Residential Real Estate Market Strong in DC

The residential real estate market in DC has remained strong even though the real estate market has been tough nationwide. In the Washington D.C. area home sales numbers are up 6.4 percent in August compare to August of last year. However, the price value of homes sales are down 57 percent from 2005 reflecting the low inventory of properties for sales.

“We are seeing a tremendous shortage of inventory, which is something a lot of people didn’t foresee at all at this time in the housing market,” says Donna Evers, President and Broker at Evers & Co. Real Estate. “This incredible shortage in product results in pushing prices upward and creating competitive, multiple bidding situations for buyers in popular Washington, D.C. metropolitan area neighborhoods.”

Sellers should seek expert advice before getting their home ready for market. Getting a home ready for market is as easy as replacing old laminate kitchen countertops to granite countertops. Other improvement include, refinishing floors, updating the bathrooms, and more. However, an expert will help you determine what needs to be updated and what doesn’t.

Homeonwers installing new granite countertops in DC, are more likely to see an increase in interest from the buyers. Evers said it’s common for properties in Washington D.C., Northern Virginia and Montgomery County Md. to receive multiple offers if the homes are priced correctly and show well.

The record-low interest rates creates a huge opportunity for buyers to buy right now. Buyers needs to understand the benefits of borrowing at four percent interest and eight percent.

“For most buyers, eighty percent of what you buy when purchasing a property is borrowed money, which is most of the purchase price, and has to be a very big factor when you are contemplating whether or not you want to buy now,” says Evers. “While sales prices are starting to rise, they haven’t risen to their zenith and with such low rates, now is the time to buy and people shouldn’t wait.”