Real Estate Information

Late May Events in the Washington Metro

As spring moves on, you’ll want to check out some of these great events happening around DC. Here are a few things going on at the end of May.

The Italians in DC Festival is happening May 20 from 2 p.m. until 9 p.m. There will be art exhibitions, wine tasting, live music, and activities for kids at the Woodrow Wilson Plaza and Aria Pizzeria and Bar. Be sure to get your tickets online.

The 2012 Arthritis Walk takes place on May 19 at the Washington Monument. There are no registration fees, but prizes are given to those who raise $250 or more. You can bring your kids and even the dog. Sign up or make a donation.

Arts and Entertainment

The Art After Dark exhibition on May 24 features night music, artwork and an open bar. Tickets cost $40 and must be bought in advance. Proceeds will support the exhibition and educational programs of the Art Museum of Americas, which promotes democracy and human rights. If you’d like to attend, you must be 21. Artists include Seo Jo, Nicky Enright, Felix Fernandez and more.  The event takes place on 18th street, just five minutes from Dupont Circle.

A Prairie Home Companion is coming to Vienna. The Filene Center at Wolf Trap National Park for the Performing Arts will host the popular live radio show May 25 through May 26. Be sure to order your tickets online. The show includes live music, guest performances and comedy skits.

Outdoor Happenings

The Free Capitol Walking Tour on May 28 starts at 10 a.m. and typically lasts around 2 hours. The sights visited around Capitol Hill include the Supreme Court, Library of Congress, Neptune Fountain, Lower Senate Park and of course the Capitol Building. The tour will meet at 3rd Street NW and Pennsylvania Ave NW.

Know of any events happening in the Metro area? Let us know!

The last several months have certainly favored the Bethesda home buyer, according to the most recent market data.

After all, a large number of homes for sale remain on the market and the median sales price remains relatively low.

Continue reading to learn more about the state of the Bethesda real estate market to see if now is a good time for you to finally enter the market as a home buyer.

Properties for Sale in Bethesda, MD

Here’s an overview of the current state of the Bethesda real estate market:

• Currently there are 27 sales pending on the market as well as 147 active listings.
• That pending ratio is 15.5 percent, signaling that there aren’t as many qualified buyers on the market as there is supply of homes for sale.
• Recently, homes priced between $500,000 and $600,000 have seen the most sales contracts.
• Meanwhile, homes priced under $100,000 have the largest number of active listings with 22 properties for sale.
• The average listing price for all properties on the Bethesda real estate market right now is $642,740.
• During the last 6 months, 168 contracts have closed with an average sold price of $663,079.
• Also during that period, homes priced between $200,000 and $300,000 have seen the highest number of sold listings.
• During the last 6 months, 20 listings have failed to sell and have been taken off the market.
• Homes priced under $100,000 had the largest number of failed listings during that time with 5 properties.
• Currently, active listings have been on the market for an average of 73 days.
• Over the last six months, active listings were on the market for an average of 60 days before selling.
• Properties priced between $800,000 and $900,00 have sold the quickest in the last six months.
• During the last 30 days, active listings were on the market an average of 44 days before selling.
• Because homes have been selling quicker in the last 30 days than they have in the last six months, it’s a positive indicator of demand.
• Currently, the home inventory for the Bethesda real estate market is about 5.3 months.

Find Your Dream Home on the Bethesda Housing Market Today!

As you can see, there are still great deals to find on the Bethesda real estate market.

And because there is still a sizeable inventory of homes for sale, you as a home buyer will have more of a chance to negotiate down a list price with a home seller who may be eager to go ahead and sell the property.

But as the recent numbers indicate, demand for Bethesda area homes IS rising.  As that happens, the inventory for available homes will decrease and list prices will increase.

Montgomery County home sellers will likely feel more empowered to stand their ground on their original list price because they will know that there are more buyers on the market than the current supply can handle – hence, a seller’s market.

So if you’re interested in getting a great deal on a Bethesda home for sale, now is the time to enter the market.

Contact me, Melinda Estridge, and my team of dedicated Bethesda real estate experts, today to see how we can help you with all of your home-buying needs!

Until next time,

Melinda

Summer is finally here, and I am so excited to enjoy outdoor BBQs, reading on the deck and lounging at the pool! Summer has to be hands down, one of my very favorite times of the year and I always feel inspired to work in the yard and fully take in the great outdoors. You know what I don’t like about summer? The pests all come back out. And I’m not even talking about spiders or roaches or other slimy, yet truly harmless creatures. I’m talking about pests that can do real damage to your property-and you need to know how to locate, eradicate, and repair your Montgomery Area Real Estate when you find these outdoor creatures turning your home into a nightmare.

Washington DC, Maryland and Northern Virginia Real Estate

The Estridge Group Realtors prides ourselves on being experts of the Bethesda MD,  Chevy Chase, MD and Washington DC  real estate areas.  Northern Virginia areas  we provide expert services for are Reston real estate, Vienna real estate, McLean Tysons Corner real estate, Arlington real estate, Falls Church real estate, Alexandria real estate, and Crystal City Pentagon City real estate.

Chevy Chase MD Home Buyers

We know a lot goes into buying Montgomery County MD real estate and we want to help you take care of your investment from the first home tour s to after you have gotten the keys.  That is why we are the experts you can trust, because we will share with you everything and anything-including information on how to eradicate pests that may try to take over your home after you move in!

Maryland, Washington DC and Northern Virginia Areas

We live in one of the most beautiful and breathtaking  areas of the country-and that is why so many people want to move to Chevy Chase neighborhoods!  Our weather is amazing and summer is a dream for being outdoors-but summers here are also a dream for pests such as carpenter bees and termites.

Protect your Potomac Area Real Estate

A lot of time, love, and money has been invested in your home-don’t let these pests destroy it! While almost everyone knows about the damage termites can cause, not many people know what you can do to correct it! If you are selling your Montgomery County MD real estate, then you should know that a home inspector will search for termite damage-and if found-you will have to pay somehow to have it corrected before a buyer is willing to still buy your home.  Here are some things you can do:

• Call and expert to have your home treated for preventive maintenance. This will help make sure termites don’t ever come to chomp on your home and it will also be a great selling feature to point out that your home has been giving preventive  measures.
• If you do find damage-ie, lots of little holes, tunnels, and dust in your walls, furniture, deck and other wooden features of your home DO NOT START TEARING DOWN WALLS. You do not know who extensive the damage is, or how large the termite nest is, and while termites are of no real harm to humans, you could do real harm to your home tearing up walls or floors before you know the damage.
• ALWAYS call a professional exterminator to assess the damage. They will be your best resource for what can be saved, what needs to be corrected, and what can be done to prevent termites from ever returning.

Selling Potomac Area Real Estate

Another summer pest I hate is Bees. I know, bees are important for honey and pollinating, but really there is nothing worse than sitting on your deck and having bees swarm around you. You might be thinking, well, leave the Honey Bees alone and they won’t bother you-and you are correct. However, not all bees you see are not Honey Bees-some are Carpenter Bees and the like nothing more than to make their nests in a nice piece of your deck wood. In the photo above, you see a typical honey bee to the left, and a typical Carpenter Bee to the right. The Carpenter Bee is the one you don’t want to see checking out your deck (or house, or fence, or anything else wooden on your home…) The last thing you want when selling your Washington DC neighborhood home is to have a potential home buyer find extensive exterior and cosmetic damage done by Carpenter Bees. While bees themselves are important to the ecosystem, Carpenter Bees can cause damage to your home if they are left untreated.  Here are the signs you will see telling you that Carpenter Bees have decided to build a home in YOUR home:

• You see Bees hovering near certain parts of your home-like a part of your wooden dck
• You find a perfectly round, small hole that will look like someone drilled a purposeful hole in a piece of wood
• You see  a pile of sawdust in an unexpected place-like under one of your deck railings or under a porch swing.
• You hear buzzing inside the wood on your home
• You see bees entering the holes

Keeping Chevy Chase MD Real Estate Pest Free

Important things to remember:

• Carpenter Bees are VERY docile and rarely sting-so no need to run off screaming when you see one, even if that is my initial reaction.
• Carpenter Bees are important to the eco-system. There are actually some plants, like the purple passionflower (also known as wild apricot or Ocoee) are ONLY pollinated by Carpenter Bee varieties.
• You can have Carpenter Been damage repaired easily, by just simply caulking the holes and painting it to match again. Voila!
• You can simply caulk holes to stop the nest, use a can of Raid to spray the nest, or if you are worried about trying to keep the bees alive, you could call a bee keeper to come help you extract the bees while they are drowsy in early morning or dusk.
• A dab of almond extract is said to repel them, so while the next is the most empty, in the middle of the day, dab almond extract around the nest, then about an hour later, once Bees have had a chance to leave, caulk the entrance and exit  -remember they will have two holes borred-and Voila! You have stopped the next. The bees will most likely move on to a new place further away to build a new next.
• The best way to keep them from coming back is to keep up the paint on your home or get vinal siding.

While Carpenter Bee damage does not look good or sound good to potential Northern Virginia home buyers, Carpenter Bees do not usually do extensive enough damage to ever cause structural problems. All of their nests are close to the surface o of the wood they borrow, and thus do not compromise the integrity of the wooden structure like termites would. But—and here's the big "but"—it does happen, and if it does happen you really have no choice but to call a professional exterminator with experience in controlling and exterminating carpenter bees. Again, this should only be done if carpenter bee damage is extensive. Otherwise, there should be no need to call an exterminator to rid your home of carpenter bees. A can of Raid should be all you need to take care of the problem, and more often than not it doesn't even require that.

Washington DC, Maryland and Northern Virginia Real Estate Market

For other helpful real estate tips check out our:

• Chevy Chase Living Blog
• Chevy Chase MD Home Buying Tips
• See the Featured Chevy Chase MD Home Listings

  Until next time, Melinda Estridge

Are you a Bethesda home owner considering listing your Maryland home on the local housing market?

If so, then I highly recommend you continue reading today’s Bethesda housing market blog.

Below, you’ll find invaluable information on what homes are selling for in this beautiful Maryland community and what you can expect as a home seller navigating the market.

Properties for Sale in Bethesda, MD

Here’s an overview of the current state of the Bethesda real estate market, based on the most recent data:

• Currently there are 35 sales pending on the market as well as 145 listings that are still for sale. 
• Bethesda homes priced between $500,000 to $600,000 have the largest number of pending contracts.
• Meanwhile, homes prices under $100,000 have the largest inventory of properties for sale with 27 listings.
• The average list price on all Bethesda properties right now is around $632,087.
• Within the last six months, 165 Bethesda home contracts have closed, with an average sold price of $662,098.
• During that time period, homes priced between $200,00 and $300,000 had the highest number of sold listings.
• Meanwhile, 19 home listings have failed to sell during the last six months.  This may be because the list price was too high or the property was not in good condition.
• Homes priced between $200,000 and $300,000 had the highest number of these failed listings with 5.
• Currently, active listings have been on the market for an average of 74 days.
• Over the last six months, homes that sold were on the market for an average of 67 days comparatively.
• Homes priced between $800,000 and $900,000 sold the quickest during that six month period.
• During the last 30 days, homes that sold were on the market for an average of 53 days.

Your Bethesda, MD Real Estate Expert

The most recent data suggest that there is a positive demand for Bethesda area homes for sale. 

After all, it’s taking a shorter amount of time for homes to stay on the market before they ultimately sell.

This is great news for Maryland home sellers because it signals that there are plenty of buyers on the market who are ready to invest in a home.

To capitalize on current market conditions as a home seller, it’s best to work with an experienced REALTOR who can effectively market your home to those interested buyers.

So if you’re ready to sell your Bethesda area home, contact me, Melinda Estridge, today!

I’ll provide you with expert advice at every stage of the home selling process as well as offer you such helpful resources as:

• Your home's value
• Seller tips
• Seller reports

Until next time,

Melinda

If you’re thinking of putting your home on the Maryland real estate market, you’ll want to know how much it’s worth. Certain features, like a finished rec-room or a spacious lot, might seem like home value boosters.  But don’t be so sure. As mortgage professional Brian Martucci will tell you, appraisers don’t put a lot of weight in lot size and below grade footage. 

Measuring The Grades

The living space in a home is typically above grade square footage. Below grade square footage involves the home’s lower level, which might include things like basements and recreational rooms. Appraisers don’t view above grade and below grade square footage equally. Even if your below grade room is finished, this space won’t be appraised as highly as the above grade area.  

Below Grade Doesn't Just Mean Basements

You might think you’re unaffected if you don’t have a basement. But if your Maryland property doesn’t sit on a flat lot, your appraisal might be lower than you’d expect. Living space that is below grade – even partially – is still appraised as basement space. This can significantly drop a home’s value. 

Lenders And Lot Size

Lot size doesn’t get a lot of recognition from the banks, either. Lending companies like Fannie Mae and Freddie Mac won’t view the amount of land as extra valuable. Their focus lies in the home value instead of the additional land value. 

What This Means For The Seller

This might come as a shock, if you’re thinking of selling your home. Unfortunately, there’s not a lot you can do. In order to get a fair appraisal for below grade rooms, some recommend digging around the lower levels and re-landscaping. Clearly, this is a rather costly solution.  

What do you think about this kind of appraisal? 

Sale activity was fairly slow on the Bethesda, Maryland real estate market last month, which is good news for interested Maryland home buyers.

After all, because there aren’t many sales happening on the market right now, sellers are feeling inclined to lower their list prices in order to attract more home buyers. 

This results in you as a home buyer getting a great deal on a Bethesda area home for sale!

Continue reading to learn more about the current state of the Bethesda real estate market.

Homes for Sale in Bethesda, MD

Here’s a summary of recent sales activity in this lovely Maryland city:

• Currently there are 18 sales pending in the market overall and 137 listings still on the market.
• The $600,000 to $700,000 price range has the largest number of pending sales.
• Meanwhile, the Less than $100,000 price range has the largest number of listings, with 28.
• The average listing price on all Bethesda properties right now is $538,015.
• During the last 6 months, 155 properties have closed in Bethesda, with an average sales price of $680,392.
• During that period, the $200,000 to $300,000 price range saw the most activity.
• During the last six months, the average sold price was $680,392 and the average days on the market for sold properties was 67.
• Those homes in the $800,000 to $900,000 price range have tended to sell the quickest.
• By comparison, the average sold price for the last 30 days has been $676,031 and the average days on the market for sold properties has been 93.
• This comparison between the last six months and the last 30 days suggest negative demand in the market.
• Also during the last 6 months, 18 listings have failed to sell.
• The $200,000 to $300,000 price range saw the largest number of failed listings.
• Currently, active listings on the Bethesda real estate market have been on the market an average of 86 days.
• Also, there is currently a housing inventory of 5.3 months, based on the last 6 months of sales.

 Get a Bargain Deal on a Bethesda Home for Sale Today!

As the above market data clearly illustrates, this is a great time to be a Bethesda, MD home buyer!

After all, the data is indicating a steady decline in average sales prices.

So if you’re thinking about relocating to Bethesda and buying your own property here, now is a great time to do so. 

Contact me, Melinda Estridge, your Bethesda real estate expert!

When you call, I’ll answer all of your questions about living in Bethesda.  I’ll also let you know about available listings in the area!

Until next time,

Melinda

TIAA-CREF is the new owner of the commercial component of the Wisconsin Place development, Citybiz Real Estate reports.

The retail component of the award-winning, commercial and residential Wisconsin Place development has been sold to TIAA-CREF for $113.25 million.

The Shops at Wisconsin Place development totals 118,000 square feet, and 99 percent is leased to 17 tenants, Citybiz reports. Whole Foods Market and Bloomingdale's are the two main anchors of the property. Other stores include: Anthropologie, Talbots, P.F. Chang's China Bistro, The Capital Grille, Tynan Coffee and Tea, Sephora, Giggle, Adolfo Dominguez, BCBG Max Azria, Cole Haan, Eileen Fisher, ILORI, MAC Cosmetics, White House Black Market, The Tasting Room Wine Bar & Shop and Ecodetail, LLC.

The Friendship Heights, MD, property was recently honored by the International Council of Shopping Centers (ICSC) with a Silver Design and Development award in the ICSC's annual U.S. Design and Development Awards, which recognize “outstanding projects for excellence in the creation of new retail projects, and in the expansion or redevelopment of existing projects,” according to a statement issued by the ICSC and New England Development, the Newton, MA-based real estate firm that led the Wisconsin Place development.

“Wisconsin Place is a vibrant, 1.1-million-square-foot, mixed-use development [with 432 rental apartments] that has brought new life to the site of a former department store,” the statement added.

Design precedents for the center include the Piazza Navona and the Piazza del Campidoglio in Rome, said David Gilmore, project manager for New England Development, in an interview with Patch last December.

It was a great month to be a Bethesda, MD home buyer, according to the most recent market data available. 

Evidently, demand for area homes is still relatively low, which is driving down home prices in the area.

This is great news for those Maryland home buyers interested in getting a great deal on their next Bethesda area home for sale.

Continue reading to learn more about the latest activity on the Bethesda real estate market to see how it may affect you as a home buyer.

Bethesda, MD Properties for Sale

Here’s an overview of the current state of the Bethesda housing market, based on recent data:

• Currently, there are 107 properties for sale on the Bethesda real estate market.
• Meanwhile, there are 13 sales pending.
• The $600,000 to $700,000 price range has the largest percentage of pending sales.
• And the $100,000 and less price range seems to have a relatively large number of homes for sale at 26 listings.
• The average listing price for all homes on the Bethesda real estate market is $496,643.
• In the last 6 months, 172 contracts have closed, with most of those coming from the $200,000 to $300,000 range.
• The average sold price on those 172 properties was $666,091.
• During that same 6 month period, 19 listings failed to sell.
• Currently, the average days on the market for active Bethesda listings is 109 days.
• The average days on the market for sold properties in the last six months is 63 days.
• The homes that have sold fastest in the last six months seem to be those from the $800,000 to $900,000 range.
• Meanwhile, the average days on the market for sold properties in the last month is 65 days. 
• Currently, the Bethesda housing market is experiencing a housing inventory of 3.7 months.

Investing in Bethesda Real Estate

I hope you found the above information helpful as a Maryland home buyer.  As you can see, it’s definitely a home buyer’s market right now on the Bethesda housing market.

That’s clear by the large number of homes for sale on the market right now as well as the current housing inventory amount.

This means that Maryland home buyers like you have an opportunity to get a great deal on a Bethesda home for sale.

Contact me, Melinda Estridge, today to learn about the best way to approach the Bethesda real estate market as a buyer.

While you’re at it, make sure to check out some of my helpful Maryland home buying tools:

• Buyer Tips
• Buyer Reports
• Home Finance
• Loan Analysis

Until next time,

Melinda

Montgomery County Public Schools will soon be adding a new middle school to the Bethesda-Chevy Chase area. But the question is: where will the middle school be located?

What Are The Issues?

The Site Selection Advisory Committee has been reviewing possible sites for the future school since November 2011. In earlier meetings, it was determined that 10 acres is the minimum amount of land needed to build the school. However, 20 acres is preferred.

The school’s ideal location would be in the central part of the Bethesda-Chevy Chase cluster. It should not be too close to Westland Middle School, which is located in the western part of the Bethesda-Chevy Chase cluster.

Which Locations Are Under Review?

So far, the list of 25 possible public sites has been narrowed down to 10 locations. These include the following:

• Rock Creek Hills LP
• North Chevy Chase LP
• Lynnbrook LP/ES
• Rosemary Hills / Lyttonsville LP
• WSSC Lyttonsville
• Grace Episcopal School
• Norwood LP
• Westland MS
• Meadowbrook LP
• Mongtomery County Bus Lot
• SHA Property / I-495 Intersection

Other Montgomery County Concerns

The Meadowbrook Park location, currently under review, is located in a floodplain.The Rock Creek Hills Local Park site was developed using funds from the State of Maryland’s Program Open Space. Program Open Space places restrictions on land usage for a twenty-year period. However, this expires February 5, 2012 for the Rock Creek Hills LP.

Find Out More

These sites will be reviewed again on the February 8 meeting at Bethesda-Chevy Chase High School at 7 p.m. This meeting is open to the public. To find out more information, visit the Montgomery County Public Schools website.

Do you have any thoughts on where the Bethesda-Chevy Chase Middle School #2 should go? Please feel free to share your opinions with us.