Northern Virginia Market Update

Storm Preparations

While it's anyone guess as to whether the "Frankenstorm" is going to affect the Washington D.C. market but we tend to follow the "its better to be safe than sorry" mantra when it comes to large storms. With that said here is a list of items to that would be good to have in the case of emergency, some tips on preparing your home and contact information for the tri-state area. We hope that everyone stays safe and if there is anything that we can do to help please don't hesitate to contact any of us.

Suggested Household Supplies

• Plenty of batteries
• Candles
• Case of bottled water per person
• Loaf of bread per person
• Jar of PB or some other source of protein that doesn’t require refrigeration
• Canned meats/beans with Pop tops/pull tabs
• can opener (manual)
• Dry Matches/Lighters with plenty of fuel - just be careful of candles/fire hazards
• Fruits/Veggies that don’t need refrigeration or cooking
• Check supply of all Rx and regular medications
•  First Aid Supplies
• Clean laundry – because you may not be able to do it for a few days
• Paper products, Toilet Paper, paper towels
• Pet Supplies
• Non –electric charging source (for cell phones, laptops, etc.)
• Battery operated radio – with plenty of batteries
• Full tanks of gas in all vehicles

Preparing Your Home

Make sure to check outside for anything that could become a projectile and move it indoors or secure it somehow – potted plants, patio furniture, trash cans, etc.  and if you have a gas grill – make sure any spare propane tanks are put somewhere safe – keeping in mind you should never store them in an entirely enclosed area.  Additionally, should the grill become your cooking source, do not bring it too close to the house and never use it inside of the house or a garage and make sure you have a full tank.

Important Links

Weather Channel Update:

http://www.weather.com/news/weather-hurricanes/hurricane-sandy-winter-storm-20121025

Virginia

Fairfax County Emergency Management:
http://www.fairfaxcounty.gov/oem/
Loudoun County
http://www.loudoun.gov/index.aspx?NID=725
Orange County Emergency Management:
http://orangecountyva.gov/emerg_manage/index.asp

Maryland

Frederick County Emergency Management:
https://frederickcountymd.gov/index.aspx?nid=2001
Frederick County Emergency Preparedness:
https://frederickcountymd.gov/index.aspx?NID=4541
Montgomery County Emergency Management:
http://www6.montgomerycountymd.gov/oemtmpl.asp?url=/content/homelandsecurity/index.asp
Montgomery County Emergency Preparedness:
http://www6.montgomerycountymd.gov/mcgtmpl.asp?url=/content/pio/news/preparedness.asp

DC

http://hsema.dc.gov/page/emergency-management

FEMA

www.mema.state.md.us/
http://www.vaemergency.com/
dcema.dc.gov

September Market Update

The housing activity has cooled slightly  in the Washington metro area as we end September, which follows the typical seasonal market patterns. However closed sales, new pending contracts, and median prices all  remain above September 2011 levels, and in many cases are at multi-year September highs, providing evidence of a stronger market. The median price is the highest September median price in five years, and the number of new contracts in September is the highest in three years. The inventory of active and new listings continues to shrink, which will likely keep prices stable, even as demand slows.

CLOSED SALES
The 3,256 closed sales in September in the Washington DC Metro Area is a 4.7 percent increase from this time last year. All property segments continue to have stronger sales than last year, however the rate of growth has slowed, particularly in the condo market, which at 6.4 percent had the slowest year-over-year growth in six months.  Single-family home sales rose 1.9 percent from this time last year, and townhomes led all property segments with 8.0 percent sales growth from last year.

PRICES
The median sale price remains up from last year and low inventory will likely keep prices stable. At $360,000, the median sale price in the DC Metro Area is 6.5 percent higher than September 2011.The median price dropped $25,000 from last month; however this is in line with seasonal patterns. Most jurisdictions within the region continue to post year-over-year median price gains. Falls Church City leads the way with 12.7 percent growth, followed by Washington D.C. at 9.9 percent. Arlington had a 3.7 percent decline in median sales price from September 2011, which is likely due to a higher percentage of condo sales and a sharp drop in single-family detached sales in September. Region-wide, all property segments have higher median prices than this time last year. Townhomes lead the way, up 10.9 percent. Median prices of condos and single-family detached properties rose 8.0 and 4.5 respectively. Even as demand cools into the fall season, the low inventory of homes for sale will likely keep home prices relatively stable in the near-term.

NEW CONTRACTS
New contract levels remain relatively strong compared to seasonal norms for all property segments.  There were 4,195 new contracts signed in August in the DC Metro Area, up 9.6 percent from the September 2011 level of 3,829. Condos led all property segments in new contract growth, up 18.1 percent from this time last year. New contracts on townhomes also rose, up 13.6 percent from September 2011, which is the strongest year-over-year growth the region has seen on townhome contracts in over a year. New contracts for single-family detached properties increased 3.0 percent from this time last year.

INVENTORY
Declines in active and new listings persist with the lowest number of active townhome listings on record for September.  There were 9,514 active listings in the DC Metro Area at the end of September, 35.7 percent below this time last year. The number of active listings is now more than 6,000 below the 10-year September average for the area. The shrinking inventory continues across all property segments, with townhomes accounting for the largest reduction, down 43.5 percent from this time last year. The 1,723 active townhome listings in the metro housing market represent the lowest September total on record, with region-wide data available back to 1997. New listings in the region are following a similar pattern. The 5,124 new listings entered are the lowest September level since 2000. The persistent decline in homes for sale will likely keep prices stable even as demand slows. The low inventory continues to drive down the median-days-on-market, which was 26 days in September, down 18 days from this time last year.

DIY - No More Popcorn!

A ceiling paint staple for homes for quite a long time many homeowners now are desiring a smooth finish on their ceiling but dread the work to remove the old popcorn paint. Here is a step-by-step guide from the DIY Network on how to tackle it over a long weekend.

Home Prices On the Rise

Home prices rose in 20 major cities in the U.S. in July according to the latest Standard & Poor's/Case Shiller index that was released this morning. The increase of 1.2% in July, was compared to the same month last year, and it represents the second straight year-over-year gain after two years without one. The report also says prices rose in July from June in all 20 cities tracked by the index. That's the third straight month in which prices rose in every city. 

In the 12 months ending in July, prices have risen in 16 of 20 cities. In the D.C. area, which for the Case-Shiller index's purpose is made up of 23 counties in VA, MD and DC -  prices rose on both a monthly (1.5%) and annual (3.7%) basis.

David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices has this to say about the recent news:
“All 20 cities and both Composites were up on the month for the third time in a row. Even better,
16 of the 20 cities and both Composites rose over the last year. The news on home prices in this report confirm recent good news about housing. Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing. Upbeat trends continue. For the third time in a row, all 20 cities and both Composites had monthly gains. Stronger housing numbers are a positive factor for other measures including consumer confidence."

For the full report click here

IS IT CHEAPER TO BUY THAN RENT?

When you are considering a home purchase this is an incredibly important question to ask and one that we receive on a consistent basis. Just this week, Trulia - the online home search site, released some new facts about the health of the market across the country and highlighted areas where currently it is cheaper to buy that it is to rent. As you may have guessed the Washington D.C. metro area fell into the "cheaper to buy" category" with  'homeownership being 43% cheaper than renting.'
Now this study has certain nuisances and each person's situation is different so it is important to look at many factors in your life as there is almost never a one size fits all option when it comes to housing. This study uses certain criteria to be part of the "cheaper to buy" category: Lock in a low interest rate (around 3.5% - which is close to where it is currently), are planning to stay in your home for seven years, and take the appropriate tax deductions. If you don't fall into this criteria, the interactive map (click here) allows you to switch out various factors and see what may be best for you.
If you are currently considering purchasing a home in the coming year  we would highly suggest reading through the full story (available here) and please feel free to call or email any member of the team if you have any questions.

DIY - How to patch a hole

We've all been there - you bump the wall with a heavy box or decide to switch the artwork and end up with a 1/2 inch of drywall in your hand. Here is a great video on how to fix those pesky holes on your own.