Get into a conversation about real estate these days and I guarantee someone will bring up that it’s a “seller’s market” within the first 30 seconds. But what does that term even mean? Simply put, there are more buyers than houses for sale. The next question will likely be, “so how did we get here?”
For the past several years, the DC Metro area has seen declining inventory levels. Couple that with a ton of active buyers looking to take advantage of historically low (I mean LOW LOW) interest rates, and you now have a virtual feeding frenzy over any homes coming on the market.
If you are looking to sell your house, it’s a great time to be alive! Your property values have likely increased 3-5+% percent in the last year alone, houses are oftentimes selling in under a week, and many offers presented aren’t burdened down with a plethora of different inspections, contingencies, etc.
Buyers, you are about to learn two very valuable lessons – using patience and being aggressive. With as many multi-offer situations as we are seeing these days, there is a possibility you will not get the first house you write on. Stay patient. That said, when something comes on the market, you have to act aggressively. Start by getting over to the house at your earliest convenience. And if it checks the necessary boxes, understand that a more aggressive approach is often necessary to win out if multiple offers are in play.
The current seller’s market, just like any, has its difficulties. The key is to strengthen your weaknesses and take advantage of what you can, when you can. When there are challenges or frustrations, readjust your perspective and adapt however possible to create the best outcome. At the end of the day, I can promise this will be my mindset as I help you traverse whatever market the day has in store.
