The Scoop on DC Living
April 2016
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BRETT WEST

REALTOR  ® 
DC, Maryland, Virginia

 


Dearth of Housing Inventory has DC Spring Buyers Asking "Where's the ...???"

Those of us fortunate enough to remember the 80's, inevitably roared with laughter at Wendy's clever TV ad campaign featuring three sweet little elderly ladies in search of the beef in their burger - "Where's the Beef?!"

This spring, due to extraordinarily low levels of housing inventory - specifically for non-condo homes -  those intent (and appropriately armed) to buy homes in the DC Metro Area are not laughing much. 

Homes that are well prepared and fairly priced are the darlings of the market, often attracting multiple offers and escalations. In many instances, the competition has become so fierce that one home may attract 18 offers, and the winning offer (there can be only 1!) will have escalated above all others AND the buyer has chosen to remove the Appraisal and Financing Contingencies. Doing the math, such a situation leaves 17 buyers still looking.

And incidentally, the risk of removing Appraisal and Financing Contingencies means that even if the bank cannot and will not finance the mortgage for the property, the Buyer is still on the hook to buy. I highly advise against such strategies.

So what is a highly qualified buyer to do in such a market? My recommendation is to either exhibit patience, exercise flexibility in your target neighborhoods and/ or aim at properties that offer the space you desire without all the bells and whistles below your intended price range. A good home can always be improved over time to become the dream castle you've always wanted.

If information is power, my mission is to help create the most powerful consumers of real estate on the market!

- Brett
Featured #UrbanCastle Listings!

JUST LISTED in Dupont Circle!   Click here for the virtual tour...


   

Terrific new price at The Heights of Columbia!  Click here for the virtual tour...

News & Trends

CURBED DC
16th Street Heights: What to Know About D.C.'s Next Hot Neighborhood
16th Street Heights is one of the least known and least tread upon neighborhoods in Washington, D.C., but, according to national real estate brokerage Redfin, it is set to be the city's second hottest neighborhood of 2016.

WASHINGTON POST
Spring Started Early for D.C. Housing Market
If you're a prospective home buyer, you probably started feeling warm spring air back in February.

WASHINGTON BUSINESS JOURNAL
Maryland Approves Purple Line Contract
Maryland's Board of Public Works unanimously approved a $5.6 billion contract Wednesday for the construction and operation of the Purple Line, an east-west light rail line that's a top transportation priority and a project with huge economic development potential.
#UrbanCastles on the Market

AVAILABLE INVENTORY OF #URBANCASTLES

As of April 7, 2016, the Washington Metro Area boasts 25,091 housing units active on the market, 1,281 of which are located in DC, itself. This excludes FSBOs (For Sale By Owner) and pocket listings. Here's a look at inventory by price range throughout the hot 20011 DC zip code, which includes 16th Street Heights, Brightwood, Crestwood, Petworth and the northern reaches of Columbia Heights, where there are currently 99 active listings:

 

$0 to $350k

(16 total units available)


 

$350k to $500k

(12 units available)


 

$500k to $800k

(54 units available)


 

$800k+

(17 units available)

 

Not finding exactly what you're looking for in the selection of inventory in DC? Feel free to check out plenty of inventory throughout the DC Metro Area, or drop me a line to schedule a time to talk with you about your goals.

 

 

www.BrettWest.com

202.552.5604 direct

202.744.0576 mobile  

BWest@McEnearney.com 

 



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