March Statistics. It's a a seller's market!

Want to know what is going on in the HOT DC real estate Market?  Here are 3 charts from RBI that explain it all.

1. Median sales price is at the highest on record. It is up 13.58% year over year!
2. Inventory of homes for sale is near an all time low.  We are currently at 30% of 2008 levels.
3. List to sales price is at an all time high.

The DC real estate market is hotter than ever.  What are you waiting for?

Action Plan:

1. If you are a buyer-Be proactive and creative.  Get pre-approved for a loan, hire a professional buyer agent, rethink your 'wants and needs' in a house, consider a pre-inspection, and be ready to move fast.
2. If you are a seller- Get that house ready for sale.  This is a seller's market.  What are you waiting for?
3. If you are a renter- Decreasing inventory of property for sale, means increased demand for rental, which will lead to higher rents. Consider buying.

Why it's different this time:  Not a bubble.

1. We have record low interest rates. Buying a home has never been more financially accessible.
2. A great and vibrant local economy with good jobs and improving school options means people are choosing to remain in Washington DC longer.
3. Historically low inventory.  With surging demand and a severe lack of supply to meet it, prices are heading up. Many buyers who have waited on the side lines for the last 4-5 years are now ready to buy. 
4. More buyers are putting 20% down and locking in low interest rates and payments for 30 years.  These are not the Wild-West days of no-money-down loans.  Buyers are financially qualified and invested in their home. 

Washington DC is Awesome.  Live here.