It is HOT in Metro DC
Over the past few weeks I have had the opportunity to host Open Houses every weekend. Although the weather has been a bit frigid and of course the rain has presented its challenges, folks are coming out in droves. I'm not sure if it's because they have very little to do, but I suspect it is more because they want to see what is happening in the DC real estate market. I also know that the number of Buyers and Sellers will increase as we enter into the warmer months.
Suffice it to say, the market is HOT! Based on a recent article in Urban Turf, inventory continues to be low and "DC proper continues to buck the regional trend in one way or another, with median home prices dropping from $528,000 in January 2017 to $505,000 last month. However, unlike at other times last year, the drop in home prices in DC didn’t coincide with a bump in supply. There were 2.7 percent fewer new listings on the market at the end of January, leaving the overall inventory nearly 10 percent slimmer than it was a year prior."--Urban Turf (see the full article)
What does this mean for you? If you are considering Selling Your Home....it's a great time to get it on the market. If you are planning on Buying A Home....it's a great time to get your financing in order and engage your agent (rising interest rates are questionable). Either way, commit to getting your plan together and getting it done. As I always tell people and I truly believe; DC is the best market by far with some of the best clients to work with.
We know what we want and we know how to get it---but to get it you have to move towards it!