Is it still a buyer’s market today in Washington DC?
As experts in the Washington DC real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
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First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while other areas are a bit slower..
Buyers are often looking for the same thing – good neighborhoods, access to transportation (especially homes located near metros), shopping, good schools, close to work, etc. Properties that deliver all these conditions are definitely a hot commodity and sellers with a highly desirable property are in control of the market.
Investment properties are in demand. The massive amounts of foreign cash flooding into the US to invest in real estate has impacted the Washington DC area in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are still being strict, requiring money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans denied right before closing escrow, although it’s getting better than it was just a couple of years ago as credit standards have begun loosening again.
In general, the markets remain strong.
Deciding on whether to sell? We Can Help.
There’s a lot of shakeup in the US economy still taking place and the markets are moving fast in lots of directions at once.
We’re investing in the Washington DC area because we believe in the community and the people here.
If you need to sell a property near Washington DC, we can help you. We buy properties like yours from people who need to sell fast.