WHY IS THE REAL ESTATE MARKET SO HOT IN THE DMV?
KATHY HASSETT Everyone is talking about real estate these days in the DMV, so we reached out to two local real estate agents and experts we know and trust: Boyd Campbell, a former client and friend
we’ve known for 20 years, and Kathy Hassett, who has been married to Frank for even longer!
BOYD CAMPBELL
The market is hot right now because there are more buyers than sellers. Because of the lopsided supply and demand, when a house becomes available, it goes under contract very quickly, and the buyers are paying list price or more. But recently, we’ve seen the supply of houses is slowly increasing and the number of buyers is decreasing slightly, so the market is starting to shift a little bit.
A number of things are driving this hot market — interest rates are historically low (I’ve seen them as high as 17% in my career), and that’s been the No. 1 source of fuel for the market. These days, there isn’t much difference between the cost of buying and the cost of renting, which has gone way up as well. Plus, with people working from home due to the pandemic, everyone wanted more space, especially if they continue to work
You can find hidden values in properties that have been on the market for more than 30 days. These properties may need cosmetic work — or more — but it might be worth it to avoid the competitive nature of the current market. To help both my buyer and seller clients in this market, I focus on the market conditions in the specific area where they are looking to buy or sell in. We provide a comparative market analysis (CMA) of close by, similar properties that have been sold recently, are under contract, or are currently for sale. We then discuss what is happening in their specific neighborhood — it is important to focus hyper-local since pricing and trends can vary widely in Northern Virginia. For my seller clients, I help them enhance their property (through staging, updating recommendations, and professional photography) so it looks its very best when it goes on the market. I develop a pricing strategy in line with the current market in their neighborhood and create a multiplatform marketing plan that will provide maximum exposure for the property to reach as many potential buyers as possible, which results in multiple and competing offers. For my buyer clients, I make sure they are ready to make an offer quickly when they see the home they want. They need to be prequalified for a mortgage with a local lender and have previewed homes and neighborhoods so they know what they want and what they are comfortable paying. I also make sure they are familiar with the sales contract and possible contingencies — we review all of this in advance so they can act quickly and confidently when we find the house they want. You can reach Kathy at 703-863-1546 or Kathy@MPHHomeTeam.com.
from home. And remember, what people call affordable is relative — if you’re moving to this area from San Francisco or New York, you’re used to high real estate prices. I've been in the business for 45 years now, so I have seen the area grow like crazy. I tell potential buyers in this market to be prepared to lose out on some of the houses you want — and to try to detach the emotion from the decision, even though it’s hard, because in this market, you can have a strong offer and someone else just has a better one. Some of the hot areas I see with good value are Calvert County, Edgewater, Pasadena, and Glen Burnie. People are really interested in areas like that. I represent a lot of sellers, especially in Prince George’s, Anne Arundel, and Charles counties and the District, and a number of houses I sell are estate sales, so here is my advice for sellers. The No. 1 thing is don’t get greedy if you’re selling your house. You may get a number of offers on the property, but they all have to be vetted. I need to make sure each buyer and each offer can get to the finish line and get to closing. I’m looking for proof that the buyers can make it happen so my sellers don’t have to start over. That’s a lot of my work now, working through competing offers and advising my sellers on their best choice — and it may not be the highest price. There’s a lot that goes into it. You can reach Boyd at 301-980-6233 or Boyd@BoydCampbell.com.
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