Discover how to interpret the current DC Metro Area real estate climate.
Putting a property on the market can be a daunting task, especially when you’re not sure what else is out there. It can also be nerve-wracking to put in an offer on a home when you don’t know what kinds of buyers with which you are competing. The easiest way to learn more about the current market is to find out if it’s trending toward buyers or sellers—but what do these terms mean exactly, and which one is the DC Metro Area currently?
A buyer’s market means:
Lots of homes on the market
A shortage of interested buyers
Lower real estate prices
Properties stay on the market longer
A seller’s market means:
Lots of interested buyers
A shortage of homes on the market
Higher prices because buyers are willing to pay more
Properties move quickly
As of November 2020, DC is considered a seller’s market. This means the area is currently very popular, with lots of interested buyers. However, there are not as many homes available, creating a higher demand. Much of this could be due to the COVID-19 pandemic, especially during the springtime stay-at-home order. Regardless of the reason, it remains an excellent time to sell your DC home, and many sellers have even been offering virtual open houses on Zoom or Facebook Live.
The DC Metro real estate market has been faring reasonably well since the summer, with more homes becoming available with every passing month. Homes in the area are typically selling for the listing price, and many of them receive multiple offers from interested buyers.
Tips for selling during a seller’s market:
Make sure your house is clean and well-maintained. A more attractive property will help increase buyer interest.
Set a fair price. With lots of buyers looking for homes, a reasonable price can be a big attention-grabber.
Carefully review all offers. You’ll want to make sure that the offers are being placed by serious buyers who are able to afford the property and that anyone who requires financing is already preapproved.
Tips for buying during a seller’s market:
Be quick! With lots of interested buyers on the lookout, you don’t want to hesitate when you’ve found a home you love.
Prepare your finances. If you require financing, make sure to get preapproved for a loan ahead of time. If you’re able, consider making a cash offer to boost your chances.
Step back if you get frustrated. With few homes up for sale and tons of buyer interest, you may face some setbacks and rejections. This can be disheartening, so don’t be afraid to take a break and wait for the market to cool down.
Interested in learning more about the DC Metro Area real estate market or DC Metro homes for sale? Contact Rebecca Weiner for more information.
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