MovinInDC is a blog for keeping up with new quality of life and residential real estate in DC and the surrounding area. Steve Longley is a Realtor with The FaulknerTeam at RE/MAX Metropolitan Realty.
THIS WEEK IN REAL ESTATE – Behind the Headlines
RATES. Those of you in finance and tracking mortgages realize the Fed is coming around on its pledge to raise basis points interest rates intermittently. The first one of 2017 (second in three months) just arrived. And although the increase is moderate to minimal, the expected cumulative increase over time will certainly impact mortgages. Check out details in these links from HousingWire and CalculatedRisk. There is a parallel rise in the CPI. And the bottom line at this point: the economy is solid, and if you are looking for a mortgage, the rates are still quite reasonable.
Speaking of rates, and continuing an earlier reported trend, home prices in the DC area reached a decade-long high in February. This is both good news and bad, ie, good and good. If you are listing, your home values are generally strong, especially if you have kept your property in excellent condition. If you are buying, it does not mean the market has peaked, but it does reflect both the tight inventory in the close-in parts of Greater Washington and the strength of the market to a new homeowner.
RIDES. Are you a Bikeshare rider? You’ll be interested to know, as just released by the National Association of City Transportation Officials, through CurbedDC, that Bikeshare ridership has expanded by 825% since 2010. This reflects the creative capacity of the region to provide alternate ways of getting around and that the program is working. 825% is awesome!
Georgetown has hired a designer to restore a 1-mile stretch of the C&O Canal. For details, check this link.
ROOFS. April is Architecture Month in DC. There are a ton of relevant and exciting events and programs slated for next month provided through the AIA that will highlight the trends and award-winning architecture throughout the City.
Finally, what’s MovinInDC without a quick review! The Faulkner Team (Diane, Lynn and I) were thrilled to attend the Environmental Film Festival at the Carnegie Institution last night in the Logan Circle area. Great film called Sea of Hope which you can find on the National Geographic Chanel. Prior to the film, as always, happy hour — at Logan Tavern, great food, nice service, awesome drafts!