Property tax schedules and procedures vary across different areas. Here's a breakdown: Maryland: Property tax bills issued in July/August, effective from July 1st. Annual bills and 1st semiannual installment due by September 30. 2nd semiannual installment due by December 31. Delinquency begins October 1 and January 1, with interest and penalties. Washington, DC: Due March 31st and...
Here are the highlights for the week ending August 6, 2023: Time to contract is tightening. During the late summer and early fall there is typically an increase in median time to contract, but the pattern could be different this year. For homes that went under contract during the week ending August 6th, the median days to contract was 17, down 1 day from a week ago. Sustained competition in a market...
Recent discussions about a potential soft landing have become ubiquitous as experts contemplate the Federal Reserve's rate hikes and their effect on curbing inflation while avoiding an economic downturn. Although the future remains uncertain, many wonder if this sought-after soft landing will extend to America's housing market. Presently, the U.S. housing market is experiencing a challenging summer that...
Below are the key points for the week ending July 30, 2023: Time to Contract: During the fourth week of this month, time to contract extended to an average of 18 days. It is typical for the time to contract to slow down later in the summer as the fall season approaches. Showings Decline: Showings have decreased significantly, following the seasonal pattern of previous years. For the week ending...
On July 13, the Montgomery County planning board approved plans to redevelop the west side of the Federal Plaza shopping center in North Bethesda, transforming the surface parking lot and commercial area into a multi-family building and a mixed-use building with a structured parking garage. Federal Realty Investment Trust, the current owner of the shopping center strip, is behind this ambitious...
Here are the highlights for the week ending July 23, 2023: Buyers interested but inventory remains low. There were 22,843 showings in the D.C Metro area for the week ending July 23, 2023. Showing activity declined 11.4% compared to the same week last year. Demand for homeownership remains strong in the D.C Metro area with buyers hoping for more listing options. New listings lag prior years. New...
The homebuying strategy known as "Marry the house, date the rate" gained popularity as interest rates began to rise. This approach involves purchasing a home at the available mortgage rate with the intention of refinancing for a lower rate in the future. While it may seem appealing, it is essential to assess the suitability of this strategy and understand the potential pitfalls before committing to a home...
The DC Metro market remains fast-paced with intense competition. The median time to contract has remained the same compared to the previous week, but it is 8 days longer than last year. Despite the typical summer slowdown, the market remains strong due to the high competition. There has been a seasonal rebound in new purchase contracts after the 4th of July, with 1,377 new contracts this week,...
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...