DMV Housing Market Reality Show

The Spring market is here, and it is turning out to be a great time to be a homebuyer in the DMV. We have seen more opportunities to purchase a house or condo at a great price without competition from multiple buyers. Here are some examples:

• One of our first-time homebuyers was interested in a condo in DC, but it was out of her price range. It was originally listed at $849,000 but had dropped to $799,000. She and her realtor thought it was worth closer to $720,000 based on recent sales. They put in an offer of $700,000, and after some negotiation, she is now under contract for $705,000 on this gorgeous condo!

• Another client was looking for their move-up home in Montgomery County. They found a house that fit their needs, which was “Coming Soon.” They were able to tour the house a week before it officially hit the market and loved it. They were told that the seller would entertain an offer before the Open House, so they quickly put one together. However, the seller changed their mind and decided to wait to review offers until after the Open House. My clients were very disappointed and thought that there would now be multiple offers and that they would never get this house. But they did a pre-inspection and put in a strong offer; it turned out there was only one other offer, and they are now under contract and closing in three weeks!

These are just two examples of what we are experiencing with potential homeowners this Spring. So, don’t wait for interest rates to improve or the real estate market to change. Now is a great time to explore homebuying in the DMV. 

If you want to look at numbers and options, please contact us.