fill
fill
fill
Monika Edwards Harrison, Realtor
Direct Office:
703-472-8014
mharrison@mcenearney.com
fill
fill
fill
fill
Monika Edwards Harrison, Realtor
fill
Direct Office:
703-472-8014
mharrison@
mcenearney.com
fill
fill
fill
fill
fill
fill
fill
fill
fill
Buyers Info
fill
Sellers Info
fill
Owning Your Home
fill
Investing Advice
fill
Mortgage Info
fill
Neighborhood Info
fill
School Info
fill
Mortgage Calculator
fill
fill
fill

YOUR REAL ESTATE PRIORITIES ARE MY BUSINESS!


Despite the many challenges that COVID-19 presented across most industries in the United States and the world in 2020 and now well into 2021, the number and pace of real estate sales in 2020 and the first quarter and second quarters of 2021 were history making.  Prices increased, days on market (DOM) decreased and competition among buyers for both resales and new construction set new records.

 

The forecast for the second half of the year is, of course, based on data from the first part of the year and, as is always the case with housing statistics, reflects data of several months ago even as the news releases predict future seller and buyer behavior.  Now well into September, but using July data, the expectation is for continued strong sales in single family homes and townhomes but slower sales in condo markets.  This is, in large part, due to limited inventory in single family homes, more stable inventory in townhomes and excess inventory in condos, even in highly desirable locations.  Also predicted is a bit of stabilization in prices, with increases expected to be at much smaller percentages than in 2020 and the first part of this year.  While interest rates and inventory remain low we can expect to see a strong buyer presence in the single family and townhome markets but without a bit of the frenzy and buyer competition we saw in the early part of 2021.  

Because of competition among buyers, sellers of well-prepared, well-presented and right-priced and marketed homes found high demand for their homes with some going under contract the day they hit the market.  Many sellers found a record number of visitors for their homes and some received well over their asking price.  Equally importantly for a seller, many offerors waived traditional contingencies in order to "win" the competition.  The ratio between supply and demand clearly shows that the DMV, like many parts of the country, are in the midst of a Seller's Market.  However, in any market, a buyer must decide to choose one home over another and I believe there is no substitute, in any market, for a well-prepared, well-presented and right-priced home to get the highest dollar at sale.  

At any time, the Washington, DC Metro region is an exciting place to live!   With the Congress and the White House in our back yard, we are part of both national and local events every day.  Our local news is often followed by the rest of the United States and the rest of the world.  However, for those of us who live here, it's also just home and our daily lives are no different than those of our friends and family living in urban areas elsewhere in the United States. 

Our real estate market, on the other hand, is not always like real estate market in other parts of the country.  It's often more expensive than the housing market those new to the area left behind. Although we have well paying jobs and a resilient economy, the demands of residents seeking to avoid long commutes to those jobs raises the price of homes in many highly desirable neighborhoods. The good news is that we have homes for every lifestyle, so you'll find a mix of condos, townhomes and single family homes in great neighborhoods throughout the region.   We will see together how the coronavirus work-from-home change impacts neighborhoods in the years ahead.  The good news is that interest rates remain low and the Federal Reserve currently expects them to remain so through throughout 2021 and beyond.  

What should a buyer or a seller planning to buy or sell in 2021 do to achieve their real estate goals?

1.  If you plan to buy, work with a Realtor to develop a realistic action plan and move forward deliberately!  Start with real numbers and facts rather than what you wish was true. Meet with a couple of lenders to get pre-qualified for a purchase. Do this before you start looking at homes; even with low interest rates, not every buyer qualifies for the loan amount they might like.  If your income limits you to a $500,000 purchase, don't waste your time looking at $700,000 homes. And because of continuing inventory, even in the time of COVID-19, be prepared to deal with competition which may waive home inspections, radon inspections, and appraisals. 

2.  If you plan to sell, work with a Realtor to develop a realistic plan for getting top dollar for your home. Use real facts and data to prepare and position your home in the market. It's important to know what your neighbor's home really sold for, not just what they told you or you heard through the grapevine.  Maybe they didn't tell you about a large seller subsidy which made the deal work for their buyers or that they spent lots of dollars getting their home ready for sale. It's also important to clinically assess how your home compares to that sold home to develop a realistic price for the sale of your home. Emotion has no place in the sale of a home.

3.  Step back to view your home through the eyes of any 10 anonymous prospective buyers who will walk through your home. Buyers remain fixed on their needs and wants and even a relatively good price will not always overcome dated, highly personalized and offbeat choices in paint, flooring, lighting and fixtures. In addition to de-cluttering, which almost all of us have to do, make time to do some touch-up painting, modernization of lighting, spiffing up of the yard, and general delayed repairs which you have been meaning to do for years.  Thinking in terms of what a home inspector will find is also a useful exercise as it's easier to schedule those necessary fixes before the house goes on the market than when the clock is ticking toward a closing date.  

4.  Remember that not every home meets every buyer's needs.  However, what every buyer is looking for is a home that is priced to reflect its condition, location, and comparable market value.  Simply wanting more for your home than recent comparable homes have sold for is not a good prospect for success and, even if prices go up, a home that has been on the market for a long period does not benefit from those increases.  Unlike boats, a rising tide/price does not lift all homes! 

For a quick snapshot of what is happening metro-wide, read our Market in a Minute report and call me to relate your home to our current market. 

Actively searching for a home?  Visit my site often to find the most comprehensive display of listings in the DC metro area.  And be sure to check Monika's Blog on this site to read about emerging issues and solutions for buyers, sellers, investors and prospective homeowners.

When you decide to buy or sell, I have the market knowledge and experience to help make a complicated real estate transaction as stress free as possible.  To learn what I offer my clients, click on About Me and then call or email me now!

1147_50_spacer
 
Monika Edwards Harrison, Realtor 
Contact Info:
Direct Office: 703-472-8014
Email: mharrison@mcenearney.com
 
fill