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FINE NEST MARCH 2023 NEWSLETTER

3/7/2023

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 Early Spring is Here! ☘️  

Did anyone else see trees budding in February? Spring is officially
early, with reports of cherry blossoms across the DC area already blooming (WUSA9). Other plants have joined in on the warm weather fun, like the Virginia redbud and lilacs (The Guardian). With all this bloomage, many will certainly enjoy the fruits of this early spring as we follow basketball's March Madness, plan for spring break, attend St. Patrick's day celebrations and more. Don't miss out on everything happening in the DMV area by checking out the events section! 
 


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 

The Latest News


March Market Metrics Report

 
 
The spring market is picking up, just slowly

This year's spring market has not taken off running as spring markets have over the past couple years, but things are picking up again, just slowly. Inventory is up across the area, days on market are shortening again, and increased talk of solutions to help buyers navigate the higher mortgage rates (currently hovering around 7.09% (Forbes)) have flooded the news channels. For starters, the Biden administration announced its plan to help cut mortgage insurance costs for FHA loans. According to NBC News, this change can help reduce mortgage insurance by 30% and will take effect on March 20th of this year. New construction builders who took a big hit during last year's market correction have also begun offering lower interest rates via mortgage buydowns and Adjustable Rate Mortgages (ARMs). Stated in an Axios article, some buyers are seeing builders offering rates a low as 4.5% for 30 year mortgages. Zooming out, 30% of builders have been seen offering lower rates for the first two years of a mortgage, while 32% have been seen offering buydowns for the entire life of a mortgage. It's unclear if buyers will bite with these new changes in lending, but one thing is for sure: this is a big competitive advantage that may help add fuel to the spring market. 

St Patrick's Day Races

Celebrate St. Patrick's Day with a bit of fitness in the morning and partying in the evening. See all the places hosting races across the area:

- Lucky Leprechaun 5K
(March 12th - VA)
- Bluemont Shamrock 5K-10K
(March 18th - VA)
- Shamrock 5K
(March 12th - MD)
- St. Patrick's Day 5K
(March 11th - MD)

Explore Virginia By Bus

Did you know Virginia Breeze Bus Lines offers scenic travel throughout Virginia? If not, there are multiple bus routes that can take you to Virginia's most beloved areas like Blacksburg, Roanoke and Richmond. If you're thinking about taking a camping trip or just need a means to travel, consider Virginia Breeze as an affordable option.

Last Call for Winter Casseroles 

We're still in for a few more weeks of cooler weather before it really starts to get hot. Take advantage of these light, yet filling, casseroles that are simple to make and just perfect for a cool rainy day.

March Happenings Near You

The Dr. Seuss Experience

- Opens April 7th
- Washington, DC
- Immerse yourself into the wonderful world of Dr. Seuss by visiting this interactive exhibit
- Ticket Info HERE

NOVA Wild - The Great Migration

- Formally Zoofari, Nova Wild is holding a grand opening light show!
- Ends April 9th
- Reston, VA
- Ticket Info HERE

Maryland Day Celebrations

- March - April
- Multiple locations
- Info HERE

St. Patrick's Day Celebrations

- Manassas St. Patrick' Day Parade (March 11th)
- VA Irish Pubs to Celebrate
- MD St Patrick's Day Irish Pubs, Parties & Celebrations
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FINE NEST FEBRUARY 2023 NEWSLETTER

2/9/2023

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□ Febru-meh

Well that was a lackluster January for snow. Not a single substantial sprinkle of snow in the entire DMV area. The culprit? Blame the La Niña pattern that's been going strong for the third year in a row bringing warmer, rainier weather to the east coast. If this unseasonable warmth continues we might just have an early spring on our hands, despite Punxsutawney Phil's six more weeks of winter prediction (CBS News). Whatever February's weather holds, it looks like shoveling snow might not make the to-do list. As temperatures remain on the warmer side, take advantage of the upcoming February holidays and events by visiting some not-so-well-known DMV gems HERE!
 


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 

The Latest News


February Market Metrics Report

 

Do we Even Want to Know?

If you're tired of hearing about the downsides to this market shift, believe us, we are too. However, as spring approaches, there is a bright side to this market adjustment. Mortgage rates have continued to decrease and are now hovering around 6.2% from 6.42% (CNBC). Increased inventory has also provided buyers with much needed options, although home prices (while seeing decreases) are above what they were in years past. According to Keeping Current Matters, homes are still appreciating 10% above what they were in 2022. We know increased home prices isn't great for buyers, but what it does signal is that current homeowners aren't losing out on all of the built up home equity the market brought in during the pandemic. A good sign for the upcoming spring market despite news of massive layoffs and the potential recession looming over the nation. It's also worth noting that the panic from interest rate increases has mostly subsided with buyers approaching the spring rush much more frugally. According to Reuters, the Federal Reserve is also anticipated to end the interest rate hikes by March of this year. In return, sellers will need to work a little harder to market their homes, but a return on investment is still very much in the picture.

Inflation is Decreasing, but in Which Areas?

It might not look like it on its face, but inflation prices are seeing a downward trend. From the automobile industry to supermarket goods, check out this NPR article that explains where to look for price decreases and where inflated prices might stay for good.

Reservation Free Valentines Day Celebrating 

Planning something romantic or fun for Valentine's Day can get tricky when you live in an urban area. So, if you're looking for a romantic spot that will still wow your loved one(s), check out this helpful list of romantic attractions around NOVA and MD. Most don't require reservations, but you may want to bring some yummy snacks and binoculars to enjoy the scenery. 

Affordable Rent is on the Biden Administrations Radar 

Just like house prices have gone up, so has the average rent in America. Coupled with inflation, people are getting fed up. So fed up that the Biden Administration recently announced its plan to dedicate multiple federal agencies to look into unfair rental housing practices and how to prevent them. It's not a full blown government policy, but this step will hopefully lead to much needed policies like mandatory rent stabilization for lower income households and many others. Read the entire Axios article HERE. 

February Happenings Near You

Reston's Annual Polar Dip
  • Feb 11th
  • Lake Anne Plaza
  • Info HERE
Colvin Run Mill Maple Syrup Boil Down 
  • Enjoy learning how to harvest and make one of America's most beloved sweeteners
  • Feb 19th 
  • Great Falls, VA
  • Info and Tickets HERE
50 Shades of Rosé Wine Tasting
  • Feb 11th
  • Washington, DC
  • Info & Tickets HERE
Where to Watch the Super Bowl
  • Make an event out of the super bowl by checking out some of the most popular places to watch the game in Maryland and Virginia
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FINE NEST JANUARY 2023 NEWSLETTER

1/4/2023

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⛷️ ​​? Diving into 2023 ☃️️?️

Happy 2023 everyone! Now that the Christmas songs have been sung and the new year sprung, we are left eating holiday leftovers, adjusting to our new year resolutions, and preparing for the year ahead. For anyone residing in NOVA/MD - January and February are typically the snowiest months of the season and it's not too late to stock up on snow removal supplies like shovels, rock salt, and protective outer wear. Snow removal is also a sweaty job, especially for the elderly, so know the signs of snow removing fatigue to avoid unwanted accidents due to overexertion. Of course, on the rare occasion that our area gets hit with a snowmageddon, we hope everyone has a moment to enjoy everything from epic snowball fights to sledding!
 


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 

The Latest News


January Market Metrics Report

 

So you're telling us rates went up again?

Well, it happened again, the FED increased rates for the seventh time in December (NPR news). It was only increased by half a percentage point, but this increase has already taken an effect on the housing market. According to Bloomberg, mortgage rates rose for the first time since they started dropping six weeks ago, with the current rate for a 30-year fixed mortgage around 6.58%. 

As we mentioned in December's newsletter, inflation saw its first signs of slowing down since interest rates began increasing. While this spelled financial relief for many, it's definitely just the beginning of what is an uncertain future. Some sources, like CNBC, tell of financialists predicting that the FED won't be as prominent in determining the market in 2023, but rather companies defending their economic margins. Other sources, such as Fortune, mention home prices continuing to fall to their pre-covid era pricing. Should they continue downward, it would be the second biggest home price correction of the post-WWII era. Of course, there's more and more talk of recession with politicians and financial experts split on the severity of what may come. For a full synopsis of what 2023 may bring, click HERE for the Washington Post article.

Lumber Costs Fall to Almost Pre-Pandemic Pricing

One area seeing its biggest downturn since the market began to change is the lumber industry. According to Business Insider, prices for lumber are down 68% year over year due to decreasing buyer demand across the country. As many know, ongoing inflation and mortgage rates in the 6-7% are seriously affecting all facets of the real estate industry. On the bright side, with lumber costs down, new construction homes might become the alternative for buyers looking for a different homeownership route.

Cleaning House in the New Year

With everyone spending more times indoors away form the cold, it's the perfect opportunity to deep clean some of the more grimy areas of your home. Using this helpful list, you'll find comprehensive cleaning tips and links to products to tackle everything from greasy vent hoods to stuck on water buildup. Happy cleaning!

Down Payment Assistance - 1 Mill + Google Searches

Where the market is currently, it's no surprise that people are searching for ways they can afford a down payment on a house. Stated in a recent, Broke Agent Media podcast, down payment assistance was searched over a million times within the last year. Whether you're a first time buyer or an existing homeowner, don't hesitate to reach out to Fine Nest to find out what your down payment options are. For existing homeowners, if you're interested in tracking your own property value, check out the link HERE

January Happenings Near You

Astronomy Festival
  • Jan 14th in Great Falls, VA
  • Enjoy guided stargazing, looking through telescopes and more!
  • Tickets & info HERE
Metropolitan Washington Restaurant Week
  • Don't miss out on discounted pricing for the best of local food!
  • Jan 16th - Jan 22 in multiple locations
  • Info and Reservations HERE
Chocolate Festivals in the Area
  • McLean Chocolate Festival - Jan 29th
  • Fairfax Chocolate Lovers Festival - Feb 3-5th
  • Baltimore Wine + Chocolate - Feb 10th
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FINE NEST DECEMBER 2022 NEWSLETTER

12/8/2022

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 Checking off the Holiday To-Do's ?

We interrupt your busy schedules to wish you good tidings and all the best of holiday cheer! This time of year can be stressful for many and as we bustle about gift shopping, preparing meals, and attend holiday gatherings, Fine Nest is passing around the reminder that we're all in this together and doing our best. So as we close out the 2022 year, we truly appreciate every one of our readers, clients, vendor partners and team members. It's through your continued support and efforts that we are able to do what we do. So thank you to all and to all Happy Holidays and an even happier 2023 New Year!!
 


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 

The Latest News


December Market Metrics Report

 

Beat and Looking at the 2023 Market Predictions

2022 has certainly gone down as another epic year in real estate. From January to now, the Fed's fight to curb inflation has caused a 180 degree turn in the housing market. The pandemic era's booming sellers market came to a screeching halt in June when mortgage interest rates surpassed 5% and continuously increased to their now 6-7% range (CNN). Ongoing inflation and global economic supply delays still have a chokehold on necessities such as groceries, gas, appliances, building materials, electronics and more. Citizens across the US are certainly feeling the financial burn that's contributed to where the real estate market is currently: high interest rates, high home prices, higher inventory and a trickle of buyer activity. Something many are calling a "nobody's market".

However, it's not all bad news. Stated in a Realtor.com article, the 2023 market forecast details home prices potentially decreasing as buyers continue to struggle to afford homes. A recent Washington Post article also detailed inflation rates showing their first signs of letting up since the Federal Reserve began increasing them. It's still unclear if this is just a temporary change, or if the economy is really showing signs of stabilizing. Even with this news, the Federal Reserve is due to meet one more time before the years end, and rates will either remain where they are or the Fed will raise them again. Whatever happens, predictions for the 2023 market should be approached with caution as the economy slowly inches its way out of inflation. Either way, Fine Nest will continue to keep everyone informed throughout the 2023 year!

Federal Loan Cap Raised for Low-Cost and High-Cost Areas

With average home prices hovering in the $400K's, the Federal Housing Finance Agency recently announced loan cap raises for conforming loans. Buyers in higher cost areas could soon obtain loans of up to $1M with as low as 3% down payments. For lower cost areas, the loan cap was raised to $726K. That's up $79,000 from the previous cap. So, for those looking to purchase in the new year, know your borrowing options just got a little broadened. 

Last Minute, Fun White Elephant Gift Ideas

Stir things up at the office, at home or with friends by looking into these budget friendly, unique and comical white elephant gift ideas. Not part of a white elephant or secret Santa gift exchange? No problem, these items are also great as quirky stocking stuffers! 

Local NOVA & MD Holiday Activities

While out and about this winter, make room for some holiday friendly stops along the way that may just make the season a little extra special!

December NOVA Events

December MD Events

DC Holiday Excursions that Won't Last Long

Dino's Alive: An Immersive 
Experience
  • Nov 2022 - Jan 2023
  • Info and Tickets HERE
Wicked Broadway Show
  • Don't miss your chance to see one of the greatest shows on Broadway!
  • Dec 8, 2022 - Jan 22, 2023
  • Info and Tickets HERE
Washington Ballet - The Nutcracker
  • Through Dec 31st
  • Info and Tickets HERE
Downtown Holiday Lights
  • Multiple Dates & DC Locations
  • Promo Codes and Ticket Info HERE
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FINE NEST NOVEMBER 2022 NEWSLETTER

11/7/2022

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??️ What a Wonderful Autumn it's Been ??

Perfect weather, great people and a whole lot of fun! Our annual Fine Nest client appreciation block party recently passed and we are incredibly thankful to everyone who came out and enjoyed the petting zoo, face painting, tasty food and home made desserts! It was a blast catching up with everyone, meeting new faces, and basking in the fall weather that couldn't have been more ideal. Thank you to everyone who took part and a special thank you to all of our sponsors and staff who helped us pull together this amazing event!

For anyone who may have missed out on the fun, make sure to keep your eyes out for furture Fine Nest events!
 


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 

The Latest News


November Market Metrics Report

 

Getting Creative

With 6-7% interest rates dominating the current market, lenders everywhere are finding creative ways to help buyers finance their home loans. Fine Nest has compiled a few options that might just be the right fit for you or someone you know who is currently trying to buy.

2/1 Buydown Program
As we briefly covered in August's Newsletter, buyers can buy down their interest rates for the first two years of their loan at no additional cost to them. This is done via the 2/1 buydown program that includes a seller subsidy where the seller covers the cost of buying down the interest rate 2 percentage points for the first year and 1 percentage point for the second year. The benefit to the 2/1 buydown program is that, hopefully, buyers can refinance before year 3 to potentially lock in a lower interest rate, although it's not a guarantee. The graph below helps provide an example of what mortgage payments would look like via this program.



A downfall to the 2/1 buydown is that sellers have to agree to the seller subsidy, buyers have to be approved at the maximum payment to qualify, and there are currently no ways in which buyers can cover the cost of the buydown themselves because of federal and state laws. If you're interested in finding out more, reach out to Fine Nest so we can connect you with a lender partner.

Home Ready & Home Possible Programs
Fannie Mae’s Home Ready and Freddie Mac’s Home Possible programs provide options for lower income buyers that meet certain requirements. These programs can offer as low as a 3% down payment with some grant money also available, flexible down payment sources, and many other options.

Adjustable Rate Mortgages (ARM)
ARM's got a pretty bad rap during the 2008 market crash when homeowners were faced with non existent rate caps and overnight increases on their mortgage payments. Since then, more regulations have been put into place making ARMs a much more reliable financial option. Offering 3, 5, 7 and 10 year locked in interest rates, buyers closing on a home during times of higher interest rates can potentially secure lower interest rates using an ARM. For example, let's say a 5 year ARM began at a 5% interest rate. At the end of 5 years, the rate is adjusted at the SOFR (Secured Overnight Financing Rate) and the regulated ARM margin, usually between 2.5 - 3%. So the 5% interest rate would adjust at the SOFR + the 2.5 - 3% ARM margin to equal a whole new rate on the mortgage. The benefit to an ARM product is that, hopefully, buyers can refinance before the ARM adjusts to potentially lock in a lower interest rate. Keep in mind, there are downsides to ARMs such as running the risk that the mortgage rate will go up instead of down. For an in depth explanation, click HERE.

Assumable Loans/Mortgages
Assumable loans, which are typically FHA, VA and USDA loans, are considered a good option for buyers looking to lock in a lower interest rate. Assumable mortgages essentially allow buyers to take over a sellers loan and keep the same interest rate from when the seller purchased the home. However, there are pros and cons to this kind of financing that Fine Nest owner, Kelly Martinez, explains in this informative TikToK video.

Curbing Inflation

Our pocketbooks have certainly suffered this year as inflation continues to effect our economy. As a result, the IRS recently announced tax bracket adjustments for the 2023 tax year andincreases to contribution limits on tax-deferred retirement plans. These Axios articles will help breakdown the exact tax bracket adjustments for your income level as well as help you see how much more you can contribute to your IRA's, health spending arrangements, and more.

Make Your Home Shine Over the Holidays

Using Fine Nest's long time vendor connection, you can avoid the stress of hanging your holiday lights by calling Clearly Amazing to do the hard lifting for you! They specialize in helping you design, install and take down your holiday lights so you can enjoy the festivities from the warmth of your home. 

Traditional Thanksgiving Side Dishes with a Twist

If you're craving to jazz up your Thanksgiving side dishes this holiday season, then you can look no further than these Real Simple recipes that take everything from mac n cheese and sweet potato casserole to a gourmet level!

Holiday Decorations on a Budget while Keeping Things Classy

Trying to decorate your home for the holidays while staying on budget? Don't want your decorations looking cheap? Katheryn from her Do it On a Dime YouTube channel has all the latest info on affordable Walmart &Dollar Tree holiday décor inventory along with tips on how to make your decorations match World Market and Hobby Lobby quality while still dazzling guests!

November Happenings

Harry Potter Forbidden Forest Experience
  • Leesburg, VA
  • Immerse yourself in the magical world of witchcraft and wizardry!
  • Nov 2022 - Jan 2023
  • Info and Tickets HERE
5K Turkey Trots in VA, MD & DC
  • Start your Thanksgiving with a cause by attending these local Turkey Trots
  • Full List of Locations HERE
Veterans Day Free National Park Access
  • Nov 11th
  • List of National Parks HERE
Holiday Light Displays
  • VA Light Display Locations
  • MD Light Display Locations
  • DC Light Display Locations
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2070 Chain Bridge Road, Suite 103, Vienna VA 22182

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FINE NEST OCTOBER 2022 NEWSLETTER

10/7/2022

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Everything is a little creepier in October □‍♂️

Spooky season is here sparing no one the goosebumps and chills. That closet door you normally leave open just became a little more suspicious as Hallows Eve approaches. Lucky (or maybe unlucky) for this area, Virginia, DC and Maryland are all especially full of history that doesn't come without plenty of hallowed grounds to explore. Manassas Battlefield Park, Antietam Battlefield, and lots of famously haunted historic sites are open to the public this month. So, if you're in the market for an educational and ghostly experience, consider visiting these DC, Virginia and Maryland haunted museums, parks, cemeteries, and even a war ship to make the most of the Halloween holiday.

If the scary stuff isn't your thing, Fine Nest has your back with our most recent market report and great suggestions on where you can enjoy autumn away from all the ghosts and goblins. Check it all out in the events section!


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 
 

The Latest News


October Market Metrics Report

 

It's official, we're in a buyers market

It's not headline news, but the real estate market has officially shifted to a buyers market, and no one's busting out the cake and confetti. With monthly numbers continuing to slow down across the nation, buyers are officially holding the negotiation cards. Many homes are going under contract at asking or lower than asking price with added contingencies and extra closing terms. Despite buyers finally having the "upper hand" after two years of a grueling sellers market, it's a bittersweet change as interest rates, inflation and high sale prices make affording a home more difficult. According to the NAR, mortgage interest rates have surpassed 6%. For a lot of people, that can mean the difference between buying or continuing to rent.

This months market report shows what we covered in September's newsletter, home sale prices are holding steady in our area. While this news is seemingly bad for buyers, it's important to remember that the real estate market fluctuates, and if you're on the fence about buying a home with a 6% interest rate, keep in mind that you can always "date the rate and marry the house." Stated in a Forbes article, financial experts are still talking about a potential recession or even stagflation in the near future. Explained in our July newsletter, recessions have historically been followed by periods of reduced interest rates which means current buyers can refinance their homes later on when interest rates inevitably decrease. If this doesn't ease concerns, Fine Nest's lender partners can help answer questions and provide financial options for home buying. Reach out to Fine Nest so we can connect you!

Good News for Renters!

The market cooldown has begun affecting rental prices that were holding at an all time high for months. According to Axios, the national median rental price is now hovering at $1,771 compared to $2,000 during the height of summer. It's not a big change, but with rental prices climbing higher and higher over the past year, this decrease is a welcome change for many. 

Early Voting in Virginia

The Virginia 2022 general election is set for November 8th. For those of you who want to get your vote in early, find out where your county is holding early voting polling stations below:
  • Fairfax County
  • Loudoun County
  • Prince William County
  • Arlington County

Not registered to vote? The Deadline to register for the 2022 Virginia General Election is October 17th! - register HERE

Halloween Activities for All Ages

Whether you're looking for family fun or a spooktastic adventure, you can find all the local spots for trick or treating, crafting, parades and much more!

Click HERE for Virginia

Maryland Options:

Maryland Ghost Tours 
Maryland Trick or Treating
Maryland Halloween Crafting
Maryland Halloween Parades 
 

October Happenings Across NOVA & MD

Cox Farms Fall Festival
  • Centreville, VA
  • Select days Oct - Nov
  • Info and Tickets HERE
Leesburg Car Show
  • Leesburg, VA 
  • October 22nd
  • Enjoy checking out 150 vintage cars and much more at the Leesburg Car Show
  • Event Details HERE
Washington International Horse Show
  • Marlboro, MD
  • Oct 24th-30th
  • Event Details HERE
VA & MD Pumpkin Patches & Apple Orchards 
  • VA Pumpkin Patches
  • VA Apple Orchards
  • MD Pumpkin Patches 
  • MD Apple Orchards
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Our mailing address is:
Kelly Martinez of Coldwell Banker Realty
2070 Chain Bridge Road, Suite 103, Vienna VA 22182

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FINE NEST SEPTEMBER 2022 NEWSLETTER

9/15/2022

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​Goodbye Sunlight

Goodbye sunlight, we hardly knew you. The autumn equinox of 2022 is marked for September 22nd. This day pinpoints the approximate equal hours of daylight and darkness before the sun steadily sets a little earlier each day as the fall season creeps in. What's even worse is the end of daylight savings time will be here before we know it making afternoons feel like evening time even earlier. On the bright side, congress passed the Sunshine Protection Act back in March in the hopes of making daylight savings time permanent by November of 2023. According to the Sleep Foundation, the bill still has to pass in the House and get signed by the president before it can become law. With a little over a year left on congresses watch, this will hopefully be the last year everyone has to endure such a time switch. 
Regardless of when the sun rises or sets, Fine Nest is keeping on top of all the market changes and everything autumn has to offer in the upcoming fall festivities that are already starting to attract the masses. Check it all out in the market update and events sections!


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 
 

The Latest News


September Market Metrics Report

 

Will Home Sale Prices Decrease?

With the market slowing down faster than a speeding ticket can be served, buyers everywhere are wondering if home sale prices will substantially decrease anytime soon. Short answer - don't count on it.

Living in the aftermath of the historically hot sellers market in high demand areas such as NOVA /DC and southern MD has created a paradox of sorts. Reported by the NAR, we're seeing a recession in the decline of national home sales and new construction homes, but we are not seeing a recession in home sale prices. To explain this paradox, we have to go back to the height of the sellers market (2020 - spring 2022). During this time interest rates were low and that was coupled with low inventory meaning that buyers had the financial leverage to place higher offers on homes to win bidding wars. Unsurprisingly, sellers were accepting those higher offers, and over time, higher home sales resulted in neighborhoods across the area seeing an increase in home value. When neighborhood value increases, new listings that follow will be priced higher. In areas such as ours, location and consistent housing demand are likely to keep home values up if not steady. What this means is that the most realistic prognosis for the current market is that home values will likely hold, but it will be harder for homeowners to sell their homes given the current decrease in buyer demand.

To be clear, we're not saying that home prices won't go down at all. The market report shows price drops are already affecting counties in NOVA and MD, but these changes are more characteristic of a market stabilization than a widespread decrease in value. 

Preparing Your Home for Winter

The first cold snap is right around the corner. Ensure your home is ready for the winter chills with this helpful fall home maintenance checklist.

Fall Decorations on a Budget

Kathryn from her "Do it on a Dime" YouTube channel is back with great ideas on how to make your home look like a fall catalog on a budget. She shows all of the best ways to DIY fall/Halloween decorations from non other than the Dollar Tree. Learn how to DIY beautiful wreaths, entry way decorations, and so much more in her latest fall Dollar Tree DIY hacks video! 

September/ October Events Across NOVA & MD

September is a month dedicated to celebrating the end of summer and welcoming autumn. See all there is to do around your area!

Mosaic Skateland 
  • Falls Church, VA
  • This is your last month to enjoy the old-school outdoor skate rink before Mosaic Skateland closes for the season
  • Buy Tickets HERE
Richmond Folk Festival
  • Richmond, VA 
  • October 7-9
  • Attend one of Richmond's biggest & FREE music festivals featuring lots of Folk and Traditional Art performers
  • Event Details HERE
Maryland Renaissance Festival
  • Annapolis, MD
  • Weekends in August - October
  • The Renaissance Festival needs no introduction. Enjoy everything from medieval food, dancing, entertainment and much more!
  • Buy Tickets HERE

September/ October Events Continued

Oktoberfest's (in September) Around the Area
  • Wheatland Spring 
    Waterford, VA
  • Middleburg Octoberfest 
    Middleburg, VA
  • Lovettsville Octoberfest 
    Lovettsville, VA
  • Octoberfest at Schifferstadt 
    Frederick, MD
  • Das Best Octoberfest 
    Baltimore, MD
Reston Multicultural Festival
  • Reston, VA 
  • September 17th
  • Enjoy Reston's annual multicultural festival by eating great food, shopping from local artisans & relaxing by Lake Anne
  • Event Details HERE
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FINE NEST AUGUST 2022 NEWSLETTER

8/17/2022

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​​​When Someone Brings Up Back to School

Back to school is looming on the horizon for some and for others it's already here! Whether you're a student, parent or someone who lives with a student, back to school preparations are the first warning bell to begin transitioning from relaxing summer to the regimented fall schedule. For all you summer lovers out there, the warm weather is still around until fall really kicks in come October. To squeeze in those last few weekends of warm weather fun, check out what happenings are coming up in your area in the events section!


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 
 

The Latest News


August Market Metrics Report

 

How to Leverage the Market Cooldown

The market numbers are in and they're not looking too hot. July is typically a busy month with buyers and sellers getting in while they can before the inevitable fall market slowdown. However, with un-budging inflation, higher mortgage rates, and decreases in mortgage applications, the downturn in units sold, pending sales, and sale prices for July's numbers really reflect the overall pessimism many have about the changing market. According to the MLS, monthly supply of inventory in Fairfax County increased from 1.3 to 1.8 YOY with days on market (DOM) steadily creeping up. Something buyers would have been elated about last year when inventory was scarce. Despite this new market reality, there are still ways buyers can leverage the market and still afford a new home. With homes staying on the market longer, buyers have more negotiation power with more and more sellers agreeing to contingencies such as home inspections, appraisals, and in some cases, paying closing costs. What this means is that buyers may have the opportunity to further buy down their interest rates in contracts where sellers agree to cover closing costs. Explained in a Rocket Mortgage article, sellers who agree to pay down closing costs can help buy mortgage points to take what would have been a higher interest rate and decrease it to something more manageable for the new owners. For example, an offer is accepted at an asking price of $600,000 with $10,000 in closing costs covered by the seller. A mortgage lender may offer to lower the buyers 5% interest rate on a home by .25% in exchange for a mortgage point (1% value of the home). The buyers can take $6,000 (1% of 600,000) from the $10,000 in closing costs and apply it to the mortgage point to help bring the interest rate down to 4.75% saving the buyers an extra $125 per month on their mortgage. So, if you're looking to win an offer, you might consider asking for closing costs to help maximize your home purchasing finances.

Paint Color Vibes

Most people know how hard it is to pick a paint color for a room. Choose the wrong color and the entire balance of the room is thrown off. What isn't always taken into consideration is the affect a particular wall color will have on yours and others psychology. For instance, hospitals tend to paint their walls and dress their staff in greens and blues as these colors are considered to be a good contrast to red for easy differentiating, but also have been shown to relive stress. With the help of color enthusiast and interior designer Tash Bradley, anyone looking to set a particular mood in their home can now use her helpful paint color guideline when deciding on just the right tone for your walls.

Labor Day Weekend Fun in NOVA & MD

Take a moment to see all that's going on in your area on Labor day weekend to soak up every last bit of summer fun!

NOVA Labor Day Events

MD Labor Day Events

Easy Back to School Month Dinners

Students aren't the only ones adjusting during back to school season. Families everywhere may know the challenge of getting dinner on the table after a full days work, coordinating around child care, school and other necessities. We hope to make your life a little easier this back to school season by providing this list of easy to make, dump and go, kid approved dinner recipes that will both nourish and please all who partake. 

August Happenings Near You

Cirque du Soleil - Cabinet of Curiosities 
  • Tysons, VA
  • Cirque du Soleil is in town through September with a fantastic Cabinet of Curiosities show right in nearby Tysons!
  • Buy Tickets HERE
Leesburg Festival of Kites & Crafts
  • Leesburg, VA 
  • August 20th 
  • Take a day to fly kites, enjoy great food and support local small businesses, artisans and crafters!
  • Register HERE
Hot August Music Festival
  • Cockeysville, MD
  • August 20th
  • If you appreciate blues and bluegrass music, this is the festival for you!
  • Buy Tickets HERE
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2070 Chain Bridge Road, Suite 103, Vienna VA 22182

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FINE NEST JULY 2022 NEWSLETTER

7/19/2022

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□ Do Not Disturb □️

Hello, is anyone reading this? Summer fever seems to be taking over with July being the month where everyone checks out. Vacation auto emails are increasing in capacity, summer camps are in full swing, and chillaxing is the only thing on the weekend agenda. While everyone is off enjoying themselves outside or cooling off in the AC, Fine Nest has been hard at work monitoring the market changes and keeping an eye out for fun summer events to take part in!


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 
 

The Latest News


July Market Metrics Report

 

Interest Rates and Past Recessions

In late June, the Federal Reserve announced yet another interest rate increase. As many may know, interest rates are typically increased to circumvent ballooning inflation like what we're currently experiencing in the US. Historically, interest rate increases have also been omens for future recessions. According to The Wall Street Journal, three-quarters of global CEO's are saying we are either in a recession or will be in one within the next 12 to 18 months. While the verdict is still out on whether or not the US is truly headed for a recession, mortgage experts from Keeping Current Matters (KCM) have taken the time to compare past mortgage rates to past recessions.


Taking recession data as far back as the 1980's, KCM's graphic shows peak interest rates at the beginning of past recessions and the final interest rates when the recessions ended. Using the 2001 and 2007-2008 recessions as an example, we can see the interest rates at the beginning of these recessions was above or around today's interest rates currently hovering at 6%. Although the 2020 recession saw the lowest interest rates in over 50 years, the good times, unfortunately, never last forever. It's important to note here that interest rate hikes during inflation typically lead to reduced interest rates during a recession. However, recession does NOT always equal housing crisis. Simply put, the current market is likely shifting back to what it was before the COVID-19 pandemic. To get an in depth explanation as to why recession ≠ housing crisis, watch this informational KCM video HERE.

For buyers currently searching for a home, rate changes are likely going to be part of the next Federal Reserve's meeting in late July. It's still a hard pill to swallow each time the interest rates increase, but we hope this information is a helpful comparison for how today's market still aligns with previous decades.

Rent Rate Hikes 

Rental rate hikes are making headlines once again with the nations average monthly rent now surpassing $2,000/month, according to Redfin. As if rentals weren't hard enough to lock in, more and more people are finding themselves unable to afford rent. Stated in a CBS news coverage, those who can afford rent are up against wait lists and competition from other renters. Some states are even seeing rallies of renters joining together to ask their state's to pass legislations for rent stabilization as more and more people struggle to make ends meet. Time will tell what the long term effects of unaffordable rent will evolve into, but one thing is for sure, a solution is nowhere in sight. 

Farmers Markets

If you haven't gone to your local farmers market this summer, you're missing out! Local, fresh produce is just a short drive away on most summer weekends in many parts of NOVA and MD. Seize the day by visiting one soon because fall will be here before you know it!

Virginia Farmers Markets

Maryland Farmers Markets

Outdoor Concerts Near You

For all you music fans out there, there are numerous paid and FREE outdoor concerts taking place across NOVA and MD. Check them out before summers end!

NOVA Outdoor Concerts

MD Outdoor Concerts

July is For Outdoor Lovers

July is peak season for many outdoor activities & events. Fine Nest has compiled a few unique places for you to consider in your summer itinerary.

Peach Daze Fuzztival
  • Bluemont, VA
  • Enjoy picking peaches, baked goods, fresh coffee and more at this multi farm collaboration festival!
  • August 6 & 7 and  13 & 14
  • Buy Tickets HERE
Movies on the Beach in MD
  • Ocean City, MD
  • June-August
  • Take your Ocean City getaway to the next level by enjoying some family time watching movies on the beach!
  • Full Movie Itinerary HERE
County Fairs
  • Multiple Locations 
  • MD County Fair List HERE
  • VA County Fair List HERE
81st National Folk Festival
  • Salisbury, MD
  • August 26-28
  • Event Details HERE
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FINE NEST MAY 2022 NEWSLETTER

6/14/2022

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? Summer is making itself comfortable 

Summer has certainly made itself at home with outdoor daytime temperatures holding strong in the high 70's, 80's and even 90's! As the warmth settles in early, it looks like we're in it for the long haul with hot days and scattered thunderstorms in the foreseeable summer forecast. To help stay cool, check out the news on the evolving market cool down, awesome recommendations for home made popsicles & beverages you can make on Independence day, and more in the events section.


Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market. 
 

The Latest News


June Market Metrics Report

 

Hot Sellers Market Cool Down

The seller market cool down is definitely making its first major impression on housing. Continuing from last months market report, inventory is still trending up with homes spending a little more time on the market and prices minimally budging from their sellers market increases. Stated in a Market Watch article, market predictions suggest listings are going to continue to sell, however days on market are likely to continue to increase. The culprit? Mortgage applications are down 40% compared to last year. A not so surprising result following the increase in interest rates that are currently hovering around 5.23% for a 30-year fixed mortgage. Simply put, buyer demand still exists, but with current inflation and higher interest rates, more and more buyers are getting priced out of the market.

Where's the bright side? Here at Fine Nest we're seeing more and more VA and FHA loans winning offers, as well as contingencies such as home inspections and appraisals being brought back to the negotiation table. This is a huge win for buyers who have been waving contingencies since 2020 just to secure housing. However, for houses in the goldilocks price ranges such as starter homes or homes in high demand areas, bidding wars haven't made their exit quite yet. Nevertheless, contingencies like home inspections are helpful in balancing transactions. Buyers are held accountable on the financial end while sellers are held accountable on the quality of the home they're selling. As the scales of the market continue to rebalance, Fine Nest will be here every step of the way to make sure everyone stays in the know.

Virginia is for Sunflowers

Enjoy a day trip to one of Virginia's many sunflower fields. Blooming from June through July, you can frolic in a sunflower field as close by as Purcellville to as far south as the Virginia Beach area. If you're vacationing in Virginia or looking for a cool place to picnic, you can capture the summer magic (and some great Instagram worthy photos too) virtually anywhere in the state!

4th of July Kid Friendly and Adult Friendly Treats

Delight all your guests this Independance Day by making these 4th of July themed popsicles & beverages that can be customized for kids and for the 21 and up club!

July 4th Bomb Pop

Red, White and Blue Cheesecake Pop

Patriotic Jell-O Shots

Red, White & Blue Slushy Cocktail

Fathers Day Events in the Area

Fathers day is just around the corner and June is chock full of events and places that dads everywhere can appreciate!

Sully Antique Car Show
  • Chantilly, VA
  • June 19th
  • Event Details HERE
Family Day & Outdoor Aviation Display 
  • Centreville, VA
  • June 18th
  • Event Details HERE
Autobahn Indoor Speedway
  • Jessup, MD
  • Buy Tickets HERE
Columbia Pike Blues Festival
  • June 18th
  • Arlington, VA
  • Event Details HERE
Great American Campout at Sky Meadows State Park
  • Delaplane, VA
  • Join the Great American Campout campaign by spending a night under the stars at Sky Meadows State Park. 
  • Campsite details HERE

Independance Day Pet PSA

A friendly reminder for pet owners to make sure your pets are in a secure and safe environment during 4th of July fireworks. Stated in a PetAmberAlert article, animal control officials across the nation see a 30-60% increase in lost pet reports around the Independance day holiday due to the loud noises produced by our beloved fire works. To help your pet remain calm this year, follow theseASPCA holiday tips to guarantee comfort for you and your furry friends.

Lumber Prices are Declining

Despite inflation hitting everything from food to electronic goods, according Business Insider, lumber prices are 50% lower compared to the price hikes seen last year. For anyone looking to start a new construction build, now is the time to lock in your lumber prices!
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Fine Nest Realty Group, LLC, A Coldwell Banker Team
​2070 Chain Bridge Road, Suite 103, Vienna VA 22182
Kelly Martinez
License ID: 0225209978
571-839-2852    ​kelly@finenestrealty.com
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