Business and markets are constantly evolving and the real estate domain is no different. Buyers and sellers in the DC real estate market have yet to feel a major dip. In fact, more buyers are looking to nest somewhere safely. Houses are still selling quickly for top prices in Washington, DC. The housing market is still undoubtedly a durable opportunity.
According to Movoto, the median list price in Washington was less than 1% change from March to April 2020. Washington’s home resale inventory (1,272) has remained unchanged since the pandemic was announced in late February.
* source: Movoto.com
The low inventory of houses currently present coupled with low-interest rates are reasons to feel confident about investing in real estate in Washington, DC.
“We were still seeing requests for showings,” said Fritz Hubig, a broker with District Real Estate®. “I didn’t see an actual drop in listings.”
Real-estate brokerages are taking several precautions. These include canceling in-person meetings, deep-cleaning, and making hand sanitizer readily available, etc.
For the benefits of their clients, real estate agents are being flexible.
Transactions & Closings
There are concerns that transactions would be delayed or halted but as the saying goes: “we have to do what we have to do”. We’re operating with some adjustments and following social distancing.
Safety practices are being conducted. Sellers are also a lot more proactive in helping assist buyers and investors by turning on/off light switches, opening/closing cupboards and closets, etc. in the house which means visitors don’t have to touch anything which eliminates any potential risk of spreading any kind of pathogen.
While closings may sometimes be delayed, buyers and sellers are coming to different types of agreements, some postponing inspections, so that they can move forward with the closing, as long as the lender is on the board.
Registries are also recording deeds electronically which brings normalcy to the real estate business.
Being socially responsible, most agents are staying up-to-date with relevant information regarding property i.e. if the house is vacant or occupied? If it is occupied, information about the occupant/s is collected. Where is the listing? Whether the seller has cleaning and protection supplies?
Mortgage rates have dropped to an all-time low which is a good signal for investing in Washington DC. With each passing day, people are learning to be safe. There is a strong sense of confidence among rational investors that buying a house in Washington DC is still the most fruitful option for long term gains.