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All About District of Columbia Real Estate

By Buzz Mackintosh, “Experience, reliable, leadership”
(Mackintosh REALTORS)
  On Tuesday I attended the NAR mid -year legislate meetings, trade show and then joined the Maryland FPC - (Federal Political Coordinator)  team for the 2024 Hill visits.  My morning started by jumping into rush hour traffic to the Shady Grove Metro station. I arrived at the convention center and wandered around the trade show before meeting the other FPC's to take a bus to Capital Hill.  Our group from Maryland was divided up based on the representatives from our specific districts. Our group visited Congressman David Trone of the 6th district in Maryland. After going through security in the Rayburn Building we made our way to Congressman Trone's office where we were able to discuss the NAR priorities with his Staff. We each took turns sharing experiences and explaining why each of ou...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Mother's Day is such an important day to me, not only because I myself as a mother but to celebrate all women out there who strive to be a better loving figure in and out of their homes, becoming the best moms they strive to be. So to all amazing moms out there, this one's for you!I'm thrilled to announce a special giveaway! One lucky mom will win a $150 Visa gift card to treat herself to a spa day! Because let's face it, moms deserve ALL the pampering in the world!To enter the event, like or comment on this post,and tag a fellow supermom who deserves a spa day too! Each tag counts as one entry.Giveaway is drawn on Friday, May 10th, so make sure to get your entries counted. Happy Mother's Day!
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By Patricia Kennedy, Home in the Capital
(RLAH@properties)
Cleveland Park really has it all. There is a Metro Station, the National Zoo, and lots of interesting neighbors. It's got some wonderful old houses, a few dating back to the 1700's.  Most were built to allow the citizens of Washington to get away from the hot, humid capitol with its heat, humidity and especially aggressive mosquitos. Some are Victorians and others Queen Ann. There are many architectural details. like turrets, gables, and gingerbread. There is nothing cookie-cutter about this neighborhood.    Houses: There are only two for sale right now - the good ones fly off the shelf in about a nano-second: View Listings  One is listed for $2875,000. It's situated on a heavily wooded lot surrounded by parkland, and it's new construction by Washington standards, built in 1989.  The ot...
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
Zillow Introduces Non-Exclusive Touring Agreement Hoping Agents Will Work Free To Support ThemThis week, Zillow published a 'non-exclusive touring agreement' for home buyers and agents, with the suggestion that the real estate industry adopt it as a model for such agreements nationwide. It guarantees that agents will not be paid for consultation with buyers regarding specific properties, and assisting buyers in locating and touring properties. The agreement also states: "In connection with providing the Touring Services, Broker shall adhere to any and all non-waivable duties required under applicable state law for real estate brokers working with a consumer in a non-agency capacity."The term of the agreement is 7 days. Buyers are free to sign as many of these agreements as they like, co...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Let's jump right into the latest scoop on the DMV housing scene. Things are buzzing across the board, with condos taking a breather. The snag? Interest rates are giving buyers a run for their money, but the luxury market ($1.2m to $1.5m) is still sizzling, from cash deals to hefty down payments.Who's in the mix? Many buyers are cashing in on equity or upgrading to dream homes. Surprisingly, 39% of homeowners nationwide are mortgage-free, eyeing luxury digs.Hold tight - Fannie Mae predicts a steady 6% interest rate ahead. Waiting for a dip? Don't hold your breath, at least for 2024. Meanwhile, median home prices are soaring, and days on the market are ticking away.But here's the kicker - inventory is on the rise. Options aplenty for buyers, though properties fly off the shelves, often by...
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By Patricia Kennedy, Home in the Capital
(RLAH@properties)
Here is the DC area, many buyers steer away from cooperative buildings. Usually it has something to do with the ground rules for living in the complex. Oh, and there is also a usually pleasant meeting with to members of the coop Board who must approve your purchase. Still, some of the most desirable units in the area are located in coops, and most are worth the potential hazards inherent in the process for buying. Some of my favorites include Tilden Gardens, The Westchester, The Broadmoor and the iconic Watergate - and there are many more. Right now, there are 100 coops for sale in Northwest Washington, with prices ranging from an affordable $135,000 for a 525 square foot 1-bedroom near Logan Circle, to a high of $3,795,000 for a 4,640 square foot duplex penthouse in the Watergate.  Her...
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
Breaking Down Changes In Real Estate Commission Practices | Washington DCNAR (The National Association of Realtors) agreed recently to a $418M settlement and mandating of changes to key policies as part of its resolution of multiple class-action lawsuits. The jury in the Missouri Sitzer-Barnett case ordered the defendants to pay almost $1.8B in damages — potentially $5B+ if the court awarded the plaintiffs treble damages. NAR's settlement agreement likely saved the organization from bankruptcy, but where does it leave home buyers, agents and home sellers?The policy changes agreed to by NAR include the prohibition of publishing offers of broker compensation on any MLS (Multiple Listing Services) databases affiliated with the NAR. That leaves the country divided between affiliated service...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Attention: another market shift happening in the DC Metro area! This has been recently happening, especially in areas like Northern Virginia, including Arlington, McLean, and Vienna.Previously bustling with activity, we're now observing a significant slowdown. Homes that used to attract multiple offers within days are now lingering on the market. This is good news and all if you're a buyer sick with multiple offers, but the interest rate isn't exactly going to help you.Interest rates are currently hovering around the low sevens, and some lenders are even offering rates below seven with a point. Due to these rates, the overall market is experiencing a slowdown.Sellers' agents are reaching out for feedback, wondering why potential buyers aren't biting. If you're in the market for a long-t...
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By inboundREM Market Updates
(InboundREM)
Washington, DC, the nation's capital, is the heart of political activity in the United States and a prime destination for many looking to relocate due to its thriving economy, vibrant cultural scene, and robust educational opportunities. If you are considering moving to Washington, DC, understanding what the city offers and the logistics of living in this bustling metropolis is crucial. This guide will provide comprehensive insights into making DC your new home, from the cost of living and employment opportunities to the local culture and safety.Understanding the Cost of Living in Washington, DCOverview of Living ExpensesThe cost of living in Washington, DC, is significantly higher than the national average by approximately 47%. This figure can be intimidating; however, it is important ...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Welcome back to our mid-week market report, where we dive into the bustling real estate scene of the DC metro area and Northern Virginia. Let's cut to the chase and see what's been happening this week.New ListingsThe numbers are in, and they're telling us a story of significant activity. With a whopping 28% increase in new listings compared to this time last year, the DC metro housing market is buzzing with activity. But here's the kicker - these listings are getting snatched up faster than you can say "sold."ShowingsShowings are up by 25%, indicating a keen interest from potential buyers. It seems like everyone wants a piece of the action in our vibrant housing market.Escalating PricesHold onto your hats, folks. In certain pockets of Northern Virginia, we're witnessing jaw-dropping esc...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Check out our Mid-Week DMV Market Update! Here’s what you need to know:Over the past five weeks, we've witnessed a steady rise in inventory levels across the DMV area. Since mid-February, the supply of available homes has been steadily increasing, with active listings seeing a 1.1% uptick from the previous week.Despite the slight dip in new contracts compared to the same period last year, the market is showing resilience. As we gear up for the spring season, traditionally a time of heightened activity, we anticipate contract numbers to rebound, reflecting the usual uptick in buyer and seller engagements.While the record list price of $420,000 remains unbroken, there's been a noteworthy 5.2% uptick in median list prices compared to this time last year. This suggests a robust demand for h...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Hey there! Check this mid-week market report for the DC Metro area, where we cut through the noise and give you the facts you need to know about the current state of the housing market. Let's dive right in.New Listings SurgeThis week, we're seeing a notable surge in new listings compared to the same time last year. With 5,734 new listings in the Bright MLS service area for the week ending March 17, that's an impressive 8.0% increase from last year. Sellers are stepping up, offering more options for buyers in the market.Record High Median List PriceHold onto your hats because the median list price has skyrocketed to a new record high of $420,000! That's a 5.0% jump from last year and a 1.2% increase from just last week. It seems like every other week, we're breaking new records, and with...
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
  FinCEN Proposes New Rule For Real Estate Transactions Certain entities and trusts are affected for non-financed transactions LLCs, Trusts and other specific entities engaging in cash or other non-financed transactions are the targets of the Financial Crimes Enforcement Network's new Notice of Proposed Rulemaking titled Anti-Money Laundering Regulations for Residential Real Estate Transfers. This proposed rule places reporting and record-keeping requirements on title companies, attorneys and others involved in real estate closings and settlements for non-financed residential real estate transactions. FinCEN’s proposal targets residential real estate transfers it considers to be high-risk for money laundering. It would not require reporting of transfers made to individuals. Read more t...
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
Today's Market Data Shows Opportunity For DC Homebuyers New market data was released for Washington DC this morning. Prices are down across the board except for a slight uptick for condos and co-ops, median days on market have increased, and early spring inventory levels are showing some growth.   This should be a prompt to buyers. The market isn't likely to offer much much more opportunity for buyers before the Fed starts cutting rates and DC returns to its former cutthroat seller’s market.   During the month of February in Washington DC: The median sold price for Condo & Coop properties for February was $495,000, representing an increase of 3.4% compared to last month and an increase of 1% from Feb 2023. The average days on market for units sold in February was 54 days, 26% above the...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Are you curious about the latest trends in the DC Metro housing market? Here's a roundup of what's been happening in the past week.Growing InventoryGood news for buyers! Last week saw a 6.9% increase in new listings compared to the same time last year. This marks the fourth consecutive week of surpassing last year's numbers, indicating a healthy boost in inventory.Stable Contract TimesWhile homes are taking slightly longer to sell compared to the previous week, the downward trend in median time to contract has stopped. Despite this, homes are still selling two days faster than they did last year, maintaining a swift pace in the market.Affordable PricesThe median list price in the Mid-Atlantic region dipped slightly below $400k, a 2.5% drop from the previous week. Despite this decrease, ...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
In the middle of the week, Tuesdays are special for real estate folks like me. They give us a chance to catch our breath and focus.But more than that, Tuesdays are when we get a second look at homes that didn't sell over the weekend. It's a time to talk to other realtors and see what's out there.For people looking to buy a home, Tuesdays are a great time to reach out to us. There might be hidden gems waiting to be discovered.In my experience, Tuesdays have led to some great deals, even when the market is tough.So, let's remember to give Tuesdays the attention they deserve in the world of real estate. Happy Tuesday!
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
Real Estate In The DistrictThe Washington DC Spring 2024 Market You Didn't ExpectFebruary 25, 2024 Why Are Interest Rates Going Up Instead Of Down? The spring 2024 Washington DC real estate season is off to a slow start as interest rates top 7%. Industry blog posts trumpeting a return to the competitive pre-2023 market in the District were clearly written before mid-February, when the PPI (Producer Price Index) report release revealed a +0.3% increase when economists were expecting only a 0.1% rise. Monthly PPI reports are an inflation indicator. Core CPI increased by 0.5%, also much higher than forecasted. It was the second consecutive surprise CPI report showing an upward trajectory of inflation. The 10 year treasury yield rose to 4.28%, and the 30 year mortgage rate spiked to 7.2%. T...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Hey there, whether you were celebrating Valentine's, Galentine's, Friendship Day, or just making it through today, I hope you're having a fantastic time! Let's talk a bit about what's going on in the DC Metro housing market lately.For those of us who've been around here for a while (like me, 25 years and counting!), we've seen the housing numbers climb up and up, which is pretty great news. But with that comes some challenges, especially for buyers. Interest rates recently hit 7%, and that meant some of my clients missed out on homes because of all the competition.If you're thinking of selling, now's the time to act! Seriously, don't wait around for spring or summer—get your home on the market while the getting's good. And if you're considering investing elsewhere, I've got connections ...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Hey there, savvy investors and homeowners! In this week's DC Metro market snapshot, we've got the scoop on the latest trends that could shape your real estate decisions.Good news for sellers! The median list price soared by 5.7% from last year, now standing strong at $389,990. It's a green signal for those looking to capitalize on their property investments.This week, we spotted 4,161 listings in the area, marking a 1.3% increase from the previous year. While more homes are hitting the market, remember, choices are still a tad limited for buyers. Decisions, decisions!Homes are changing hands a bit faster than they were a year ago. So, if you're in the market, be ready to make your move efficiently!Have burning questions or need more details about these trends? Feel free to DM me or drop...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Happy New Year! With the opening week of 2024 and the future in mind, take a look at the most recent statistics, providing you with a comprehensive overview of the trends shaping the property landscape in our community.Breaking Down the Numbers:New Listings Decline: In the final week of the year, the local real estate market witnessed a 4.3% decrease in new listings compared to the previous year. Understanding these fluctuations is crucial for anyone considering entering the market, whether as a buyer or seller.Contract Finalization Time: The time it takes for a contract to be finalized has shown a moderate increase. However, the good news is that it's still six days faster than it was at this time last year. This insight can be pivotal for those navigating the intricate timeline of pro...
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