DC market getting tighter
Many real estate agents in the District thought they would never see the heady and lively days of the pre-recession housing market again. Those were days when home prices seemed to have no ceiling, and many properties would receive multiple offers just days after showing up on the market. However, in what may be good news for both real estate agents and people who want to buy one of the homes for sale in Washington, DC, the strong, upward-trending market appears to be back.
Demand in and around the nation's capital is at a level that hasn't been seen since the early 2000s and many agents are finding that the properties they list are there and gone in the blink of an eye.
In an article for the Huffington Post, real estate industry expert Melissa Terzis writes that she and her colleagues are nearly aghast at the activity and demand in the region. In fact, the level of inquiries she receives and qualified buyers she meets with is leaving her wondering if the supply can keep up.
And she's not the only one. Experts around the city are facing so many motivated buyers spurred on by the city's attractive amenities and soaring property values, that there seems no way for the housing stock to keep up.
This is compounded by two factors: those keeping their properties because home value acceleration shows no sign of slowing and those looking to buy for the investment alone.
The first of these - sellers holding on to properties - makes sense in a strengthening market. While low values led them to hold onto their properties during the turbulent years of the recession, the increasing value is currently leading them to either wait for the perfect offer or use their unit as a rental property. Those looking for one of the houses for sale in Washington, DC, may want to take notice of this and make a strong offer soon if they see a property they like.
On the other hand, motivated buyers - often willing and able to make a cash offer, according to Terzis - are heartened by the improving market and considering buying an investment property. With the DC rental market at the boiling point, buying a house to rent out is an increasingly attractive option.
Between these two factors, people looking for their dream home in the District may want to accelerate their searches and make strong offers in the near future.