THE question we, as brokers and agents get asked most often . . .
For 2017, the best answer would be, “for what area?” Overall, the Metro Area fared consistently well. With shifts in demographics, employment, and a keen focus on location specific areas perform very differently. Old standards predicting better performance of single-family homes over townhomes and condos have been upended in many areas.
One of the many distinguishing aspects of Properties on the Potomac, Inc., is that we list and sell properties throughout the Washington Metro area including Maryland, D.C., and Virginia. Our agents and brokers are licensed in multiple jurisdictions. We carefully track areas’ performance to best be able to help our clients plan for, and accomplish their goals.
General observations indicate that the market enjoyed a sustainable increase. Affordability drove demand, thus prices.
The Table below summarizes the overall activity by county and Washington, D.C.
Real Estate Values By Jurisdiction*
|Arlington County, VA
|Fairfax County, VA (Incl incorp. cities)
|Loudoun County, VA
|Montgomery County, MD
|Prince Georges County, MD
|Frederick County, MD
* Data derived from MRIS
Would you like to learn specifically, how your area performed? Give us a call or send an email and we’ll be happy to share that information. The number of units sold exceeded the prior year and the number of days on the market declined.
Did you know that you can search the active MLS through our website?
On December 22, 2017, the President signed the Tax Cuts and jobs Act. This new law has specific impact on real estate. It impacts that which you already have and any future real estate you will acquire.
Below is a table summarizing the changes:
|Tax Item Deduction
|Maximum Loan Interest
||$750,000 (For purchases after 12/14/17
|Equity lines of credit
||Up to $100,000
|State and Local Taxes total
|Capital Gains Exclusion
||Must be owned 2 of last 5 years
|Like Kind Exchanges (1031)
||Unchanged for real estate only
|Real Property Depreciation
|Capital Gains Tax Rates
Much has been broadcast about the benefit of homeownership in relation to the new law. At Properties on the Potomac, Inc. we view homeownership as a form of supreme independence and wealth building for the following reasons:
- Real Estate builds your wealth through
o Appreciation of a large asset and the use of OPM (other people’s money)
o Your mortgage payments pay down your principal, thus building your equity
- Owning your own home gives you control over your living situation.
- Tax savings remain a significant benefit of ownership.
- Owning a home is a financially sound decision.
- You can keep, rent out, sell, or will your real estate as you determine is best for you.
To read the entire Bill click here.
Record low temperatures have Virginians bundling up. But don’t leave your house “out in the cold.” Here are a few tips that will protect your home during the winter months.
- Avoid putting salt on cement to prevent pitting. It may require figuring out a different path out of the house, but preserving the cement will prevent replacement costs later!.
- Keep your gutters clean. This is good advice throughout the year, but particularly in winter when trapped water will expand, contract and cause havoc.
- Turn off and winterize hose bibs. Detach and empty any hoses. Turn off your supply line, THEN make sure you turn on your outdoor faucet to drain the existing water. You can also buy frost-proof hose bibbs.
- Know where your water shut offs are. If something bursts, you will be able to stop further damage fast.
- Beware of space heaters. They can overload the circuits and trip the breaker. If needed, use only thermostat-contolled, UL rated heaters. And don’t plug them into extension cords.
- Keep leaves around the base of plants to help them stay insulated.
Properties on the Potomac, Inc. knows that a house is not just an investment. It’s your treasured home, and a little extra care now will preserve your home for years to come. Stay warm!
Welcome to Your Property Digest! We are so excited to be here for you.