You probably heard that the Federal Housing Finance Agency (FHFA) recently issued new guidelines on response times for short sales.
Why is this significant?
According to Rick Davidson, CEO of Century 21, the new guidelines “are designed to assist inventory-constrained markets…by moving properties through the short sale process more efficiently.”
Short sales typically take several months to settle often with no guarantee during that time that the buyer’s offer will even be accepted. This can make short sale properties a less attractive option for buyers and leave the owner of a distressed property in limbo for months.
The new rules will hopefully make short sales a more viable option for both sellers and buyers – and in doing so, help bolster a continuing housing recovery!
Urban Turf reported yesterday that it’s a great time to sell in DC!
The evidence: prices are up, inventory is down, and a Redfin report from February showed over 42% of offers made since the beginning of the year faced some type of competition (i.e. multiple bids).
I’d concur the market is heating up, but I’d note not everything sells quickly.
Good prep and pricing are key!
Spaces should look appealing! Furniture should be thoughtfully arranged, some rooms freshly painted (the smell alone helps), and flowers placed on the front stoop. And careful pricing is critical – a well-priced property usually translates into traffic, which is essential to the sale.
I’d love to use my real estate and decorating skills to carefully prepare your property for sale and help you take advantage of this great market. Contact me today to schedule an initial consultation!
I just listed a spacious, stylish, 1 bedroom condo at 2939 Van Ness! Check out the You Tube video!
Nearly 800 square feet in which to live, work, and entertain. Stainless steel appliances, granite counters, hardwoods floors, and a beautiful tree-filled view! Not to mention two pools, a fitness room, and parking.
Contact me (202-905-5369) or Century 21 Redwood Realty (202-842-5111) for more information.
Check out this video for the latest DC real estate market stats. A few highlights:
– Pending sales up from this time last year
– Inventory remains very low
– Interest rates remain very low
My observations: lots of buyers, little inventory, and properties are really starting to move. Prices could start to go up with more demand than supply.
So it’s a great time to sell. And to buy as well with interest rates and prices still low. I’d love to help you take advantage. Contact me to set up an initial consultation!