The Case Shiller index for year over year house prices are up nationally by 7.3%.
For DC the increase in median sales price over the last year is 12.3%. In some neighborhoods the increase is even greater.
According to RBI the inventory of homes for sale in the DC area in January was at the lowest since 2005. From interviews with many real estate agents in DC, it is clear that the buyers are back in full force. Attendance at open houses is way up, and multiple offer situations are becoming common.
Low inventory, Increasing numbers of buyers wanting to buy in DC and record low mortgage rates are contributing to a rising real estate market in DC. The best (and not so best) houses are being bid up with escalation clauses, cash offers, and as-is clause.
What's a buyer to do?
- Get pre-approved- without it, you are wasting your time.
- Get a buyer agent- in most cases in DC the commission is paid by the seller. Buyer agents can help you find the best properties and can help you make your offer competitive so that you beat out the competition and get the house. They can also give you the market knowledge to know when not to buy the house.
- Consider doing a pre-inspection so you can submit an informed As-Is contract.
- Be ready to act fast.
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