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!
Check out this video on the latest real estate market statistics for DC.
A few highlights:
- Analysts believe demand has strengthened
- Inventory remains low
- Prices are up from last year, but still only pulling even with 2008 levels Continue reading
I have my policy research hat on this morning. An article in today’s WaPo reports increased numbers of school districts turning to a 4-day school week in response to shrinking budgets.
This quickly brings to mind a report released this week by expert scholars at the Urban Institute. In a series of essays, the experts attempt to answer the question:
How can solutions to our national and state budget crises fit the facts about children in the United States?
Some key quotes:
“The nation’s budget reflects the nation’s priorities. Ours makes it clear that children, investment, and, more generally, posterity rank low.” —Eugene Steuerle
“Today’s children will be tomorrow’s workers, replacing the baby boomers and their echo. An objective assessment of their prospects points to the conclusion that, without a significant investment in today’s children now, many of tomorrow’s workers will lack the skills needed to compete successfully in the increasingly competitive global economy.” — Robert Reischauer
“Unfortunately, the investment in the youngest children is probably far too low. Total public spending per child in elementary school is double that per child under age three, even though research suggests that spending on child development, health, and nutrition in these early years can cost-effectively prepare them for school and help avert later high public cost.” — Olivia Golden
They also discussed the issue in a forum on CSPAN yesterday.
So now speaking as a realtor, I ask: we have huge challenges in today’s housing market. If these kids represent future homeowners, and we are shortchanging them, what does this mean for our future real estate market, an important engine of our economy?