The DC real estate market offers a very favorable environment for home sellers. Data provided by Bright MLS shows that the active supply of homes in Washington, D.C. in December of 2020 was 5,489. This number was the lowest level for the region in a decade. However, while supply is down, many industry forecasters are expecting an approximate 12 percent growth in existing home sales. Historically low mortgage rates, coupled with first-time homebuyers and move-up buyers, are driving the market.
What does this mean for home sellers and buyers? For sellers, escalation clauses and waiving inspections are becoming common practices. Buyers are in fierce competition as listings become available. As a result, some buyers are turning to new home construction.
With my experience and expertise, even amidst a highly competitive market, I can find you the home of your dreams there – or anywhere else. I’m proud to share that on two separate occasions recently, I’ve been able to beat out multiple offers for my buyers – even when there were four other offers. Don’t hesitate to contact me today to get started scoring your dream home.
Click HERE to read the rest of the news from Doug in March.