Montgomery County 3rd Qtr. Housing Update

The theme for housing in Montgomery County remain consistent. Supply is down and houses are selling faster and for more. Weather could be a factor as we head into the slowest months of the year for real estate transactions, but signs are pointing toward a robust Spring market.

Comparison to last year

Through the 3rd quarter of 2017, the supply of homes coming to market continues to be sluggish across Montgomery County, down by 164 year-over-year, continuing a trend we have seen for a couple of years now. As a result, we are seeing homes sell quicker and sell for more than last year. The average sales price is up by nearly $6k, and the average number of days on market is down by about 4 days. Clearly, the market has shifted to being more seller-friendly, but there is still considerable value to be found for buyers.

Prediction for Montgomery County 4th Quarter 2017 Housing Market

Winter tends to be the slowest time of the year for home sales. This phenomenon tends to be exacerbated when bad weather is involved, and heavier than average snow totals are what our local meteorologists are predicting. All of these factors lead me to believe that the 4th quarter of 2017 will be even more of the same. The seasonal winter slowdown, compounded by continued lack of inventory should keep prices up and days on market low, and prepare us for a healthy Spring housing market..

Want to know how your area compares? Check out the most popular cities in Montgomery County.

Potomac 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 183 160
Average Days on Market 72 67
Average Sold Price $1,004,929 $1,015,322

Homes in Potomac are sitting on the market longer than the D.C. regional average of 48 days2 and have increased a bit from Quarter 2. Given the average sales price of over $1 million and the current home market is leaning towards a more urban communities it is expected that home sales are a bit sluggish in this area.

Gaithersburg 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 432 456
Average Days on Market 45 39
Average Sold Price $429,439 $433,686

Homes in the 20879 zip code have seen a 10.2% increase in average sales since last year. Hyde Park, Goshen Village, and Meadowvale subdivisions showing the highest increases.

Rockville 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 452 433
Average Days on Market 40 42
Average Sold Price $484,032 $478,400

Rockville average sold price continues to remain steady with very small increase of 1.5% since last year. Zip code 20851 has seen the strongest increase of 6% since last year with Rockland and Twinbrook subdivisions having the largest increases.

Germantown 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 335 335
Average Days on Market 43 37
Average Sold Price $305,161 $328,236

Germantown continues to be a hot market. Not only did the number of homes stay the same as compared to last year but the number of Days on Market decrease while the Average Sold Price increased over $13k. The subdivisions of Spring Meadows and Blunt Commons are leading the average sold price in all the Germantown zip codes.

I’d love to hear your thoughts about what may be affecting the Montgomery County Housing Market.  Don’t see your city listed? Contact me to discuss your neighborhood.


All data pulled from MarketStats by ShowingTime

 

3 Last Minute Getaways To Soak Up The Sun

One of the wonderful things about living in the D.C. Metro Region is the proximity to some beautiful and historic locations in the United States. With Summer coming to a close, here are my 3 suggestions for a last minute getaway!

Virginia Beach

Located about 4 hours away, where the Atlantic Ocean and Chesapeake Bay meet, Virginia Beach is a perfect weekend getaway for individuals or families. My favorite place to stay is the Sheraton Virginia Beach Oceanfront Hotel. It’s located steps away from the beach, has both an outdoor and indoor pool, and has rooms large enough for any size party. Here’s a bonus tip: The hotel just became pet-friendly!  As you stroll down the boardwalk, about a 7 minute walk from the Sheraton, is the King Neptune statue located on 31st Street.

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This 34-foot cast Bronze statue overlooks Neptune’s Park which houses various fairs and music festivals throughout the year. Fun for any age the Virginia Beach Amusement Park, has rides for every size and is a real blast when the sun goes down.

I can’t forget the beach food!

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Avo Toast Photo Credit: @HomeWithToby

Located in a nearby strip mall is a quaint restaurant called Stockpot. Known for its soups and bone broth, I would venture to say that any food served here is delicious. Definitely get the Avo Toast and Yogurt & Granola! This is my go-to place every time we head to Virginia Beach.

Hyatt Regency Chesapeake Bay Golf Resort, Spa & Marina

About 2 hours away from Montgomery County is the Hyatt Regency Chesapeake Bay Golf Resort, Spa & Marina. Entering the grand foyer you’ll be greeted by the views of the Choptank River. Rooms at the hotel are spacious and come in all sizes to fit your individual or family needs with resort or water views. The hotel offers some daily events like a chef competition, nightly s’mores, and yoga. There are also a vast array of water sport activities located at the hotel as well as a spa to help you feel centered. The River Marsh Golf Club located on the resorts property is situated along the Choptank River. The finishing hole is one of the most unique on the East Coast as the 18th hole hugs the riverbank from tee to green. There are 3 pools located on the property. The infinity pool is my favorite!

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Hyatt Chesapeake Photo Credit: TripAdvisor

Kids will enjoy the “Dive In” movies at the indoor pool on the summer weekends. The hotel offers many restaurants on property. The breakfast buffet at the Water’s Edge Restaurant is delicious but reservations are not available. For dinner, make reservations at Blue Point Provision and enjoy the sunset on the outdoor patio.

Williamsburg, VA

If you want it all, look no further than Williamsburg, VA. Known as America’s Historic Triangle, the towns of Williamsburg, Jamestown, and Yorktown are located about 2.5 hours from Montgomery County, MD. Each city was a prominent force in the building of our nation. Today, actors recreate what life was like during that time. At the Jamestown Settlement you can explore what it was like in America’s first permanent English colony. In Colonial Williamsburg you’ll visit an 18th century city and interact with some of the founders of our nation.

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Williamsburg Photo Credit: VisitWilliamsburg.com

Critical to both the Revolutionary War and Civil War, Yorktown should not be missed. You’ll get a chance to visit a Civil-War era cemetery, battlefields, and a living history museum. Beyond history there are other fun adventures that await you in Williamsburg, such as Busch Gardens Williamsburg and Water Country USA.

Whichever vacation you pick you’ll be sure to have a great time!

Have another local vacation suggestion? Comment below on your favorite last minute getaway.

Montgomery County 2nd Qtr. Housing Update

Montgomery County continues to be one of the strongest housing markets in the D.C. Metro area. After a sluggish start in the first quarter of 2017, the housing market rebounded as a shortage of homes for sale drove prices up and the number of days homes stay on the market (Days On Market) down.

Comparison to last year

Despite the uptick in home sales for Quarter 2, the number of homes sales year-to-date in 2017 are down to 3,954, as compared to 4,058 homes in the same period of 2016. However, the average sold price increased to $545,547 from $529,048 last year. Additionally, days on market decreased to 39 days, from 47 days last year. This was primarily due to fewer homes on the market (5,576) compared to last year’s 2nd Quarter (5,943).

 

 Here are the most popular cities in Montgomery County compares:

Potomac 2nd Qtr. 2016 2nd Qtr. 2017
Number of Homes Sold 230 200
Average Days on Market 67 65
Average Sold Price $1,019,793 $1,052,455

Potomac, MD home sales have started to rebound since the crash of 2009. Homes here are sitting on the market longer than the D.C. regional average of 44 days, but this is to be expected, given the average sales price of over $1 million.

Gaithersburg 2nd Qtr. 2016 2nd Qtr. 2017
Number of Homes Sold 533 516
Average Days on Market 51 33
Average Sold Price $434.487 $452,141

New Homes Developments in Gaithersburg, MD have been a good boost to home prices in the area. New Construction sites include Downtown Crown and Parklands. Homes in Downtown Crown include condos, townhomes, and single family. This area has become a new focal point in the area, with its vibrant restaurant and event scene. Homes in Parklands include townhomes and single family homes.

Rockville 2nd Qtr. 2016 2nd Qtr. 2017
Number of Homes Sold 514 523
Average Days on Market 37 33
Average Sold Price $495,313 $506,288

Rockville has seen an increase in the number of homes sold and a drop in the average days on market. This should be no surprise with the convenience of Metro, new development in King Farm and Westside at Shady Grove, and the bustling Rockville Town Center.

Germantown 2nd Qtr. 2016 2nd Qtr. 2017
Number of Homes Sold 397 359
Average Days on Market 48 33
Average Sold Price $326,107 $323,740

Germantown continues to be an economical area to purchase a home, and is a great place to consider buying if you’re looking for a little bang for your buck. It has slumped a bit this Quarter, but that means great deals can be found. While Germantown’s number of homes sold and the Average Sold Price is down modestly, the market here is primed for opportunistic buyers and sellers.

Bethesda 2nd Qtr. 2016 2nd Qtr. 2017
Number of Homes Sold 396 410
Average Days on Market 47 52
Average Sold Price $1,003,848 $974,732

Last year’s Quarter 2 Average Sold Price seems to be an anomaly at $1,003,848. In the last 10 years, no Quarter reached over $1M. This can likely be attributed to the types of homes that were selling last year, including high-end developments like Pike & Rose. Bethesda is constantly reinventing itself with teardowns, new developments and a wealth of shopping and upscale urban living amenities. Bethesda continues to be a prime location for local residents, and that’s a trend we won’t soon see reversed.

Takoma Park 2nd Qtr. 2016 2nd Qtr. 2017
Number of Homes Sold 63 65
Average Days on Market 36 41
Average Sold Price $505,402 $482,948

Data doesn’t lie, but I’d say the data on Takoma Park is a little misleading. Takoma Park has historically been a bit of a mixed bag as it relates to real estate, but it has been evolving rapidly over the past several years. Locals love the vibrant arts scene, diverse and “earthy” culture, small town feel, and all so near to Downtown. Not only is Takoma Park emerging as one of the coolest places for young families and first-time buyers to call home, but its affordability makes it attractive to investors and value shoppers, as well.

Silver Spring 2nd Qtr. 2016 2nd Qtr. 2017
Number of Homes Sold 981 958
Average Days on Market 40 32
Average Sold Price $386,124 $408,465

Silver Spring’s central location, with easy access to both D.C. and Baltimore, is a primary reason this area has consistently been a popular place to call home. The rejuvenation efforts that began several years ago have completely transformed Downtown Silver Spring and attracted some large corporations. Quality of life, great location, and good jobs means Silver Spring will continue to be an appealing neighborhood for Maryland residents.

Prediction for Montgomery County 3rd Quarter 2017 Housing Market

During the summer months housing sales typically slow down as many people are on vacation. Summer vacation season means there’s less homes on the market and fewer people to view those homes. However, as school approaches the market usually sees a bump in sales as families are planning moves right before school starts. This Autumn bump tends to be smaller than Spring. My prediction for Quarter 3 will be for real estate markets to remain true to these seasonal trends due to the shortage of homes on the market. I believe the total of number of homes sold will be less than last year, and as we’ve already seen this year, home sale prices will continue to increase and days on market will decrease or remain steady.

I’d love to hear your thoughts about what may be affecting the Montgomery County Housing Market.  Don’t see your city listed? Contact me to discuss your neighborhood.

 

Welcome Home!

Feels good to hear huh? Who knew two words could mean so much. Having a home to call your own is still the part of the American Dream. Homes come in all shapes and sizes but the feeling it conveys is extraordinary. As a REALTOR, I aim to help clients succeed in finding the right home to fit their needs. Contact me today to learn how I can help you reach your home potential!

“Toby has been a pleasure to work with, professional and responsive to any issues that we had during the purchase of our home.” – Melinda T.

“I definitely recommend Toby to everyone with no hesitation. For the past years, I had to move a number of times so I had to deal with many many different Realtors. And Toby is by far the best I have ever encountered. She is super professional and care about her clients needs and limitations. ” -Barbara M.

“Toby was very professional since the first phone call until the day we signed the contract. We’ve talked to other real state professionals before her, but decided to give up on every other agent to stick to Toby. Very responsive, polite and professional. I do recommend her services.” -Flavio W.

7 Steps to Home Buying Success

Buying a home will be one of the most important investments you will make in your lifetime. Knowing what to expect can help you feel at ease and make the home buying process go much more smoothly.

Step #1 – Find a REALTOR

One of the most important decisions you will make during the home buying process, is finding a Realtor. Your Realtor is your connection to all working parts of this transaction, and will serve as your guide on your journey home. When selecting a Realtor, ensure they are honest, reliable, knowledgeable, trustworthy, and responsive. When meeting with your Realtor, they will ask you to sign a buyer’s agreement, which gives them permission to get to work for you. It is your Realtor’s job to work diligently behind the scenes to ensure your transaction goes smoothly, so that you can live your life.

Step #2 – Find a Loan Officer

The next step is to contact a Loan Officer who will help you complete your application and provide you a “Pre-Approval Letter”. This is simply a statement from the Lender that they stand ready to finance your home purchase, subject to standard terms and conditions. It’s a short statement, but has become one of the most important steps in buying a home. It shows all parties involved that, if you find a home you love, you are willing and able to complete the purchase transaction. The pre-approval letter will also provide you with a clear understanding of how much home you are comfortable with purchasing.

Step #3 – Shop for a Home

Now the fun part starts! With your pre-approval letter in hand and your personal home buying budget in mind, it’s time to start searching for your dream home! Keep in mind that this process could take days, weeks or months, depending on your needs and the market. Just remember to remain patient, the right home for you is out there. If you see a home you want to visit, contact your Realtor immediately to make a showing appointment. While visiting a home, be sure to take notes about what you like and don’t like.

Step #4 – Make an Offer They Can’t Refuse

Once you’ve found the home of your dreams, it’s time to make an offer. Unfortunately, it’s not as easy as saying “I’ll take it!” This is a contractual process and you will have to review and sign multiple documents. When you are ready to write an offer, you and your Realtor will review the disclosures of the home, review comparable sales in the area to determine offer price, discuss any contingencies you would like to include and write up the contract. Your Realtor will review all the documents with you, explain what they mean, and ensure that your interests are being protected throughout the process.

Step # 5 – Your offer has been accepted. Now what?

Your Realtor will let you know when your offer is accepted by the seller. Having a well-organized Realtor is key during this part of the process, as there are many deadlines that could cost you money or void your contract if missed. Every home and every person’s circumstances are unique, so the list of items will vary from transaction to transaction, but it could include reviewing HOA documents, scheduling a home inspection, securing financing, completing a radon test, or receiving an appraisal, for example. Your Realtor should keep you informed of all of the items that need to be reviewed and completed, and keep you on track to consummate the transaction on the agreed upon settlement date.

Step #6 – Final Walkthrough

Prior to closing, you and your Realtor will visit the home to ensure the repairs related to the home inspection have been completed, and no other damage has been done to the home while the sellers were moving out. If all is good, settlement will proceed as scheduled. If there are any concerns, your Realtor will coordinate with the listing agent to ensure your issues are addressed prior to settlement.

Step #7 – It’s Closing Day!

Rest up your writing hand, because at closing you will be signing a LOT of paperwork. The entire process typically takes between 45 minutes and a hour and a half. Take comfort that this is the last step between you and your new home. Make sure to bring your ID, your closing check, and a calm demeanor. Once the last signature has been signed and the checks exchanged, you will be handed the keys to your new home!

 

 

Spring’s Knocking. Are you ready?

Ah, Spring! 

Winters in the DC area can get pretty extreme, and this year’s El Nino did not disappoint. Harsh winds, heavy snow and wild temperatures swings has most of us hoping that Punxsutawney Phil knows what he’s talking about this year. You landscaping is hoping he’s right, too. Your back may still be sore from digging out of the blizzard, but now is the time to start planning to take back your yard. Here are 5 simple tips to jumpstart your home’s Spring, curb appeal makeover.

Clean Gutters – With all the rain Spring will provide, it’s very important to ensure your gutters are free of debris. Clogged gutters can cause roof damage, foundation cracks, rotten wood, and basement leaks. Cleaning your gutters periodically throughout the year is a necessity, especially in the Spring & Fall, when trees are dropping seeds and leaves. This is not a task that I would recommend taking on yourself. Scooping junk out of your gutters sounds simple, but one slip and complicate things awfully quickly. This is extremely dangerous work, so I would leave this one to the professionals. I have worked with many reputable contractors in the area, feel free to contact me in you would like a recommendation for someone who services your neighborhood.

Mulching – Mulching is like giving your plants a warm blankie to cozy up with. Mulch helps regulate soil temperature, provides nutrients to the soil, and protects your plants from intruding weeds. Mulching also provides a clean polished look, whether you use traditional shredded wood, wood chips, pine needles or something else. Don’t be concerned about the smell, a fresh layer of decaying plant matter smells divine to your landscaping, and that earthy bouquet fades in a just a few days. During the Spring you will see many stores will have mulch for sale. However, most of our local high schools have taken to selling mulch to raise money for extracurricular activities. The stores have a wider variety to choose from, but I would recommend purchasing from the school, if possible. They are usually cheaper, will often deliver, and you’ll be contributing to improving your local school, which can also improve your home’s value.  

Plant Flowers – Flowers are like jewelry for your landscaping. Planting or arranging flowers by your door or mailbox makes a home look complete and cared for. Visit your local plant store or home improvement store for a nice pop of color to welcome Spring. If you have green thumb you will want to look for annuals that you can plant now that will continuously bloom. If you are like me and aren’t the play-in-the-dirt-type, opt to purchase flowers that will look good in a potted vase (or may already be in one) or in hanging baskets. Whatever you choose, before purchasing your yard bling, be sure to check that it is suited for the particular environment offered by your yard.

Trim Trees, Hedges, & Annuals – Trimming back plants can have a renewing and refreshing effect, if done thoughtfully. If a dead branch is within your reach you may consider doing it yourself. However, if you have a tree with dead branches beyond your reach you should contact an arborist. Trimming tall trees are DANGEROUS! Do not try this at home folks. It’s important to find a reputable contractor who is licensed and insured for this task. These professionals, who are the perfect mix of trapeze artist and lumberjack, literally climb to the tops of the trees with nothing but a rope to cut down dead branches. It might look like fun, but trust me, it’s not somewhere you want to be. An arborist will conduct a review of the types of trees you have and what is the best method for removing branches. Trimming hedges and annuals are definitely within your grasps. If you have hedges in your yard, using a pair of shears should be all that’s needed for a trim. Try to ensure that they are even. Hedges shouldn’t cover up windows or detract from the esthetics of your home. If you have an annual plants, like my Hydrangeas, you should trim back the branches of these plants before they start to bloom. Not every annual is considered equal. Each plant has their own time for pruning. Check with your local garden store about the types of plants you have and when they should be pruned.  

New Welcome Mat – It’s the last bit of the outdoors you and your guests will experience before entering your home. It’s the two-dimensional cherry atop your luscious, landscape sundae. It’s your welcome mat, and it should not be ignored. It can be monochromatic or colorful, rectangular or round, or elegant or whimsical, but whatever you choose, it will be the finishing touch on welcoming Spring to your door. Before you use it to wipe your feet, use it to compliment the colors of your house and your flowers, and use it to express a bit of your style.