D.C. Condo Market: Great Time to Buy & Sell!

Watch on your mobile device >>

Real estate statistics in our marketplace confirm what we’ve suspected – condo sales are hot! There is a lack of supply and high demand for condominiums throughout the metro D.C., Maryland and Virginia areas.

Stats show that condo sales in the region are up by 10 percent in 2012 over 2011 figures. And 10 percent is significant because it coincidentally matches the rate of real estate appreciation year over year.

Condos are selling quickly, too. Condo units sold in an average of 59 days in 2012, down from 76 days in 2011. Often, they sell even quicker. We sold our last four condos in 2013 in an average of just 7.5 days. That should give you a sense of the quick pace in the metro’s condominium market.

We at Eng Garcia Properties are obsessed with this type of invaluable data that helps us translate what the market is doing into outstanding marketing strategies that help when you are buying or selling real estate.

Are you ready to take advantage of D.C.’s red-hot condo market? Give us a call or drop me a line to learn more.

Keller Williams Named Tops in Customer Satisfaction for 2012

Watch on your mobile device >>

In today’s shifting real estate market, it’s important to make sure your Realtor is devoted to your satisfaction as a customer.

And as a Keller Williams agency, we at Eng Garcia Properties are proud to announce that Keller Williams has been named the best in customer satisfaction for home buyers and sellers for 2012 by J.D. Power and Associates®. In addition, Keller Williams is the top real estate brand in terms of number of agents.

What does this mean for you as a client? It means that Eng Garcia is well-connected with our colleagues nationwide, making more real estate resources available to clients like you. And since we are a high-volume real estate firm, we have many of the best listings that attract buyers to our homes in Washington, Maryland and Virginia.

Overall, according to the report, customer satisfaction is down for both clients and sellers. Part of the reason, I think, is that markets are shifting and that makes it difficult to manage client expectations. Buyers and sellers simply don’t know what to accurately expect. And home buyers and sellers report that managing client expectations is important to them.

The good news is that we at Eng Garcia Properties do this well. The report states that sellers nationwide are getting an average of 89 percent of their asking price for their homes. In 2012, we were able to obtain an average of 95 percent. This indicates we’re doing a good job of monitoring the market and matching people with the homes that best suits their needs and lifestyle.

A big part of our success is our outstanding marketing processes that expose sellers’ homes to a wide audience. We also sift through the market data to help us effectively market and sell properties.

We hope you will drop us a line or call us so we can discuss the significance of this Number 1 ranking to you as a client.

Eng Garcia Properties (202) 290-1313 carlos@enggarcia.com

A Lack of Homes for Sale – Not Sequestration – Key to Health of Our Real Estate Market

Watch on your mobile device >>

A funny thing happened here in the Washington, D.C., area while the rest of the nation went through our years-long economic downturn. Our local economy grew.

Earlier this year, The New York Times Magazine reported that our regional economy has expanded three times as much as the nation’s economy. In fact, three of the top 10 richest counties in the United States are around D.C. in Virginia and Maryland. 

With 40 percent of D.C.’s economy tied to federal spending, there has been much speculation about how the budget sequestration will affect us locally. Any change in federal spending, according to one source cited in the article, might soften the market, but certainly not cause a crash.

Of course, we at Eng Garcia Properties are most concerned with the effects on our real estate market. From my perspective, the low levels of real estate inventory – not the federal budget cuts – have the most potential for dampening our local economy.

I’ve talked a lot recently about the lack of homes on the market in D.C. and nearby in Virginia and Maryland. Locally and in nearby counties, we are looking at two straight years of 25-to-35 percent inventory reductions. Just 24 to 36 months ago, we had twice as much available housing stock as we have in early 2013.

We at Eng Garcia Properties are here to help you navigate this tight real estate market, whether you are a buyer or seller. Please call or email us, and we’ll be happy to answer your questions and get started.