This will require significant new housing possibilities...new construction and rehab. Georgetown is not likely to be the site of much of this, but the Georgetown real estate market will benefit from the added demand for housing wherever that demand is initially located.
See the full report at http://www.cra-gmu.org/forecasts.htm
7 new listings: 5 Single Family ($759,000- $2,095,000) and 2 condo/co-op (C/C) ($525,000 - $5,995,000)
7 properties came under contract: 3 SF ($779,000 - $1,699,000) and 4 C/C ($450,000 -$5,500,000)
1 property went to closing during this time frame: 1 SF ($2,295,000)
As that market improves, our Georgetown market will experience a surge. It may be a slow, deliberate "surge", but it will improve our outlook.
Of course all of this assumes wanting to settle down in one place for a while; having the resources to buy without putting oneself in financial straits; being ready to take on the upkeep of a property; etc.
No one knows, of course, whether we have reached the “bottom” in the economy or the real estate market. The reality is that we won’t know we’ve reached that point until we are on the way up. Even if one thinks we haven’t bottomed out yet, there are many good reasons to buy now. Waiting for the possibility of lower prices is probably not going to gain anything. And if interest rates were to rise over the coming months, the advantage of a further drop in house prices would likely be nullified by the higher cost of mortgage money.
Finally, one's life circumstances are a very important piece of the puzzle. A house is not purely an investment. Historically, owning a house has been a wise financial investment, but it is also an investment in one’s quality of life. Too often we ignore that side of it. Depending on the reasons for buying, it is worth weighing the quality of life value against the financial investment value. Some buyers are willing to risk some of the financial value in exchange for a desired quality of life. Otherwise, I believe it is as good a time to buy now as it has ever been in my (27 years) experience.
There's a very good article in U.S. News & World Report, titled "The future of home-price appreciation." Buy Now?
That confidence combined with low interest rates on government loans will mean more home sales in the short-term, Gallup said. Those sales, in turn, will stimulate the real estate market and larger economy.
The survey also noted that 72% of Americans think it’s a good time to buy a new home. But it also notes that the issue of job creation is an obstacle to feeling financially secure enough to buy.
To see the poll, go to Gallup
Single females make up one-quarter of the first-time buyer population and 17 percent of the repeat buyer population. Among single-female buyers, 58 percent were first-time homebuyers in 2009, compared to 47 percent of all homebuyers.
The median household income for single-women homebuyers was lower than that of all other homebuyer household types. Single females reported a median household income of $47,900 in 2008 compared to $73,100 among all home-buying households. This difference in household income should not be completely surprising as 68 percent of home-buying households are couples-and so perhaps likely to have two income earners.
The difference in median income for single women households compared to those for single men is less striking-single men typically made $53,700 in 2008. Additionally, single women households are less likely to have children living at home than couples.
While the majority of single female buyers purchase a single-family home, single female households are more likely than other household types to purchase an apartment/condominium or a townhouse/rowhouse. One in four single female buyers purchase a house in an urban area/central city, which is a higher percentage compared to all other household compositions except single males. Still, the majority of single female homebuyers purchase a home in the suburbs, similar to all buyers. Single female buyers are more likely to purchase an existing home than are other buyers.
Source: 2009 NAR Profile of Home Buyers and Sellers, Jessica Lautz
That same weekend on Saturday, we have The Georgetown House Tour. One can visit numerous Georgetown homes and gardens, and enjoy the Parish Tea at St. John's Church, with homemade tea sandwiches and sweets.
Details are available at http://www.georgetownhousetour.com/ and http://georgetowndc.com/event/book-hill-french-market1
7 new listings: 6 Single Family ($779,000- $2,380,000) and 1 condo/co-op (C/C) ($559,000)
6 properties came under contract: 4 SF ($579,000 - $1,995,000) and 2 C/C ($575,000-$725,000)
5 properties went to closing during this time frame: 2 SF ($835,000 - $1,995,000) and 3 C/C ($350,000 - $589,000)
Given the ever increasing interest in "green" technology and living, it isn't surprising that the real estate industry is adjusting to some new realities. In the past, when an agent put a client's property in the Multiple Listing System (MRIS), there was no particular place to highlight properties in which owners had invested in green technology.
So MRIS has just added several "green" categories to the listing profile in the system which enable listing agents to promote these unique positives in a given property. This is being driven by both buyers and sellers...buyers looking for property which has some of these features, and sellers wanting to differentiate their properties by virtue of these features.
Maybe more importantly, this will enable appraisers to more easily take eco-friendly features into account when appraising a property for sale.
Likewise, Donald Kohn, Fed vice chairman in a speech in San Francisco, said the Fed would raise rates, “in due course,” but he also noted that low rates "help offset the lingering restraining effects on economic activity and prices."
So far, rates have risen modestly, but analysts speculate they will likely become much more volatile down the road. “It’s an uncertain type of market,” says Keith Gumbinger of HSH.com.Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association, predicts that the Fed will have created a situation where there are days or weeks of low-rate opportunities, and other days and weeks when rates rise significantly.
Sources: The Wall Street Journal, Nick Timiraos (04/08/2010), and The Wall Street Journal, Jon Hilsenrath (04/09/2010)
As you may be aware, the District will be hosting the 2010 Nuclear Security Summit, taking place on Monday, April 12 and Tuesday, April 13 at the Walter E. Washington Convention Center. While this event will have the greatest impact on those living near the convention center, it will also result in rolling roadway closures and emergency vehicle caravans throughout many parts of Ward 2.
With this event will come several street closings, as well as parking restrictions (times of these restrictions vary block by block, so please be sure to refer to the posted Emergency No Parking signs), pedestrian screening, and changes to public transportation routes and trash/recycling pick up. My office has requested that street sweeping for streets immediately outside the “no parking” area be suspended on Monday, April 12 and Tuesday, April 13 to provide additional residential parking. In addition, the Mt. Vernon/Convention Center Metro stop on the green and yellow lines will be closed from midnight Sunday until 5am Wednesday morning.
Road closures and parking restrictions will begin as early as 10pm on Sunday, April 11.
Road closures will include:
• New York Avenue NW, eastbound and westbound from 6th Street, NW to 7th Street, NW and 9th Street, NW to 11th Street, NW
• K Street, NW, eastbound and westbound from 6th Street, NW to 7th Street, NW and 9th Street, NW to 10th Street, NW - Traffic will be allowed to run eastbound and westbound on K Street, NW between 7th Street, NW and 9th Street, NW but will then be diverted southbound on one of those two Streets
• Massachusetts Avenue NW, eastbound and westbound from 9th Street, NW to 11th Street, NW
• L Street, NW, eastbound and westbound from 6th Street, NW to 10th Street, NW
• M Street, NW, eastbound and westbound from 6th Street, NW to 10th Street, NW
• N Street, NW, eastbound and westbound from 6th Street, NW to 10th Street, NW
• 7th Street, NW, northbound and southbound from O Street, NW to Massachusetts Avenue NW
• 8th Street, NW, northbound and southbound from O Street, NW to N Street, NW
• 9th Street, NW, northbound and southbound from O Street, NW to New York Avenue NW
• 10th Street, NW, southbound from L Street, NW to New York Avenue NW
• There will be intermittent closures of other intersections in the vicinity of the Convention Center that will temporarily affect vehicular and pedestrian movement
Restricted parking will be in effect on:
• 7th Street, NW from Massachusetts Avenue NW to O Street, NW
• 8th Street, NW from N Street, NW to O Street, NW
• 9th Street, NW from New York Avenue NW to O Street, NW
• 10th Street, NW from New York Avenue NW to N Street, NW
• 11th Street, NW from H Street, NW to I Street, NW and K Street, NW to L Street, NW (1150 mid-block)
• 12th Street, NW from H Street, NW to I Street, NW and K Street, NW to L Street, NW (1150 mid-block)
• 13th Street, NW from H Street, NW to I Street, NW and the intersection of Massachusetts Avenue N
• 14th Street, NW near the intersection of New York Avenue NW
• N Street, NW from 6th Street, NW to 12th Street, NW
• M Street, NW from 6th Street, NW to 10th Street, NW
• L Street, NW from 6th Street, NW to 12th Street, NW
• K Street, NW from 6th Street, NW to 10th Street, NW
• Massachusetts Avenue NW from 6th Street, NW to 13th Street, NW
• New York Avenue NW from 6th Street, NW to 14th Street, NW (mid-block)
• H Street, NW from 13th Street, NW to 14th Street, NW (mid-block)
• I Street, NW and intersection of 11th Street, NW
• Rhode Island Avenue NW (1100 block – Connecticut Avenue NW, including Logan Circle) from 8 am to 9 pm on Monday, April 12 and 8 am to 9 pm on Tuesday, April 13
Please click here to read the joint release from United States Secret Service, Federal Aviation Administration, US Coast Guard, Metropolitan Police Department, District Department of Transportation, Department of Public Works, and Metro. Here you will find information on all services impacted by this event, as well as contact information for the coordinating agencies. This release also contains specific information for residents of McCollough Terrace, as well as Circulator rerouting plans.
If you have additional questions or are having difficulties obtaining more information, please feel free to contact my office at 724-8058.
This information is drawn from the NAR Pending Home Sales Index. The link below will take you to the full article. This is a national index, so does not reflect the exact state of Georgetown Real Estate. But it is an indicator which matches my own observations of our local market.
The PHSI in the Northeast rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.
6 new listings: 5 Single Family ($989,000 - $5,600,000) and 1 condo/co-op ($395,000)
2 properties came under contract: 1 SF ($1,315,000) and 1 C/C ($545,000)
3 properties went to closing, all three SF ($828,000 - $3,995,000).
This is from an article in the New York Times, written by Dominique Browning, who had to sell, unexpectedly, her house of 25 years. The profound way in which she talks about this process struck a deep chord with me, and reflected my observation of that process over my 27 years in the real estate business.
I know how difficult it is for owners to let go of the houses they have made into their homes. It is one of the most sensitive and sometimes difficult things a real estate agent deals with when working with sellers. The best agents are those who understand the depth of feeling experienced by sellers, and who are skilled at helping them adjust to the reality. Georgetown real estate may be particularly intense in that way because the houses here are commonly owned for 25 or more years at a stretch.
Here is a link to the article. http://www.nytimes.com/2010/03/28/magazine/28fasttrack-t.html?scp=1&sq=azalea&st=cse
For more info visit their website at http://www.georgetownhousetour.com/