Spring is Coming Early!

All over the Washington Metro Area the real estate market is heating up earlier than previously expected. Currently we are experiencing high sales and inventory that is dwindling. There are a number of factors driving sales.

A few factors in play...

Transportation system in the DC Metro
Attractive reports on the outlook of the city
New development projects
Foreign investors
Large national investors
Positive outlooks for the Federal Government
Younger population demanding the urban lifestyle
Talk of rising interest rates for the new year

Georgetown Real Estate

If you previously thought about putting your home on the market in the spring time you may want to get it ready early. When buyers are biting they will tend to pay more when the inventory is lower. I expect this surge in demand to carry throughout the year. The undetermined factor is whether the inventory will match the demand and drive us to lower prices. 

As announced last week by major news outlets the Urban Institute predicts a population increase of at least 2,039,594 by 2030. Information like this being released does not slow down the real estate market, it gives it a nice kick in the butt as full steam ahead. 

I'm going to dub last week as "investor week", I heard from every investor I knew, asking me to find them their next project. Its a great time to live and move to DC.

www.PatrickDeLeonibus.com 

Market Movement and Positive Outlook

In this market place you will find the serious sellers, and buyers that want to pay a fair price.

As I just mentioned the other day we appeared to be in a buyers market but now as the statistics are being analyzed that shift is moving towards a more even market.

I'm going to take a moment and further explain and try to shed some light on the current uncertainty that we are experiencing.  The market is best explained as moving to an even market but with continued buyer uncertainty that shift is slow. It changes from day to day and sale to sale.  There can be micro markets being driven by specific situations like development and investment potential, and larger markets that consist of micro markets. All factor into the conditions of  "the market". It is important to understand the types of sales and volume of sales to realize the right time to buy or sell. Basic Econ 101!


Whats going on with the most stable market in the country?

"DC Market" and factors determining
News Flash you live in the nations capital! Did you think I wasn't going to say politics is a factor? Truth is elections are today and possible shift in power among the Senate. That being said we are also a short time away from a presidential election with a lot of emotions building. These do determine and push home sales in the country, more importantly the district.  Luckily, we are in one of the most stable markets in the country having the federal government in our city.

October Stats: 1001 Properties were listed on the market in DC for the month of October. 724 sales in October. Currently with a total of 1,436 active listings in DC. All stats are provided by MRIS and not guaranteed to be accurate.

"Alexandria City Market" and factors determining
Just a stones throw across the river from DC we are experiencing sales moving slightly higher and soon creating an even market. Inventory is creeping up as well as sales, making this a good time to buy. Buyers still know the inventory and are becoming very educated with the slower pace of sales. Sales are generally not moving over list price.

October Stats: 264 Properties were listed on the market in Alexandria City for the month of October.  183 sales in October. Currently with a total of 554 active listings in Alexandria City. All stats are provided by MRIS and not guaranteed to be accurate.

Positive outlook:
Be prepared for a possible uptick in national sales leading into the new year following the November elections and other positive world news for example slowing of new cases of Ebola and Financial Market positive gains. Yes Ebola in the US helps add to the uncertainty and uncertainty moves the real estate market.

Market Outlook: Heading to an even market.

Counter tops explained

Getting lost in all the choices for counter material? I will break down the Top 5 trendiest, most durable, and the easiest on your pocket. If you want to skip the descriptions here is my preference:

Top 5 Most Trendy
1. Marble
2. Quartz
3. Granite / Travertine
4. Concrete
5. Wood / Stainless

Top 5 Most Durable
1. Quartz
2. Granite
3. Travertine
4. Concrete
5. Soapstone

Top 5 Pocket Savers ($$$ to $)
1. Laminate
2. Tile
3. Recycled
4. Wood
5. Concrete

Notable Mention Material to Look for in upcoming applications: Vetrazzo

My Favorites

Quartz

Quartz - houzz.com

One of the more expensive materials, this option can really make your kitchen standout if you are going for the ultra high end look. Quartz is also the most durable, no need to seal it. Cut on it and place anything hot directly on the surface. Unlike many of the other materials quartz is engineered and not pulled out of the ground. 

Marble
Currently the trend in choices for material. Marble will scratch and chip easily. That being said it is more affordable than granite but I do not suggest cutting on the surface if you want it to last. With this type of material the waterfall counter top design for the high end applications is a must!

Marble - nwgranite.com

Vetrazzo

Vetrazzo - greenbuildingsupply.com

If you can afford the look it is a must have. Vetrazzo is the new green in counter tops. The material is just as strong as granite and only needs to be sealed once every 2 years. It is made from various types of recycled glass and bound by Portland cement. Vetrazzo has no harsh chemicals creating the true green counter top.