One of the major benefits of having an agent on your side is having access to their
market insights that go beyond the activity reports. Things like prepping your house
for sale, structuring an offer effectively and properly, or developing a pre-market
strategy can often make all the difference in ensuring a successful experience. Both
working with buyers and sellers on a daily basis but also staying current with the
different factions of our industry like banking and title, amongst others, should allow
your agent to keep you well informed on all these matters.
With that said, some helpful insights from the "field" that come have up recently:
- Different Loan Products: Mortgage lenders are starting to see loan products
like 7 year ARM's (adjustable rate mortgages) come back into play for certain
buyers who have a specific timeline or strategy in mind. - Buying Strategy: Things like pre-inspections are a common fixture in many
competitive scenarios, and contract strategies like increased EMD (earnest
money deposit) amounts and unique timelines are being used more commonly.
After 4+ years in a competitive environment, the field is getting savier. - Buyer Preferences: Homes that are move-in ready with light cosmetic
enhancements seem to be favored. More to that point, buyers appear more
inclined to move in to something that might need improvements over time,
rather than a home needing immediate repairs or major renovations. Projects
are a bit of a tougher sell. - Dealing with Certainty vs. Uncertainty: Many sellers who originally planned
for a late summer or fall relocation are moving up their timeline to work with
the current conditions. - Open Houses: Open houses have been very active lately with potential or
active buyers seeing what the market has to offer. - Inward Relocation: Lots of sellers and buyers right now are relocating closer to the city from the suburbs, or from even further out. Downsizing and return-to-
work orders are contributing, but also lifestyle and home preference, amongst other unique factors. - Preparation Wins: Luck still seems to favor the prepared. Even with some new
listing activity in some areas, inventory still remains at lower levels and buyers
who have their strategy in place tend to have an advantage.
DC Metro Area Monthly Market Update
A jump in new listings was accompanied by increased buyer activity in March. The
trend held true for pretty much all parts of the region and also home types, though
condos saw a slight dip in new pending sales. Value continues to hold strong with a
about a 4.5% increase in median sale price both compared to last year and the
previous month. With more inventory, the buyers seem to follow.
Click below for the full report.
DC Metro Area March Full Report
Monthly Regional Market Data Reports
Comprehensive reports available available upon direct request or by signing up
If you or someone you know has any real estate questions or would like to have a
private conversation about listing your home for sale or the buying process, reach
out directly anytime for assistance.
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