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Dear Neighbors and Friends, Testimonials from Past WeekWhile on travel last week, a problem arose with my sellers (Elizabeth and Dennis D'eramo of 1530 Ingram Terrace) receiving their net proceeds in time. My Sellers could not get a helpful response and they asked for my help. I made a few calls and got immediate results. |
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It is that time of the year when we have occasional heavy downpours of rain. Make sure your gutters are clear and connected to downspouts that carry rain water away from your house. Proper grading of ground near your home is critical especially, during large scale storms. The slope should be at least one inch per foot diverting water to a runoff area. The quality of ground soil clearly affects the ability of the heavy summer downfalls to penetrate your house. You may need to consult experts to achieve the right mix of soil with clay content of 20-30%. Do not use sandy soil near the home foundation. These are very basic checks but, they are not always sufficient - stay vigilant. |
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Interest Rates Compared to the Prior WeekIt was a busy week in the real estate market, with trends continuing to move in the right direction. Mortgage interest rates decreased slightly to 3.03% for 30 yr fixed. |
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My Proprietary Market Reports and AnalysisAs indicated in our last newsletter, sales and listings are picking up in pace. Even though the Corona pandemic is far from receding, buyers and sellers are cooperating and practicing social distancing, masks and wipes, etc and sales are picking up across the country and especially here in Montgomery County. Homes are selling at a fast pace in MoCo. Buyers are not just browsing. This new market is not made for sellers “to test the market and see what we can get”. It is made for seriously priced homes that force buyers to come out of quarantine and make offers. These buyers then come willing to pay full price and even escalate. Buyers realize that interest rates in the low 3% range make their affordability greater than they expected. My Team has been getting qualified buyers even lower rates! |
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Regional Market Snapshot: June '20 YoY |
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MoCo Market Update and AnalysisComparing Jun'20, to Jun'19 Year-over-Year (YoY), closed Sales Volume in Montgomery County show the continuing impact of the Corona pandemic. Sales fell 17.4% compared to sales in June of last year! Active listings were also down a huge 39.2%. Prices were up a slight 1.4% and Days on Market (DOM) of Sold Listings was down again dramatically from last year, from an average of 37 days in June ’19 to just 27 days in June ‘20. This fast pace of sales continues while the supply keeps dwindling!
It is worthwhile to look back and compare June 2020 with the past month May 2020 - closed sales jumped 26% showing that a rebound may be taking place this despite the fact that active listings remain about the same (1,479 in June to 1,455 this past May). We Need Inventory for the many buyers contacting our Team!
Active Listings Fall 39.2% and Closed Sales were Down 17.5% in June'20 Compared to June'19. |
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Highest-Priced Montgomery County Home Sales in June'20 |
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The Barbara Ciment Team is Engaged in This MarketIt may be hard to believe but My Team was busy over the 4th of July Holiday weekend. I think it is because many people are still reluctant to travel and now find the time to either fix up their house for sale or, go out and buy a new one. In any case, My Team and I had a very busy and productive month for Covid-June 2020. Let me mention my Team Associates first. Emily Lurie who usually is showing real estate from one end of MoCo to the other end, now has several listings that have kept her partially tied down with showings, contracts, inspections and several closings in July. Judi Shields specializes in matching buyers with all kinds of sellers and vice-versa. This past month she placed several homes under contract with owners who had just inquired to her and our Team as to "do you have interested buyers?" These owners did not list the homes in the MLS and the buyers and owners were happy to make a deal. Some owners prefer to sell their homes on an exclusive basis at their desired price and move on without the efforts needed to prepare, stage and maintain their home for Covid-Safe showings and try for an over-the-top price that might not materialize. Similarly, buyers are sometimes satisfied to pay a small premium to get their choice. Brooke Charner has been working with in-town and out-of-town buyers. She reports that inventory is lacking and is conscientiously tracking several areas. Meanwhile, I was busy taking new listings, handing off referrals to my Team and I also was engaged with showings, contracts, inspections and several closings in July. In summary, My Team has remained relatively active in Covid-2020 with 4 Homes for Sale/Rent, 31 Homes Sold/Rented, 11 Homes Under Contract. We Need Inventory for the Many Buyers Contacting our Team! If you’re thinking about selling or buying, let me know. I’m happy to answer any questions you might have and walk you through the virtual real estate process that we have at Long & Foster. Thank You, Thank You, Thank You! My Team is well aware of the fact that most of our transactions come from referrals from prior clients, customers, friends and neighbors. In appreciation of your support, we try to provide you with real estate informative newsletters, cards and websites. Please feel free to reach out to me with any questions you have about the real estate market and let me know how I can help you. On behalf of My Team, I want to say a heartfelt, Thank You! As always, stay safe and healthy. Barbara |
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Barbara Ciment Team Listings:
Active, Under Contract and Pending |
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Barbara Ciment Team Representing Buyer in
Under Contract / Pending Listings |
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Barbara Ciment Team Closed Transactions Since June 1, 2020 |
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The Barbara Ciment Team of Long & Foster Real EstateOver 1,000 Closed Sales Transactions
Helped Over 500 Buyers/Renters
$500 Million in Career Sales
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Barbara Ciment, Associate Broker, Realtor® |
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Copyright© 2020. Permission granted to share with other readers who do not reuse for commercial benefit. Sales reported here come from Bright MLS Data and are subject to change. Small data differences in charts may arise from different sample date. No inference should be made nor is one intended that all sales are from my team's or my broker's activities as listing or cooperating agent. Where other Brokers are involved, we indicate their names. |
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