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Here are the highlights for the week ending July 9, 2023: Showings holding steady. The number of showings across the Bright footprint continues to track below last year’s levels, and weekly showings were also lower from a week ago. With demand still high through the summer, showing activity is at a level similar to 2019, a more typical year. Time to contract modestly increasing. The time it takes...
The current state of the housing market is marked by uncertainties as the summer season unfolds. Rising mortgage interest rates have led to decreased affordability, impacting potential homebuyers and contributing to a shortage of available homes. Sellers, while still benefiting from the housing shortage, are experiencing challenges in commanding high prices compared to previous years. This article examines...
In the realm of real estate, the question of whether to buy a house now or wait for a better opportunity is a common dilemma. Potential homebuyers must carefully weigh various factors before making a decision. In this article, we explore the advantages and disadvantages of buying a house in the current market compared to waiting for a potentially more favorable future. 1. Favorable Interest...
Here are the highlights for the week ending July 2, 2023: Weekly new listings down in advance of the 4th of July holiday. Listing activity is down seasonally and remains well below where it was a year ago. Potential sellers are sitting tight as the number of weekly new listings is down 19.3% compared to the same time a year ago. New listing activity will remain low as elevated mortgage rates are...
The Air & Space Forces Association (AFA) has successfully sold its longstanding national headquarters in Arlington, Virginia, as it embarks on a journey to secure a more modern office space. Taicoon Property Partners, based in Arlington, has acquired the iconic 1501 Langston Blvd. building that had served as the AFA's home since 1984. The transaction concluded at a price of $16.25 million, amounting...
Experience the dazzling spectacle of fireworks this Independence Day! Join us for the annual firework show on the National Mall at 9:09 PM (Tuesday), and for an optimal view, secure a spot in the grassy area surrounding the iconic Washington Monument. Alternatively, discover prime viewing locations at Anacostia Park (Tuesday) or Cardozo Education Campus (Tuesday) in the vibrant Columbia Heights...
Effective October 1, 2023, Montgomery County transactions will see a new, increased recordation tax. The new schedule is below. The First $500,000 is taxed at the rate of $8.90 per $1000, or fraction thereof From $500,000-$600,000, the tax rate is $13.50 per $1000, or fraction thereof From $600,000.01 to $750,000, the tax rate is $20.40 per $1000, or fraction thereof From $750,000.01 to $1,000,000,...
No price relief for buyers. List prices continue to rise as we head into summer, tracking above last year at this time. The scarcity of supply continues to put heat on competition for buyers, and it is likely this trend will not relent for some time. Listings remain stagnant. Listings are down -3.2% from last week but are down -29.8% from a year ago in Washington, DC. Homeowners are very reluctant to...
In recent times, the housing policy of Montgomery County has found itself at a critical juncture. The county's approach to housing regulation and development has become a subject of deliberation, prompting a closer examination of the potential paths it may take. This article aims to provide a professional analysis of the current state of affairs, shedding light on the challenges faced and the potential...