John Akhavan Real Estate Agent

John Akhavan

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Mortgage Rates Remain at Record Lows, Purchase Demand Shoots Back Up

By UrbanTurfStaff - June 25, 2020
Mortgage rates remained at all-time record lows for the second week in a row and homebuyers are taking full advantage. On Thursday, Freddie Mac reported 3.13 percent with an average 0.8 point as the average for a 30-year mortgage, the same rate as the record low set last week. “After the Great Recession, it took more than ten years for purchase demand to rebound to pre-recession levels, but i
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DC Home Prices Shatter Record in May As Housing Market Rebounds From COVID-19

By UrbanTurf Staff - June 11, 2020
DC home prices shattered their all-time record in May as the regional housing market continued its roller coaster ride as a result of the effects of COVID-19. The median home price in DC came in at $660,000, a whopping $25,000 higher than the previous record for the city of $635,000 set last December. The median price for the DC area hit $500,000, just below the record high for the region. In Ale
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The 3 Charts That Show How the DC Housing Market is Rebounding

By UrbanTurf Staff - June 05, 2020
In the wake of COVID-19, home sales fell in every DC-area jurisdiction in April, dropping 20% for the region year-over-year and as much as 25-30% in Arlington and DC proper. The number of homes to go under contract dropped even more acutely, falling by the largest amount in a decade. However, the market has been bouncing back in recent weeks. Below, UrbanTurf highlights three charts that illustr
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Mortgage rates fall to new record low — here’s why some loan applicants won’t be offered them

By Jacob Passy - MarketWatch - May 01, 2020
The low interest rate environment isn’t expected to bring much of a boost to the housing market, which is struggling as a result of the economic downturn caused by the coronavirus pandemic. Mortgage rates have dropped to another record low as the coronavirus pandemic continues. Getty Images Mortgage rates have dipped to a record low for the second time in as many months amid the global coronav
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The COVID-19 Effect - 2019-2020 Market Comparison

By John Akhavan - April 19, 2020
In the first two weeks of April, we have seen a drop in new listings compared to 2019 and to earlier in 2020. Compared to the same time last year, more than 50% fewer new listings hit the market across the DMV. After a strong start to March, new Under Contract listings have started to drop steadily in April and are down around 40% compared to this time last year. In the DMV, closed
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DC-Area Housing Market Sees Beginning of Corona Effect in March

By UrbanTurf Staff - April 13, 2020
The regional housing market kept up its hot start to the year in March until the effects of the coronavirus started to materialize. The latest housing report from Bright MLS reveals a market that started out strong in March and then began to slow down in the middle of the month. While regional home prices saw a 10-year high for the month and homes were selling on median in just over a week, the
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Information on CARES Act

By John Akhavan - April 02, 2020
As we're all dealing with the effects of COVID-19 on our lives, I want to share encouraging news: the government has approved the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you. This sweeping legislation is unprecedented in the history of our nation and provides significant economic as
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Why is Real Estate So Expensive In The DC Area?

By Ally Schweitzer - March 03, 2020
There sure are a lot of "luxury" homes in the Washington area these days. "Premium" amenities. "Elegant" finishes. Marble and stainless steel everything. They're among the many high-end features found in newly constructed apartments in hot neighborhoods like The Wharf and Navy Yard. And it's easy to think these fancy extras are the reason rents have gotten so high. But that's not exactly right.
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New Luxury Condos in Rosslyn - The Pierce

By John Akhavan - February 01, 2020
Exclusive Brokers Preview On Thursday January 30th, a select group of Realtors were able to get a first glimpse of the newest luxury development in Rosslyn, Pierce. Slated for delivery in 2021, Pierce will be a 26-story condominium with 104 residences that will have floor-to-ceiling windows and views of the Potomac and the D.C. skyline. It will be one of 3 buildings in a larger project called H
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