As we transition from swimsuits to sweaters and flowers to football, we in the real estate market are contemplating the fall market. How do we see fall 2017 unfolding in the D.C. area? Read on!
INTEREST RATES: We anticipate interest rates will remain steady and perhaps increase slowly throughout the rest of the year.
INVENTORY: Our area has been in a state of low inventory for a long time and we see no sign of change. That being said, September to November is the second busiest inventory season of the year so if you are thinking of a move, the time to start looking is now.
DAYS ON MARKET: When inventory is low, we typically see a correspondingly low days on market, even more so at entry-level price points and/or properties in walkable locations or close to Metro. That is because buyers are waiting and watching for properties in good condition and/or priced well. The further out the home or higher the price point, the slower the market and days on market creep up and that can be a problem.
Typically, we see that if homes don’t sell within the first 10 days on the market it can take 45 days to snag an interested buyer. If not sold after 45 days, homes are sitting for at least four months or longer. If you’re selling this fall, it’s critical to price your home appropriately at the start of the fall market. You want to avoid having your property languish over the holidays when buyer traffic slows considerably. The holiday season is also when deal-seeking buyers come out of the woodwork and make low offers.
THINGS TO WATCH: We are seeing an uptick in buyers searching for new construction. That means if you’re selling your home, you need to be able to compete. Your home must show well or be priced accordingly. As noted above in the section discussing days on market, you want to be priced competitively off the bat to sell early in the fall market so your home is not “stale” over the slower holiday season.
THE BOTTOM LINE: The fall market is a great time to make a move. We predict fall 2017 will be particularly good for both buyers and sellers.
The Goodhart Group is McEnearney Associates’ top producing team. In 2016, they helped 120 clients achieve their real estate goals. Led by Sue and Allison Goodhart, they have been named a Top Agent by both Washingtonian and Northern Virginia magazines. The Goodhart Group can be reached at 703-362-3221 or firstname.lastname@example.org.