DC Real Estate Market Update August 2019
It is still a Seller’s market in Metro DC. The trend of limited inventory and the limited number of days on the market continue to make it a challenge for Buyer’s to have a variety of homes to choose from and have considerable time to think about their purchase. We are still seeing multiple offers on properties in high demand areas at very competitive price points. However, we are also seeing some properties sit on the market for a while that were not priced correctly and ultimately will require price reductions.
Advice for Sellers
This is your time to list your property. You are still in the driver’s seat as long as you properly prepare your property for sell and price your property based on comparable sales in your area. Here are a few tips:
Do not get greedy or your property will sit on the market. Buyers are just not that desperate.
Be sure to factor in repairs and staging expenses.
Remember you get what you pay for when hiring a real estate agent to represent you. Someone who knows your neighborhood, knows the market and has time to provide you and your home the attention it needs to show well will limit the amount of time and the price you ultimately receive in this market.
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Advice for Buyers
Be sure to get pre-approved for your mortgage before you begin to shop for your home.
Be realistic about what you will pay. Properties are still going at list price or above. Low ball offers do not work in this market.
Be flexible on where you want to live and what you require in your home.
There are still homes that need a little bit of work and it is very worthwhile to buy at or slightly below your budget knowing you might have some minor renovations or repairs.
Hire a real estate agent before you start shopping for a home. Your agent will be able to advise you in your search, disclose properties that are not yet on the market and help with submitting a competitive offer in time to meet strict deadlines.
Sign up to get a list of new listing alerts. Being the first to see the property definitely puts you in the best position to make an offer.