May 18, 2017

March 2017 Housing Sales and Market Update For Washington, D.C. & Surrounding Area

4 Brothers Buy Houses is proud to share this update on current Washington D.C. area housing sales and market conditions.*

*Market information courtesy of RBIntel.com

In March 2017,Median Housing Prices Reached The Highest March Levels On Record

The March 2017 median home sale price in the greater Washington D.C. area was $420,000–the highest March median sales price on record (since RBI record keeping began in 1997).All housing types saw an increase in median sales price, with single-family homes showing the largest increase (7.8%) and condos showing the smallest increase – but even condominium prices rose by an average of 2%.

Overall sales volume in the region increased by almost 27% over March 2016 numbers, with closed sales of 4,450 overall – the highest March numbers in a decade. Properties sold, on average, at almost 98% of the listing price, suggesting that the Washington D.C. housing market remains strong.

Once again, Falls Church City was the region’s most expensive location (measured by average housing price), with March median sales prices of $605,000; Prince George’s County retained its position as the most affordable in the area, with median sales prices of $268,500.Individual home prices and neighborhood values vary.

Pending Sales and New Listings Increased in March 2017.

According to figures published by RBIntel.com:

The number of new listings in the Washington D.C. area also increased in March, with 47.7% more new listings coming on the market in March than in February of 2017.Although new condominium listings were down (by 8.1%), both townhomes and single-family detached homes showed an increase in new listings coming on the market last month. The sharp increase in new listings is common in spring, as better weather often brings more buyers into the market.

Pending sales at the end of March increased by only 1.4% over 2016’s March numbers, but still reached the highest March level in a decade.

Average “Days on Market” For Listed Properties Dropped in March 2017.

The median days-on-market for listed properties in Washington D.C. and the surrounding counties in March 2017 was only 15 days,13 days lower than the DOM for February 2017.The combination of increased total listings, increased sales, and lower days on market suggests a strong, fast-moving market in the Washington D.C. area this spring.

Fairfax County was the fastest regional market last month (median days-on-market: 11), while Falls Church City was the slowest-moving regional market, with a median DOM of 39.

Sales numbers vary from county to county, and even among neighborhoods. The speed and success of a housing sale is dependent on many factors, from listing price to home condition and comparable listings in the area. Your personal experience may vary, but knowing the average numbers is still helpful when making plans to sell your home, either through a realtor or to an investor.

May 6, 2017

How Much Do You Know About Real Estate Commissions?

Most people know that using a real estate agent to buy or sell a house involves a commission, but many buyers and sellers don’t know how much the commission is, who pays it, or when it’s paid. Here’s a quick and easy overview of the way real estate commissions work in many (though not all) residential housing sales:

What Is A Real Estate Commission, And When Is It Paid?

A commission is the fee a real estate agent agent earns for assisting a buyer or a seller (or both) with the purchase and sale of a home. Although the commission is sometimes owed (and must be paid) if the sale doesn’t close, in most cases the commission is due at closing and paid to the real estate agent(s) directly by the escrow company that handles the escrow in the sale of the home. (When houses sell without an escrow, alternative arrangements must be made if commissions are involved.)

How Much Is A Real Estate Commission?

Commissions are normally based on a percentage of the sale price of the home, and can vary substantially, either due to the custom in the geographic location where the home is located or as a result of negotiations between the seller and his or her listing agent. The commission amount is customarily fixed in the listing contract between the seller and the listing agent; however, in cases where there is no listing contract, the commission may be fixed by the purchase and sale contract between the buyer and the seller, or in another document altogether.

Who Pays The Commission?

The seller customarily pays the commission for both the listing agent and the buyers’ agent (if any), because the commission is taken out of the purchase price of the home. Although the buyer pays the purchase price (often partially through a purchase money loan), the amount the seller receives is reduced by the seller’s share of closing costs, any credits given back to the buyer, and the amount of the real estate commissions.

Real estate agents work hard to sell their listings, and to find their buyer clients the perfect home. However, if you need to sell your house quickly, and don’t want to wait on an agent, make repairs, or pay commissions, consider selling your home to 4 Brothers Buy Houses instead. We buy “as-is,” with no loan or inspection contingencies, and normally close the sale in just a few days. Click here for more information or to obtain a no-obligation quote from 4 Brothers Buy Houses today.