We Buy Houses!

Except in a few states, it is not mandatory to hire a real estate lawyer when purchasing a home. Normally, both the buyer and seller are represented by their own real estate agents, and it is the agent’s responsibility to negotiate with the other party, take care of contracts and paperwork, and schedule showings, inspections, and closing dates.

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The average sales price of a home sold in August was $532,992, an increase of almost 7% from a year earlier. 566 homes were sold in the District in August, a 4% increase from last August. Those homes took on average 70 days to sell – this is an increase of almost 23%. Based on 586 homes being sold in July there is a 3.5 month supply of homes. This means that if buyers continued to buy at the same pace as they did in July each month going forward and there were no new homes placed on the market for sale, the supply of houses for sale would run out in 3.5 months. Sellers are getting on average 94% of what they list their home for. So if the seller listed their home for $100,000 they would, on average, end up selling it for $94,000. The District currently has 2,055 homes for sale. This number has decreased about 19% from a year ago, while the number of homes that came on the market in August – 653 – decreased by over 14%. The number of new contracts that buyers placed on homes for sale increased from 506 to 564 – that’s over 11% from a year ago. This is an indication that buyer activity has increased from a year ago. This could be a combination of lower interest rates –which are currently at an all time low – coupled with buyer’s perception that we are at the bottom of the pricing cycle and prices will likely increase. All of the above factors indicate a very healthy real estate market in DC. If you have any questions about this information or selling your DC house fast please contact us at the number above.

All of the above factors indicate a very healthy real estate market in Washington, D.C. If you have any questions about this information or selling your house fast please give us a call.