Stats – Neighborhood Scout
• Sex Offenders – Federal Resource
• School Stats – Great Schools

When you are selling a home be aware that potential buyers consider the school district and the individual schools when evaluating the neighborhood.

You are selling your home.  You know that location is important.  As you look around your neighborhood, notice the back- to- school sights and sounds.  Remember that the quality and reputation of your local schools will have an impact on your home sale.   Some buyers actually start their search with the quality of the school district in mind.   Parents look for the most affordable homes AND the best schools.

Buying a home in a good school district is always smart.  According to a recent article in Philly.com, research shows that “top-rated schools boost property values more often in affluent suburban and urban neighborhoods.”  When the schools are desirable, homes tend to hold their value. If you are selling a home, you need to be aware of how the schools are doing.

So, when selling a home in DC’s Capitol Hill neighborhoods, what information do you need to know about your local schools? Remember, statistics change year to year, but general trends can be determined.  Some things to consider:

• Academic curriculum
• Extracurricular offerings
• Class size and diversity
• Per child expenditure
• The teacher turn-over rate
• Student test performance
• Parent satisfaction ratings

Sellers AND buyers can find comprehensive information about Capitol Hill neighborhood schools in the Explore section of my website.  For more information about all DC schools, go to www.education.com/schoolfinder/us/district-of-columbia/district-of-columbia/

Have questions or need more information?  Contact me - I live and work in the district and would love to help you sell your house.

When selling a home in Capitol Hill, there are many factors to consider if you plan to renovate.  Information is available to help owners select cost effective projects that add to the market value.

The Twelfth Annual Renovator’s House Tour of Capitol Hill homes gives both residents and visitors a chance to walk through our neighborhood and look at renovated  homes that owners don’t want to sell.   Like most of my neighbors, I  look forward to this walking tour of featured home renovation projects.   The tour promises  “clever solutions to everyday problems” and  “how to create the house of your dreams on a real-life budget.”   For this homeowner it doesn’t get any better.

But any walk through the Capitol Hill neighborhood will show plenty of homes that are for sale.    As a real estate agent  I  pay attention to return on investment (ROI) data.  I know that when you are selling a home  few home renovation projects will result in a dollar to dollar increase in the market value of the property.   For example, if you spend $50,000 on a new kitchen, it may only increase the property value by $40,000 (20 percent) or so.

How do you decide which renovation projects to undertake?  A good Realtor will help you decide where to invest your dollars to get the best ROI when selling a home. Your budget and the market conditions of your neighborhood will also help answer this question. Here are some updates on the “renovation rule of thumb”:

• ROI is improved when the investment makes a property bigger, more efficient or less costly down the road.
• Added living space from new additions, basement or attic remodels are usually very successful, assuming the costs are kept under control.
• Updated and efficient systems such as heating and plumbing, or a new roof will also be welcomed by potential buyers.
• Patios were among the top 10 features that buyers want in a new house.
• Curb appeal – fresh paint, welcoming entrance, coordinated landscaping -  is enormously important.
• Keep the “artistic” choices to a minimum.
• Avoid improvements that overprice your house for your neighborhood.

For your home renovation projects, invest in things that will bring you enjoyment and happiness in your home.  As the real estate market has slowed, we’re all staying in our homes for longer periods than we were in the 1990s to mid-2000s.  The value of enjoying one’s home?  Priceless.

Whether you are selling a home or not,  I can help.  Contact me to talk about your home renovation plans and their market value.

Now, I love a classical Victorian rowhouse as much as the next person looking for the perfect piece of Capitol Hill real estate, but this house, while traditional on the outside, is a modern delight to behold on the inside.

The owner is an architect… and it shows. The house was completely gutted, and they integrated the previously separate basement unit back into the house to create a lyrical three-level home, with clean lines and a dramatic two-story high skylight above the living room fireplace.

As with most homes designed by an owner with an artful eye (and the know how to pull it off in style), thoughtful details abound — beautiful stained-glass windows, for example, in unexpected places.

The location is good–great walkability to the H St NE corridor, Eastern Market and Barracks Row. And (as if the rest of this wasn’t enough) it’s got a roomy garage! Every Hill dweller knows that is a big plus around here since parking can be a challenge.

Check out the full listing and see more pics here.

If you’d like to see this home and are not yet working with a buyers agent, give me a call and I’d be happy to show it!

Located at 5th & E NE. Listed by DCLiving Real Estate.

Buying a home can be a challenging process. You are about to make the most expensive purchase of your life in an emotionally charged decision making process.   An experienced and knowledgeable realtor can ensure a stress-free and seamless transaction.

Selecting the right realtor is a must first step in the process. What are you looking for in a realtor?

• Neighborhood specialist.  If you have already picked out the desired neighborhood, you will want to work with someone who knows that area.  Check out current listings, and ask friends for recommendations  – local realtors are usually well known.  Review websites of prospective realtors for recent sales

• Commitment to your success.  You want your realtor to be constantly on the look-out for your perfect home  and to utilize all the information and tools available.  Your real estate needs should be high priority throughout the process, with specific goals and a timeline in place.  As a buyer, in negotiations with the seller’s realtor, your needs are best served by a dedicated realtor.

• Personal connection.  The process of buying a home involves months of intense interactions with a realtor.   Interview your candidates.  This can be as informal as a short  conversation at an open house  and a follow-up phone call.  Can you get along with the person for the length of the process?  Is she someone you can depend on for advice and guidance in your decision making?

• Credentials.  When buying a home, it is important to trust the team that will represent you, from your realtor to the escrow officer and mortgage broker. Checking on certifications or credentials can bring peace of mind and help you as a consumer feel more “at home” with the real estate professionals with whom you will work.

Check me out.   Review my website and blog.  Ask me about my training, my credentials, and how well I know your area.   If you are looking  to buy a home in Capitol Hill , I am ready to use my knowledge and experience to make your home buying process a success.