How We Helped Marc Move a Unique Home in a Cookie Cutter Neighborhood

“Very Satisfactory! He understood what we needed to accomplish and got the job done. He came up with his own ideas. He was very responsive to all of our ideas and the net result was that we were able to move a very unique property in a cookie cutter neighborhood.”  

Join Us for Our 16th Annual Client Appreciation Party

Today I’m announcing some exciting news:

Our 16th Annual Client Appreciation Party will take place on Saturday, September 24th from 10:30 a.m. to 1:30 p.m. at Rock Creek Park in D.C. Picnic Area #13!

This is a wonderful opportunity for us to thank all of our past and present clients, since a majority of our business is referral-based. We really appreciate our clients and their trust in us in referring their friends and family so that we can provide that high level of service to them as well.

So please mark your calendars for September 24th. We’re going to have lots of family-friendly activities like face painting, balloon animals, games and prizes, as well as some great food on the grill.

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See you on September 24th at Rock Creek Park!

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The event will also be located right next to the Nature Center, Planetarium, and Horse Center of Rock Creek Park. I will be coordinating a tour of the Nature Center and Horse Center in the morning, as well as a 1 p.m. show at the Planetarium. If you have kids over the age of 5, please let us know so that we can sign them up.

This is also in observance of the Centennial of our National Parks Service, which was started in 1916, so this is a great way to celebrate the protection of our environment while simultaneously appreciating our clients.

If you have any questions, please don’t hesitate to call or email us. I look forward to seeing you all!

How We Smoothly Helped Jonathan Find a New Listing, Put in an Offer, and Buy a House

“The results were great. We got our first home. It’s exactly what we wanted and in a great area. It’s something for me and my family, we can see ourselves grow in and it’s just what we needed so it’s perfect. We were looking to buy a house last year and when we reached out again he remembered our whole situation and he remembered the name of my daughter. He just makes you feel at peace and comfortable in a difficult situation. I think he’s a great guy and a great realtor and he’s going to continue his success.”  

The Impact of Brexit on the D.C. Real Estate Market

How has Brexit impacted the D.C. housing market? So far, there is a lot of uncertainty in financial markets and long-term implications there.

In our local real estate market, however, a lot of people are putting money into really safe securities, like treasuries and bonds. When that happens, the value of the U.S. dollar goes up and interest rates go down. As far as the 10-year treasury, Brexit may also lower the yield.

Locally, we haven’t seen any changes in home prices, so don’t worry about home values going down. In any case, they continue to go up. Home value is more closely tied to supply and demand than what happens in the global financial market.

If anything, Brexit has created a great buying opportunity for people in the real estate market. In fact, there is a lot more international money coming back into the United States real estate market. People see the U.S. as the best, safest place to park their money. Investors are using cash to invest in our real estate market.

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Interest rates have dipped even lower since Brexit.

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The bottom line is you should not be concerned about Brexit’s impact on home value. Again, home value is affected more by local economics and policies than anything in the global market.

So, take advantage of these historically low interest rates. You can get a 30-year mortgage for 3.5% or 3.625%, which is unbelievable. It’s also a great time to be in a 15-year amortization - that is under 3%.

If you have any questions, give me a call or send me an email. I would be happy to help you!

Taxes Are About to Go Up for Washington D.C. Home Buyers

 

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Today I’m here with a public service announcement about the upcoming tax increases for Montgomery County, specifically for the county transfer tax. Anything settled after September 1st is subject to these fees whether you are the primary resident or an investor.

To clarify, these tax increases don’t apply to homes under contract; this is for actual settlements. If you are looking to buy something and you want to get in before these deadlines, you need to act very quickly and be under contract in the next week or two.

What are these increases and how will they impact your bottom line? Let’s say you bought a $575,000 home. Under the old county tax fees, $50,000 would be exempted from the first $500,000 of value if the property is your principal residence. The next $450,000 would be taxed at $6.90/$1,000, which would add up to $3,105. The additional $75,000 would be taxed at $10.00/$1,000, which would give you another $750. All told, you would pay $3,855 in taxes.

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The county transfer tax increase takes effect on September 1st.

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Under the new rules for that same $575,000 property, you will get a $100,000 exemption off the first $500,000 of the home value. The next $400,000 is then taxed at $8.90/$1,000, bringing you to $3,560. The remaining $75,000 is taxed at $13.50/$1,000 for an additional $1,012.50. Your tax under the new increases would be $4,572.50 total.

As you can see, that is an increase of $717.50 (or 19%) under the new tax increases. That’s if the property is your principal residence. If you are buying an investment property, there will be no exemption and taxes are due in the full amount.

I think I speak for everyone who lives in the area when I say we expect better roads, less crowding in schools, and a variety of other things from the city council after these increases are in place.

I hope you have a better understanding of what your settlement costs will be after September 1st. If you have any further questions, please don’t hesitate to reach out to me. I would be happy to help you!