DMV Archives - The Hersh Group

Happy New Year! The start of the year is always an exciting time for us at The Hersh Group. It’s a chance to plan for the future and review as we look back on the past year. It’s also when we hear from many clients who want to know how the past year in real estate ended, and where the next is headed. Getting perspective on the past year’s trends helps us see how the future will unfold. Here are a few of the key developments the real estate market experienced in 2019. Interest rates were low, so money was cheap. While experts predicted a rise in interest rates last year, we saw drops below 4%. These low rates are expected to continue in the year ahead unless something changes bringing calm to the world economy. Demand for housing was ample, although supply was limited. It remained a sellers’ market in 2019 across most areas at the low to mid-level price points, with a continued lack of inventory for sale. Homeownership rates rose, thanks to low mortgage rates. Buying continued to be more economical than renting as rates dropped, and that brought a jump in homeownership rates, according to Census Bureau […]
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Do low inventory woes mean big wins for sellers?

by Ira Hersh· September 12, 2019· in Real Estate Predictions, Real Estate Report, Selling· 0 comments tags: DC Real Estate, DC To The Sea, Delaware beach real estate, DMV, DMV Real Estate, Market update, Maryland, Seller's market, Selling strategies, Selling the DMV, The Hersh Group, VA real estate, Washington DC Real Estate

No matter where you look across the DMV, inventory shortages are driving the real estate market. With fewer properties for sale, home prices have grown higher while sales periods have tightened. These conditions present tremendous opportunities for sellers, with escalated prices, short settlement periods, and far fewer contract contingencies. It can also be worrying, however, for those sellers who also need to buy a new property after selling. Thankfully, those worries can be overcome through preparation, planning, and working with professionals like us! Here are just a few ways that home sellers can become successful buyers, too. Begin your new home search before listing your current house. With homes in the DMV selling quickly—sometimes in less than a week, depending on your neighborhood—you’ll want to make sure you have a head-start on your next home search before yours goes up for sale. Take advantage of declining mortgage rates. Rates were expected to rise above 5% this year, but we’ve seen the opposite occur, with mortgage rates hitting their lowest point since November 2016. Talk to your mortgage consultant now to lock in the best rates. We’re happy to refer you to our team at Prosperity Home Mortgage, LLC, for assistance, […]
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It’s Tax Time! (And there are important changes you should know about…)

by Ira Hersh· March 05, 2019· in Taxes· 0 comments tags: DC Real Estate, Delaware beach real estate, DMV, Maryland, Tax Tips, The Hersh Group, VA real estate, Washington DC Real Estate

It’s tax time again, with the day filing deadline just over a month away, and the Tax Cuts and Jobs Act is now in effect, which means there are new requirements for homeowners. The media covered the changes in much detail in early 2018, and we wanted to share a few housing-related highlights with you as you get ready to file your 2018 tax returns. As you may know, the number of income tax brackets remains the same, but they include lower tax rates. Several itemized deductions, including moving expenses except with military households, interest on home equity loans unless used for home improvements, and more, have also been reduced or eliminated. Here are a few other important changes to keep in mind: Mortgage interest deductions are limited to a combined $750,000 of debt for both primary residences and second homes for any loans taken out after December 14, 2017. Current homeowners with loans made before that date are grandfathered into the previous deduction, allowing a combined debt limit up to $1 million. State and local tax deductions are capped at a combined $10,000 – this includes state and local property, income and sales taxes. Previously, these were fully tax […]
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Inventory Boom or Bust? What 2019 could bring for the local real estate market

by Ira Hersh· January 01, 2019· in Buying, Market, Market Trends, Real Estate Predictions, Selling· 0 comments tags: DC Real Estate, DC To The Sea, Delaware beach real estate, DMV, Market update, MD real estate, Selling the DMV, The Hersh Group, VA real estate, Washington DC Real Estate

Happy New Year! As we kick off 2019, we thought it was a great time to reflect a bit on the 2018 real estate market and look forward at 2019 predictions. The market in 2018 was consistently defined by lack of inventory across the country, and particularly here in the DMV. Will that low inventory trend continue into 2019? Experts are saying yes, but that the trend won’t be quite so severe. Here are a few more of the real estate trends that our team at Long & Foster expects to occur in 2019: Inventory will increase a little, but still not enough to meet demand. Inventory will expand this year, but primarily in luxury housing. While demand is strong for entry-level homes, there won’t be much more housing available in that segment. Mortgage rates are likely to rise. The Mortgage Bankers Association predicts that mortgage rates will reach 5.1% by the end of 2019. While that’s higher than the rock-bottom rates of the past few years, keep it in perspective – rates are still historically low. Home values will rise, but at a slower pace. The National Association of Realtors predicts that prices will rise about 3% in 2019 over […]
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The Thanksgiving Pie Sale is Back!

by Ira Hersh· October 30, 2018· in Uncategorized· 0 comments tags: DMV, Food & Friends, Food and Friends, Giving Back, Selling the DMV, Thanksgiving, Thanksgiving Pie Sale, The Hersh Group

The Hersh Group is proud to be participating again this year as a pie seller for the Food & Friends annual Slice of Life Thanksgiving pie sale. Buy a pie now, pick it up on November 20th, and celebrate the holiday while supporting this worthy cause! This Thanksgiving, serve a holiday pie that will warm your heart and help your neighbors. Each pie you purchase provides breakfast, lunch and dinner for a child or adult battling HIV/AIDS, cancer or another critical illness. Six days a week, Food & Friends provides nutritious meals to thousands of individuals in our community but they can’t do it without our support. Your contribution will make a direct impact in the lives of their clients, many of whom have nowhere else to turn. You can make their lives better by not only providing vital nutrition but hope and comfort in their time of need. Please visit our page to make a donation and purchase a pie for your holiday table and know that you’ll be bringing food to another family’s. Pie Flavors This year, thanks again to local pie baker Baguette Republic, these are the incredible pies on offer: Spiced Pumpkin Pie – $28 Thanksgiving would not be complete without this […]
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Jam with us (again!) at the 8th Annual Bannockburn Music Festival

by Ira Hersh· September 16, 2018· in Uncategorized· 0 comments tags: Bannockburn, Bannockburn Music Festival, Bethesda, Bethesda real estate, DMV, Giving Back, Local Events, Maryland, MD real estate, Real estate, The Hersh Group, Washington DC Real Estate

This September, Lisa Levine and the Hersh Group are proud to again sponsor the Bannockburn Music Festival 2018! The annual event showcases local musical talent in the Bannockburn neighborhood of Bethesda, MD, while raising funds for the maintenance of the historic Bannockburn community clubhouse. Lisa and her family are longtime neighbors and enthusiastic supporters of this great event, and we’re delighted to join them. It’s a great way to celebrate the Bannockburn community, local musicians and vendors, and a fun fall weekend, with a terrific lineup of local bands and artists each day. When Saturday, September 22nd, 2pm to 10pm Where Bannockburn Community Clubhouse 6314 Bannockburn Drive Bethesda, MD Festival Schedule* 2:00 – 3:00 pm Combo Skillet (jazz) 3:15 – 4:15 pm Bob Marley Workshop (reggae) 4:30 – 5:30 pm The Truck Farmers (country) 5:45 – 6:45 pm MyKey and Colin Kelly (original pop) 7:00 – 8:20 pm The Montgomery Warlocks (Grateful Dead) 8:40 – 10:00 pm The Allman Others (Allman Bros.) *at least one Bannockburnian in every group! Vendors Ted’s Woodworking Shop, Kathy Bryant’s Mustards & Condiments, Snow Cabin Pottery, Runaway Silver (Jewelry), Kathryn Bird Glassware, and Blugnu Products. Silent Auction Live Jazz Party, […]
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Taking the Mystery out of the Mortgage Process

by Ira Hersh· July 27, 2018· in Buying, Financing, Mortgages· 0 comments tags: DC Real Estate, Delaware beach real estate, DMV, Investing, Investors, MD real estate, Selling the DMV, The Hersh Group, VA real estate, Washington DC Real Estate

Don’t let mortgage misconceptions hold you back from homeownership or real estate investing! The mortgage process can sometimes feel like one of the most intimidating aspects of buying a home. When we talk to clients, we sometimes find that they’re letting misconceptions about borrowing keep them out of the real estate market. We’d like to share with you some recent developments you might want to consider if you’re thinking of purchasing a home or diversifying your investment portfolio into real estate. Mortgage interest rates are trending higher. The average 30-year fixed mortgage rate on home loans is currently around 4.5%, but that rate is projected to approach 5.0% by the end of the year. Although 5.0% is higher than what we’ve seen the past few years, it’s still historically low. Mortgage interest rates are influenced by yields on the 10-year Treasury, the benchmark that helps determine other interest rates. As investors move more money in the 10-year Treasury, the yield decreases, and 30-year fixed rates go lower. Conversely, as money is pulled out of the bond market and put into other investments, the yield increases, and 30-year fixed rates track higher. The 10-year Treasury yield is expected to gradually move […]
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Tips for Maintaining Your Home in Summer

by Ira Hersh· June 01, 2018· in Home and Garden, Home Maintenance· 0 comments tags: DC Real Estate, DC To The Sea, Delaware beach real estate, DMV, Home maintenance, Home tips, MD real estate, Selling the DMV, Summer, The Hersh Group, VA real estate, Washington DC Real Estate

Happy June! If you’re like us, you’re thrilled that warm weather has arrived so you can finally enjoy not only the inside of your home, but the outside too. You’ll get even more enjoyment if your house is in good repair, and you’ve taken measures to address the effects of severe winter weather. Here are a few suggestions for gearing up for summer: Check outdoor spigots for leaks: If you didn’t drain your outdoor water spigots before the weather got cold, ice could have expanded the pipes to the point of bursting. Call a professional to have it checked out if you think you could have a leak, before you end up with a big water bill or flood damage! Reseal exterior woodwork: Extend the life of your decks, fences, railings and other wooden structures by resealing every year or two. (Be sure to scrub or pressure-wash them first – great for the life and look.) Check your roof and gutters: Heat, wind, debris and ice can do a lot of damage up there. Get the roof checked to see if water has gotten to the underlying plywood. Also, have your gutters cleaned to keep your roof in good shape […]
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Save the Date! 4th Annual Dog Adoption Event on May 19th “Happiness is a warm puppy.” —Charles M. Schulz (cartoonist, Peanuts) Spring is the perfect time to welcome a new furry family member into your heart and your home! Please join Lisa Levine and The Hersh Group, your Bethesda neighborhood experts, at their fourth annual adoption event in Bethesda with PetConnect Rescue. We are thrilled to be hosting this event again and helping to provide these wonderful dogs with a new family and loving home. As one of Long & Foster’s top teams in the DC Metro area, our goal is to help people find the right house for their needs. What better way to complete a home than adopt a pet? As the saying goes, a house is not a home without that furry friend. We are pleased to partner again with PetConnect Rescue and the Westwood Pet Center to host this dog adoption event so that more of our neighbors can find the newest additions to their families and give these pets the loving homes they deserve. Please join us: Saturday, May 19th, 2018 11am – 1pm Westwood Pet Center 5428 Westbard Ave, Bethesda, MD For more information, call […]
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The 2019 Real Estate Year in Review (plus a look ahead to 2020)