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Premium NW DC Zip Codes Shifting Slightly to Favor Buyers

Premium NW DC Zip Codes Shifting Slightly to Favor Buyers

The DC area real estate market is going through its normal Spring outburst of new listings and activity. You’d be surprised to know that multiple DC area zip codes are slanting slightly in favor of the homebuyer. Even areas known for high-value real estate in & around DC have been shifting slightly in favor of the homebuyer.  Brand-name zip codes like NW DC’s 20007, covering Georgetown, Foxhall, Glover Park and Massachusetts Avenue Heights, are in the top 5 along with zip codes covering Petworth, Chevy Chase and southern Bethesda. Georgetown’s zip code shows over 19% of listings getting a price cut along with final sale prices down just over 3.5% from list.

Forty five percent of the zip codes in the DC area market are showing homes for sale with at least price cut during their listing, the monthly median days on the market is increasing, and the gap between the list price and final sale price for homes sold is expanding. Here’s the Top 5 making the list.

Premium NW DC Zip Codes Shifting Slightly to Favor Buyers

“These are normal fluctuations at the submarket and zip code level, and a variety of factors contribute to the slight shift,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “Potential sellers should not worry — the solution is to ask all the tough questions when they are interviewing real estate agents. The setting of listing price and expectations is just as important as listing marketing & listing exposure when you’re trying to sell your home in this market. Call us at 202.759.4114 if you want guidance or advice.”

“The challenges in Georgetown for agents is pretty clear. Let me share some of my experience representing sellers and developers on over 1,000 homes sales in DC.” said Gerard. “You can look at most Georgetown streets and see right away that every home is different and unique. Many of these addresses had extensive renovations, updates or additional square footage added by affluent owners during the lifecycle of ownership. It makes running comps & setting pricing a challenge for the agent, and makes it hard for incoming buyers to know what to expect as they shop. You don’t see this as much in other NW neighborhoods like Petworth, where you have streets & streets of the same rowhome structurally within a tight price range.”

What’s one solution to the challenges in premium zip codes? “We always recommend allowing more time to market and sell your home, and an open house and listing exposure schedule that makes the property accessible & convenient for premium homeshoppers,” commented DiRuggiero. “If your home has been priced carefulYou’d be surprised how many premium buyers will come through your property when you plug into our Seller Services guidance and representation.”

Text/call 202.759.4114 for our Seller Services.

If you’re a local Realtor looking to expand your business and grow your volume, just text/call 202.517.6950 for an introduction to UrbanLand Company.

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