WaPo did a great piece last Saturday on buyers’ experiences of the DC market. Buyers find there are few good options and the good options are very competitive.
To get a property you have to be aggressive, strategic, and quick. You might ask then, will I pay too much?
The mismatch between supply and demand does seem to be resulting in an increase in prices. Urban Turf reported today that area home prices in April were 11.2% higher than one year ago.
With prices going up, you probably will pay more than buyers did last year. However, if the upward trend continues, you’ll pay less than buyers will in the future. Bottom line, with interest rates still so low, I think it’s still a great time to buy.
For sellers, times are good: lots of buyers, low inventory, and property values on the rise. Yet, don’t forget – it’s pretty and well-priced properties that sell.
If you are looking to buy or sell, I’d love to assist you. Contact me today for an initial consultation!