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June 25, 2016
*Market information courtesy of RBIntel.com
4 Brothers Buy Houses is proud to share this update on current Washington D.C. area housing sales and market conditions.*
In May, D.C. Area Median Housing Prices Continued to Increase:
TheMay median overall home sale price in Washington D.C. and the surrounding areas was $430,000, a 1% decrease from last May’s levels but a 2.6% overall increase over April 2016 figures.
Overall sales volume in the D.C. area increased almost 20% over April’s numbers, also, with $2.8 billion dollars in combined May sales.
Regional Housing Sales, Inventory,& Listings Increased Slightly in April 2016:
According to figures published by RBIntel.com:
5,432home sales closed successfully in Washington D.C. and the surrounding counties in May 2016 – the highest number of May home sales in a decade, and the second-highest number of monthly sales since August 2006.
6,647 homes were listed as “sale pending” at the end of April, an increase of more than 7% over April 2015 and an increase over the numbers for in both February and March of 2016.
New sales listings decreased in May, with 7,436 new listings reported – more than 15% lower than the number of new listings reported in April 2016. Inventory on the market decreased slightly also, with 11,113 properties on the market in the greater Washington D.C. area (and surrounding counties) at the end of May. The total number of properties on the market in Washington D.C. increased by 3.6% in May, but all surrounding areas saw an overall decrease in houses, condos and townhomes on the market.
Average “Days on Market” Remained Fairly Steady in May 2016.
The median days-on-market for listed properties in Washington D.C. and the surrounding counties in May 2016 was 13 days – just one day less than April’s average DOM, but significantly shorter than the 44-day average seen in February 2016.
May’s slowest regional market was Prince George’s County (median days-on-market: 19), and Washington D.C. had the fastest-moving market in May: median DOM was only 9.
Sales numbers vary from county to county, and even among neighborhoods, and the speed and success of a housing sale is dependent on many factors, from listing price to home condition and comparable listings in the area. Your personal experience may vary, but knowing the average numbers is still helpful when making plans to sell your home, either through a realtor or to an investor.
June 18, 2016
You only get one chance to make a first impression—and that applies to houses, too. Even a well-priced home in good repair may linger for months on the market if buyers pull up to peeling paint and an unkempt yard.
Increasing a house’s curb appeal is one of the most important (and easiest) ways to ensure the listing sells as fast as possible and for the highest price. Here are some tips to improve your house’s curb appeal and make your listing more attractive to potential buyers:
- Mow or Upgrade Lawns. Buyers love houses with green, healthy grass. Even if you can’t afford to re-seed or replace your lawn with sod, keeping lawns watered, properly mowed and neatly edged dramatically improves curb appeal.
- Add Colorful Pots or Plantings. Splashes of color draw the eye and give your home a cheerful appearance. Plant colorful annuals or add pots of flowering plants near walkways and entrances. Don’t forget to keep the flowers trimmed and watered, too!
- Prune Shrubbery and Trees. Overgrown bushes and overhanging trees give a house a “wild” look that discourages would-be buyers, but neatly-trimmed landscapes give your home a welcoming, well-kept feel.
- Simplify the Landscape. “High maintenance” yards can overwhelm buyers, making them pass by your home in search of something simpler. Although attractive, complex landscape features like waterfalls and topiaries are often less beneficial to sales than clean, simple designs like well-mown lawns and potted plants.
- Pressure Wash Walls and Driveways. Pressure washing removes exterior mold, dirt, and stains, making your home more attractive to buyers. In many cases, pressure washing can even increase the selling price of a home. However, pressure washing can also damage delicate paint and landscape features, so hire a professional pressure washing service if you’re not experienced enough to do the job properly.
Whether you’re trying to maximize your house’s sale price, reduce the selling time, or simply give your home the best possible chance of finding its new owners, these tips will help your listing make that all-important first impression on everyone who passes by. However, if you need to sell quickly or don’t want to bother with repairs and curb appeal, 4 Brothers Buy Houses will make you an offer to buy your house today, in its current condition. Estimates are free, with no fees or obligations. Click here to lean more!
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June 11, 2016
Home sale listings contain a variety of specialized terms sellers and real estate agents use to describe the listed property. Among the most common: terms that describe the style of the house itself, like “Tudor,” “Federal,” and “Beaux Arts.” You’ve probably seen these terms before, but do you know exactly what they mean? Test your housing style smarts against these short descriptions of Washington D.C.’s most common housing styles:
- Beaux Arts. This French-inspired style was popular with architects from 1890 to 1930 – the “Gilded Age” when ornate architecture and intricate iron or woodwork played an important role in housing styles.
- Bungalow. Only one to one and a half stories tall, bungalow houses feature low-pitched roofs and a covered veranda either in front of or behind the home
- On the outside, Colonial homes have highly symmetrical facades, with entrances in the center and shuttered windows on either side. Inside, these stately houses feature practical floor plans and economical use of space.
- Known for bright, open interior spaces, contemporary homes have clean, modern architecture, lots of windows, and angular designs that look more modern than Colonial homes and feature less ornamentation than Beaux Arts designs.
- Drawing inspiration from ancient Roman architecture, homes built in the Federal style are normally 2-3 stories tall, with covered verandas and simple, clean architectural lines.
- Row Houses. In many ways, the term “row house” actually refers to a form of construction—where several houses sit side by side and share a common wall with the house beside them. Row houses come in many architectural styles, from Victorian and Tudor to Federal.
- Tudor. Known for their asymmetrical facades, wood-framed doors and windows, and European feel, Tudor-style homes are easily recognized by their pointed roofs, gables, and often-elaborate masonry.
- Steeply pitched roofs, elaborately textured walls, and Gothic-inspired details give Victorian houses a distinctive “dollhouse” feel. Large bay windows, wood or stone walls, and even towers are common features of the Victorian style.
Architectural styles are a kind of “real estate shorthand” that helps buyers, sellers, and realtors quickly identify features of the listed home. Knowing the type of home you own can help you market it properly by emphasizing the features your home’s architectural style is known for. As a buyer, an understanding of architectural styles will help you narrow your search to the types of houses you’re drawn to, shortening your search and helping you find your ideal home.
June 5, 2016
Mold comes in many varieties. Some, like penicillum, help ripen tasty cheeses or create life-saving antibiotics. Unfortunately, some other molds make people sick, and long-term exposure to toxic molds can cause serious or even fatal injuries. Many homeowners don’t realize their houses have problems with toxic mold until they or a family member show signs of illness. Don’t make that mistake. Inspect your home regularly, and contact a professional mold removal company immediately if you notice mold or experience the symptoms of mold exposure.
Here are some common warning signs of toxic mold:
- Visible mold on walls, in cabinets, or under sinks.In the early stages of mold growth, homeowners often mistake mold for dust, soot, or even shadows. Beware: minimal mold growth on a wall may be a sign of a larger colony growing out of sight inside the wall.
- Water leaks or past water damage.Mold grows best in damp environments, making flooding, broken or leaky pipes, and leaking roofs among the major causes of toxic mold.
- Unusual or worsening allergies (or allergy-like symptoms). Common symptoms of mold exposure include congestion, difficulty breathing, coughing, burning, itching, or watering eyes, and worsening of asthma and other respiratory ailments. Many homeowners mistake these symptoms for other ailments, which can create a life-threatening situation because mold becomes more dangerous over time.
- Excessive condensation.Windows occasionally “steam up” in cold weather or after a person takes a shower, but if your home experiences regular or excessive condensation—either throughout the house or in a specific room—you should take steps to solve the problem and also arrange for a mold inspection.
Although mold thrives in damp environments, toxic mold can also continue to grow when the dampness passes: for example, after a flood has dried up or a water leak has been repaired. Even if you don’t notice signs of mold initially, the spores can get a foothold and grow over time.
Inspect your house for mold on a regular basis, paying special attention to dark, humid areas where mold can thrive. Bathrooms, kitchens, and cabinets are particularly susceptible. Contact a mold remediation specialist at the first sign of mold infestation, and ensure you clean, disinfect, and repair the damage properly and promptly. Your health, and that of your family, is at stake.
If you’re planning to sell your home, be aware that mold can seriously impact the selling price. Many buyers won’t purchase a house with mold problems, and others will request complete remediation and repairs before the close of escrow. As an alternative, you may want to consider selling your house to 4 Brothers Buy Houses—we will even buy houses with mold!
Want to know more? Click here for more information and a fast, no-obligation quote today.