June Market Update & Newsletter
Amazement continues in the real estate market. As many of you know, interest rates more than doubled in a 6 month period. From May to November, the rates went from 3.5% to over 7%. At that time, the market nearly came to a halt as there was much speculation and uncertainty about how high mortgage rates would climb, and how much of a downward effect they would have on prices. Most of that speculation proved to be wrong. Many people said rates would trend downward, but to date, that has proven incorrect, though I have some thoughts on that starting with the 4th quarter of this year (if a second recession in the last 2 years manifests itself, that is what it will take). Fast forward to today and it appears that buyers have now settled into mortgage rates being in the 6-7% range. The result is sales are happening again along with price growth, not price retreats. As one can see, today’s market is filled with uncertainty. Several factors are at play here, and proper analysis of them can lead to accurate predictions and planning. Congress continues to labor with the upcoming debt ceiling, inflation, and rising interest rates. (we are back north of 7%). But the elephant in the room is the fact that people are married to their current homes because of their super low-interest rates. I’ve been saying this since the beginning of the year: Many people have FOMO of their 2.5–3.5% interest rates. This results in a huge shortage of homes for sale in our area. This historic and acute shortage of inventory coupled with high demand despite the higher rates creates multiple contract situations on many homes on the market today. In addition, we have a strong job market, a growing population, and a stable economy in this region which all has a positive impact on the real estate market–especially for sellers. Adding that to the facts of the area’s natural beauty, cultural amenities, and excellent quality of life can make it attractive for people to relocate to the Northern Virginia area. This makes today’s market tough for buyers. It is important to note that even though market trends and economic indicators can provide an idea of what may happen in the future, they cannot predict sudden market disruptions or unforeseen events that might impact the real estate market. That is why I am engaged daily in tracking, research and analysis at high levels (Platinum Club meetings, inventory levels, absorption rates relating to sales, month’s supply of houses available, immediate sales, conversations with industry leaders, etc) so that we can endeavor to see around corners so as to make the best decisions regarding your real estate needs. There are also additional data points that are important to consider, like the number of houses with multiple contracts, how high above list price houses are selling, what contingencies are being waived or accepted by sellers, and the timing of sales from contract to close. It is a complex time in the real estate industry, to say the least, but one I revel in operating in because these types of markets, while daunting at times, present opportunities for those who are prepared, well represented and working together as a team. As always I am here and happy to help, so please feel free to call or email me today.
Have a great summer!
It’s a good life.
Chris
YOUR HOME MAINTENANCE CHECKLIST FOR SUMMER
Laura Gaskill | Read the full article on houzz.com
With the longer days, now is a good time to get going on some larger home projects both indoors and out. Hotter weather is also your cue to tune up those irrigation systems, boost shade and (finally) clean out the garage. Check these to-dos off your list to get your home and garden in top shape for summer and keep it that way all season long.
Inspect kitchen and bath fixtures
Keeping an eye on sinks and tile surrounds can help prevent costly water damage and repairs down the road. Make note of areas in need of new grout or caulk, as well as any slow leaks to repair. While you’re at it, freshen the kitchen drain by grinding a few ice cubes along with a few tablespoons of salt in the garbage disposal.
Check safety devices
Smoke alarms and carbon monoxide detectors should be tested at least once a month and replaced every 10 years, according to the U.S. Fire Administration. Test smoke detectors and carbon monoxide detectors by pressing the test button; replace batteries as needed. Also, take a moment to check the expiration date on any fire extinguishers in the house and replace them if needed.
Prep your porch
Summer is prime time for hanging out on the porch with icy cold drinks and watching the world go by. Get your porch ready by cleaning the floor, exterior windows, windowsills and front door. Use a long-handled duster to wipe cobwebs from the ceiling, light fixtures and high corners. Lay down a fresh doormat, and plant a pot of flowers. If you have porch furniture, clean it off and wash the cushions.
Deep-clean your grill. Grilling season has arrived! Make sure your grill is ready to hold up to plenty of backyard barbecues by giving it a deep cleaning — a clean grill works more efficiently and prevents flare-ups. If you have a gas grill, be sure to check the fuel line for cracks and clean out any clogged burner holes. Clean the grates and interior with a grill brush and wash the exterior with warm, soapy water.
Tune up your lawn mower and garden tools
Sharp tools are safer and do a better job. Take your lawn mower and clippers in for a sharpening and tuneup so they’re ready to work hard. Keep garden tools in good shape throughout the season by wiping them off with a damp cloth after use, drying them well and coating them lightly with a few drops of a multipurpose oil.
Add shade to outdoor spaces
Having enough shade in the backyard can make the difference between an appealing outdoor space and one you avoid when the sun is high. Add freestanding umbrellas for portable shade around outdoor seating and dining areas, or install a shade sail for a more permanent spot.
Recipe of the Month
Spinach Artichoke Cauliflower Sausage Gnocchi
Total Time: 15 minutes ~ Servings: 4
INGREDIENTS
- 1 (10 ounce) package frozen chopped spinach
- 1 tablespoon olive oil
- 1 (12 ounce) bag frozen cauliflower gnocchi
- 2 links cooked Italian turkey sausage, diced
- 1 (14 ounce) can quartered artichoke hearts, drained
- ¼ cup freshly grated Parmesan cheese
DIRECTIONS
- Place spinach in a microwave-safe baking dish and microwave on High until thawed, about 5 minutes. Squeeze dry.
- Heat oil in a large skillet over medium-high heat. Add gnocchi and cook, stirring frequently, until browned, about 5 minutes. Stir in sausage, artichoke hearts and the spinach.
- Cook, stirring, until heated through, about 3 minutes. Sprinkle with Parmesan.
5 TIPS FOR HOSTING THE PERFECT SUMMER GATHERING
Michelle Huddleston | Read the full article on surroundingsmarket.com
Whether you’re bringing people together for a special occasion or to simply wind down from the fast-pace nature of life, a summer gathering is the perfect way to do it. As you begin planning your party, keep these things in mind.
Be Sensitive To Your Guests’ Schedules
In most cases, summertime doesn’t necessarily mean a lighter calendar. In fact, these can be some of the busiest seasons for families. Between vacations, family reunions, sports games, and so on – you’ll want to give your guests plenty of time to put your gathering on their calendar. Whether you plan to invite via mailed invitation, evite, or word of mouth, make sure there is a sufficient amount of time between the notification and gathering day. Casual gatherings typically need a week or more notice, while more classy gatherings should be announced three weeks or more in advance.
Prepare a Simple Menu
The last thing you want to do is worry about the food. That’s why the saying “less is more” is very applicable to this situation. Having lots of different food and beverage options can make gathering-day a bit stressful. The most important aspect to the menu is catering to any dietary needs of the guests. To get an idea of no-go foods, put a question in the invitation and encourage them to respond. It can be something as short as “please let us know of any dietary needs and/or restrictions.”
Use your responses as a guide for creating a menu everyone will enjoy. Also, consider keeping drink selections to a minimum. You can’t go wrong with offering bottles of water, lemonade, and/or tea. Depending on the type of gathering you are planning to have, you could consider having a potluck. This will alleviate the stress of providing all the food. Not to mention, you could put a slight twist on it and have a best dish contest.
Make a List of Things to Purchase or Rent
Do you need to purchase (or rent) additional tables or chairs? Are there any other party elements you need? Will you be purchasing paper or plastic? There are also other options to consider such as bamboo or melamine. And don’t forget about the decorations. Adding a chic cup holder (with a marker slot) with a matching utensil caddy and plate holder can make all the difference.
Get Your Home Gathering Ready
Are there any interior or exterior projects that need to be completed in your home? Now is the time to make sure your home is ready to receive your guests for the perfect summer gathering. Also keep in mind the type of summer gathering you’re having and if you need to “cater to comfort.” This could be providing blankets, bug spray, hand sanitizer, and the like.
Final Thoughts
The overall goal to the perfect summer gathering is to have fun and be able to relax in the process. Beyond the theme, food, and activities, your guests will remember the hospitality and how you made them feel. Don’t focus on the possibility of something going wrong, and instead have back-up plans for those just in case moments.
Regardless of why you’re having a summer gathering, make the most of it. And most importantly, make LOTS of memories!
