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

  • May 15th 2020

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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