DC Real Estate Market: A Quick Update for August

• September 21st 2009

by Will Smith

Donna Evers, president of Evers & Co. Real Estate, pens a brief monthly report on the state of the housing market in the Washington, DC area. Below is the latest installment for August.

In her monthly Washington, DC, housing market update, Donna Evers, president and broker of the largest woman-owned and- operated residential real estate firm in the Washington Metro area, found positive news in the August numbers for the close-in DC housing market for the third month in a row.

Evers highlighted that August was the third month in 2009 that the dollar volume of sales was better than the same period in 2008, signaling a strong indication of market recovery. Inventory is the second big factor in measuring the marketplace, and since April 2009, the month’s supply has averaged a healthy four months, wavering only tenths of a percent. While there has been a 13.5 percent decline in prices so far this year, the lower prices have contributed to an increase in sales and will help improve the market.

“The price decline has actually helped spur the increase in sales and reduced inventory,” said Evers. “Luckily for people looking to buy, interest rates are historically low and banks are beginning to offer more products at very attractive rates.”

Here are 5 tips for fall homebuyers:

• Don’t Wait: In order to take advantage of the first-time homebuyers’ $8,000 tax credit, qualified buyers need to close on a property before Nov. 30.
• Take Advantage: The low interest rates available now mean paying less for a property over time and should be a major consideration in a home’s price.
• Compare & Contrast: Comparing a home’s asking price to other similar, recently sold properties in the neighborhood is key in determining a good deal. Contract your local real estate expert for an analysis.
• Know Priorities: Have a list of desired criteria in a home and do not get sidetracked from focusing on those priorities.
• Ask an Expert: Realtors are a valuable tool throughout the homebuying process, not only to navigate the complexity of home ownership, but because they can advise objectively. Find someone you trust.

* Statistics are taken from the Metropolitan Information System for three areas: Washington, D.C., Montgomery Country, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.

This article originally published at https://dc.urbanturf.com/articles/blog/dc_real_estate_market_a_quick_update_for_august/1335.