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Dear Nalls Home Partners Clients, Friends and Family:
Well, I know everyone is sick of the snow. Sick of shoveling it, wading through it, cleaning up after it - even sick of taking adorable pictures of their dogs and children playing in it. Certainly sick of talking about it so I'm sorry to bring it up, but it IS this month's Washington Area real estate news.
First of all, it is real estate news because it is just wreaking havoc on our homes. When some 80,000 of us lost power, pipes froze and burst all over town. Then came the ice dams and we all went from zero to sixty on our working knowledge of snow melt cycles on roofing systems in no time and comparison of shingle types and gutter companies has became the topic of the season. Next we can expect basement flooding from snow melt and choked drains. And goodness only knows what all of our landscaping looks like underneath all that ice and snow. We will be a long time digging out of this one.
If you need a referral for a good roofer, drywall contractor, plumber, electrician, landscaper or handyman - we are just a phone call away and glad to help! 240 497 1900 or check our website www.NallsHome.com
As for our business, the snow brought what was looking like one of the earliest, busiest Spring market's we had ever seen to a grinding hault. As soon as the holidays were over, what little inventory was out there was getting snatched up all over the metro area. Houses in nearly every price range that had been sitting - in some cases for months or even years - were suddenly under contract. Tales of multiple offers on listings - ten, twenty contracts - were the talk of every real estate office. Even a rumor of new listings created excitement.
Until 4 feet of snow fell down on our heads. It's hard to say just what the spring market will hold. Some agents worry that the buyer's will have lost momentum after they get back out there. I tend to doubt it and think this Spring Market will be everything it was shaping up to be before the storms and more. All the drivers are still in place: low interest rates, pent up demand and the government tax incentives. What's more, many folks who were sitting on the fence about downsizing undoubtedly got the push they were looking for when they had to shovel all that snow. And I'm sure there are lot's of people that came to the conclusion that their houses were too small after spending a week shut in with their kids, their kids friends and whatever other extended family happened to be there before the roads closed.
It's going to be a heck of a Spring - but it can't come too soon!
All the best -
Barbara, Tom, Susan, Harrison and Ron
Long and Foster Real Estate, Inc
PS. Last week, I was lucky enough to attend, despite the snow, a fundraising luncheon for CHOICES, the Page County Council on Domestic Violence (a really, really good cause - if you are interested their website is http://www.choicesofpagecounty.org/), which was generously hosted by Inn keepers Tom and Anita Potts at their gorgeous B&B, South Court Inn in Luray Virginia. The food was absolutely decadent and the house was just gorgeous tucked away in perfect spot to enjoy the beautiful Shenandoah Valley and Shenandoah National Park. A picture's worth a thousand words so I'll let their website do the rest www.SouthCourtInn.com .
 
 
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WASHINGTON HOUSING OUTLOOK
*Information Provided by MRIS and Delta Associates TRENDS IN HOUSING REPORT
The Washington housing market has entered the recovery phase of the cycle. We expect that a combination of continued Federal impact on the Washington housing market and a recovering labor market will continue to bring gains to the Washington housing market. The pace of the recovery may be uneven; however, in 2010, we expect that renewed demand will continue to yield yearly price gains, with gains first apparent in the Outer suburbs, but extending to the other sub-areas by late 2010/early 2011.
The average price of a Washington-area home is $376,188 in the 4th quarter of 2009. The metro-wide price of homes sold in the 4th quarter of 2009 was down 2.7% from the 3rd quarter of 2009, but it was 2.2% higher than in the 4th quarter of 2008. This is the first time metro-wide prices have risen on a trailing 12-month basis since the 4th quarter of 2007.
In 2009 the number of homes sold metro-wide is up 11.4% from 2008, indicating a return of buyers to the market.
As buyer activity has increased, properties are selling more quickly. For the Washington region, homes sold in an average of 72 days, down from 81 days in the 3rd quarter and 104 days one year ago.
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CARING FOR HARDWOOD FLOORS
* Information provided by:
By Rick Neumann
Neumann Associates
301-229-6338
Preparing to put your home on the market? Worried that the worn and dull hardwood floors will cast a negative light to buyers? Yes, newly refinished or stained hardwood floors can help show your property in a more positive light. This isn't always the best course of action, however.
For instance: The logistics of having this type of work being performed while continuing to live in the home can be a major inconvenience, especially with large families and household pets. In such cases, if the floors are not a total eyesore, I will often suggest that the seller simply do nothing to the hardwood floors. Let buyer write that check and deal with the project after taking possession.
Conversely, when sellers have already vacated, the property is empty, and a suitable timetable exists to re-do the floors, I will often suggest that they do so. New wood floors can produce an instant positive feeling the minute a prospective buyer opens the front door. The buyer will also benefit by having to deal with one less project and expense upon taking possession of the home. Properly refinished or stained hardwood floors can help sell a home, while not prohibitively expensive, under the right circumstances.
A note: when deciding whether or not to refinish, or stain, bear in mind that lighter floors make a home seem larger, while darker stained floors give the illusion of a smaller area. This scenario will not come into play in many larger, spacious properties.
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Regional Sales Trends
Sales Trends for the Month of December Single Family Homes
Contracts Ratified Per Month
(information from GCAAR)
Montgomery County Statistics
DC Statistics 
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15105 Poplar Hill Road, Germantown MD
$1,299,000
ELEGANCE DEFINED! The original model for Spring Meadows featuring all that you would expect from Miller plus an enormous absolutely state of the art modern kitchen addition. Huge room sizes, three beautifully finished levels, glorious landscaping, fabulous flow for entertaining, truly too much to say.
Click Here for a Virtual Tour
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is:$13,869.24
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Under Contract!
5608 Jordan Road, Bethesda MD 20816
$1,999,999
Spectacular new home in convenient Springfield. Seven bedrooms and five and a half baths, with the highest quality finishes. Gourmet kitchen with granite, custom cabinets, stainless. Four finished levels, large deck, screened porch, covered front porch, patio, and two car garage. Hardwood on two full levels. Three fireplaces, slate mudroom, and more. Close to shopping, DC, Bethesda, and 495.
Click Here for a Virtual Tour
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is: $23,545.52
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Under Contract!
7204 Loch Lomond Drive, Bethesda MD
$1,449,000
An entertainers dream home with almost 9,000 sq. ft., seven bedrooms and five and a half baths, oversized rooms throughout. Spectacular two story marble foyer, four fireplaces, two car garage, huge lot, great location in Whitman district. Three full levels, two with hardwood. Huge master bedroom suite with marble fireplace and owner's deck. Oversized, eat-in kitchen adjacent to family room with stone fireplace. Easy in to DC, easy out to 495/270.
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is: $15,074.65
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Under Contract!
10903 Whiterim Drive, Potomac MD
$639,000
Gorgeously updated and decorated, flooded with light in Bethesda/Potomac's best kept secret - Woodrock. Live surrounded by nature but just minutes to DC, Whitman schools too! Three big bedrooms including stunning master, renovated baths & eat in kitchen with sitting area, beautiful living room and dining room, great lower level, very private deck backs the lawn and woods. Drapes, blinds and finishes to die for -promise you will be impressed.
Click Here for a Virtual Tour
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is: $6,440.78
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Today's Rates |
- 30 year fixed rate 4.97%
- 15 year fixed rate 4.34%
- 5 year ARM 4.19%
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Will this renovation project pay off? $$$
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(Click on Image to Read an Interesting Article from CNN Money Regarding Renovations -- See the Average Cost of 25 Common Projects and How Much They can add to the Value of Your Home)
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(Click on Image to Read an Interesting Article from Washington Business Journal)
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Fun Event!
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Discover Engineering
Family Day
Dates: February 20, 2010, 10 a.m.-4:30 p.m.
Discover Engineering Family Day at the National Building Museum
Take part in slime-making, day-long robot demonstrations and competitions, design bridges and helicopters, and much more. Admission is free.
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Bank of America
Deb Levy - Mortgage Loan Officer
1801 K Street NW, Suite 440
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