Real Estate Trends in the DC Area Continue to Surge Upward

Watch on your mobile device >>

As a real estate investor, former attorney and avid real estate enthusiast – when I made it my business to practice full time I already knew what I was getting into. So when the market crashed in 2007, like countless other industry professionals, I was taken aback by the scale and magnitude of this historical occurrence. But today, I write with hope because what we've seen lately only further corroborates what many already know: real estate goes up and real estate goes down.

Today, it is headed up and it’s doing so with steady strength. Now, foregoing all the fancy analytical speak and statistical tools – I just want to point out our reality using the basics as a benchmark. Looking at the simple trends of job growth along with the concepts of supply and demand – we are in a very good place right now.

Buyers Enjoying Great Deals

As we have had for some time now, buyers continue to be able to access extremely low interest rates that have made borrowing cheaper than it has ever been before. Our local jobs market remains one of the strongest in the country with the US government being the top employer in the area. As a result, our economy forges on with strength and we all know what a strong economy means to the real estate market.

Sellers Gaining Leverage

Within this steady growth we are seeing changing patterns in terms of inventory of available homes as well as the number of sales taking place. As inventory continues to decline (at last check the DC area was down 26% from the same time last year) and sales are on the rise – it’s no wonder that our market is shifting. In fact, I’ve been alluding to the shift in our market for some time now. How does it impact sellers? We end up seeing multiple offers, sellers in situations where there are bidding wars driving up the price of the home and sellers realizing they have the upper hand.
~
These are just a few of the very impactful elements of what drives our market. To see how this all relates to your situation specifically, we invite you to sit down with us and explore your goals. We’d love to make your real estate dreams become a reality!