July Market Update & Newsletter
Welcome to summer – and all the fun associated with it! What does summer mean to you? Trips to the beach? Cookouts with family and friends? A trip to the local winery or micro-brewery? Baseball games? How about amusement parks? I don’t know about you but when I’m at an amusement park, you won’t find me at the shows. I’m on the roller coasters!!
Well, in our current world of real estate, we are at an amusement park, and I’m getting my way when it comes to the roller coaster rides that we are experiencing. The last 2 months we have faced the ups and downs and twists and turns of the most exciting rides at the park. Now, more than ever, you need to have an agent not only with the experience and knowledge to help you navigate the roller coaster of real estate, but who has a direct line to the pulse of this market.
Folks, this market is changing week to week. We’ve seen some houses still sell with multiple offers in just a few days and other houses sitting on the market with but a handful of showings in weeks. We have a high demand for housing and slowly growing inventory levels. Interest rates are volatile, and while they are up several percent from their low in the Spring they continue to be fantastic from a historical perspective. The rates of the past are the rates of the past. They were artificially low and with the highest inflation levels we have seen in 40 years could not stay that way. Even though current rates are higher than they were, they WILL come down as the recession manifests itself. Definitionally, a recession is when the national economy has consecutive quarters of negative economic growth, and the US economy shrank almost 2% in the first quarter. If, as expected, when 2nd quarter data comes out in a couple of weeks that is similar to the 1st quarter a recession will be confirmed.
Capital in poor economic times flees to bonds, driving down their yield, and thus the rates you pay. The good news for real estate, especially in this region, is that in recessionary times, real estate has fared quite well. The one recent exception to that was the late 2000’s but that was due to market distortions created by widespread over leveraging and mortgage fraud, conditions that now do not exist. Homeowners have equity today, and if they hit hard economic times they just sell. And this is the biggest driver of a continued healthy Northern Virginia real estate market: Right now real estate is the single best hedge people have against the inflationary climate we find ourselves in, adding another powerful reason to the existing long list of advantages to owning real estate.
So, what does all this mean if you are a seller or a buyer in today’s market? Sellers need to be realistic with their pricing and have patience, as it may take time for your house to sell. The strategy needs to be week to week due to the evolving nature of the market. The good news is that your home will sell as we do have significant demand. Even though inflation and rates are up, buyers are out there. If you are a buyer, you may still need to be super competitive, or you may be able to negotiate like a couple of years ago. In any scenario you find yourself in, we should speak more specifically about your situation. I am here to help, so give me a call.
Happy Summer, and stay cool!!
It’s a good life.
Prestigious Industry Survey Confirms RE/MAX Teams Continue To Lead In Productivity
On the heels of the recently released RealTrends + Tom Ferry “The Thousand” ranking, which confirmed RE/MAX had more of the nation’s 1,000 most prolific home-selling agents than any other brand, the global real estate franchisor announced that more than 3,700 RE/MAX professionals qualified for a related ranking of agents and teams. What’s more, according to the RealTrends + Tom Ferry “America’s Best Real Estate Professionals List,” RE/MAX teams in the small, medium and large categories also posted the highest average number of transaction sides per team member of any brand*.
“Production is the cornerstone of this business and it’s no surprise RE/MAX teams continue to dominate in productivity,” said Nick Bailey, RE/MAX President and CEO. “High-performing professionals attract like-minded peers and create something special. It’s incredible what they’re able to accomplish on behalf of consumers.”
Extending a long tradition of supporting teams, in early 2022 RE/MAX announced several new teams-focused initiatives. The centerpiece was a partnership with Workman Success Systems to launch an exclusive REAL TEAMS Solution for RE/MAX Affiliates available via the network’s online learning platform, RE/MAX University®. RE/MAX also launched the Teams Mastermind Road Show this month – a series of in-person events designed to teach affiliates and their guests how joining, creating or growing a team could boost their businesses.
“At RE/MAX, LLC, we’re dedicated to providing RE/MAX agents the resources, education and opportunities they need to succeed in any market. RE/MAX agents and teams continue to take advantage of the offerings and that, combined with their dedication to customer service, is what makes RE/MAX agents so unstoppable,” added Bailey.
RealTrends + Tom Ferry’s “America’s Best Real Estate Professionals” is the industry’s largest ranking of agents based on homes sold. It is an offshoot of the RealTrends + Tom Ferry “The Thousand” list, in which RE/MAX had more top-ranked agents than any other brand. The “America’s Best” rankings were open to individual agents who closed at least 50 transaction sides or $20 million in sales volume in 2021 and teams who closed at least 75 transaction sides or $30 million in sales volume.
It’s no surprise that several RE/MAX Gateway Agents and Teams were on this list! Give us a call to find out how we can help you!
Recipe of the Month
Foil Pack Grilled Salmon with Lemony Asparagus
Prep time: 10 min |Total time: 20 min | Serves 4
- 20 asparagus spears, trimmed
- 4 6-oz. skin-on salmon fillets
- 4 tbsp. butter, divided
- 2 lemons, sliced
- kosher salt
- Freshly ground black pepper
- Torn fresh dill, for garnish
- Lay two pieces of foil on a flat surface. Place five spears of asparagus on foil and top with a fillet of salmon, 1 tablespoon butter, and two slices lemon. Loosely wrap, then repeat with remaining ingredients until you have four packets total.
- Heat grill on high. Add foil packets to grill and grill until salmon is cooked through and asparagus is tender, about 10 minutes. Garnish with dill and serve.
Cool Summer Home Décor Ideas You Need to Know
Summer is a great excuse to update your home decor with little tweaks and twists. A pop of color here, a funky new addition there, and your living space is as good as new. Investing in summer home decor doesn’t have to be expensive or exhaustive, which is why we’ve gathered interior design tips and tricks that’ll brighten your house and make you feel like you’re on vacation all day, every day.
1. SWITCH TO A BRIGHT DUVET COVER
A new duvet cover refreshes your room instantly. Choose light and bright colors and summer fabrics like good-quality linen and cotton to stay cool in the blazing heat.
2. PREP THE PORCH WITH OUTDOOR PARTY ESSENTIALS
With the weather warming up, you’ll likely host many fun gatherings on your porch or backyard. Why not do it in style with summer porch decorations that spice up your outdoor area? Think benches, bar carts, and maybe even a grill if you have the space. If DIY summer decorations are something you’re interested in, you could easily personalize your porch with an at-home project. We’re loving DIY porch swings where you can take a break or curl up in with a book to spend a breezy summer evening alone.
3. BRIGHTEN UP YOUR BACKYARD WITH OUTDOOR LIGHTING
Another beautiful way to incorporate summer decorating ideas into your outside area is lighting. String lights are a classic, but other unique al fresco lighting solutions are aplenty as well. The key here is to think of lighting as a tool to set the ambiance instead of illuminating the whole backyard. If you have a designated seating area, a cool fixture above could be enough to brighten your outdoor space while highlighting only a portion of it.
4. BUY A FUN SUMMERY SHOWER CURTAIN
Replacing your shower curtain is perhaps the easiest way to add summer vibes to your bathroom. And if they’re properly cleaned, dried, and stored, you can continue reusing the same curtains on a seasonal rotation. Opt for an eye-catching pattern and keep everything else quite minimal to avoid an overcrowded look (we’re looking at you, early 2000s dolphin aesthetic). If you want to take your summer bathroom decor up a notch, try color-coordinating the shower curtain with the towel sets—this will add a cohesive balance to the room in an understated way.
5. OPT FOR SUMMER SCENTS IN YOUR HOME
Set the mood for summer in your house with more than just visuals. Opt for candles and diffusers that are light and refreshing. Also, try to keep your choices limited to one or two scent families so it doesn’t get too overwhelming.
6. UPDATE YOUR ENTERTAINING ESSENTIALS
Want to add a fun pop of color to your home without creating any DIY projects? Update your entertaining essentials for the ultimate easy-breezy summer kitchen decor makeover. Dining sets, cutlery, cups, mugs, and tablecloths are a few of the items you can swap out for a more summery alternative. If you have the budget, you can go for a do-over on your entire entertaining setup. If not, updating just one of two categories is enough to make a difference in your kitchen decor.
7. ACCESSORIZE WITH SUMMER FRUITS
We have to admit, this tip was inspired by the bowl of limes featured in Dakota Johnson’s Architectural Digest tour. As simple as it may seem, decorating with a bowl of fresh fruits does wonders when it comes to making an entire room feel brighter and more summery. Choose summer fruits like lemons and oranges, and try to keep one type of fruit in your bowl for a more modern feel.
8. GIVE YOUR PRE-LOVED FURNITURE A PAINTOVER
Did you make the mistake of choosing a trendy color when decorating your home and are now bored of your whole furniture setup? We hear you and feel you. The good news is that unifying or modernizing your patio or dining set is as easy as grabbing a bucket of paint. Choose a timeless color for this DIY summer decoration, and if you’re painting too many pieces, keep it neutral and muted. For a pop of color, choose a different color for an accent chair or another piece of standout furniture like a basket or a swing.
9. DO IT ALL WITH SUBTLETY
Last but not least, perhaps the most important tip when it comes to updating your summer home decor is to do it subtly. You definitely don’t want to go overboard with any part of the process, because after all, autumn will roll around in just three months. The key is to go for pieces you can easily store away and bring back out for years to come. Choose items that’ll complement your main decor and furniture instead of swapping them out completely. Beware of trends and clashing colors and only buy pieces you truly love and feel like will elevate your space.
FOR SALE IN BETHANY BEACH, DELEWARE!
Nestled on sought after Parkwood Street, this Coastal retreat is located in the charming village of Bethany Wood. This hidden gem offers an open spacious floor plan, end unit with abundance of natural light. Unparalleled location. 5 minute walk to the beach, Downtown Bethany with its shops and eateries, and the South end of the Boardwalk. Parking for up to 5 vehicles right out front. Zero drive by traffic with this totally private end of the road location. Peaceful setting with lush landscaping. Take your pick. Enjoy a quiet morning cup of coffee on the expansive front deck, the balcony off the primary suite, or on the screened in porch. Inside the cathedral ceiling, skylight and step down add visual interest and enhance the spacious feel. Large bedrooms with oversized closets. First floor bedroom with it’s own full bathroom. Refreshing outdoor shower. Many upgrades throughout the home include beautiful newer wood flooring, recess lighting, propane fireplace, conditioned crawl space and new roof in 2019. Being sold fully furnished. Plenty of storage for all your beach toys. Small 5 owner association makes for hassle free living. Exterior, including windows, maintained by association. Don’t miss out on this rare opportunity. Close to award winning golf links and some of the finest fishing on the East Coast.