Open 1-4 July 28th! 7701 MARBURY RD, BETHESDA - Hot New Price $1,999,000!

Thoughtful design & breathtaking details combine to make this 4 level, 6BR, 5.5BA Craftsman the home of your dreams. Well cited on a very large lot, the distinctive residence offers substantial living, dining & family rooms, a magnificent chef's kitchen, mudroom, library, porch, a beautiful deck & spacious 2 car garage.  Large bright bedrooms & a decadent owner’s suite upstairs and perfectly finished LL open to the fenced rear yard (& sportcourt!) complete the picture. Ideally located near schools and vibrant downtown Bethesda, this is the one you've been waiting for! 

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The Market Is Moving....You Could Be Too!

 

I recently saw a post card from another Realtor with that wonderful tagline. It's not so terribly unique that I feel awkward re-using it, but a tip of the hat to friend and colleague Sharon Buchanan with Remax just in case...

Regardless, the sentiment is perfect. After so many years of down markets and depressing real estate news, folks finally feel like moving is an option. Sure, interest rates are up a tiny bit, but they are still very, very low. Heck, we would have all been tripping over each other to get 4.25% back at the peak of the market. And it's a nice, balanced market out there. Listings selling reasonably quickly and easily; buyers getting nice houses in one or two tries; lenders being sort of halfway rational about loaning mortgage money...pretty good stuff. 

  

So now, instead of a marketplace full only of people who absolutely HAVE to move, we are seeing discretionary moves and lots of folks who just WANT to move house, for all sorts of reasons. And that could be you. Dream a little. Maybe you've always wanted a bit of elbow room from the neighbors, or a pool, or a guest room or a contemporary rather than traditional home. Whatever the reason - and there are as many as there are people and families - we're here to help.

If you need a little inspiration, try looking at my favorite web-addiction, Houzz. It's pure house-porn. Love it!

Enjoy the rest of the summer, stay cool, have fun and we'll see you in September!

Barbara, Tom, Susan and Emily,

Nalls Home Partners

Our monthly E-Newsletter

Foreign Home Buyers Continue to Identify U.S. as Profitable Investment, Realtors® Report

Foreign Home Buyers Continue to Identify U.S. as Profitable Investment, Realtors® Report

Article from The National Association of Realtors^®

WASHINGTON (June 24, 2013) – International home sales in the U.S. declined in the past year, but are at their second highest level in recent years and are over six percent of total existing-home sales in value. According to the National Association of Realtors^® 2013 Profile of International Home Buying Activity, interest in U.S. properties continues to grow, signaling that America continues to be regarded by international buyers as a great place to own property.

The survey, which asked Realtors^® to report their international business activity within the U.S. for the 12 months ending March 2013, showed that total international sales were $68.2 billion, down approximately $14 billion from the previous year. The decline is attributed to a number of temporary factors, including economic slowdowns in a number of major foreign economies, tighter U.S. credit standards and unfavorable exchange rates. Of total international transactions, $34.8 billion (51 percent) were attributed to foreign buyers with permanent residences outside the U.S. and $33.4 billion (49 percent) were attributed to buyers who are recent immigrants or temporary visa holders residing for more than six months in the U.S.

“Foreign buyers are experiencing hurdles not only abroad, but also here in the U.S. when it comes to purchasing property,” said NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif. “Difficult economic conditions, particularly in Europe, have impacted foreign buyers, but several factors in the U.S. have also affected their purchasing power here. Tight credit standards have made financing challenging for immigrants, and low housing inventories have made finding a house difficult. However, none of these factors appear to be permanent.”

Foreign buyers continue to have a substantial interest in U.S. properties. Over a five year time frame more than 70 percent of Realtors^® reported a constant or increasing level in the number of international clients contacting them.

“Realtors^® provide international buyers with a significant advantage when purchasing property in the U.S. Realtors^® who have earned NAR’s Certified International Property Specialist designation have received specialized training and are well prepared to service the international market,” said Thomas.
Twenty-seven percent of Realtors^® reported having worked with international clients this year. The most important factors influencing international clients’ purchases reported by Realtors^® were that the U.S. is viewed as a desirable location and that the real estate market is regarded as a profitable investment.

Realtors^® reported purchases from 68 countries, but five have historically accounted for the bulk of purchases; Canada (23 percent), China (12 percent), Mexico (8 percent), India (5 percent) and the United Kingdom (5 percent). These five countries accounted for approximately 53 percent of transactions, with Canada and China the fastest growing sources over the years.
Canadian buyers were reported to purchase properties with a median price of $183,000, with the majority purchased in Florida, Arizona and California. Chinese buyers tended to purchase property in the upper price ranges with a median price of $425,000 and typically in California. Sixty-two percent of Mexican buyers purchased property in California and Texas, with a median price of $156,250.
International buyers tend to cluster in specific locations based on countries of origin, as well as several other factors. “Many factors influence foreign buyers’ decisions on where to purchase in the U.S., but the most important are proximity to home country, presence of relatives and friends, availability of job and education opportunities, and the climate,” said Thomas. “International buyers also differ on the type of desired property. Some are looking for trophy properties while others are interested in modest vacation homes.”

Five states made up 61 percent of reported purchases; Florida (23 percent), California (17 percent), Arizona (9 percent), Texas (9 percent) and New York (3 percent). About half of foreign buyers preferred to purchase in a suburban area, while a quarter preferred a more central city/urban area. A majority purchased a detached single-family home and 63 percent used all-cash. Based on the reported international transactions, the mean and median prices of purchases were higher when compared to purchase prices of domestic buyers. For the 12 months ending March 2013 the median international home price was $275,862 and for domestic buyers it was $179,867. The types of homes purchased by international buyers frequently tended to be different from the types of homes purchased by domestic U.S. buyers. International buyers are more likely to be substantially wealthier and looking for a property in a specialized niche.

Suburban Maryland Housing Market Sees Increase in Sale Prices

Long & Foster Market Minute reports show tightened inventory in May

6/19/2013 information from Long & Foster Real Estate, Inc.

 

In May, the entire suburban Maryland region experienced year-over-year increases in median sale price. Frederick County saw an increase of 20 percent. Prince George’s and Montgomery counties recorded increases of 18 percent and 6 percent, respectively in median sale price compared to a year ago. Charles County saw a slight 1 percent increase versus last May.

 

Active inventory continued to decline across the entire suburban Maryland region. Total active inventory decreased in Prince George’s County by a significant 53 percent this year compared to May 2012. Inventory levels decreased in Montgomery County by 30 percent and by 17 percent in Frederick County. Charles County saw a decrease of 15 percent compared to a year ago.

According to market data, home sales increased or remained the same throughout much of the suburban Maryland region compared to May 2012. Frederick County saw a healthy increase of 16 percent, while Montgomery County experienced an increase in home sales of 6 percent, compared to a year ago.  Prince George’s County sale prices remained the same this year compared to last year.

Homes continued to sell quickly in the suburban Maryland region, with marketing periods now less than two months, on average. Montgomery County days on market (DOM) remained low at 33 days. Charles County’s DOM was 46 days, Prince George’s County’s was 54 days, and Frederick County’s was 55 days.

 

“In the suburban Maryland region, the residential real estate market continues to improve. Job growth, home affordability and consumer confidence, among other market conditions remain on the upward trend. Many considering buying a home are researching what their local markets have to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies.

 

“The suburban Maryland market continues to show many positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market, although housing inventory remains low, limiting buyers’ options. The search for a home might take longer than usual with the limited inventory in the suburban Maryland region, but it’s still a great time to become a homeowner.”

Home Price Surge Will Accelerate Next Month - CoreLogic

Home Price Surge Will Accelerate Next Month - CoreLogic
Jul 2 2013, 10:19AM by Jann Swanson CoreLogic

There is a remarkable degree of agreement among prevalent purveyors of Home Price Indices that prices this spring have risen higher and faster than in any period since early 2006.  

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Experts doubt surge in mortgage rates will derail housing recovey

Experts doubt surge in mortgage rates will derail housing recovery 

From Inman News - Andrea V. Brambila June 24th

Surging mortgage rates may have little effect on the housing market, at least in the near term, housing experts say. 

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Existing-Home Sales Rise in May with Strong Price Increases

Existing-Home Sales Rise in May with Strong Price Increases

 Information From The National Association of Realtors^®


WASHINGTON (June 20, 2013) – Existing-home sales improved in May and remain solidly above a year ago, while the median price continued to rise by double-digit rates from a year earlier, according to the National Association of Realtors^®.

Total existing-home sales¹, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 4.2 percent to a seasonally adjusted annual rate of 5.18 million in May from 4.97 million in April, and is 12.9 percent above the 4.59 million-unit pace in May 2012.

Lawrence Yun, NAR chief economist, said the recovery is strengthening and to expect limited housing supplies for the balance of the year in much of the country.  “The housing numbers are overwhelmingly positive.  However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent,” he said.  “The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth.”
Existing-home sales are at the highest level since November 2009 when the market jumped to 5.44 million as buyers took advantage of tax stimulus.  Sales have stayed above year-ago levels for 23 months, while the national median price shows 15 consecutive months of year-over-year increases.
Total housing inventory at the end of May rose 3.3 percent to 2.22 million existing homes available for sale, which represents a 5.1-month supply² at the current sales pace, down from 5.2 months in April.  Listed inventory is 10.1 percent below a year ago, when there was a 6.5-month supply.
The national median existing-home price³ for all housing types was $208,000 in May, up 15.4 percent from May 2012.  This marks six straight months of double-digit increases and is the strongest price gain since October 2005, which jumped a record 16.6 percent from a year earlier.  The last time there were 15 consecutive months of year-over-year price increases was from March 2005 to May 2006.
Distressed homes⁴ – foreclosures and short sales – accounted for 18 percent of May sales, unchanged from April, but matching the lowest share since monthly tracking began in October 2008; they were 25 percent in May 2012.  Fewer distressed homes, which generally sell at a discount, account for some of the price gain.
Eleven percent of May sales were foreclosures, and 7 percent were short sales.  Foreclosures sold for an average discount of 15 percent below market value in May, while short sales were discounted 12 percent.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.54 percent in May from 3.45 percent in April; it was 3.80 percent in May 2012.
NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif., said market conditions today are vastly different than during the housing boom.  “The boom period was marked by easy credit and overbuilding, but today we have tight mortgage credit and widespread shortages of homes for sale,” he said.
“The issue now is pent-up demand and strong growth in the number of households, with buyer traffic 29 percent above a year ago, coinciding with several years of inadequate housing construction.  These conditions are contributing to sustainable price growth,” Thomas said.
The median time on market for all homes was 41 days in May, down from 46 days in April, and is 43 percent faster than the 72 days on market in May 2012.  Short sales were on the market for a median of 79 days, while foreclosures typically sold in 43 days and non-distressed homes took 39 days.
Forty-five percent of all homes sold in May were on the market for less than a month.  The median time on the market is the shortest since monthly tracking began in May 2011; on an annual basis, a separate NAR survey of home buyers and sellers shows the shortest selling time was 4 weeks in both 2004 and 2005.

First-time buyers accounted for 28 percent of purchases in May, compared with 29 percent in April and 34 percent in May 2012.

All-cash sales were at 33 percent of transactions in May, up from 32 percent in April and 28 percent in May 2012.  Individual investors, who account for many cash sales, purchased 18 percent of homes in May; they were 19 percent in April and 17 percent in May 2012.

Single-family home sales rose 5.0 percent to a seasonally adjusted annual rate of 4.60 million in May from 4.38 million in April, and are 12.7 percent higher than the 4.08 million-unit pace in May 2012.  The median existing single-family home price was $208,700 in May, up 15.8 percent above a year ago, the strongest increase since October 2005 when it jumped 16.9 percent from a year earlier.
Existing condominium and co-op sales slipped 1.7 percent to an annualized rate of 580,000 units in May from 590,000 in April, but are 13.7 percent above the 510,000-unit level a year ago.  The median existing condo price was $202,100 in May, which is 11.8 percent above May 2012.
Regionally, existing-home sales in the Northeast rose 1.6 percent to an annual rate of 650,000 in May and are 8.3 percent above May 2012.  The median price in the Northeast was $269,600, up 12.3 percent from a year ago.

Existing-home sales in the Midwest jumped 8.0 percent in May to a pace of 1.21 million, and are 16.3 percent higher than a year ago.  The median price in the Midwest was $159,800, up 8.2 percent from May 2012.
In the South, existing-home sales rose 4.0 percent to an annual level of 2.09 million in May and are 16.1 percent above May 2012.  The median price in the South was $183,300, which is 15.0 percent above a year ago.

Existing-home sales in the West increased 2.5 percent to a pace of 1.23 million in May and are 7.0 percent above a year ago.  With the tightest regional supply, the median price in the West was $276,400, up 19.9 percent from May 2012.