What Did The D.C. Market See in 2013?

What Did The D.C. Market See in 2013?

Now that we are in early 2014, I wanted to look back and review 2013. Clients have been asking how I would characterize 2013; I would call 2013 a growth year. I say this because more homes were sold and approximately 20% more condos and co-op apartments were sold. Depending on your community, the past 2-3 years have shown a serious decline in inventory but now it has stabilized. However, we are saying that 2013 was the first year where we haven’t seen a 20-30% drop in inventory and are still currently in a low inventory market.

For the apartments and co-ops in the city, the number of units sold was up 20.6%. That is serious movement! For single family homes, 9% more were sold in 2013. In essence, the big pieces of news to take away are that inventory has stabilized and the number of transactions has risen. We are currently analyzing the rates, the REO's and the builder updates to get the information out to you.

Thanks and have a great day!

Investing in Real Estate is Easier than You Think!

Investing in Real Estate is Easier than You Think!

Today I wanted to talk to you about investing in real estate. I am personally a real estate investor and found my way into the real estate business this way. I was an attorney for twelve years and on the side I began investing in real estate. My passion for real estate investing led me into selling real estate, but I remain dedicated to growing my own wealth through real estate investing and helping others to do so also.

There are many ways to invest in real estate but there is one very simple way I prefer because it does not involve many people. All you need is one buyer, one loan and one property; this is single family properties. I previously invested in multi-unit properties and dreams of owning massive buildings (I would still love to), but that comes with an amount of complexity to it that makes it difficult to do on the side. I’m not making a living off of my real estate investments, but it’s something I do on the side just as I invest in my retirement fund and other investment vehicles to slowly accrue wealth. There are enough people in the D.C. area with disposable income that should be considering this possibility. However, this can be very easy to over think and over complicate.

At this moment, there is a marriage of two great things happening: you can obtain a quality single family home and receive a rent that’s relative to its price. It’s always been simple to do this, but it hasn’t always been so lucrative. Right now we have great interest rates and a number of neighborhoods where renters are willing to pay top dollar rent for properties even though you don’t have to pay top dollar to buy into those areas.

I highly encourage you to consider this strategy. It is not like winning the lottery by any means, but is very fixed and determinable. I hope you are as excited as we are about investing in D.C. properties. Thanks and have a great day!

How to Stage Your Home Properly

How to Stage Your Home Properly

Today I wanted to speak with you about the art of selling property. Where we begin is looking at the property itself and how it’s priced. We work with our clients to stage their property, thin out what you have and make the property more comfortable and easier to move around by de-cluttering. We also offer marketing and staging services.

We are among the top realtors in the country when it comes to continuously reinventing our marketing approach by dedicating entire staffs to working out agreements with our marketing partners for better distribution. With de-cluttering, we are ensuring that our professional photographers have something beautiful to capture.

With our marketing strategy, we provide something called “Command Central.” Command Central is a tool that tracks inquiries from yard signs and online search engines. More and more, the industry is moving towards online marketing which changes your pricing strategy in how you present your price online.

When you look to hire a realtor, I urge you to hire one that is savvy and is constantly looking for new approaches; this means finding a realtor who has a robust marketing budget and is willing to spend money to make money. Utilizing websites like Trulia and Zillow are the norm for us and we are constantly revaluating our marketing strategy. We are someone of the biggest budgeted amongst realtors and running ourselves as leaders and holding ourselves to higher level.

Thanks and I look forward to seeing you around the way.

Don't Think it is Time to Sell? Think Again!

Give your home the attention it deserves and sell it for the price you want!

We are constantly asked whether it is a good time to sell. In most neighborhoods, my clients and friends have reported that their homes are now more valuable as they ever were. A few factors play into this. There is a profound lack of inventory; we’re coming off of three straight years of 20-30% declines of homes being listed. This decline was most likely caused by the consumer’s lack of trust and confidence in the market after the downturn a few years back. I’m here to report that you should check in again, with us, and find out if this is the right time to consider selling. You may have noticed there are not many homes for sale in your community; it’s happening everywhere. The lack of inventory is affecting buyer behavior, causing them to react quickly because they have fewer choices. Every opportunity a buyer has to view a home is deemed more precious since opportunity doesn’t come around that often.

Another great aspect is the interest rate environment. The summer did bring us a roughly 1% increase in rates, but we have come down from that with three straight weeks of declining interest rates. Buyers are realizing that the market is moving very fast and are starting to compete. We know this market is very different than it was three years ago, so we encourage you to give us a call. You may find that it is just the time to sell. Thanks and have a great day!

Government Shutdown October 2013

Government Shutdown October 2013

Strictly going by the manner of the media, one would think the market is in shambles. This is not true, however, people are feeling pessimistic about the market as this summer brought a 1% rate increase, a potential sequester looming and the current government shutdown. The real issue in the D.C. market is the lack of available inventory. There has been a slight increase in supply from the slow summer months, but based on current trends and historical standards, we have hit a low point in regards to inventory. Depending on your location and price point, we’re coming off a two year stretch of inventory being down 20-30%. Although this is only one factor, it’s very powerful especially in terms of the current bumps we’ve been hitting.

In addition, even with the government shutdown, D.C. remains one of the best job markets in the country. In a robust job market with very young and strong professionals, having a job provides all the confidence for buying or renting a home. This provides a lot of room for growth and development. Another strong part of the market is the builder segment. Builders are still putting up condos and individuals are continuing to purchase homes on the resale market to flip.

Overall, the market is a mixed bag with very strong forces moving in both directions. The strongest factors appear to be the stable job market and the lack of inventory. The supply issue makes purchasing harder on buyers but works favorably for sellers. The rates are still historically low and hovering between 4.5-4.75% in most loan scenarios. This is still encouraging and the market appears to be balancing out.

If you have any other questions, please contact me as we are the top Keller Williams team. Thanks and I hope to see you out there!

Learn How to be a Competitor - with James Grant

Hello, everyone. Welcome back to our video blog!

Today, I have my partner, James Grant, with us. He has been the number one buyer’s agent on our team for years. He is great at connecting with buyers and understanding the emotional process.

I asked James to join us today because I wanted him to tell us what a buyer can do to become a competitor in our market today. We have a shortage of inventory and a large pool of buyers, so when you are looking for a home you need to be prepared.

James Grant says,

"There are a number of things a buyer can do before they even engage with a realtor.  One of the most important steps is getting pre-approved. Without a pre-approval letter, we have no idea what homes to look at and a seller will not take you seriously without it.

After you have the pre-approval letter, find a productive agent to connect with. As Carlos mentioned, we are in a crazy market. Homes are selling within a week! You need an agent who can help negotiate for you, knows how to make the best offer and can get it done quickly.

The final bit of advice is the scariest for most. Be decisive. Buying a home is a huge decision; I understand that. I want to make sure, though, that you don’t take too long deciding and miss out."

We will have a part two of this video where I will explain how to become more decisive: what types of criteria to look at and how to evaluate your needs.

If you have any questions please call us, we’d be more than happy to help!

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

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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.