DANICA HU
 Welcome

DANICA HU
DANICA HU
Realtor
Phone: 7035681388
Fax: (703)991-8399
Cellular: (703)568-1388

Samson Properties
14526 Lee Road
Chantilly, VA   20151
Samson Properties
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I Sell more because I Do more!

Designations: Realtor®, SFR® , Licensed in VA & MD

Awards:
NVAR Multi-Million Dollar Club Member, Top Producer

Languages: Chinese, English

Excellence in Service and Result:
I always provide my clients with the professional Real Estate service with caring touch during each transaction. A high percentage of my business is referral and repeat business from satisfied customers and clients. Let me help you with your real estate needs.

                     
Danica's Announcement       

 

Continued Tightening in DC Metro Inventory, Highest July Prices in Five Years        

The shrinking inventory of homes for sale continues to play a major role in the Washington DC Metro Area housing market, though median price and sales growth has slowed. The total inventory of active listings is the lowest of any month since August 2005. The limited quantity of homes for sale is causing the median days-on-market to decrease (currently at 23 days, lowest July-level since 2005), and the sale-to-list price ratio to rise (currently at 96.3 percent, highest July-level since 2006). Sales and median price growth have slowed from the spring; however both are higher than this time last year. The condo market continues to strengthen, posting the highest year-over-year increases of all residential property segments in sales, new contracts, and median sale price.



CLOSED SALES

Sales are up from last year, down from last month; condo market continues to lead growth. There were 4,164 sales in July in the DC Metro Area, a 5.1 percent increase from July 2011, and the fourth consecutive year-over-year gain. The number of July sales is 10.7 percent lower than last month, which is in line with the 10-year average June to July change of -9.5 percent. Detached home sales are up 3.4 percent from this time last year, and townhome sales rose 1.9 percent. The condo market leads in growth for the second straight month, with sales up 12.7 percent from July 2011. All property segments recorded their highest July sales level in three years.

PRICES

The median sale price dropped nearly $15K from last month, but is still the highest July-level in five years. After several months of double-digit price increases for much of the metro area, median sale price growth has slowed, even decreasing in several jurisdictions. At $385,050, the median sale price for the DC Metro Area rose 4.1 percent from this time last year, the sixth consecutive month of year-over-year price gains. At $173,000, Prince George’s County led all jurisdictions in median price growth with an 8.1 percent jump from July 2011. For the second month in a row, the condo segment posted the highest median price growth, up 4.4 percent from last year, an $11,750 increase. At $485,000, the median sale price for detached homes rose 4.3 percent from July 2011, a $20,050 increase. The median sale price for townhomes edged up 0.6 percent to $357,000. Year-to-date median sale prices are up in all jurisdictions and rose 7.4 percent for the metro area from the same period last year.

NEW CONTRACTS

Growth in new contracts has slowed; townhome and condo contracts up, detached homes down. There were 4,569 contracts signed in July in the DC Metro Area, up 0.1 percent from July 2011, but down 10.2 percent from last month. Historically, new contract activity has slowed between June and July in the region; however the double-digit drop is sharper than the 10-year month-over-month average change of -8.4 percent. The townhome and condo markets posted year-over-year growth in new contracts of 4.0 percent and 6.0 percent respectively. This is the 15th consecutive year-over-year gain for the condo market, which continues to enjoy strong demand based on lower price points, escalating rents in the region, and easier financing. New contracts on detached properties fell by 4.4 percent from this time last year.

INVENTORY

Active listings are at their lowest level in seven years; back-to-back months of historic lows for new listings. There were 9,650 active listings in the DC Metro area at the end of July, which represents the lowest level of inventory for any month since August 2005. The year-over-year decline in active listings was 35.4 percent in July, the fourth consecutive inventory reduction exceeding 30 percent. The 4,579 new listings entered in July represent a 14.8 percent decline from July 2011, and the lowest July-level on record with metro-wide data available back to 1997. The shrinking inventory of homes for sale is having an impact on the market as evidenced by the lowest July-level median days-on-market since 2005 (23 days), and the highest July-level sale-to-list-price ratio since 2006 (96.3 percent). The low supply also indicates that many potential sellers may still be wary of their financial situations, and are more comfortable remaining in their current homes.
                                                      

Danica's Corner                       

Top 10 Home Improvement Myths

Not all home improvements are created equal. Even in a seller’s market, it’s important that homeowners make the right investments that will yield higher returns. As you guide your clients toward a profitable sale, make sure you’re an expert on the top 10 home improvement myths so you can prevent your clients from believing them.

1. Any remodeling project will add value to your home.

While many remodeling projects will add value to a home, some can be seen as a negative by future buyers. For instance, combining two smaller bedrooms to create one larger bedroom may better fit one homeowner’s lifestyle today, but it may cause the home to lose value in the eyes of a future buyer who needs the two separate rooms.

2. Buying the highest-quality materials attracts more buyers.

Installing high-end materials may seem like a wise decision, but it can backfire. For instance, using the most expensive tile in a bathroom may create an impressive appearance, but value-conscious buyers may opt for a more affordable home if the seller has over-improved compared to others in the neighborhood.

3. Adding square footage always adds value.

A better way to think about this statement is to insert the word useable into the sentence. Finished attics and basements – even if considered liveable by local standards – may not be attractive to a buyer if they are not finished to the same standards as the rest of the home.

4. Colors and textures – safe and simple is better.

Keeping a home “vanilla” so buyers can choose their own style and décor might be a safe bet, but it ignores the fact that most buyers just don’t have the ability to visualize the home differently. Without splashes of color and mixtures of texture, sellers can lose value to others that have taken the time to consult with an interior designer.

5. Inside improvements are better than outside improvements.

Not necessarily. If a home’s exterior has been neglected or doesn’t offer a good curb appeal, a buyer might stop there – and then the seller’s efforts on on the inside may not net them any more dollars. To get the biggest bang for their remodeling buck, sellers should start from the outside and work their way in.

6. Adding a bedroom is better than adding a bathroom.

It depends on the starting point. If a seller only has one or two bedrooms to start with, adding a bedroom before adding a second bath is probably a wise choice since most buyers are more attracted to three-bedroom homes. On the other hand, if the home already has three bedrooms and only one bath, the sellers’s next investment should probably be in a new bathroom.

7. Paint hides a multitude of sins.

Dry rot? Fungus damage? Mold problems? Carpenter ants? Termite issues? Nothing a can of paint can’t fix, right? Wrong! Not only does this practice violate disclosure laws in most states, it can set sellers up for liability after the sale, as most buyers will want the sellers to foot the bill for these hidden issues.

8. Converting a garage to living space is a great trade-off.

Nope. A garage conversion is almost always viewed negatively by future home buyers unless the sellers replace the lost garage with another parking and storage space of equal size.

9. Sellers can save money by doing improvements themselves.

For some homeowners, wiring a new lighting fixture or plumbing a new dishwasher is a no-brainer, but for others it may end up costing more later if they have to have the work redone by a professional. Another consideration is local and state laws regarding remodeling work: In many states if a buyer has purchased a home to remodel and resell, they must either hold a contractor’s license or hire a contractor to do the work for them.

10. Pools add value to your home.

This is only true in areas where pools are must-have amenities. In most areas of the country, pools have more limited appeal – and the idea of maintaining a pool for ten months out of the year when it can’t be enjoyed won’t appeal to most buyers.

Knowing these top home-improvement myths will allow you to help your seller clients choose the right remodeling projects. But don’t stop there. To keep your pulse on the amenities that are coveted most in your market, talk to local remodeling professionals, contractors, and home-improvement specialists on a regular basis.
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