Eckington By The Numbers || Weekend 06.24.23

Happy Fathers Day Eckington Neighbors!

It is so pretty outside right now, I hope you all get to enjoy the day. 

Please see below for the summary real estate numbers, the link to download the printable PDF of the "Eckington Sales Tracker & Open House Guide", and a link to see all active listings currently in our neighborhood.

This week in Eckington the active listings went from 29 to 30 with 11 closings taking place in the last 30 days.

Long and Foster has a listing at 123 Rhode Island NE and I will be holding it open from 2 - 4pm today. The home is a center row, 3 bed, 2.5 bath with a finished basement and very deep yard. Please stop in and say hello! I like this house because the renovation has been very respectful of the original house and thus it has a nice feel to it.  See more 123 Rhode Island Ave NE

As of Friday, June 16, 2023, the current average interest rate for a 30-year fixed mortgage is 6.95%*We source this data from Mortgage News Daily. 

- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE //  https://Eckington(roperties.com/TRACKER

- ACTIVE LISTING LINK - \\ TO ALL ACTIVE LISTED PROPERTIES IN ECKINGTON // https://EckingtonProperties.com/LiveLinkAllActive*Bright MLS has the borders incorrect. It incorrectly includes a section south of Florida in the MLS.

 - SUBSCRIBE - \\ TO HAVE TRACKER EMAILED TO YOU WEEKLY //https://EckingtonProperties.com/SUBSCRIBE 

Thank you,

John

This week in Eckington the active listings stayed at 30 with 8 closings taking place in the last 30 days.

We have an update on the real estate market in Washington, DC. The data for May is now available, comparing May 2022 to May 2023. In May 2022, there were 1,420 homes listed for sale in DC. Out of those homes, 948 were sold, and it took an average of 23 days for a home to sell. Moving on to May 2023, there were 1,128 homes listed for sale, and 761 of them were sold. The average time it took for a home to sell increased to 30 days.

This information shows that in May 2023, the absorption rate (the rate at which homes are sold) was 67%, compared to 66% in May 2022. Despite the overall decrease in the number of homes sold, properties in Washington DC were still selling at a similar rate this spring. This is good news for sellers, even with the higher interest rates.

*Please note that all the information provided was sourced from Bight MLS

As of Friday, June 23, 2023, the current average interest rate for a 30-year fixed mortgage is 6.92%

*We source this data from Mortgage News Daily.

Eckington By The Numbers || Weekend 06.10.23

Hello Eckington Neighbors,
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Please see below for the summary real estate numbers, the link to download the printable PDF of the "Eckington Sales Tracker & Open House Guide", and a link to see all active listings currently in our neighborhood.

This week in Eckington the active listings went from 25 to 29 with 14 closings taking place in the last 30 days.

Over the past month, average 30-year fixed rates have remained just below 7%. In such situations, it's worth considering an adjustable-rate mortgage (ARM) as an alternative. ARMs are particularly suitable when interest rates are expected to decrease in the future and if you intend to sell or refinance your home within the initial fixed-rate period of three to ten years. This option can result in lower initial payments and potential cost savings. The down payment requirements for an ARM are generally determined by factors like loan-to-value ratio, credit score, and lender guidelines. Although the down payment percentage varies based on various factors, many ARM products often require a 20% down payment. However, it's crucial to carefully evaluate your financial situation, risk tolerance, and long-term plans before opting for an ARM, as interest rates can rise after the initial period, leading to higher monthly payments.

As of Friday, June 9, 2023, the current average interest rate for a 30-year fixed mortgage is 6.92% *We source this data from Mortgage News Daily. 

- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE //  https://Eckington(roperties.com/TRACKER

- ACTIVE LISTING LINK - \\ TO ALL ACTIVE LISTED PROPERTIES IN ECKINGTON // https://EckingtonProperties.com/LiveLinkAllActive *Bright MLS has the borders incorrect. It incorrectly includes a section south of Florida in the MLS.

 - SUBSCRIBE - \\ TO HAVE TRACKER EMAILED TO YOU WEEKLY //https://EckingtonProperties.com/SUBSCRIBE 

Thank you,
John

Eckington By The Numbers || Weekend 06.04.23

Happy Sunday Eckington Neighbors!

Please see below for the summary real estate numbers, the link to download the printable PDF of the "Eckington Sales Tracker & Open House Guide", and a link to see all active listings currently in our neighborhood.

This week in Eckington the active listings went from 26 to 25 with 13 closings taking place in the last 30 days.


Alex and I periodically receive calls from sellers whose houses have not sold, seeking a second opinion. We identify the top three significant mistakes that can lead to a stagnant market presence. Firstly, improper pricing can dissuade buyers from even considering a showing. An accurate valuation is absolutely crucial. If you cannot get feet in the door, you cannot get offers. It is a numbers game. Secondly, neglecting preparation and staging can negatively impact your home's appeal, so it is essential to invest in repairs, decluttering, and enhancing the overall aesthetic experience. Lastly, insufficient marketing efforts can limit exposure, so it is important to utilize professional photography, video tours, targeted online ads, and an agent with a social media presence. Merely listing the property as active on the MLS is insufficient; it is vital that every agent and potential buyer has heard about your property. By avoiding these missteps, you can greatly increase your chances of a successful and profitable sale.

As of Friday, May 12, 2023, the current average interest rate for a 30-year fixed mortgage is 6.9%

*We source this data from Mortgage News Daily. 

- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE //  https://Eckington(roperties.com/TRACKER

- ACTIVE LISTING LINK - \\ TO ALL ACTIVE LISTED PROPERTIES IN ECKINGTON // https://EckingtonProperties.com/LiveLinkAllActive

*Bright MLS has the borders incorrect. It incorrectly includes a section south of Florida in the MLS.

 - SUBSCRIBE - \\ TO HAVE TRACKER EMAILED TO YOU WEEKLY //https://EckingtonProperties.com/SUBSCRIBE 

Thank you, John

Eckington By The Numbers || Weekend 05.27.23

Happy Memorial Day Weekend Eckington Neighbors!

Please see below for the summary real estate numbers, the link to download the printable PDF of the "Eckington Sales Tracker & Open House Guide", and a link to see all active listings currently in our neighborhood.

This week in Eckington the active listings went from 24 to 26 with 14 closings taking place in the last 30 days.

When preparing your home for sale in the summer in Washington, D.C., focus on three things first. First, enhance curb appeal with well-maintained landscaping and colorful potted plants. Second, ensure a comfortable interior by maximizing natural light, opening blinds, and keeping air conditioning cool. Lastly, stage outdoor spaces for entertaining with inviting patio furniture and well-maintained outdoor areas.

As of Friday, May 12, 2023, the current average interest rate for a 30-year fixed mortgage is 7.14%

*We source this data from Mortgage News Daily. 

- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE //  https://Eckington(roperties.com/TRACKER

- ACTIVE LISTING LINK - \\ TO ALL ACTIVE LISTED PROPERTIES IN ECKINGTON // https://EckingtonProperties.com/LiveLinkAllActive

*Bright MLS has the borders incorrect. It incorrectly includes a section south of Florida in the MLS.

 - SUBSCRIBE - \\ TO HAVE TRACKER EMAILED TO YOU WEEKLY //https://EckingtonProperties.com/SUBSCRIBE 

Thank you,
John