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A Steady StartWinter 2023
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Financing Options to Boost the MarketMortgage rates are at their lowest level since September 2022. The rate decrease provides a boost to the national housing market, yet the limited inventory of homes for sale nationwide, presently 970,000, is keeping housing prices high. Any buyer who is financing with a conventional mortgage will have a high down payment - a minimum of 20 percent - to qualify for the lowest mortgage rates. However, the federal government has several programs allowing down payments as low as 3 percent or even no money down through institutions operating behind the scenes - Fannie Mae and Freddie Mac, for example – established to provide stability in the mortgage market. The Federal Home Financing Association recently announced generous conforming loan limits for 2023, and in the Washington D.C. area, Fannie Mae and Freddie Mac are backing loans up to $1,089,030 — which means qualifying borrowers can put down well under 20 percent on large loans. Note that low down payment mortgages require the borrower to buy private mortgage insurance ensuring that lenders receive money in the event of default. Borrowers can shop non-banking lenders and credit unions to find the best options for their financial situation. And larger banks often have their own proprietary low-down-payment products. For more information on low down payment mortgages, click here. Whether you’re buying or selling, the Hatfield Weir Gale Team is ready to guide you through the process. Call us at 202-243-1635 or send us an email at team@hatfieldweir.com.
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Market IndicatorsYear to Date as of January 31, 2023 Maryland(20814, 20815, 20816, 20817) Single family homes Average Sales Price: $1,385,724 Percentage of List Price: 99% Days on Market: 40 Total Units Sold: 37 Condominiums and Co-Ops Average Sales Price: $462,116 Percentage of List Price: 98% Days on Market: 40 Total Units Sold: 33 Washington, D.C.(20007, 20008, 20015, 20016) Single family homes Average Sales Price: $2,314,449 Percentage of List Price: 98% Days on Market: 40 Total Units Sold: 39 Condominiums and Co-Ops Average Sales Price: $606,194 Percentage of List Price: 99% Days on Market: 42 Total Units Sold: 34
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Ask an Expert: An Empty HouseAlan Beal of Mid-Atlantic Inspection Services talked with us about the importance of maintaining a vacant house. Whether you’ve moved and you’re selling your empty house, or you’re just away for an extended sabbatical or vacation, the three main considerations for an unoccupied house are water, pests, and security. Water Gutters, downspouts and drain extensions should be cleaned all four seasons. Storm drainage should be checked monthly to ensure water is draining away from the house – this includes basement window wells, and basement and patio floor drains. Check the roof for leaks and repair them. Exterior water fixtures should be turned off from the interior shut-off valve. Many newer houses have frost-proof faucet fittings; a foam cover can be placed on exterior faucets of older houses. It’s a good idea to have someone cycle interior plumbing fixtures and appliances every two weeks - run the dishwasher and clothes washer, flush the toilets, and turn on the faucets. For vacant houses, Beal recommends emptying and unplugging refrigerators and freezers. Shutting off all plumbing and water sources will mitigate the possibility of uncontrolled leaks from connectors on washing machines, dishwashers, and water heaters. Leaving the heat on low at 60 degrees should keep pipes from freezing. For extreme measures, you might consider winterizing – open all faucets, shut off all water, flush toilets, drain down the water heater, and pour potable antifreeze in all drains. Pests Vacuum floors, baseboards, and draperies. Flip sofa and chair cushions and remove any food crumbs. Close and lock all exterior doors and windows. Check caulking around window frames and doors for leaks. Close fireplace dampers and doors. Dryer vents should be cleaned by a professional every two years. Meanwhile, make a regular check of seals around exterior dryer and exhaust fan vents to ensure pests aren’t getting in, including nesting birds. Check drains in basement floors for dried out traps, where pests can enter from the sewer. Security Lock all doors, windows, and garage doors, secure exterior fences and gates. Set timers for lights inside the house and out – many properties have alarm systems that include cameras and light timers. Hold or forward mail and newspapers. Before leaving, mow the grass, trim shrubbery, and weed planting beds. During winter months, arrange to have snow shoveled and cleared from walks and driveways after storms. About Mid-Atlantic Inspection Services Founded by Alan Beal in 2003, Mid-Atlantic Inspection Services is a member of the American Society of Home Inspectors and an affiliate member of the Greater Capital Area Association of REALTORS.
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People experiencing homelessness set up tents along K Street NE in D.C. (Michael S. Williamson/The Washington Post) Helping Our Homeless
Although the District of Colombia has recently decreased its homeless population, the DC Government’s Point In Time count for 2022 estimates that 4,410 people - men, women and children - are still on the streets or in shelters here in our nation’s capital. The D.C. Coalition for the Homeless works tirelessly to help transition homeless and at-risk individuals and families to self-sufficiency. For more than 40 years, the Coalition has been working to rebuild lives through the elimination of homelessness by helping individuals find permanent housing and obtain employment. Donations support direct services to homeless individuals, with 92 cents of every dollar received going to provide food, shelter, substance abuse counseling, employment, and housing placement assistance. For more information about making a contribution, click here.
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The Pesky Pest: Malingering MiceColder temperatures can lead mice to seek shelter indoors. Many of us live in older homes that may have gaps and holes, which are inviting the little rascals right in. Did you know wild mice can fit into a hole as small as ¼ inch – about the width of a pencil?! Mice are looking for shelter to build nests, as well as food sources. You can help deter them by keeping food sealed, cleaning up spills, sweeping the floor after food preparation and meals, and picking up pet food bowls (no overnight feeding!). Keep wood piles away from your home’s foundation, and secure trash cans lids. Gaps and holes can be stuffed with steel wool, then sprayed with aerosol foam or caulking. Humane deterrents such as scented fabric softener sheets tucked into these holes, as well as spraying peppermint essential oil or hot pepper mixed with apple cider vinegar may also keep mice away. Cats are also (usually) excellent mouse exterminators! We plan to feature a pesky pest column in every newsletter. Would you like expert advice for a nagging nuisance? Send us your ideas and we’ll get to work!
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Rendering of Foulger Pratt conversion plan for 1133 19th Street NW Photo: DC Urban Turf Washington Leads the Way in Adaptive Reuse and Office ConversionsWashington, D.C. leads the way in the number of repurposed buildings during the pandemic. From 2020 to 2021, Washington ranks the highest in the U.S. for adaptive reuse in general, at 1,565 total units representing six percent of all adaptive reuse projects in the country. Office buildings are the most popular conversion, and during the same period, Washington had the highest number of office-to-residential conversions at 1,147 new units. The D.C. Government is offering tax incentives for new conversion projects downtown. Looking ahead, developers are envisioning “live-work-play” multi-use conversions to include housing, retail, and office space, like the project at 2715 M St. NW in Georgetown, soon to be up for consideration by the D.C. Historic Preservation Review Board.
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THE ELLIOTT - 3255 Prospect Street, NW, Georgetown Unit 2 - $3,250,000 Unit 3 - $6,900,000 Unit 4 - $6,900,000 Unit 5 (Penthouse) - $7,750,000 The Elliott features five elegant residences, each with a distinct floor plan, exquisite finishes and large windows offering both courtyard and city views. Call Heidi Hatfield at 202-258-1919 or Anne Hatfield Weir 202-255-2490 for more information.
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4916 Rockwood Parkway, NW in Spring Valley Heidi Hatfield and Anne Hatfield Weir represented Seller in Private Placement
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4615 Dexter Street, NW in Wesley Heights Anne Hatfield Weir and Heidi Hatfield represented Purchaser
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1675 34th Street, NW in Georgetown Andrea Hatfield and Tammy Gale represented Seller
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We’re here for you!
The Hatfield Weir Gale Team of Washington Fine Properties consists of four dynamic agents. Our team approach allows for unrivaled client coverage. We are consistently ranked by Washingtonian as one of the top teams in Washington, D.C., and by Real Trends as one of the top teams in America. Have a question or concern? Email us at team@hatfieldweir.com, or give us a call.
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Anne Hatfield Weir 202-255-2490 Heidi Hatfield 202-258-1919 Andrea Hatfield 202-487-4294 Tammy Gale 202-297-0169
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