A shift in the market we haven’t seen before

At the start of the year, we predicted that this year’s Washington, DC metro area real estate market would look a lot like 2018: stable contract activity, modest price appreciation, stable mortgage interest rates, and continuing low inventory. With over half of the year in the books, we were mostly right – with one glaring exception: the inventory of available homes.

Easy ways to keep water out of your basement

Before you spend thousands or tens of thousands of dollars on “fixing” a wet basement, be sure you are not inviting water in!  Follow these surprisingly easy steps to keep water from your roof and grounds from entering your house.

Most of our Home Inspectors say 95% of wet basement issues are fixable outdoors for just a few hundred dollars.  They say there are 3 easy steps:

How do I know if it’s time to downsize?

Many empty-nesters and beyond debate that question almost daily. Residents often remain in their big homes almost by default – it can be hard to imagine a move. But ask yourself: “Will I be better off if I move? Will I get more out of life if I don’t have to maintain a large house? Could I use the extra time to travel, go to the theater or become engaged in that “cause” I have always wanted to? In short, is staying put actually holding me back from enjoying the things I have always envisioned for the next stage of my life?

For many, the answer is yes. Making a change in housing can be a step toward living life to the fullest.

Millennials feel the pinch: The impact of rising mortgage rates

As millennials are entering their prime as homebuyers, they are feeling the pinch between very low inventory for entry-level priced homes and rising interest rates in the metro DC market.

5 Most Expensive Homes Sold in Reston in 2016

Here are the five residential transactions that closed for the highest dollar amount in 2016:

11990 Market St.

1830 Fountain Drive

1484 Waterfront Road

2637 Fox Mill Road

11570 Lake Newport Road

1. 11990 Market St. #2101 sold for its full asking price of $1.6M. The 1BR/3BA, 2,075 sqft penthouse-level unit carries a condo fee of $1,165.42/month.
2. 1830 Fountain Drive #1505 sold for $1.525M (listed at $1,549,900) received a contract after 234 days on the market. The 3BR/3.5BA penthouse in The Paramount boasts 3,000 sqft and a $1,178/month condo fee.
3. 1484 Waterfront Road, $1,347,500 (5BR/3.5BA)
4. 2637 Fox Mill Road, $1.335M (5BR/5FBA/2HBA)
5. 11570 Lake Newport Road, $1.3M (5BR/3.5BA)

Comparatively, in 2015, here are the five residential transactions that closed for the highest dollar amount:

1. 11308 Stoneledge Court, $2.3M (8BR/11FBA/2HBA)
2. 11990 Market St. #2104 closed at full asking price of $1.7M. The 2BR/2.5BA penthouse unit of 1,986 sqft has a $1,041.78/month condo fee.
3. 11310 Stoneledge Ct., $1.6M (5BR/7BA)
4. 1203 Bishopsgate Way, $1.5M (7BR/6.5BA)
5. 11569 Lake Newport Road, $1.5M (4BR/3.5BA)

As of Jan. 1, 2017, there are 157 properties on the market in Reston for sale, ranging from $129,990 for a 1BR/1BA in Thoreau Place (a 55+ community) to $1,299,900 for a 5BR/4.5BA single family home in the Estates at Wyndham Hills.

2017 Real Estate Predictions for Northern Virginia and Washington, D.C.

A new administration, rising interest rates and a housing market that continues to be competitive will make 2017 an interesting year for real estate. Here’s what I’ve seen on the ground this year in Northern Virginia and Washington, D.C. and predict for the year ahead.

Fall Foliage in the DMV

Image credit McEnearney Associates

No matter how long you live in the Washington D.C., Maryland or Virginia area, you can never get tired of gorgeous fall foliage. The reds and yellows and oranges are so intense, and driving through the countryside and mountains gives you the pleasure of watching the most stunning season change ever.