Georgetown Stats - Week of November 15 - 21

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week November 15 - 21.

2 new listings: 2 Single Family-SF ($1,050,000 - $1,795,000), and 0 Condo/Co-op - C/C

5 properties came under contract: 2 SF ($1,325,000 - $2,750,000), and 3 C/C ($360,000 - $849,000)

3 properties went to closing during this time frame: 2 SF ($999,000 - $5,495,000), and 1 C/C ($545,000)

Georgetown Stats - Week of November 8 -14

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week November 8-14.

9 new listings: 9 Single Family-SF ($625,000 - $5,495,000)
4 properties came under contract: 4 SF ($915,000 - $3,575,000)
3 properties went to closing during this time frame: 2 SF ($950,000 - $2,195,000), and 1 C/C ($5,750,000)

What's impeding our market?

Georgetown hasn't escaped the slow-down in real estate sales which is in evidence across the U.S.  But as we begin the recovery, each locality will have a different pace of recovery.  And every locality has its own challenges.  In Georgetown we have been fortunate with the job market and fewer foreclosure issues.  Our biggest impediment is extremely tight credit, and very strict lending guidelines.  In the Atlanta area, the big drag is distressed sales. Paul Brower, ABR, GRI, of Harry Norman, REALTORS®, in Marrietta, says the market is improved over last year and is expected to improve even more in 2011, but the metro area is trying to absorb the addition of 1,500 foreclosed properties each month. Until that overhang starts to ease, he says, the market can’t decisively turn around.

Read more...Different Locations, Different Recoveries



By Robert Freedman, Senior Editor, REALTOR® Magazine

Georgetown Stats - Week of November 1 - 7

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week November 1 - 7.

13 new listings: 9 Single Family-SF ($769,000 - $15,000,000) and 4 Condo/Co-op-C/C ($595,000- $3,550,000)

3 properties came under contract: 2 SF ($1,095,000 - $4,195,000) and 1 C/C ($3,250,000)

1 property went to closing during this time frame: 1 SF ($1,225,000)

30-Year Mortgage Rates Inch Up

30-Year Mortgage Rates Inch Up...with emphasis on the word "inch".  They are still incredibly low.

Freddie Mac confirms that average interest for 30-year fixed mortgages rose for the third consecutive week, bumping up to 4.24 percent from 4.23 percent a week ago.

The average 15-year rate for the week ended Nov. 4 was 3.63 percent, a drop from 3.66 percent.
Scott Brown, chief economist at Raymond James & Associates Inc., says this week's Federal Reserve actions "aren't going to change the economy right away, but they should help keep mortgage rates low for quite some time."

Source: St. Louis Post-Dispatch (11/05/10)

Will the elections help the real estate market?

Most people hate uncertainty.  Given the level of current uncertainty, there is a fair amount to hate.  Perhaps hate is too strong a word, and maybe "uncomfortable" is better.  In any event, housing doesn't do as well when there is uncertainty and/or lack of comfort with the economy and the state of the Nation.  Whichever party does better in these elections tomorrow, the level of uncertainty will be reduced.  With that reduction, should come a willingness on the part of consumers to think more seriously about buying a house.

Despite widespread declines, D.C. posted marginal home price improvements in August.

S&P Case-Shiller Index Records Widespread Declines in Home Prices

Home prices across the country slipped in August, according to data released by Standard & Poor's Tuesday.

The data showed a 0.1 percent drop in the composite reading of 10 cities tracked, while the 20-city composite posted a 0.2 percent decline between July and August.

Home prices decreased in 15 of the survey's 20 metropolitan statistical areas on a month-to-month basis. Only Chicago, Detroit, Las Vegas, New York, and Washington D.C. posted marginal improvements in home prices over July.

The S&P/Case-Shiller 10-city composite remains up 2.6 percent from August 2009 levels. The 20-city composite is 1.7 percent above a year earlier.

A separate report released Tuesday by the Federal Housing Finance Agency (FHFA) showed that home prices rose 0.4 percent from July to August. The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.

According to DSNews.com, the analysts at Capital Economics say the disparity in the two reports may suggest any fall in home prices is temporary, reflecting the plunge in homes sales during the summer months.

As of August 2010, S&P says average home prices across the United States are back to the levels they were at in late 2003 and early 2004.

More on this....   dc prices rise

Georgetown Stats - Week of October 25 - 31

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week October 25 - 31.

12 new listings: 8 Single Family-SF ($699,000 - $11,250,000) and 4 Condo/Co-op-C/C ($419,400 - $1,395,000)

2 properties came under contract: 1 SF ($1,395,000) and 1 C/C ($549,000)

1 property went to closing during this time frame: 1 SF ($815,000)

Georgetown Stats - Week of October 18 - 24

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week October 18 - 24.

4 new listings: 4 Single Family-SF ($1,399,000 - $4,195,000) and 0 Condo/Co-op-C/C

1 properties came under contract: 0 SF and 1 C/C ($999,000)

2 properties went to closing during this time frame: 1 SF ($1,395,000) and 1 C/C ($699,000)

Georgetown Stats - Week of October 11 - 17

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week October 11 - 17.

6 new listings: 3 Single Family-SF ($1,249,000 - $1,875,000) and 3 Condo/Co-op-C/C ($435,000 - $3,250,000)

2 properties came under contract: 2 SF ($910,000 - $5,495,000) and 0 C/C

1 property went to closing during this time frame: 1 SF ($1,150,000)

Beware of BIG furniture!

Houses Get Smaller but Furniture Remains Big...from the Minneapolis Star-Tribune


The declining size of U.S. homes hasn’t resulted in a decline in the appeal of plus-size furniture.

Online retailers such as Oversize Furniture, Living XL, and Brylane Home specialize in outfitting the homes of large-size customers, providing extra-wide seats and increased support. Other furniture makers are subtler, making furniture that is a little bigger without calling attention to it, retailers say.

This trend won’t last forever either, predicted Jerry Underwood, director of marketing for HOM Furniture. He said big traditional furniture appeals to baby boomers, but their echo boomer children like cleaner lines and smaller scale. "The big overstuffed [look] is going away rapidly," he said.

Source: Minneapolis Star-Tribune, Kim Palmer (10/20/2010)

Social Benefits of Homeownership

Over the years, research has consistently shown the importance of the housing sector to the economy as well as the long-term social and financial benefits of homeownership to individual homeowners. NAR (National Association of Realtors) Research recently released a report on The Social Benefits of Homeownership and Stable Housing.

Homeownership and stable housing go hand-in-hand. Homeowners move far less frequently than renters, and hence are embedded into the same neighborhood and community for a longer period. According to the the Current Population Survey's report, Geographical Mobility 2008-2009, while 5.2 percent of owner-occupied residents moved from 2008 to 2009, nearly 30 percent of renters changed residential location.

The key reason for the higher “mover rate” among renters is the fact that renters are younger – that is, changing and searching for ideal jobs, not yet married, and hence, literally, less committed. The mover rate or percentage of people changing residence, among 20-to-24 year-olds was 27 percent, and for 25-to-29 year-olds it was 26 percent. The mover rate then declines rapidly from 14 percent for those in their early 30s to less than 5 percent for those 65 years or older.

As to why people move, the predominant reason given by Current Population Survey respondents in 2009 was housing-related. Almost one-third said they moved to a better home, a better neighborhood, or into cheaper housing. The second most popular reason cited was family-related at 26.3 percent. Work-related reasons (new job, lost job, easier commute, retired, etc.) were reported by only 17.9 percent of respondents. Very few indicated change of climate and health reasons for moving.

Read more...Social Benefits

78% of Americans Believe Home Prices Have Bottomed

Beacon Economics analyzed home affordability and came away feeling optimistic.

Beacon Economics founding principal Christopher Thornberg, whose firm advises a variety of business clients, says the high level of affordability is likely to drive demand and reduce the stock of excess inventory, ultimately resulting in the need for new housing, a rise in prices, and a pickup in new construction.

"While prices may fluctuate modestly over the next several months, we believe the worst of the housing crisis is behind us," says Beacon Economics Research Manager Jordan G. Levine. "We expect prices to stabilize around current levels and likely be higher in the next 12 months."    Source: Beacon Economics (10/11/2010)

Worst is over?

AND......

Fannie Mae has conducted a poll of both homeowners and renters to gauge consumers’ attitudes toward housing in the U.S. The results indicate that Americans have become more cautious about buying a home, though most believe the market has bottomed out.

Rents are expected to increase more than home prices, and Fannie says mortgage borrowers and underwater borrowers are less discouraged about homeownership, while delinquent borrowers and renters are more pessimistic.
Of the respondents to the Fannie Mae National Housing Survey, 47 percent believe home prices will hold steady over the next year, while 31 percent expect them to rebound.

Seventy percent of Americans think now is a good time to buy a house, compared with 64 percent in a similar survey conducted in January 2010.   Bottomed out?

Georgetown Stats - Week of October 4 - 10

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week October 4 - 10.

8 new listings: 5 Single Family-SF ($817,000 - $4,750,000) and 3 Condo/Co-op-C/C ($469,000 - $1,695,000)

5 properties came under contract: 4 SF ($999,000 - $2,495,000) and 1 C/C ($545,000)

3 properties went to closing during this time frame: 1 SF ($1,399,000) and 2 C/C ($575,000 - $2,300,000)

Why do we have overpriced listings?

I guess this begs another question immediately, i.e. "How does one know a property is overpriced?"  Of course the only certain way to know is put it on the market and see if someone will pay the listing price.  That almost never happens.  The buyer generally pays more than or less than the asking price.  The job of the Realtor is to help the owner determine a price based on location, amenties and condition...and using the sale of other properties as a guide.  Even with a lot of research it is difficult to get the price exactly right.  What we do know, however, is that when a house sits on the market for months, there is no buyer who is willing to pay the list price, and the process is generally painful for both the agent and the owner.

I've linked an article here which I find interesting and maybe a bit harsh, but in most ways, on the money.  (I disagree with one of her conclusions that agents don't care whether the property sells or not... that's not my experience during my 27 years of this.)  But it is interesting and informative reading.  More at:
Overpriced Listings

Georgetown Stats - Week of September 27 - October 3

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week September 27 - October 3.

6 new listings: 3 Single Family-SF ($949,000 - $5,990,000) and 3 Condo/Co-op-C/C ($849,000 - $4,750,000)

2 properties came under contract: 1 SF ($1,225,000) and 1 C/C ($699,000)

3 properties went to closing during this time frame: 2 SF ($800,000 - $1,525,000) and 1 C/C ($559,000)

What's New in New Housing Design

Here are the products grabbing the attention of the home building and remodeling industries, according to Bill Millholland, executive vice president of sales and marketing at Case Design/Remodeling in Maryland, and Jamie Gibbs, a New York-based interior designer:

· Appliance Drawers. Small warning drawers, modest-sized dishwasher drawers for small loads, refrigerator drawers and microwave drawers.

· Counter-depth refrigerators. Some are only 24 inches deep.

· Motion-detecting faucets. Like you'd find in the restrooms of businesses.

· LED (light-emitting diode) lighting. These are used under cabinets and in ceiling fixtures as a longer-lasting, more efficient alternative to compact fluorescent lamps and incandescent bulbs.

· Electric heated floors. A nice touch in bathrooms,

· Showers with multiple heads and body sprays. Bathtubs are out.


Source: The Washington Post (09/25/2010)

Georgetown Stats - Week of September 20 - 26

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week September 20 - 26.

11 new listings: 10 Single Family-SF ($789,000 - $7,850,000) and 1 Condo/Co-op-C/C ($999,000)
3 properties came under contract: 1 SF ($1,845,000) and 2 C/C ($359,000 - $499,000)
3 properties went to closing during this time frame: 1 SF ($939,000) and 2 C/C ($454,900 - $581,000)

Who Is Saying It is Time To Buy a Home? EVERYONE!

by R. Scott Shaheen, Regional Vice President, Long & Foster

“Enough with the doom and gloom about homeownership.” – WSJ 9/16/2010

WOW! The Wall Street Journal is calling for the end of the ‘doom and gloom’ talk surrounding real estate.

Who else is jumping on the bandwagon?
The Wall Street Journal

In an article last week, 10 Reasons To Buy a Home, Brett Arends reported:

Sure, maybe there’s more pain to come in the housing market. But when Time magazine starts running covers that declare “Owning a home may no longer make economic sense,” it’s time to say: Enough is enough.

He then posted 10 reasons to buy a home today:

1. You can get a good deal.

2. Mortgages are cheap.

3. You can save on taxes.

4. It will be yours.

5. You’ll get a better home.

6. It offers some inflation protection.

7. It’s risk capital.

8. It’s forced savings.

9. There is a lot to choose from.

10. Sooner or later, the market will clear.

The Nation’s Real Estate Pricing Expert

Karl E. Case is a professor emeritus of economics at Wellesley. Professor Case is also co-creator of Standard & Poor’s Case-Shiller House Price Index and is recognized as the one of the foremost authorities on real estate today. In a New York Times op-ed piece earlier this month titled, A Dream House After All, he said:

I have never quite understood what the American dream really means when it comes to housing. For some people, it means having a solid and fairly safe long-term investment that is coupled with the satisfaction of owning the house they live in. That dream is still alive.

Others, however, think the American dream is owning property that appreciates by 30 percent a year, making a house into a vehicle for paying bills. But those kinds of dreams have become nightmares for the millions of foreclosed property owners who have found themselves sliding toward bankruptcy.

But for people with a more realistic version of the American dream, buying a house now can make a lot of sense.

The Wealthy

The only segments of the housing market that are showing sales growth are the price points over $1 million. That market is up 6.1 % in the second quarter of this year vs. the second quarter last year. A recent survey showed that over 30% affluent buyers are planning to either build/buy a new primary residence or a second/vacation home in the next twelve months. It appears the wealthy believe now is the time to buy!

Everybody Else

Fannie Mae just released their National Housing Survey. The survey reported:

• 82% of respondents consider homeownership important to the economy, up two points from January.

• 70% of respondents think it is a good time to buy a house (of which 36% think it is a very good time to buy), up six points from January. This is also four points higher than the 2003 survey – well before home prices peaked – when 66 % said it was a good time.

Bottom Line

Our iconic financial newspaper, our nation’s real estate pricing expert, the wealthiest people in the country and 70% of everyone else think now is the time to buy a home. It probably makes sense to listen to them.

Georgetown Stats - Week of September 13 - 19

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week September 13 - 19.

5 new listings: 3 Single Family-SF ($745,000 - $1,845,000) and 2 Condo/Co-op-C/C ($655,000 - $1,750,000)

4 properties came under contract: 3 SF ($579,000 - $1,995,000) and 1 C/C ($314,500)

2 properties went to closing during this time frame: 1 SF ($13,450,000) and 1 C/C ($775,000)