Be ready — it looks like the area will experience a strong selling season.
Washington along with several other major metropolitan areas, ranked highest in ATTOM Data Solution’s Q2 2018 Pre-Mover Housing Index. ATTOM uses data from residential real estate loan applications to create this index.
An index over 100 is above the national average and means that an above-average ratio of homes that will likely be sold in the next 90 days that market. Washington’s index of 166 follows that of just four other cities: Wilmington, N.C.; Colorado Springs, Colo.; Manchester-Nashua, N.H.; and Chicago.
The bottom line – the D.C. area is likely to experience a hot fall real estate market.
Why the D.C. market is so hot and what it means for you
If you’re an active buyer, be prepared for a highly competitive house hunt. You may find yourself in a multiple-offer situation or deciding to make offers above list price. You may also have to be flexible with the terms of your offer in terms of closing date, rentbacks and removal of some contingencies.
On the fence about selling this fall? You may want to dive in. Buyers will be there and if your home is priced right, you should see good traffic, which usually means shorter days on market.
This also means that realtors will be busy. If you’re not already working with a trusted agent or team, you may want to start interviewing now. Businesses that support the real estate industry (think mortgage companies, movers, home improvement stores, etc.) will be ready to help as well.
There is no need to wait until spring
The fall market will be robust. Remember, however, that it has a short lifespan. Usually, by Dec. 1, the fall market cools down as buyers anticipate the holidays.
Sue Goodhart is with Compass Real Estate. In 2017, the Goodhart Group helped 120 clients achieve their real estate goals. Led by Sue and Allison Goodhart, they have been named top agents by both Washingtonian and Northern Virginia magazines. Allison can be reached at 703-362-3221 or firstname.lastname@example.org.