January 2014: The Wethman Group’s Real Estate News
The Wethman Group is the busiest we have ever been in January, and all signs point to an extremely active Spring market. We continue to grow our team and welcome Nikolai Goranov, an experienced agent with an MBA from Manchester (UK) Business School, to our team.
Our local market continues to outpace national trends, with higher prices due in part to continued low supply. Sellers the past few years have been reluctant to sell until they are able to make a small profit, but as prices creep upward this year we hope to see more sellers jumping in to alleviate the ongoing inventory shortage.
Most economists see interest rates, already a full percent above where they were this time last year, rising to above 5% this year, which is bad news for buyers. Still, this is low by historical standards and a good opportunity to jump into the market or trade-up before things get crazy. New mortgage rules this year make it harder to qualify, too, which may put a dent in some buyers’ purchasing power.
We’re helping first time buyers get a jump on the market by kicking off our free first time home buyer classes early this year; we have dates scheduled at Arlington Central Library for January 21st and February 24th. As always, the class is free but registration is required at http://register.wethmangroup.
NOW is the time to start getting your house ready if you’re thinking of selling this year. It always takes longer than expected to de-clutter, arrange for repairs, and stage. Today’s savvy buyers expect homes to be well maintained and show beautifully if you want to get top dollar (thanks, HGTV). If you know someone thinking of selling, please have them call us for a no obligation consultation and checklist of how to prepare for the Spring market.
The Wethman Group
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