Real Estate Business Intelligence (RBI) recently posted their article, "October DC Metro Market Sees Highest Annual Price Gain since Dec 2005" Here is the analysis:
Headline from Report:
- Buyers remain just as active in the market: townhouses and condos most sought after.
- 7 Year High for New Pending Contracts in 2012 month of October
- Single Family Homes? Lowest number of new-contracts in two years
- Median prices are up, displaying their highest year-over-year gains in 7 years
- Median Home Sales Price up 13.3% from last October
What Should Buyers Do? This is not only a Seller's market, it's also a Buyer vs. Buyer market: First-Time Home Buyers are competing with investors, cash deals, and tight mortgage regulations. You really need to focus on an area/property where you know you can be competitive. Otherwise, you may be looking for a while.
What Should Sellers Do?
You don't have to wait until Spring. The DC Metro market will stay hot through the winter. Getting your property ready to sell quickly is the most important. With the inventory being so low, there is no reason your property should be on the market more than a month as long as it's priced right and is advertised well.
Thinking about Buying or Selling? CALL (202) 441-1757.
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