Looking for a Real Estate Deal in Metro DC?
Occasionally, OK frequently I am asked to find my clients a “good real estate deal” in DC. At our weekly Broker’s meeting a colleague shared that he recently received the same request. After hearing what his client was looking for, agents in the meeting looked at each other as confirmation that what his client was asking for just did not exist. Later I went to lunch with a friend and shared that “a good real estate deal” was a regular request. My lunch partner’s response, “getting your offer accepted in DC is the “good real estate deal”. Now that might be a bit extreme but there is some truth to it.
With limited inventory and the fact that this is a Seller’s market, Buyers should be prepared to pay fair market value or more in every neighborhood. If the home is below market, there is a reason and Buyers should explore further. Perhaps the home needs minor or major repairs, the Owner may need to move out of the area, it may be a short sale or estate sale. Buyers do your due diligence in any case and understand that “a good real estate deal” may come with strings, including but not limited to additional financial investment or an extended settlement period.
I’d like to offer a different perspective as well. When talking to your real estate agent, clearly define what “a good real estate deal” means to you. Are you trying to get something cheap? Are you wanting a home that needs limited renovation at a price within your budget? Are you looking for a property where you have the option of renting without limitation? Clarity will help your agent deliver what may be “a good real estate deal” to you. Remember your interpretation of “a good real estate deal” may not be the same as someone else.
Finally, if you are looking for “a good real estate deal”, be prepared to expand your geographic, demographic and psychographic wish list. Be patient and check your expectations. “A good real estate deal” is being sought by others and in a Seller’s market may not match your terms and expectations.
From my perspective, investing in real estate in DC is “a good real estate deal”. The city continues to grow and every neighborhood has exceptional real estate opportunities. With proper planning and working with your real estate agent, you will be able to discover opportunities you have not imagined.
If you are a Real Estate Agent, Buyer or Seller, please share your experience or definition of a “good real estate deal” with me and my followers on social media @ShawSellsDC
Cheryl Shaw is a Real Estate Broker with GreenLine Real Estate in Washington DC and focuses on helping first time Buyers, Sellers and Investors. She can be reached at ShawSellsDC@gmail.com