Market Update: What's happening in the DMV market right now?

Depending on what side of transaction you’re on and what type of property you’re selling this market is either a dream or a nightmare. There’s really no in between.

Inventory is at historic lows. People are sitting tight waiting to sell their homes until we get more clarity on when this pandemic is going to end. This has compounded already limited inventory. So has the decrease in new construction. The New York Times recently published a great analysis of what we’re seeing.

So what. does this mean in reality?

Inside the Beltway, we’re seeing single family homes sell in a matter of days with multiple offers. These offers often have no contingencies, meaning they are not dependent on financing being approved, an appraisal, or home inspection. These offers are also escalating well over asking price. For buyers in this market an experienced agent who can guide you through this process is critical at the moment.

If you’re selling a single family home, after you do all the preparations and figure out your pricing strategy, your home should sell quickly, likely over list price, and with few to no contingencies.

On the flip-side, if you’re selling a condo in the city, but especially downtown you can expect the opposite. Demand for condos is down. You should expect offers to have all of their contingencies and possibly come in under list price. If you’re a buyer and/or investment and are thinking long-term it’s a great time to buy since you’ll have a choice of properties and be able to craft an offer that works to your advantage.

If you are consider buying or selling a home right now, it’s important to work with a professional to make sure you fully understand the process, what your options are, and how to make sure you’re making decisions with the best information possible.

Have questions about your specific situation? Email Me!