Real-estate conditions are usually described as being either a buyer’s market or a seller’s market. But what’s going on right now in Washington, say insiders, is downright odd, with some homes for sale lingering and others getting snapped up in a bidding war , sometimes for no discernible reason.
Despite the apparent vagaries of residential real estate right now, buyers and sellers can follow some tricks to try to take advantage of the weirdness.Several agents we spoke with said buyers’ concerns about crime and schools in the District have contributed to a weaker market in the city compared with the suburbs.
“Right now, a home that receives multiple offers in DC is an exception,” West says. “Buyers coming from highly competitive markets like Northern Virginia are likely to breathe a sigh of relief that they don’t have to throw out all their contingencies or escalate their offer.” Excess supply of condos, though, helps buyers, says David Shotwell, an agent with Compass. “Once rates drop, there will be a lot more buyers competing again, so it pays to get in now and refinance later,” he explains. “Now buyers can negotiate the price, have a home inspection, and negotiate for the sellers to buy down the rate.”
Staging, he says, typically runs $3,000 to $5,000 but can yield seller bids of at least $15,000 to $25,000 more.“Sellers need to cut out wishful thinking and get realistic,” Burr says. “Instead of adding 5 percent to their price, they need to list at a reasonable price and hope for more buyers.” If a property lingers on the market, auction pricing is an option. “We had a three-acre property in Montgomery County that wasn’t selling, so we strategically launched it at $500,000, even though we knew it was worth about $600,000,” says Nellis. “We said we would accept offers on a certain date and wouldn’t take less than $500,000. It sold for $580,000.”
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