‘Real Estate For Sale Signs’
courtesy of ‘Mr. T in DC’
…does the real estate market kinda suck for buyers right now?
We’ve been seriously looking since late December, and the cupboard is pretty bare right now in the $350k-500k market, based on all the real estate signs in the area that we’ve seen. There’s some inventory out there, but the good pieces are going in less than 5 days, and there aren’t even many of those. Since the first of the year, we’ve seen three properties worth buying, two in Petworth and one over the Atlas District, and it’s been absolutely hectic. The place we liked in the Atlas District went for $30k over list, and ended up being an all-cash offer that we just couldn’t compete with.
So, are we the only ones having trouble finding a house for $300-450k with central air north of the Anacostia?
I live and work in the District of Columbia. I write at We Love DC, a blog I helped start, I work at Technolutionary, a company I helped start, and I’m happy doing both. I enjoy watching baseball, cooking, and gardening. I grow a mean pepper, keep a clean scorebook, and wash the dishes when I’m done. Read Why I Love DC.
Cant tell for Anacostia, but supply for that price range inside the VA beltway is very tight as well.
Slim pickings all around, it sounds like.
We should count our blessings — DC might very well be the only metro area in the country to be having this “dilemma.”
Have you looked at any places that need some renovations? I bought recently over by H St. and there were a number of good deals, and below the price range you mentioned, that had been on the market for a little while and didn’t need complete overhauls.
We’ve started to look now at what the renovation market would cost us, but that’s a place where I get a bit nervous :)
Sounds like lots of “first time home buyers” and fewer “second time home buyers” who are in a position to upgrade.
Tom,
It’s definitely tough for buyers because of the low, low, low inventory in most areas of D.C. and Northern Virginia. A house I put on the market on Thursday has 3 offers already today. The other home on the market in that neighborhood got an offer in 5 hours. Are we back in 2004/2005? Maybe… at least until the Federal Homebuyer Tax Credit expires.
Brian,
It sure feels that way. When we put our condo up on the market in late February, we had an offer in under 24 hours, and 3 offers in 72. We went to contract for 2% over list. Sadly, they broke they contract at inspection over a minor issue that we tried to rectify, but once again, we had an agreement in principle in less than 3 days.
But, as buyers, we’re having to compete a lot harder to get a decent place. It’s very very frustrating.
People are starting to realize that selling ones house now is selling at the worst possible time.
2 friends of mine put their house on sale but ditched that idea when they realized how much of a loss they would hit.
If the economy turns around, they can turn a healthy profit with their land.