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The Return of Concessions and an Abundance of Options: DC Shows Glints of Being Buyer-Friendly

by Nena Perry-Brown

A home that sold in Trinidad earlier this year.

While the housing market in DC proper continues to see home prices set records, signs are emerging that seem to point to a market tipping in favor of buyers.

Timur Loynab of McWilliams|Ballard's CondoNest division works on both the new and resale sides of the condo market and has noticed that, particularly with the influx of supply after Labor Day, the market has become more segmented. 

"Units that were attractively priced and presented really well, they moved quickly," Loynab explained. "Everything else simply sat on the market and took longer to sell. That feeding frenzy that was commonplace in the market even a year ago seems to be dissipating."

Loynab pointed out that buyers are not feeling the same pressure which compelled a market full of multiple offers and waived contingencies.

"There is less of a need on the part of buyers to strip their offers of the standard protections," he continued. "When [a buyer] revisits a listing two weeks later and still sees it active, there is less of a sense of urgency to act." 

Marian Marsten Rosaaen of Compass has also seen segmentation in the market as the year has progressed.

"Earlier this year, in Penn Quarter/Chinatown/Mount Vernon Square, condominiums that would receive multiple offers almost immediately, are now seeing one or two offers, after having been on the market for two weeks or more," Rosaaen told UrbanTurf. "As a result, and depending on the neighborhood, sellers and agents are adjusting expectations due to buyer behavior, depending on price point and neighborhood."

Statistically speaking, however, market experts are more skeptical of a pendulum swing in the DC  market, particularly because, despite an increase in supply, prices have continued to increase. 

"You are seeing a modest increase in the active listings, but to say that it is a buyer's market might be a bit overstated," Chris Finnegan of Bright MLS told UrbanTurf.

Finnegan noted that the majority of the increase in listings is coming from new development, and this new product coming online is unlikely to lead to a drop in prices.

"If you're talking about the Wharf or down by Nats Park or other parts of town, the supply that is offered up as a result of the new development doesn't necessarily mean that prices will dip because there's premium pricing that's associated with new development."

Overall, however, Finnegan agrees that there are deals to be had on the market and, like many realtors that UrbanTurf spoke to, agrees that it will take a few more cycles of data before anyone can comfortably draw conclusions.

"At the end of the fall, we'll be in a better position to determine whether this is just kind of an anomaly, or it's a coming trend," Loynab explained. "If we continue to see, market cycle after market cycle, this dynamic of more inventory than we had in previous cycles, and it takes us longer to move that inventory, then I think it will only embolden buyers."

This article originally published at https://dc.urbanturf.com/articles/blog/the-return-of-concessions-and-abundance-of-options-dc-shows-glints-of-being/16089

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Northern Virginia

Profiles of 14 neighborhoods across Northern Virginia

Ballston
Looking to Give People A Reason to Stay Past 6pm
Clarendon
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?
Rosslyn
Hitting Its Growth Spurt
Shirlington
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
Huntington
The Quiet Neighborhood By the Beltway
Old Town
Mayberry By The Potomac
Parkfairfax
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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Maryland

Profiles of 14 neighborhoods in suburban Maryland

Annapolis
Small-Town Living in the State Capital
Bethesda
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
Potomac
A Suburb on Steroids
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
Takoma Park
More Than a Little Bit Quirky
Wheaton
A Foodie Magnet on the Verge of Change
Capitol Heights
Kudzu, Front Porches and Crime
Hyattsville
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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Northwest DC

30+ neighborhood profiles for the city's biggest quadrant

16th Street Heights
DC's Sleeper Neighborhood
Bloomingdale
Where (Almost) Everyone Knows Your Name
AU Park
One of DC’s Last Frontiers Before the Suburbs
Brightwood
DC’s Northern Neighborhood on the Cusp
Burleith
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?
Crestwood
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
Georgetown
History, Hoyas and H&M
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
Kalorama
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
Palisades
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
Petworth
Getting a Vibrancy of Its Own
Shaw
The Duke’s Former Stomping Ground
Shepherd Park
DC’s Garden of Diversity
Spring Valley
A Suburb With a DC Zip Code
Takoma
Not To Be Confused With Takoma Park
Tenleytown
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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Northeast DC

Profiles of 10 neighborhoods in NE

Brookland
New Development Could Shake Up Pastoral Peace
Deanwood
A Little Bit of Country Just Inside the District’s Borders
Eckington
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
Langdon
The Northeast Neighborhood That Few Know About
Michigan Park
A Newsletter-On-Your-Doorstep Community
NoMa
Evolving from a Brand to a Neighborhood
Rosedale
Ripe for Investment Right About Now
Trinidad
The Difference 5 Years Makes
Woodridge
Big Houses, A Dusty Commercial Strip and Potential

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Southeast DC

6 neighborhoods from Capitol Hill to East of the River

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

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