#UrbanCastle

 
The Scoop on DC Living
September 2015
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BRETT WEST

REALTOR  ® 
DC, Maryland, Virginia

 

The "How Many Days" Daze

 

Increasingly, I'm asked by buyers and sellers, "How many days are homes on the market before they go under contract?"

 

Here's the answer: It depends on...

  • how well the home is prepared;
  • pricing;
  • how accessible the home is for prospective buyers; and
  • properties in direct competition.

We are experiencing a hot market for sellers, where properties priced and prepared appropriately can spend as little as 24 hours on the market before receiving a first offer. 24 HOURS! And it's not out of the ordinary for a home in demand to be under contract within 36 hours. But it is also not out of the ordinary for a good property to linger on the market for a while as buyers kick the tires.

 

What does this mean for Sellers? Plan modestly. There is no guarantee your home will go under contract so quickly, nor that it will attract multiple offers with escalations. Sorry - there is simply no science to it. The expectation should be that your home is on the market for anywhere from one week to one month ...if you're doing things right. Be cognizant of the spike-factor: A home's presence spikes highest immediately after being listed. Additional secondary spikes may can be generated if there are improvements made to the property (property condition or price) that are communicated effectively to the buying public.

 

What does this mean for Buyers? Be prepared. Have all financing lined up. Know the market - will your target property drop in price or increase in price to get sold? Your offer needs to out-compete all other buyers to make the property yours. Highest price doesn't always win. Sometimes proposing terms that are easy for the Seller to accept are winning offers. But a combination of both are the best guarantee to success.

 

Building strong, tailored strategies that suit the needs of real estate consumers is at the heart of my job. All you need to do is ask, and I'm poised to help.

 

**On a side note, the Pope's visit to Washington, DC this week will have traffic routes tied up like a pretzel. Best to bone up on road closures throughout the city, or better yet, bike to your destination with Capital Bikeshare!

 

If information is power, I'd like to help make you the most powerful consumer of real estate on the market!

 

- Brett

 

News & Trends

THE WASHINGTON BLADE
At Home on 14th
Great story featuring an interview with me discussing the opening of McEnearney Associates' new DC office as well as the Renaissance experienced along storied 14th Street, which links Downtown Washington to Logan Circle and U Street Corridor. 
McENEARNEY: THE BLOG
McEnearney Associates Announces New School Boundary Search
The search for the perfect home can be tough, but pair that with getting into the right school district and you may feel stumped..
CURBED DC
A real estate agent can lead you in the right direction to your next home, but there are many things that they can't tell you that you may not be aware of. 

#UrbanCastles on the Market

AVAILABLE INVENTORY OF #URBANCASTLES

As of September 21, 2015, DC boasts 1,485 properties actively on the market for sale (that's more than last month at this time!). 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, Crestwood and Petworth, where there are currently 122 active properties:

 

$0 to $350k

(19 total units available)


 

$350k to $500k

(32 units available)


 

$500k to $800k

(54 units available)


 

$800k+

(18 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 I'm happy 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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