If there is one thing I keep telling my friends, it is that 2013 is your year. Some of you may already be feeling that positive energy. We have inaugurated our president, the fiscal cliff seems to be no longer looming and we are back in our routine of work and play. Now is the time to restart our engines and hit the ground running.
For those of you who have thought about buying or selling your home, but thought you would “wait out the economy,” your time has come. In Washington, D.C. we are blessed with a stable housing market. Some of you may have been reading the recent buzz about homes in D.C. receiving multiple offers with some of those offers being above asking price. This is primarily due to the combination of the lack of inventory in the market and the surplus of buyers in the area.
If your thoughts recently have been of downsizing, moving to a new area or purchasing a larger home, 2013 is the year to do it. In preparation for the spring market it will be critical to begin having conversations with a licensed Realtor now.
I often meet with clients who believe their home is market ready, but as we peel back the layers of furniture and décor we find that fresh paint, new hardware or hardwood refinishing are tasks that will really benefit the home sale. Make sure you leave enough time before the spring market for the possibility of needing some updates done to your home.
As a buyer, don’t be intimidated by the bustling D.C. market. Interest rates on mortgage rates are at an all-time low so be sure to take advantage. There are two key strategies for entering the homebuyer market this year. First, be sure to hire a Realtor who has the experience, negotiation skills and time to show you prospective properties, draft decisive offers and suggest creative tactics for securing the ratified contract.
The second strategy is to speak with your lender prior to your home search. Know what you can and cannot afford and especially know how high you can go. We have seen many of our clients use escalation clauses in recent offers so it is critical to know your upper limits.
Just as I have said to my friends, I will say to you. This year can be your year. Buckle down, do your homework and start your journey toward making your dream a reality.