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Welcome to the July edition of The Friend Group Real Estate newsletter! This month, we bring you the latest updates on the D.C. Metro Area housing market, including current trends, pricing fluctuations, and emerging opportunities. Our expert team provides valuable insights and tips for navigating the market, whether you're buying, selling, or investing. Stay tuned for neighborhood spotlights, success stories, and a glimpse into upcoming local events that could influence the real estate landscape. |
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| Mortgage refinance demand drops further, despite homeowners sitting on $17 trillion in equity |
| Home prices have surged over 40% from pre-pandemic levels, but higher interest rates make refinancing costly. Refinance applications fell 2% last week, though demand is still 28% higher than a year ago. Homeowners held $17 trillion in equity by Q1 2024, gaining $1.5 trillion in a year. “Most borrowers have little incentive to refinance at current rates,” said Joel Kan, MBA economist. The average 30-year mortgage rate dropped slightly to 7.00%. Purchase mortgage applications rose 1% for the week but are 13% lower than last year. Mortgage rates stayed steady despite Federal Reserve Chair Jerome Powell’s testimony, but could change with new economic data. |
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| | A rematch for the ages as the USA Men's Eagles host Scotland, six years following their historic upset against the #6 ranked team. Be there as the USA look to repeat history in the nation's capital. |
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| | | Step Afrika! draws inspiration from Jacob Lawrence's Migration Series (currently exhibited at The Phillips Collection in DC) to portray the compelling journey of Black migrants from the rural South to the industrial North in the early 20th century. Using percussive dance, the award-winning company vividly interprets Lawrence's paintings with dynamic movements and dramatic flair. |
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| | | The second annual Home Rule Music Festival (which also has events on June 21-22) celebrates the rich music and cultural scene of DC. The fun continues this weekend in partnership with NoMa BID when the festival puts on a show at Alethia Tanner Park. |
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| Top 10 Hottest Housing Marketings in 2024 |
| The top 10 hottest housing markets are expected to be spread across the South, Northeast and Midwest this year, according to an analysis by real estate marketplace Zillow. But a 'hot' market isn't always great for would-be buyers... |
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| | | Zucchini, abundant in summer, shines in this creamy risotto. Arborio rice's starchy grains absorb broth slowly, creating a velvety texture. Grate the zucchini ahead for quick warming and added texture. It's a perfect dish to enjoy the flavors of summer squash. |
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| 7934 West Drive, Unit 501 |
| 4 BD 3.5 BA 3,721 SF $2,999,999 |
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| | | 16 Quincy Place Northeast |
| 4 BD 4 BA 2144 SF $1,199,000 |
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| | | 1468 Newton Street Northwest, Unit 1 |
| 3 BD 3 BA 1307 SF $699,000 |
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| 1109 Rhode Island Avenue Northwest |
| 5 BD 4 BA 3268 SF $1,475,000 |
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| | 5 BD 4 BA 4634 SF $1,110,000 |
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20-25% of our transactions are off-market. Ready to achieve your next real estate goal? |
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| | | Realtor® | Licensed in DC & FL julian.reynoldswilliams@compass.com |
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Office: 301-298-1001 Compass Real Estate is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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