In-Person or Virtual, The DC Housing Market is Moving

by Nena Perry-Brown

The one-bedroom Capitol Hill home that went under contract in 24 hours.

Data in April suggested that the pandemic has tipped the DC-area housing market more in favor of home sellers — and according to realtors, this isn't a fluke.

Compass' Maureen Weaver recently listed a home in Chevy Chase DC, and over the course of two days, the home was shown almost 40 times.

"I scheduled appointments every 15 minutes so I could get as many buyers through the house on Saturday and Sunday while my clients were away," Weaver told UrbanTurf. 

Along with pacing the tours out, Weaver sat outside to make sure anyone entering the house had on a mask and gloves, was in the home alone, and adhered to the 15-minute schedule.

The result? "It received 8 offers, and it escalated far above the list price."

A house UrbanTurf recently featured is another example of the climate of competition in certain sectors of the market. Sherri Anne Green of Coldwell Banker said that the one-bedroom rowhouse she listed in Hill East was under contract in 24 hours after receiving multiple offers, the quickest sale she has ever made.

"[Homes] that were attractive prior to corona are just as much, or more, attractive to people now, so things just really seem to still be moving," Green explained. 

Home prices and supply in the DC area.

The new condo market may not be experiencing the same level of competition, but buyer interest remains high.

"Our conversion rate for 2020, the number of sales per in-person visit, has increased 30% in April," McWilliams|Ballard founder and president Chris Ballard shared with UrbanTurf. "While visits to each of our communities is lower, with the utilization of virtual tours, virtual appointments via Zoom and FaceTime, we have found that buyers who make an in-person visits are now much more likely to make an immediate buying decision."

President of Urban Pace Clint Mann said that although sales fell in April, low mortgage interest rates continue to motivate sellers. People buying new condos now can take comfort in being able to close once the property delivers, and there is less of an expectation to see anything in-person.

"In the last few weeks, we have started to sell to people completely virtually," Mann explains. "Consumers are reaching out to us over the phone or internet, having video sales appointments, touring models virtually and signing contracts via Docusign."

This article originally published at https://dc.urbanturf.com/articles/blog/in-person-or-virtual-a-look-at-what-is-keeping-the-market-moving/16840

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Northern Virginia

Profiles of 14 neighborhoods across Northern Virginia

Looking to Give People A Reason to Stay Past 6pm
Happily Straddling the Line Between City and Suburb
Columbia Pike
Arlington’s Neglected Stepchild is Getting a Makeover
Crystal City
Turning Lemons into Lemonade
Lyon Village
Developing An Air of Exclusivity?
Hitting Its Growth Spurt
An Urban Village Hitting Its Stride
Del Ray
Virginia’s Small Town Near the Big City
Eisenhower Avenue
The Vibrancy Might Take a Few Years
The Quiet Neighborhood By the Beltway
Old Town
Mayberry By The Potomac
132 Commerical-Free Acres
Downtown Falls Church
Staying the Same in the Midst of Change
Tysons Corner
Radical Change Could Be On The Way

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Small-Town Living in the State Capital
Bedroom Community Gets Buzzing Cache
Cabin John
In With The New While Maintaining the Old
Chevy Chase
Affluence, Green Lawns and Pricey Homes
Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
A Suburb on Steroids
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
Takoma Park
More Than a Little Bit Quirky
A Foodie Magnet on the Verge of Change
Capitol Heights
Kudzu, Front Porches and Crime
Glass Half Full or Half Empty?
Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
National Harbor
A Development Rises Next to the Potomac
Riverdale Park
A Town Looking For Its Identity

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DC's Sleeper Neighborhood
Where (Almost) Everyone Knows Your Name
AU Park
One of DC’s Last Frontiers Before the Suburbs
DC’s Northern Neighborhood on the Cusp
DC’s 535 House Neighborhood
Cathedral Heights
Do You Know Where That Is?
Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
Cleveland Park
Coming Back After A Rough Year
Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
An Island of Serenity East of the Park
Dupont Circle
The Best of DC (For a Price)
Foggy Bottom & West End
Where the Institutional Meets the International
Forest Hills
Ambassadors and Adventurous Architecture
Foxhall Village
350 Homes Just West of Georgetown
Friendship Heights
A Shopping Mecca With a Few Places to Live
History, Hoyas and H&M
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
A Posh View From Embassy Row
LeDroit Park
A Quiet Enclave in the Middle of the City
Logan Circle
Trendy Now, But Not By Accident
Mount Pleasant
Sought-After Homes Surround Main Street in Transition
Mount Vernon Triangle
From Seedy to Sought-After
The Long, Skinny Neighborhood at the City’s Northwest Edge
Park View
It’s Not Petworth
Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
Getting a Vibrancy of Its Own
The Duke’s Former Stomping Ground
Shepherd Park
DC’s Garden of Diversity
Spring Valley
A Suburb With a DC Zip Code
Not To Be Confused With Takoma Park
Not Quite Like Its Neighbors
U Street Corridor
The Difference a Decade Makes
Woodley Park
Deceptively Residential
Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents

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Southwest DC

The little quadrant that could

Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come

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Profiles of 10 neighborhoods in NE

New Development Could Shake Up Pastoral Peace
A Little Bit of Country Just Inside the District’s Borders
Not to Be Confused With Bloomingdale
Fort Totten
Five Years Could Make a Big Difference
H Street
A Place To Party, and To Settle Down
The Northeast Neighborhood That Few Know About
Michigan Park
A Newsletter-On-Your-Doorstep Community
Evolving from a Brand to a Neighborhood
Ripe for Investment Right About Now
The Difference 5 Years Makes
Big Houses, A Dusty Commercial Strip and Potential

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Hill East
Capitol Hill’s Lesser Known Neighbor
Congress Heights
Gradually Rising
Notable for Its Neighborliness
Historic Anacostia
Future Promise Breeds Cautious Optimism
Eastern Market
A More European Way of Living

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