Is the tide really turning for DC real estate ? The Post is saying:
All of which suggests that the 18-month market correction that followed the four-year housing boom has just about run its course. From a national statistical perspective, we’re somewhere near slack tide—but no one’s looking for another frothy high tide anytime soon.
The combined factors of low interest rates, high inventory lead to a fairly robust buyers market, and as we go into spring, I’m curious to see what happens to the market. I’ve witnesses prices on several properties coming down up to $150K for some really desperate sellers. I’d hate to be the one holding that bag.
Jan 8, 09:01 am
FANTASTIC! Well said and so true! As a local REALTOR, to utilize these principles with our seller/buyer clients has been a challenge. For sellers, the emotional connection with their homes has truly been in part the limiting factor in repositioning prices in order to get them to sell. Not just a small price adjustment, but one needed to stand apart from the competition. Even though we are beginning to see more showings, sign calls from prospective buyers, email inquiries etc., the number of homes still for sale or not selling, will require further price adjustments before all is said and done. Until the number of homes leaving our market by contract out numbers the homes coming on the market, we will need to advise our sellers to utilize these pricing strategies to be the “next home to sell”. Yes, for buyers, do it NOW! Be the only one on the table while you can. I agree wholeheartedly with buying for the “best price” and being reasonable in your negotiations. It has been tough times for all, but their seems to be a slight hint of an active Spring, and not just in our weather.