The big news is Washington D.C. is a bright spot in the U.S. Housing Market according to the Case-Shiller Home Price Index. Our growth is a modest, yet positive 3.5%. What accounts for this? The Tech world is seeing a second wave of innovation and development, Congress has welcomed a whole slew of new faces and all eyes are on how to grow jobs. Washington remains the fourth largest wealth center in the United States. The other big news is that inventory is limited, with less appealing properties languishing waiting to be scooped up, and prized properties selling in a matter of days. Interest rates are still low, the stock market is moving up steadily, and there is pent up demand among locals to move, improve, and change.
A trend that I witnessed personally this past year was the desire to get a foothold in the door with interest rates still low. A good deal of my sales last year focused on younger, first time home buyers who wanted to secure a nice, well priced condo or small townhouse in the DuPont, Logan or Adams Morgan area. The other trend is older friends who wanted to downsize, leave their larger suburban home for a sophisticated, easy-to-care for space. Both groups see the cultural and dining opportunities in Washington growing by leaps and bounds, want to avoid the traffic and enjoy the benefits of civilized city living. We are all very bullish about this flight to quality, and believe Washington will maintain its value. Many of you have heard me say, that on a world scale, Washington D.C. is the least expensive capital city for real estate. You get so much more for your money here than in NYC, Tokyo, Paris, or London with access to three International airports. The high end is seeing a new group of bargain hunters who understand the value.
As a native Washingtonian, who has also lived all over the world, I found myself in a unique position to work with a wide range of friends and children of friends, who have decided to make Washington their home or stay as they explore a new phase of their life. It has been a joy to work in this environment, as I can marshal lots of resources on behalf of my clients and get the ideal price on their sale or locate the perfect new home for buyers.
The most important factor was that ALL of my business last year came from personal referrals or personal contacts. My clients know they get a unique service from me, out of the box thinking, strong negotiating skills as well as every marketing benefit that Washington Fine Properties has to offer. Referrals are the greatest compliment you can give anyone who does their job well; I would be flattered by your referrals.
I am very proud of my company platform:
Washington Fine Properties sold $1.29 Billion in sales with 95 agents last year. We received the award for the \”Highest Sales Volume Per Agent\” in the United States of any firm in the International Leading Real Estate Companies network. I am proud to be part of such a powerful marketing force as well as my own individual achievements for each of my clients. I truly enjoy the team efforts of working with my experienced, WFP colleagues.
Average sales price in Washington was $1.2M, which is three times the national average. Yet more than 50% of WFP sales were under $1M.
Pricing was the key, and I worked hard to get the pricing right. Last year, I was able to secure properties for my buyers that were all at least 5% below the asking price while achieving 96% or better of my sellers\’ original asking price.
Thank you to all of my clients and friends who recommended me on my page. I look forward to a greater dialogue with you, and hope I can be responsive in return.