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)

Housing Affordability

Here is an in-depth look at the affordability index and how it might change in the coming months.  Affordability is near an all-time high based on mortgage rates and house prices.

Read more....  Affordability

The resurgence of home buying!

With all the fear-inducing talk of foreclosures and short sales, there has not been much positive press in the past many months.  However, while that coverage has pointed out a real issue in the housing industry, it has ignored another part of it...namely that owning a house is still worthwhile.  There is a great article in the New York Times written by Karl Case of the Case-Schiller Report.  It is quite insightful and worth reading.  I'm sorry I can't provide a link here, but I encourage you to read it.  The title is “A Dream House After All”.

In that article he discusses several good points:

1. Housing has never been cheaper, and is a great buy today.
2. Prices will soon start to rise.
3. Tax-free capital gains when we sell a property
4. That we can deduct mortgage interest and real estate taxes.

One other thing he talks about is "imputed rent". He says, "you live in a house and so it provides you with a real flow of valuable services. This part of the yield is counted as part of national income by the Commerce Department. It is the equivalent of about a 6% return on your investment after maintenance and repair, and it is constant over time in real terms."; i.e. if you rent, you pay a landlord.  If you own a house, you pay yourself.

Some reason for hope in the economy

From an article in the Washington Post, September 2nd by Neil Irwin:  Five reasons for economic optimism.

1. Higher savings rate:  More money to spend in the months ahead
2. Credit is easing, supporting growth
3. Manufacturing sector holding up
4. Housing may have hit the bottom
5. Trade:  with other world economies doing better than the U.S., domestic growth could be helped.

Georgetown Stats - week of September 6 -12

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 6 - 12.

19 new listings: 13 Single Family-SF ($815,000 - $5,450,000) and 6 Condo/Co-op-C/C ($499,000 - $1,130,000)

5 properties came under contract: 3 SF ($950,000 - $2,195,000) and 2 C/C ($549,000 - $575,000)

3 properties went to closing during this time frame: 3 SF ($1,095,000 - $1,895,000) and 0 C/C

Georgetown Stats - week of August 30 - September 5

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week August 30 - September 5.

9 new listings: 5 Single Family-SF ($579,000 - $1,749,000) and 4 Condo/Co-op-C/C  ($499,000 - $925,000)

2 properties came under contract: 2 SF ($999,000 - $1,795,000) and 0 C/C

4 properties went to closing during this time frame: 4 SF ($880,000 - $1,490,000) and 0 C/C

Just got back from Florida....

I just returned from Florida where I helped my parents celebrate their 70th (!) wedding anniversary.  It was a great time with them, but seeing the real estate market there made me grateful for being here. 

The market there is really suffering from the poor economy, lack of jobs and tight mortgage money.  My gratitude for living and working in this area is not about schadenfreude, because I know there are plenty of people suffering here as well.  But we are doing better!