Tuesday, November 14, 2017 / by Brittini Martinez
For the past few years, sellers have had all the power in the local real estate market. Today’s buyers and sellers are accustomed to a market marked by rapidly increasing prices, low inventory, fast offers and bidding wars. But real estate is cyclical and a perpetual seller’s market can’t last forever.
In terms of supply and demand, it’s still very much a seller’s market. But we’re seeing some small signals that the market may be shifting back — just a little — toward buyers.
First, let’s analyze the regional data. Across the Washington area, the number of homes for sale has fallen year over year for 18 months straight. The region had about 2.6 months of supply in September, well below the six months that represents a market balanced between buyers and sellers. Homes are still moving quickly, with the typical property finding a buyer in 27 days, six days faster than last September.
Economics tells us that fewer homes for sal ...
Monday, November 13, 2017 / by Brittini Martinez
When you go through the process of buying a house, you might have to change the real estate closing date. It's actually fairly common for the buyer or the seller to request this kind of adjustment, so don't be alarmed if it happens to you. Let's take a closer look at the closing process and why someone would want to reschedule a closing date in the first place.
What is closing on a home?
Closing represents the scheduled day, after a seller accepts a buyer's offer, when the parties meet and sign the final paperwork. The whole process from accepted offer to closing typically takes an average of 50 days. During that time, attorneys draw up contracts, and dozens of other parties—from title agents to mortgage lenders—finish completing the transfer of a property.
Why change a real estate closing date?
But sometimes the buyer or seller wants to speed up or slow down the process, and that requires changing the clo ...
Monday, November 13, 2017 / by Brittini Martinez
Homeowners association rules can be what attracts someone to a new home ... or what drives them away. But if you're on the fence about whether you want to live in an area with an HOA and abide by the rules, it's worth investigating the particular neighborhood and finding out more.
The difference of opinion on homeowners associations, or HOAs, depends on several factors, including individual personalities and preferences and the quality of the particular HOA. Rules and dues vary but, in general, homeowners who live in an HOA must abide by its regulations and pay a monthly, quarterly or annual fee that pays for management and maintenance of the community.
Many homeowners prefer to live in an HOA for several reasons, including:
Community appearance: Homes within an HOA must meet the standards set by the association or face a fine, so you're less likely to see unkempt lawns, peeling paint or a garishly painted house. Some HOAs have ...
Monday, November 6, 2017 / by Brittini Martinez
Looking for something fun to do with the family before the Holidays? Check out these events going on in the Capital this month!
Scott Kelly: A Year in Space – Nov. 3George Washington University’s Lisner Auditorium will host astronaut Scott Kelly in conversation with NPR’s Joe Palca. Kelly has participated in four space flights and holds the American record for most consecutive days spent in space. With his new book, Endurance: A Year in Space, A Lifetime of Discovery, guiding the way, Kelly will share stories and experiences that you will not hear anywhere else.7 p.m. | TicketsLisner Auditorium, 730 21st Street NW, Washington, DC 20052
2017 Local First Awards – Nov. 9Local businesses that make DC thrive will be honored at Blind Whino SW Arts Club on Nov. 9. The event begins with awards for seven categories, including Maker, Ripple Effect, Green Thumb and Builder (check out the event page f ...
Thursday, October 19, 2017 / by Brittini Martinez
These days, if you're looking for ideas around home staging and improvement, all you have to do is turn on the TV. With dozens—dozens!—of real estate reality shows dominating prime time, you could conceivably never run out of inspiration to make your home stand out.
And sure, you might feel empowered after watching designers and builders knock down walls, repaint with bold colors, and then style the result with ornate throw pillows. But emulating these shows can be a slippery slope for sellers.
Somewhere along the way, these programs have created DIY monsters out of homeowners who think they can easily replicate what they see on TV. The result? A property that's nearly impossible for brokers to market and sell.
We're not saying you should never take your cues from these shows. But you should know the reality of reality TV advice—before your wallet is empty and you're knee-deep in shiplap. Here are seven pain points for a ...