It may be cold outside, but all signs seem to indicate that the downtown DC real estate market is starting to warm up again for sellers.
For the past year, the market’s adjusted home prices and low interest rates have had smart, savvy buyers feasting on deals throughout the city. This has made many homeowners wary about listing their homes for fear of low ball offers and unrealistic expectations from buyers about price concessions.
As an urban real estate brokerage that is out on the streets daily, UrbanLand Company has been seeing indicators that this situation is ending, and if you’re a property owner in DC, now may be the time to test the market again. Here's why.
There is less new condo inventory on the market. Small private developers are active again, starting to list new, boutique buildings. Building shells and depressed properties were purchased by smart investors, and renovations and new construction is now nearing completion for a small amount of luxury, price-adjusted condos for sale. There is buyer competition again for these new condo units, most of which are in smaller NE and NW neighborhoods.
Buyers looking to take advantage of low interest rates are looking in the resale market. Record low interest rates are causing buyers who are ready to purchase to explore the resale markets throughout the city. Most of our inquiries and phone calls from buyers needing help this year have been primarily in the resale market, where buyers can now find deals in the neighborhoods they’ve always wanted to live in. A lot of our buyers are simply not excited about the new condo and new home choices available.
Moving out and moving up. For the last few months, UrbanLand Company has been fielding a lot of inquiries from homeowners who purchased a home during the real estate bubble. Happy homeownership is tied to so many different emotions, and we’ve had a lot of action from owners who have gotten over the initial shock of seeing a drop in property value or equity and are now looking to get a fresh start. For the first time in five years, sellers can put their property on the market and write contingent offers on a new property that are tied to the sale of their current homes.
This article originally published at http://dc.urbanturf.com/articles/blog/sponsored_2012_the_time_for_dc_homeowners_to_test_the_market/5164
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