Since the home is new, it’s understandable to assume the developer has to adhere to local construction guidelines, which would mean everything is in tip-top shape.

However, err on the side of caution – always hire an inspector, whether the home is old or new.

Guidelines for a New Home Inspection

You can ask the builder to provide copies of any inspection reports on the property, architectural plans, surveys and pertinent construction documents for your inspector to review.

The inspector should either be a professional home inspector, an engineer, an architect or a contractor.

Hire a Professional

When hiring a professional inspector, look for one who belongs to a home inspection trade organization, such as the American Society of Home Inspectors (ASHI). This group has developed formal inspection guidelines and a professional code of ethics for its members.

Membership in ASHI is not automatic. Proven field experience and technical knowledge about structures and their various systems and appliances are required.

Don’t forget to ask for references, and follow up with the ones they provide.

Don’t Go for the Lowest Quote

Whatever you do, don’t choose your inspector based on the lowest quote. Rates vary greatly. Many inspectors charge about $400, but costs increase based on the scope of the inspection.

Need Recommendations?

I am happy to provide you with contact information for reputable home inspectors in the DC area to help ease your mind about inspecting a new home.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

The post Do You Need a Home Inspection for a Newly Built Home? appeared first on The Estridge Group Blog.

The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

Taking a closer look, we notice that the $800K – $1.2M price range has a relatively large number of contracts pending sale. We also notice that the $1.2M – $1.6M price range has a relatively large inventory of properties for sale at 48 listings. The average list price (or asking price) for all properties in this market is $2,177,313.

A total of 597 contracts have closed in the last 6 months with an average sold price of $1,358,386. Breaking it down, we notice that the $800K – $1.2M price range contains the highest number of sold listings. Alternatively, a total of 19 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $400K – $800K price range has a high number of off-market listings at 5 properties.

You might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer’s market (indicated by high DOM), or a seller’s market (indicated by low DOM). Active listings (properties for sale) have been on the market for an average of 96 days.

Analysis of sold properties for the last six months reveals an average sold price of $1,358,386 and 36 days on market. Notice that properties in the $800K – $1.2M price range have sold quickest over the last six months. The recent history of sales can be seen in the two charts below. The average sold price for the last 30 days was $1,351,154 with an average DOM of 26 days.

Since the recent DOM is less than the average DOM for the last 6 months, it is a positive indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.

Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.

Analysis of the absorption rate indicates an inventory of 2.3 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of p roperties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.

How Can We Help With Your Next Bethesda Housing Market Transaction?

Contact us now to discover all of the incredible resources we provide to buyers and sellers just like you each and every day on the Bethesda real estate market.

We’d be happy to help you at every stage of the real estate transaction process.

Contact us at The Estridge Group to learn more!

Until next time,

Melinda

The post Bethesda Real Estate Market Continues to Improve in September appeared first on The Estridge Group Blog.

The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that l listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

Taking a closer look, we notice that the $800K – $1.2M price range has a relatively large number of contracts pending sale. We also notice that the $1.2M – $1.6M price range has a relatively large inventory of properties for sale at 48 listings. The average list price (or asking price) for all properties in this market is $2,177,313.

A total of 597 contracts have closed in the last 6 months with an average sold price of $1,358,386. Breaking it down, we notice that the $800K – $1.2M price range contains the highest number of sold listings. Alternatively, a total of 19 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $400K – $800K price range has a high number of off-market listings at 5 properties.

You might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer’s market (indicated by high DOM), or a seller’s market (indicated by low DOM). Active listings (properties for sale) have been on the market for an average of 96 days.

Analysis of sold properties for the last six months reveals an average sold price of $1,358,386 and 36 days on market. Notice that properties in the $800K – $1.2M price range have sold quickest over the last six months. The recent history of sales can be seen in the two charts below. The average sold price for the last 30 days was $1,351,154 with an average DOM of 26 days.

Since the recent DOM is less than the average DOM for the last 6 months, it is a positive indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.

Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.

Analysis of the absorption rate indicates an inventory of 2.3 months based on the last 6 months of sales.

This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.

Is It Time to Sell or Buy Your Next Chevy Chase Home?

If so then be sure to connect with us at The Estridge Group.  We have years of experience helping others just like you and we’d be happy to share with you our expertise to ensure that you too can enjoy a successful outcome on the market.

Until next time,

Melinda

The post Your Chevy Chase Real Estate Update for September 2015 appeared first on The Estridge Group Blog.

Today, we’re going to explore the differences between these types of properties to help you understand which one is best for you.

The Main Differences Between DC Townhouses and Condos

While most condominiums are apartments, a townhouse is attached to one or more houses and can run the gamut from duplexes and triplexes to communities with hundreds of homes.

With a townhouse, buyers separately own their homes and the land on which the houses sit. With a condominium, the unit owners jointly own the land and this common interest cannot be separated from the others.

Townhouses can be structured in many ways. Some, particularly huge communities, have common areas – such as swimming pools – that are similar to condominiums.

So what are the pros and cons of a townhouse? On the plus side, exterior maintenance and repairs are minimal; there are no neighbors above or below the home like in an apartment; and because the homes are attached, they may offer a greater sense of security.

As for the disadvantages, if there is a homeowner’s association, buyers will have to pay a homeowner’s fee. There is also less privacy than with a detached single-family home.  And there are limits on how you can make exterior changes to the home.

How about the pros and cons of a condo? Condos are a good way to enter into homeownership. The generally higher price of single-family homes and the influx into the housing market of more single homebuyers have made condos relatively hot national investments. They have held their value as an investment despite economic downturns and problems with some associations.

Condominium associations have also worked hard in recent years to clean up their image.  Disputes and lawsuits were once rampant. But now associations have become savvier about property management and have taken steps to prevent legal problems and disputes.

We’re Here to Help With All Your Washington DC Real Estate Needs!

Hopefully you found the above information valuable and you’re that much closer to determining if a townhouse or a condo is right for you.

For more valuable guidance on the Washington DC real estate market, make sure to connect with us at The Estridge Group. We are seasoned real estate agents in DC and we would love to share our useful resources and insightful advice with you.

Until next time,

Melinda

The post Townhouse Vs. Condo: Who Does it Better in Washington DC? appeared first on The Estridge Group Blog.

Two Dog Day participants pose in front of the Great Dunes Water Park in Arlington, Va. Every year, at the end of the season, the park opens up its doors to dogs. The dogs love it almost as much as their owners do!

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Row, Row, Row your boat gently down the Potomac. A boater rows down the Potomac River.

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A September night at the Mosaic District in Merrifield, Va.

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An unlikely candidate sits in front of an advertisement for the play, “The Fix”. The play will run at the Signature Theatre in Shirlington, VA, until September 20th.

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A bamboo tunnel at the Mosaic District shopping complex, in Merrifield, Va.

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