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Dear Nalls Home Partners Clients, Friends and Family:
It has been a very busy month at Nalls Home Partners, as you can see from all the new listings and status changes below. Thanks in part to the various government programs (see the article below from John Nalls of Counselors Title about the First Time Homebuyer Tax Credit) and to pent up demand from a few years of slow sales, it looks like we have finally broken the market gridlock and are back to a new normal. What might normal look like now? Probably there will be the traditional seasonal ups and downs in our market but maybe not so high in the spring and low in the summer and winter. Probably moderate days on market and longer contract periods with sensible amounts of negotiation, but it won't be too hard to sell or difficult to buy. Loan programs are starting to diversify, but within sane parameters. It may be a long, long time before we see the sort of wild west markets that we had from 2002-2005/6, and maybe not even the swings that came in the decades prior. But I believe that there will be slow, steady appreciation in areas that offer intrinsic value: good commutes, access to shopping and parks, popular schools and well built homes. I have said all along that the market will recover because people have to live somewhere - recession isn't, after all, a form of family planning - and the Washington Metropolitan Area is a wonderful place to call home.
Happy Spring!
All the best -
Barbara, Tom, Susan, Harrison and Ron
Long and Foster Real Estate, Inc
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Pending Home Sales Down; Severe Weather Impacting Market
*Information Provided by The National Association of Realtors®
Pending home sales are down and additional declines are expected from abnormal weather conditions, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 percent higher than January 2009 when it was 80.5.
Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. "January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February," he said.
As such, abnormal swings are expected in housing data. "We will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June," Yun said. "The real question is what happens in the second half of the year. If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices because inventory has been trending downward."
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Regional Sales Trends
Sales Trends for the Month of February Single Family Homes
Contracts Ratified Per Month
(information from GCAAR)
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15205 Wycliffe Court Rockville, MD
$599,000
Bright, charming 5 BR, 2.5 BA split level on over 1/3 acre lot in Flower Valley. Fresh paint,gleaming hardwood floors,cul-de-sac location,truly move-in ready.Large eat-in kitchen,seperate Master Suite,stone fireplace, large wraparound deck, attached garage, over-sized windows, and more. Priced to sell - this one won't last!
Click Here for a Virtual Tour
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is:$6,410.00
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2316 Ross Road Silver Spring, MD
$485,000
Big, bright, 3- 4br 2.5ba renovated home w/great flow and feel, Eat-in kit w/granite counters, walnut cabinets, updated baths, replaced windows - the works! Very large corner lot with good backyard. Very well priced - this is an opportunity - don't miss it!
Click Here for a Virtual Tour
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is:$5,141.00
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3001 Veazy Terrace NW #334 Washington, DC
$555,000
Rarely available HUGE (0ver 1500sqft) 2 bedroom & 2 bath coop.This home boasts a lovely hall entry, an over-sized living area, a large formal dining room, a big
table-spaced kitchen, two generous bedrooms including a master bath, picture windows in every room, beautiful & private patio, refinished floors, fresh paint, parking, & lots of storage. This ideal location offers Metro, shops,
restaurants & more.
Click Here for a Virtual Tour
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Under Contract!
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!
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!
8804 Wooden Bridge Road, Potomac MD
$810,000
COPENHAVER BACKING THE PARK! This is the one you have been waiting for. 5 big bedrooms upstairs, lovely foyer & formal rooms,large bright family room off updated eat in kitchen, renovated baths, fresh paint, gleaming hardwood floors, finished daylight lower level walks out to gorgeous lot & patio.
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Estimated property taxes and non-tax charges in the first full fiscal year of ownership is: $8,538
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Under Contract!
2707 Ross Road Chevy Chase, MD$599,000
Fantastic opportunity in a much sought after neighborhood! This well cared for charming 3bdrm, 2BA home boasts NEW granite countertops, NEWLY renovated bathrooms, hardwood flrs, attached garage, big family room,cozy front porch, tons of storage & lots more. Convienent to restaurants, parks & public transportation. Close to DC, Bethesda, Silver Spring.
Click Here for a Virtual Tour
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is:$5,097.00
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Sold!
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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Sold!
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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