Homeowners in Washington, D.C. should be aware: the downtown real estate market in the Spring of 2012 has been transitioning from the buyer’s market of the past 3 years to a seller’s dream.
Homes listed for sale in good condition in desirable neighborhoods are seeing the effects of an improved local economy, reduced unemployment, adjusted housing prices and sub 4% interest rates – a steady stream of open house visitors, multiple offers, competitive bidding and contingency clauses.
Increased demand has shown that the active inventory of homes on the market in D.C. in March, 2012 was down more than 25 percent from March of the prior year. And, as an active downtown real estate brokerage that is out on the D.C. streets every day, we’re seeing the reality of the improved market as well.
UrbanLand Case Study – 1163 Abbey Place, NE – Our team took on the listing of this large 4 bedroom townhome with in-law suite right in the H Street corridor. During the initial property and market analysis, we concluded that the maximum price for this NOMA Metro and Harris Teeter-convenient row home could be obtained if the home underwent certain smart renovations in order to prep it for sale.
Our agents acted as full service renovation consultants during the whole process, coordinating a complete new kitchen, updated plumbing, bath updates, new exterior and interior paint, yard touchups and the home was fully emptied and staged from our inventory of upscale contemporary furniture.
The hard work and careful attention paid during the renovation process paid off for our seller. A Spring improvement in the real estate market allowed us to list the home for $40,000 higher than initially projected, with full price offers and a full price contract ratified within the first week of listing, with a happy buyer taking possession shortly thereafter.
If you’re a D.C. homeowner of a property that is in good condition and relatively close to Metro, you should seriously consider listing your home on the market this Spring or Summer. The current state of real estate supply and demand has again created a seller’s market for the first time in years.
Plus, you can still sell your current home and stay in Washington, D.C. With available super low mortgage rates and home prices still adjusted, now can be the time to move up to a larger, newer or better located condominium or downtown home. Even if you feel that you “bought high” or only have 3 – 5 years of equity, the state of the current market is a great time for you to start out with a clean slate. A small increase in monthly mortgage can get you a whole lot more home for your money, when you factor in the current sub 4% rates available from D.C. lenders.
UrbanLand Company is an active downtown D.C. real estate brokerage helping buyers and sellers connect all over the city. Whether you’re seeking a new condo, resale downtown home, investment property or land/vacant lots for building, they can help. Call 202.299.9223 or email firstname.lastname@example.org for assistance.