Hello Clients & Friends,
Welcome to the Linda Low Team’s new blog! We’ll keep you posted here when we have tips, information to share, and articles we think are worth reading. And check back for some real estate stories and tales from our busy team.
It’s been frigid lately, but with Valentine’s Day just gone that makes the weather perfect for cuddling with your loved ones, snuggling by the fireplace and doing some reading. Here are our top three picks from this week’s real estate news:
D.C.-area housing market is on a roll
By Dion Haynes, published February 10 The Washington-area real estate market in January made steady gains in sales, inventory and prices, according to a report released Tuesday, building on improvements seen the month before at the end of what had largely been a stagnant year. Typically, January is one of the slowest months of the year. But last month, according to analytics firm RealEstate Business Intelligence (RBI), a subsidiary of Rockville-based multiple-listing service MRIS, the market showed across-the-board progress. Read on: http://www.washingtonpost.com/blogs/where-we-live/wp/2015/02/10/d-c-area-housing-market-is-on-a-roll/
February 10, 2015 by Lark Turner
DC-area home prices rose to their highest January level since 2007 last month, according to a report released Tuesday by RealEstate Business Intelligence. Median sales prices in the region increased to $385,000, a 4.1 percent jump over last year. Prices rose everywhere but Fairfax City (-9%) and Montgomery County (-1.2%). In DC proper, prices increased to $495,000 from $470,000, a year-over-year appreciation of 5.3 percent. Home sales volume also rose 4.5 percent over last year, making January the second month in a row that sales increased year-over-year. (In contrast, December was the only month in 2014 that saw sales gains.) The property segment that saw the largest increased in sales were detached, single-family homes. More: http://dc.urbanturf.com/articles/blog/dc_area_home_prices_reach_highest_level_since_2007/9512
Inaccurate Zillow ‘Zestimates’ a source of conflict over home prices
February 8, 2015 by Kenneth R. Harney Zillow is the most popular online real estate information site, with 73 million unique visitors in December. Along with active listings of properties for sale, it also provides information on houses that are not on the market. You can enter the address or general location in a database of millions of homes and probably pull up key information — square footage, lot size, number of bedrooms and baths, photos, taxes — plus a Zestimate. Shoppers, sellers and buyers routinely quote Zestimates to realty agents — and to one another — as gauges of market value. If a house for sale has a Zestimate of $350,000, a buyer might challenge the sellers’ list price of $425,000. Or a seller might demand to know from potential listing brokers why they say a property should sell for just $595,000 when Zillow has it at $685,000. Disparities like these are daily occurrences and, in the words of one realty agent who posted on the industry blog ActiveRain, they are “the bane of my existence.” Consumers often take Zestimates “as gospel,” said Tim Freund, an agent with Dilbeck Real Estate in Westlake Village. If either the buyer or the seller won’t budge off Zillow’s estimated value, he told me, “that will kill a deal.” Read more: http://www.latimes.com/business/realestate/la-fi-harney-20150208-story.html Have a wonderful weekend!