Tuesday, August 4, 2009

Summertime in Potomac

It has been such a wonderful summer so far.

The weather has been cooler then normal allowing us to stay outside much more often then usual. My air conditioning bills are lower then normal, and sitting out on the back porch with a glass of wine is a treat during cool summer evenings.

Also unusual is the dynamic nature of the local real estate market. Instead of shutting down for the summer, the market has been hotter then the August weather. Inventory in the Potomac area is the lowest it has been in almost 2 years.

What does this mean? I believe we have hit the real estate "bottom" that everyone is looking for. Sellers are becoming more realistic as to the value of their property and those that price right are rewarded with a quick contract. This allows them to go out and find a deal on a new home to replace the one that sold. For a change, the market seems healthy.

Most houses priced at $1mm and below are moving quickly. It is much easier to finance these homes with attractive rates and lower down payments. The market at $1mm and above is still suffering a bit. To sell in this range, a home has to VERY aggressively priced to stand out in a large inventory. The financing in this range is a bit more difficult as required down payments are much higher then they were in the past, and rates are not nearly as attractive. The available pool of buyers for these homes are fewer in numbers then they were in years past. It is still a buyers market in this range.

Anyone that is considering selling a home should be speaking to me NOW. We have 3 weeks to get your home prepared for sale with a plan to aggressively market it after Labor Day. The buyers will be out in the Fall, and those that are ready for them will sell their homes quickly and for the highest price.

My last 2 listings sold within 3 weeks. Both were priced right and we planned a marketing campaign in The Washington Post, Craigslist, Direct mail, Open Houses and telephone marketing. The amount of traffic generated by the neighbors and friends that came to the open houses contributed to multiple contracts on both properties. My sellers were very pleasantly surprised that my claims to generate this traffic came to fruition. 25+ years of experience has its advantages!

If you are looking to list or sell your property in Potomac, Chevy Chase or Bethesda - Call me today. You will be pleased at my philosophy of under promising and over delivering. Most important, your smile at settlement. This is when you truly realize you made the right choice and got the best person for the job.


Happy Summer!