The Koitz Group's Blog: Market Insights

As part of the Economic Stimulus Package being considered by the administration and by Congress, there is a proposal that would be a great boon to the housing market in the Washington, D.C. area – that is the increase in the conforming loan amount. Depending on what you read, this amount (which is currently capped at $417,000) could temporarily increase to $625,000…or even more. 

My understanding is that the temporary increase would be different for different parts of the country. Where housing prices are more expensive, the loan limit would be allowed to go higher than where housing prices are less. This makes great sense and, even if the increase is only temporary, it seems that” the powers that be” should give consideration to the fact that housing… Read Full Post

It had to happen….the pendulum needed to swing. It turned out that it just didn’t make sense to suggest that you could “buy” a home with no money down…especially if you didn’t have great credit…more especially if you were doing an “interest only” loan and REALLY especially if you also got “cash back” at closing. Why anyone thought this was a good idea is a question we all need to be asking ourselves. The only people who consistently benefited were the loan officers who made money each time one of these questionable loans was placed. 

So, we need to return to the good old days, when you saved some money in order to buy a home and when you cleaned up any credit issues prior to buying a home. But the restrictions currently being placed on the loan market…

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Although I don’t subscribe to the “the sky is falling” school of real estate (especially in the Washington DC area), it is true that for whatever reason, we are in a market different than the one where everything sold overnight at an inflated price. What this means is that we’re returning to a normal market – a market that is definitely advantageous for buyers, but also rewards sellers who are willing to return to the basics of Home Selling 101.

Here’s a question: If you were going to sell your used car, wouldn’t you at least vacuum the inside and wash and wax the outside? Seems like a no-brainer and people don’t question the need to put their car (a depreciating asset) into its best showing condition if they’re planning on selling it. But not all home… Read Full Post

It happens every year…whether it’s a buyers’ market or a sellers’ market. Right after the calendar turns and a new year arrives, people want predictions about the Washington, DC and Montgomery County real estate markets. “What’s happening?” they want to know.

And every year, at least for me, it’s the same answer. And that is, “We need to wait a couple of weeks and see.” That probably sounds like a weather forecast, I know – but it’s true. Because the market in the Washington, DC Metropolitan area always slows right before Thanksgiving and doesn’t pick up again until after the first of the year, we always find ourselves in a “wait and see” position as the calendar turns. For sellers who have waited thru the holidays to list their homes, it’s a tough time… Read Full Post