The McCormick Gregory Team Real Estate Podcast

How Buyers Are Protected in Our Market

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Wed, 10 May 2017 11:01:00 -0700

When helping you buy a home, we always want to be sure you’re protected. Here are a few ways we do that.

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A buyer of any commodity obviously has to be aware of what they’re buying, but when it comes to real estate in D.C. and Maryland, there are already a lot of protections in place for buyers. As your representative, we want to go above and beyond to make sure you are fully protected throughout the process.

In both the D.C. metro and Maryland, there is a required property condition disclosure. The seller fills it out, giving their assessment of the condition of the home. At the bottom of that form, it asks the seller if there are any defects that they would like to point out. The seller typically doesn’t put anything down, then signs. If you find out down the line that something is wrong with the home and they knew about it, having their signature on that disclosure is key.

Sellers are required to disclose any known defects up-front.

When we write an offer for you, the first thing we do is show you these disclosures so we can work what the sellers have to say about the condition of their own homes. We also have disclosures for lead-based paint and radon. We can get you the information on property taxes and utility costs as well. We will also add extra protection to the contract including an inspection contingency and an appraisal contingency.

These are just some of the additional protections we put in the contract for you. All in all, always be aware that we are taking care of you to the full extent of the law and our expertise. If you have any questions about this topic or anything else relating to real estate, give me a call or send me an email. I would love to hear from you.

Where the Home Buying Process Truly Begins

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Wed, 19 Apr 2017 09:36:00 -0700

What all goes into the mortgage pre-approval process? I'm joined today by lender Kevin Walsh to help me explain.

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I'm joined today by Kevin Walsh of First Home Mortgage to help me talk about why mortgage pre-approvals are so important here in the Washington D.C. real estate market.

The process of a new homebuyer getting pre-approved typically starts with a real estate agent referring them to a lender for a one-on-one conversation that eventually leads to the buyer giving the lender the documents they need. The lender will go through your income and liabilities and quickly be able to tell you what kind of purchase price you can look at.

The pre-approval process usually only takes a few days, or as long as it takes to fill out the application and get the required financial documents.

When it comes to actually buying a home, the question of what will happen with interest rates in 2017 is a popular one. As Kevin says, rates have ticked up recently and the Federal Reserve has announced that they will likely go up again this year.

The pre-approval process usually only takes a few days.

I want to thank Kevin for joining me today. If you have any mortgage questions or you're interested in getting pre-approved for a mortgage, you can reach him at (301) 448-5151.

If you have any questions about real estate or you're thinking about buying or selling a home in the D.C. area, you can always give me a call or send me an email. I'm here to help.

Does Staging Really Help Homes Sell?

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Mon, 10 Apr 2017 08:26:00 -0700

Home staging is essential if you want to sell for top dollar. This is what staging does for your home sale.

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Why would someone bother to stage their home? To put it simply, it gets results. We recently talked to Patricia Ebrahimi with Show Smart Staging about home staging and its effect on real estate transactions.

The main purpose of staging a home is to facilitate the fastest and most profitable sale of your home. The first step to getting your home staged begins at an initial consultation, where a stager will determine your home’s advantages and disadvantages. Every home has both.

Home staging is not the same as interior decorating. Interior decorating is more personal and done to your personal tastes and liking because you're going to live in it. Conversely, home staging is about appealing to the broadest array of potential buyers in your target market to make them fall in love with the home.

Staging works by focusing on the home’s advantages and focusing away from its disadvantages. If a home is vacant, only key rooms like the first floor and master suite need to be staged.

Staging helps produce an emotional connection with buyers.

The return on investment for staging is huge. It’s the strongest marketing tool in real estate, according to Patricia. It produces the emotional connection with buyers that a vacant or unstaged home simply can’t.

The whole process only takes a few days from the initial consultation to the full staging. The bottom line is that if you want the most profit from your sale in the shortest amount of time, staging is a must.

If you have any questions for Patricia about staging your home or you’d like to have a consultation with her team, give her a call at (757) 619-9789. If you have any other questions about real estate, you can always give us a call or send us an email. We look forward to hearing from you soon.

Spring Market Brings Low Inventory and Higher Sales

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Tue, 28 Mar 2017 09:12:00 -0700

You may have seen reports that housing inventory is low across the country, but it's something we've been experiencing in the D.C. market for several years.

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According to reports, the national inventory of real estate is quite short. Many cities across the country are seeing bidding wars for homes created by buyers who want to buy the very few homes available on the market.

Here in the Washington D.C. market, though, we've had low inventory for several years. We currently have 1,280 properties for sale in the city, which is virtually the same number of properties we had available at this time last year. However, the interesting thing is that the number of sales increased 18% this February compared to last February.

Available inventory is the same, but sales were up 18%.

There are a lot of homebuyers competing for the low number of houses available out there. In fact, 800 properties sold within the city boundaries this February.

As we move out to Montgomery County, we see that inventory has gone down by 15% over this same time last year. This has created a more seller-friendly market than we've had in Montgomery County in many years. Currently, there are 1,800 homes for sale in Montgomery County, and interestingly enough, we've seen an 11% increase in condo sales this February over last February. The increase in single-family home sales was 3% in the same time period.

Hopefully, this gives you a clearer picture of what inventory looks like in the D.C. market. If you have any questions for us or you're looking to buy, sell, or invest in real estate, don't hesitate to give us a call or send us an email. We'd be glad to help you.

How to Price Your DC Home to Maximize Your Net

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Mon, 13 Mar 2017 09:05:00 -0700

Price is one of the five most important factors when selling your house. Here’s how we help sellers find the right price that will earn them top dollar in our market.

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Choosing the right price for your home is one of the most important decisions you make when you sell it. In fact, it’s one of the five key factors that determines whether your home will sell or not. The other factors include the condition of the home, the market you’re selling in, your motivation, and the quality of the marketing your home receives.

As for pricing your home, you have to think in terms of competition. Since you’re not alone in the market and homebuyers are comparison shoppers, you want to attract buyers with a compelling price for your home. These buyers are shopping online and they’re shopping for value, but how do they determine it? Since they shop by comparison to determine value, they will compare homes online and compare them when they physically come to the home.

They will compare the features, benefits, and price of your home with the features, benefits, and price of similar houses that have recently sold or are currently on the market.

When we help you come up with a price for your home, our job is to anticipate what buyers will be thinking. We need to look at comparable homes and the current competition, but more importantly, we need to look at what actually sold and the price it sold at. Many houses are unique, so we’ll never find an exact match, which makes the task a bit harder. For that reason, we need to add and subtract from the price based on variations from house to house.

Our job is to anticipate what buyers are thinking.

There is almost always a range of prices for which a home sells, and we aim to sell your house at the very top of that range. Our team will take a look at the house to establish that range and even consult other experienced agents to come up with a price range. This information is especially important compared to automated data online, which can be helpful at times, but it can also be extremely misleading at times. You need to take it with a huge grain of salt. Even Zillow says they have errors in their valuation that can be 10% high down to 10% low.

I hope you found this information helpful when considering a price for your home sale. If you have any questions for our team or you’re looking to buy a home in the Washington D.C. area, give us a call or send us an email. We’d love yo help you out.

Tips for Home Sellers in the Spring Market

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Wed, 1 Mar 2017 10:29:00 -0800

The spring real estate market will be here before you know it. Here’s what you need to do to prepare if you’re thinking about selling.

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If you’re thinking about selling your home this spring, you’re in luck. We have five tips to share with you today that will help you get your home in tip-top shape by the time you’re ready to list. Here is what you should do:

1. Start way before spring. The spring market begins before spring does. You’re going to enter a very competitive market, so the earlier you prepare, the better. It’s a beauty contest and a price war, so getting ahead of the pack will serve you well.

2. Start talking to Realtors in your area. 95% of all transactions are conducted by sellers who have a listing agent; the listing agent represents them through all the legal minutiae and marketing decisions of the transaction. Get as much information as you can about each Realtor before you determine your best fit.

3. Get your plan well-established. In other words, where are you going to go once your house sells? If you’re purchasing a new home, will that purchase be contingent on the sale of your home? That strategy doesn’t tend to work well in our area so we will need to figure something else out. You should also determine what you want your takeaway to be so you can find out how much you can put down on your new home when the time comes to make an offer on it.

4. Be as informed as possible about the spring market in your area. We have a lot of mini-markets around here. The Georgetown spring market isn’t the same as the Chevy Chase, Spring Valley or Rockville spring markets. They each have different people, different demographics, and different dynamics.

5. Get your house physically ready for the market. Make your home a showcase by cleaning, decluttering, sprucing up your landscaping, and replacing outdated paint or carpet. Remember, it’s a beauty contest out there.

The spring market begins before spring even does.

We hope these tips are helpful to you as you prepare to sell your home this spring. If you have any questions or want any more tips, give us a call or send us an email. We are always glad to help.

What to Expect in the DC Market in 2017

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Tue, 7 Feb 2017 09:16:00 -0800

In the D.C. and Montgomery County markets, a few select forces are really driving the market.

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What can you expect in the Washington D.C. market in 2017?

Basically, we expect a brisk market in 2017, and we’re already experiencing it right now in February. In particular, there are three trends we’re watching:

Inventory of available homes. In D.C. and Montgomery County, inventory is very low, which has been true in the District for a while but is a bit surprising for Montgomery County. This could change as we get further into the spring market.
Average prices in the area. In the District, we had a 7.7% increase in the average sales price coming out of last year, and we expect something along those lines to continue. In Montgomery County, the average sale price increased about 6%. Interestingly in Montgomery, it’s getting close to the high prices of 2007. In D.C. however, prices have already exceeded the high prices of 2007.
Days on market are low coming into 2017 and we expect that trend to continue. Half of all houses in the District sold in fewer than 14 days and in Montgomery County, half of all houses sold in 37 days or fewer.

Interest rates are another driving force we’re aware of in this market. Rates have been rising and dropping and are a bit volatile. Buyers are concerned about a serious rise in interest rates, so they’re getting out there and making offers. We also expect credit availability to improve and remain strong so that more buyers can come into the market.

Interest rates and inventory are the two driving forces in our market right now.

If regulations are loosened in the mortgage industry, that could significantly affect the market. We will have to wait and see if that happens.

Another factor is that we expect inventory of homes to increase as we get further into the spring market. Since it’s currently a very strong seller’s market, this will be very helpful for buyers in both D.C. and Montgomery County.

Hopefully you find this information helpful. If you’re thinking of buying or selling a home or you have any questions we can answer, don’t hesitate to give us a call or send us an email. We’d be glad to help.

The Crestwood Neighborhood

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Thu, 5 Jan 2017 10:20:00 -0800

Have you heard of the Crestwood Neighborhood? It's a quiet neighborhood comprised of mostly single-family homes that's surrounded by Rock Creek Park and 16th Street, and I wanted to tell you more about it.

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Washington D.C. is a city of neighborhoods and some very famous areas, and today, I wanted to talk about the Crestwood Neighborhood. It has the unique distinction of being surrounded by Rock Creek Park on three sides.

The area of Crestwood is 300 acres that's bordered on the east by 16th Street, which is a major artery of the city that buses travel up and down and ends at 1600 Pennsylvania Avenue. This makes the neighborhood within easy commuting distance of the White House and the other major federal buildings where many people in Washington D.C. work.

The Crestwood Neighborhood is made up of about 600 houses, many of which are single-family houses on fairly large lots. There are also many very large rowhouses, but very few rentals or condos, so it's more of a quiet single-family neighborhood that are on the leafy side. Property values in this neighborhood range from about $800,000 and up.

Crestwood is a quiet, mostly single-family home neighborhood with large lots.

Last year, only 23 houses sold in the Crestwood Neighborhood, with the lowest sale price being $803,000. It's a low-turnover area and many people will wait for an opportunity to get into it. We think it's a very special neighborhood and wanted to make sure you knew about it.

If you have any questions about the Crestwood Neighborhood or other areas in Washington D.C., or you're thinking about buying or selling a home, we're here for your questions. Just give us a call or send an email anytime.

4 Mistakes First-Time Home Buyers Should Avoid

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Wed, 28 Dec 2016 10:50:00 -0800

If you are buying a home for the first time, it’s easy to get overwhelmed. Today, I’ll go over the four most common buyer mistakes that you should avoid in order to have a successful transaction.

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First-time home buyers are a real asset in our current market. In fact, the National Association of Realtors has just come out with a report showing that first-time home buyers made up 34% of home sales in the month of September.

That said, if you are buying a home for the first time, there are a few pitfalls you should avoid in order to have a successful transaction. Here are the top four mistakes that first-time home buyers make:

1. They don’t get pre-qualified by a lender. Buying a home is one of the biggest, most important financial transactions of your lifetime. It’s very important to understand the numbers going into the transaction. A good lender will be able to tell you how much house you can afford and how your mortgage payment will impact your monthly budget. It’s very important that you talk to a lender before you start looking at homes. That way, you won’t fall in love with a home that’s too expensive for you.

Get pre-qualified before you begin your home search.

2. They wait too long to make an offer. It can make people very anxious to make an offer on a home, but the fact is that good houses will sell very quickly. There comes a point at which you need to take action. You need to be decisive and put your offer in. When you do see a house that you really like, get in touch with your agent to make an offer so you can actually get the home.

3. They make a low offer. Since we are in the era of the Internet, active listings get a lot more exposure these days, and many homes sell right at or just below fair market value. If you make an offer far below market value, the seller may not even look at it. Don’t go into the market thinking you can make a lowball offer. Don’t waste your time; be realistic about how far your money will really go.

That said, how do you know what fair market value is? Your agent can determine fair market value by comparing the property you are interested in to a similar house in the same neighborhood that recently sold. That number is a good indicator of what the home is worth in the current market.

4. They rely too heavily on Internet resources. The Internet is a very valuable source of information for home buyers. In fact, 95% of home buyers begin their home search by looking online at sites like Zillow. Zillow gives estimates on home values, but in our marketplace, those values can be off by as much as 15%. A good real estate agent can actually determine how much a home is worth in the current market. Your agent will examine any issues with the home and compare it to other homes on the market in order to tell you precisely what the house is worth.

If you avoid these four mistakes, you will be able to successfully purchase a home. Of course, the right real estate agent can guide you through the buying process and help you avoid all of these pitfalls.

If you have any other questions about the buying process or about the real estate market in general, give me a call or send me an email. I would be happy to help you!

Why Is the D.C. Market So Active Right Now?

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Mon, 12 Dec 2016 14:14:00 -0800

The D.C. market is uncharacteristically active this December for a number of reasons. Home sellers should take note because now is a fantastic time to be on the market.

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Today we wanted to touch on real estate here in D.C. in the month of December. Many people think nothing happens at this time, but that couldn't be further from the truth.

On a normal year like last year, 510 homes sold in D.C., which was half of all homes available for sale at that time. In Montgomery County, 800 properties sold last December. That marked one-third of homes for sale at that time. The odds of selling at this time are very similar to the odds throughout the year. As you can see, activity is pretty good.

This year, we have an interesting phenomenon with an extremely active December. The first reason for this is that we're post-election and the public has finally exhaled—they finally feel like they can go out and buy a house. We had a slow summer, but December has been very busy. Much of this activity is a result of the elections with people coming or going for jobs in congress or the administration.

We're seeing an extremely active market this December.

Our company is known for working with these people, and we're getting a fair amount of activity. The third reason we have so much activity right now has to do with interest rates. People are taking the concern that rates may go up quite seriously right now, so they want to lock in low mortgage rates before they go up.

If you're selling your house this month, we have a list of reasons why this month is a good time to be on the market:

People looking for homes in December are very serious buyers.
They have fewer houses to choose from, so the odds are greater that they'll choose your house.
The supply of houses will go up in January, so your odds of selling will decrease.
Houses show well when decorated for the holidays.
Buyers buy on emotion, and they're more emotional during the holidays.
Buyers have more time to look if they have time off during the holidays.
Many people need to buy before the end of the year.

You can still list your home on the market and block out days that you don't want to hold showings, whether that's for Hanukkah, Christmas, New Year's, or any other holiday time that's special to you. You could also have the advantage of selling in December and looking for your next home in January when there is more inventory.

If you have any questions about buying or selling in the winter, don't hesitate to give us a call or send us an email. We'd love to help you out!

What Do You Want to Know About Real Estate?

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Mon, 31 Oct 2016 10:20:00 -0700

We’ve been doing videos for the past several months on topics we think are pertinent, but we want to know what you would like us to cover.

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Now that the summer had ended, the kids are back in school, and football season is in full swing, we’d like to reach out to you with a question and a favor.

We’ve been doing videos for the past several months on topics we think are of interest to you. For example, we’re launching into our four-phase system for helping buyers, and we’ve done an analysis of the impact of the election on the local real estate market.

Our question, then, is this: are there are any topics that you would like to have covered?

We would love to hear from you and do a video on a topic you suggest.

Is there any particular topic that confuses you? Would you like to know what’s going on in a particular area or submarket within our area? We would love to hear from you and do a video on any topic that you bring to our attention. For examples of this, you may want to take a look at some of the videos that we’ve already done.

To sweeten the deal, we’d like to offer a $25 gift certificate for any question or topic that you send us that we end up doing a video on.

If you’re thinking of buying or selling real estate this fall or anytime in the future, please give us a call or send us an email. We look forward to hearing from you!

The Fall Market Here in the Nation’s Capital

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Thu, 13 Oct 2016 08:21:00 -0700

At the current time, we’re selling many properties both here in D.C. and in Montgomery County, Maryland. What does that mean for you?

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Here in the nation’s capital, we’ve enjoyed a very strong fall market so far. Every year, an interesting phenomenon occurs: inventory declines and buyers keep buying.

We have a year-round market with variations in the inventory that’s available. At the current time here in Washington D.C., there are 1,200 properties available for sale. Every month at this time of year, we sell and average of 700 properties. That boils down to 23 properties a day.

It’s a very active market here in the nation’s capital.

We have a similar situation in Montgomery County, Maryland. Out there, we have 2,800 properties for sale, with 1,100 selling every month. That boils down to 36 properties every day.

As you can see, it’s a very active market, and fall is a great time to buy or sell.

If you’re thinking of taking advantage of this trend, please give us a call or send us an email so we can help you. We look forward to talking with you soon!

Days on Market

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Wed, 21 Sep 2016 10:23:00 -0700

Every time we have an open house, I'm asked how many days the home has been on the market. Nobody asked this question 10 years ago, but it's an important part of real estate now. Here's why.

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Today I wanted to talk about how a house's days on market impacts the sale.

When we do open houses for our clients, we meet a lot of buyers, and they often ask us how many days the house has been on the market. It's a funny question that nobody asked 10 years ago, but it has become a very important factor in real estate.

When I answer, I always give a qualified response and say, "At this particular price, the house has been on the market for 10 days," or, "With me as an agent, this house has been on the market two weeks," or something along those lines.

The reason to qualify this answer is because days on market is something you shouldn't take at face value. Some houses may show many days on market, and in some markets, that's very normal and really doesn't mean anything. Other homes may have many days on market, and that could mean that there's something wrong with the house. It may have been priced or presented wrong, and the buyer should take that into account.

Don't take days on market at face value; ask your agent to explain.

If there is an accumulation of days, the buyer should ask the agent to explain days on market. As you may know, some sellers play a trick with days on market by taking the property off the market, waiting until the calendar stops, and putting it back on the market.

Always ask your agent to explain days on market for a house you like, and don't discount a house entirely because you see a lot of days on market.

If you have any questions about days on market or about the D.C. real estate market, give me a call or send me an email. I'd be happy to help.

8 Inexpensive Home Staging Tips

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Tue, 13 Sep 2016 13:25:00 -0700

Staging your home can increase its value by up to 10% and can cut your time on market by a third. These 8 tips will help you maximize your staging at very low cost.

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Staging creates an illusion in the eyes of the buyer, because buyers buy on emotion, and they like to feel good about what they're seeing. You want to stage the home in a way that gives buyers the emotion they want and makes them feel comfortable buying your home.

Buyers want to picture themselves living in your home.

Staging can actually increase the home's value by up to 10% and can cut your time on the market down by a third. Here are our eight tips to maximize the effect:

Make a great first impression. What does the front door look like, and what does the buyer see when they first walk in? Paint the front door and put some fresh flowers out front.
Depersonalize the home. Buyers want to see themselves living in the home, so take your family photos down.
Make the necessary repairs. Have a repairman fix the little things like dripping faucets or any little flaws throughout the house that are visible to buyers.
Clean the house top-to-bottom. Have the house be the cleanest it has even been, because clean sells!
Make the house fresh. You don't want the smell of dogs, cigarettes, or cooking that you don't notice anymore, because buyers will pick up on it right away.
Remove some furniture. Less is more when it comes to showing a house, and frankly, most houses have too much furniture. Make sure the buyer can see the space.
Clean the windows. Sparkling windows make a good impression and let more light into the house.
Lighting is important. People respond well to a well-lit house, so make sure all your fixtures have working bulbs.

I hope you find these tips helpful. If you have any questions about staging or selling your home, feel free to give me a call or send me an email. I'd be happy to help!

How We Helped Sherie by Overcoming Obstacles

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Fri, 19 Aug 2016 13:41:00 -0700

“I was very pleased overall. Every time there was an obstacle they were resourceful and came up with a solution. On multiple occasions, there was an issue and they always told me what to do or who to call. They always gave me the information right away. They were very responsive.”

- Sherie Silverman

How We Helped Lisa by Sticking With Them Through a Stressful Time

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Fri, 19 Aug 2016 13:40:00 -0700

“I got great results, they were very helpful to me during an extremely stressful time. I had a realtor prior to Delia McCormick, tried to sell my property, and had no results with them. I made my appointment to meet with Delia after I had some surgery. When I came out of the surgery the house had been destroyed by flooding. You can imagine, being ill and coming out of a situation like that, not knowing what to do. But, Delia was very calm and professional. She hung in there with me during the whole process. They were the very best that you could be and ended up being able to sell the house. They were very knowledgeable, patient, and professional.”

-Lisa Paulette, Home Seller

Our 4 Phase System for Home Buyers

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Thu, 18 Aug 2016 09:26:00 -0700

When we help buyers find a home, we employ a step-by-step process with four phases in order to make sure that nothing is overlooked, they’re fully prepared, and they understand everything going on throughout the transaction. We do this so that by the end of the process, you know that you’ve purchased the right house, on the right terms, and have no regrets. Here are the four phases:

Phase 1: Preparing to purchase a home. This involves making sure that your credit is in order, that any overseas money has been seasoned, and that the lender is okay with any moving around of money that needs to be done. We’ll go to a lender, get you pre-approved for a loan, and talk you through the steps in the sales process to make sure that you’re comfortable.
Phase 2: Looking at properties. We’ll be looking at properties online at the same time you are and will set up certain filters to make sure that you’re not wasting your time looking at properties that wouldn’t be a fit for you. After that, we’ll help you assess the properties that you are interested in by stepping into the house with you. You’ll then have to make some decisions about which house is the right one for you and we’ll help talk you through that process, discussing certain factors like location, commute time, and community facilities in order to help you make the right decision.
Phase 3: Presenting your terms on a home. In this area, the agent is responsible for actually writing the offer. That offer is on standard, approved contract forms that we use for each transaction, but we’ll be sure to amend them in order to best protect you. Putting this offer together for you, presenting it, and negotiating it will help us get you into a contract.
Phase 4: Due diligence. We’ll inspect the house, look at the HOA or condo documents, check for radon and lead paint, and coordinate everything with the settlement attorney so that the title is searched and there are no glitches. At the end of Phase 4, you’ll have purchased a new home!

If you have any questions about what is involved in each of the four phases, please don’t hesitate to call or email us and we’d be happy to discuss it in more detail with you. We’re looking forward to using these four phases with you soon!

Will the Election Impact the D.C. Housing Market?

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Thu, 18 Aug 2016 08:48:00 -0700

How will the current presidential election impact the D.C. housing market?

There have been a few studies across the country which claim that presidential elections tend to slow the market down and lead to a decrease in home prices. Washington, D.C.’s market works a bit differently from other markets, however. In fact, at the end of this year and early next year, we are expecting to see a rise in transactions as a result of the people coming into and leaving D.C. This means that we will see more activity in the market.

At the same time, it’s important to know that many of the positions that people hold in government are permanent, so the D.C. market is very stable.

The D.C. market is very stable.

We have long been a go-to firm for those who are at the highest level in government and keep their future plans in the utmost secrecy. Because of this, we have already received a few calls from officials who are expecting to leave the D.C. area in the near future and their houses will be listed on the market soon.

Many of the people coming into the city will rent for a brief period of time, and will ultimately purchase once their period of uncertainty has passed. We’re expecting this to roll over into 2017, as many times these people will sign a short-term rental lease and then decide to buy the next year. All of this is really good news for the Washington D.C. metro area.

If you have any questions about selling or buying in the D.C. area, please give us a call or send us an email soon. We look forward to speaking with you!

9 Reasons Why You Should Hire a Professional Real Estate Agent

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Mon, 25 Jul 2016 07:21:00 -0700

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We realize you have many choices in the marketplace when it comes to selling your home or working with a buyer agent. We would like to be that choice, and there are several things we believe we can offer at a higher level than other agents.

We promise to always deliver the truth regarding the market and the price comparables, whether you’re buying or selling.
We’re experts in the local market. We study the statistics and houses on the market every day.
We aggressively look for a buyer for your home. If you list a home with us, we’re making phone calls on its behalf two to three hours a day. If you’re buying, we search for your home by looking in the MLS, but also in our private placement program within our office.
We deliver strong customer service.
We have a detailed plan of action. Whether we’re listing your house or working with you as a buyer, we keep a rigorous daily schedule and track the results of our efforts.
We have the power to protect the equity in your home. We do this by negotiating well for you both the pricing and the terms of your contract.
We’re a part of a network of highly-trained agents that work around the country. This is a referral network, and we’re constantly receiving incoming referral relocation buyers that we can bring to your home.
We have a business coach we work with weekly. Any problems we have on a deal, or anything we can do to help a client are topics we brainstorm with our business coach to help you on the highest level.
We’re committed to improving and increasing our skills. We take many classes every year that help us be the best salespeople available in the area.

If you’re thinking of selling, please give us a call or send us an email. We look forward to talking to you soon and hope you have a great day.

6 Repairs That Will Make a Difference in Your Home Sale

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Tue, 19 Jul 2016 12:50:00 -0700

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We always advise our clients to prepare their home well for the market. After all, your home is entering a price war and a beauty contest.

That’s why we like to focus on the high return on investment activities for our clients - the things that can be done easily and without a lot of expense, and can earn thousands of dollars more on the sale of your house. There are six main areas we’d like to tell you about that will make a difference in the sale of your home:

Paint. Painting is the best thing you can do. Paint your home all the way throughout if necessary and be sure you use a neutral color. Return on investment for painting is 800%. You can’t beat that.
Clean. A clean house sells. Polish it up, and don’t forget the insides and outsides of the windows.
Declutter. You’ll want to remove a lot of items from the house, including pieces of furniture. We typically advise you to replace certain pieces with other, more contemporary pieces. We can also bring in a stager to help you with this process. As a guiding principle when putting a house on the market, just remember that less is more.
Have your carpets professionally cleaned.
Have sufficient lighting.
Pay attention to the curb appeal. What does the buyer see as they’re driving up? You want a freshly-painted front door and freshly-cut lawn. And don’t forget about the rest of the landscaping. It doesn’t have to be a lot, just make sure everything is neatly trimmed.

Thank you for your time. If you’re thinking of selling, please give us a call or send us an email, as we’d love to help you.

How We Helped MaryAnne by Being Responsive, Helpful, and Supportive!

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Tue, 31 May 2016 07:36:00 -0700

“Well, I was looking for a condo for quite a while, with no success. I have a large dog and they don’t allow large dogs. Finally, I heard that the building that I am in did accept large dogs. So, I called Delia and asked her if she could look into whether there was anything coming open in the building. She did, there was, we went and looked at it, and we bought it! I put my house up for sale and it sold rather quickly. I don’t know what they had to do but, they were very responsive, helpful, and supportive. So, I don’t know if that’s what they’re supposed to do or not, I would hope so!”

-MaryAnne McFate Home Buyer/Home Seller

How We Helped Jeanette by Being Very Thorough and Realistic About the Market!

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Mon, 23 May 2016 10:58:00 -0700

“I worked with them on two occasions, for two different purposes. The first one was to find a condo or apartment so that we could downsize, and the second thing was to sell our current house so we could then move into the condo. So, I worked for about six months with James helping identify apartments in suitable locations and then when we found something that we were ready to bid on, we then started to work on the process of putting our home up for sale.

I was at that point quite sick, and I had told both James and Delia when I first met them and started to work with them that we were serious about the process of moving and finding a new place to live and selling our new house. But, because of my illness I wouldn’t be able to do everything that I needed to do right away, that it would take quite a while. They were very willing to work with us as I went through treatment. They kept sending me information and every now and then they would update me on the market. So, I thought that that was very good. I mean, at that point they had no guarantee that I was going to go and do the work with them but, they continued to send me information.

I mean, they were absolutely fantastic to work with. I’d recommended them to people that I know. They were just extremely thorough. Very realistic about what the market was like and what our house could sell for, and when we needed some improvements and some other things to do they really came up with a good strategy."

-Jeanette Dubrow, Home Seller and Home Buyer

Why Should You Care About D.C. Market Conditions?

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Fri, 20 May 2016 08:40:00 -0700

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Last time, we gave you five tips to have a successful home sale, with the number one point being, “know the market you’re in.” When you’re selling a home, you should know things like how many homes are for sale, how many new homes have been coming on the market, how many homes are selling each month, and how long it is taking them to sell.

It’s important for you to know these things because when your home goes on the market, it’s not going on in a vacuum. It’s going on the market in a competitive situation, so you want to make sure you measure up to the competition.

Understanding your competition is key. Think about an athlete training for an event. If they are trying to compete at a high level, they are going to study their competition beforehand in order to get a better result. That’s what you’ve got to do with your home sale, so you can make sure you win. What does winning mean? A good price, a great contract, and terms that are preferable to you. Now, let’s look at some real estate market numbers.

In the city of Washington, sales have risen in the month of May and are about 5% to 9% higher than what we saw in May 2015. Since the beginning of the year, we have seen a rise of inventory but it’s started to level off as of late. Our average days on market is short, the median is 10 days and the average sale takes 40 days to go through.

Out in Montgomery County, Maryland, where we do about half of our business, we have a slightly different market. Inventory is continuing to rise there and the average days on market is a little longer than in the city. We’re seeing a 15-day median time and a 53-day average.

We hope this information was helpful. If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.

5 Tips for a Successful Home Sale in the Washington, D.C. Metro Area

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Tue, 17 May 2016 14:10:00 -0700

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Selling your home can be overwhelming, but there are five simple steps you can take to ensure a successful home sale.

1. Understand the market you are in. You need to know how many homes are on the market, how many are selling every month, and how many new listings are coming on the market. You should also know if you are in a buyer’s or seller’s market and what the average days on market is. Having all of this information will help you make the right decisions for a successful sale.

2. Prepare your home well for the market. Once you go on the market, buyers will compare your property to all the other homes on the market, as well as homes that have recently sold. If your home is prepared and presents well, you will have a successful sale.

3. Make your home accessible for showings. Buyers and agents will be eager to get into the home and see it at their convenience. Make sure you have a system in place to set up showings for any interested buyers.

4. Price your home strategically. Deciding your list price is extremely important. The list price will either position your home to succeed or sit on the market based on the competition. Price your home competitively based on current listings and recently sold, similar properties.

5. Hire a strong listing agent. The point of a listing agent is to net you the most money possible. Don’t count on a buyer’s agent to give you a smooth closing, as their responsibility is to the buyer. A listing agent will represent your best interests during the transaction.

If you have any questions about selling your home, give us a call or send us an email. We would be happy to help you!

Five Things to Know About Selling As-Is in the D.C. Metro

justsold@McCormickGregoryTeam.com (McCormick Gregory Team) — Mon, 2 May 2016 12:47:00 -0700

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Today we’ll talk about as-is sales. Plenty of sellers in the D.C. Metro area ask us if they should sell their property strictly as-is, and it’s a great question. First, I’d like to put it in context.

In the D.C. Metro area and the suburbs, 95% of all transactions are conducted with the seller working with his or her own agent as a representative, so this is a role we frequently play in our business and a service that we offer to sellers. We strategize with the seller from beginning to end. The question of the as-is sale will be brought up early. We feel this question has five components to it:

Can I put the house on the market without any repairs or changes? Can I sell just the way it is?
Should I make some repairs that I know need to be made? For example, if there’s a leak in my roof, should I do something about it right now?
Should I set aside money for future repairs? Problems requiring repair could occur down the line after we have a contract with the buyer.
Should we advertise the home for sale as-is?
When it comes to the contract, should we require as-is language being in the contract? Meaning, should we have an as-is clause in our sale contract?

Of course, the answer to these questions will vary based on the seller and the seller’s needs and the nature of the house. Here’s how we answer these questions.

Whether you know it or not, when your house goes onto the market, it’s in a price war and a beauty contest. Buyers will compare it to similar properties in the same price range and area, and the condition will have to measure up to sell well.

We suggest making repairs you think you need. At some point, you’ll probably have an inspection. It’s better to have those items done up front. Even still, the inspector may find issues you couldn’t, which is why it’s good to have some money set aside to address these repairs. When we reach this point it means we have a contract, and we don’t want it to fall apart due to a minor repair issue.

Advertising as-is and requiring as-is language in a contract are very individualized issues. Houses that are sold strictly as-is from the start often command less money, which is never our goal.

I hope this discussion has been helpful to you. Remember, we’re here at any time to provide guidance or answer any questions you may have. Just send an email or give us a call!