The Washington, DC Real Estate Market has always been an insulated one in relation to the rest of the country. There is no doubt that the current economic climate has taken its toll on the market, especially in the 4th Quarter of 2008. However, since the recent inauguration, I have noticed a significant pickup in the DC market!
I have described it to clients as polar bears coming out of hibernation. The economic "winter" has come to an end, the snow is beginning to melt and the buyers are coming out of their caves looking at property again. They are back out and getting comfortable with the inventory. Soon they will start to bite into market and purchase some real estate.
My recommendation to these polar bears out of hibernation, is to search for a deal, but don't wait too long. The buyer mentality at the moment is "why would I buy something today, if it is going to go on sale tomorrow". This mentality makes sense but not when it comes down to purchasing a home. The reason is because the homes are ALREADY ON SALE, and if you wait for the price to drop any more (which it might very well do) it might be SOLD before you can take a shot at it. In the current market the best properties shine, and stick out from the competition. That means they are going to sell first. Buyers are in a great opportunity to get a deal on their dream home. If they wait too long for the price to drop, they risk losing out on the home they really want.
Closing thoughts:
buyers: GET OUT THERE AND FIND YOUR DREAM HOME! AND DON'T WAIT TOO LONG!
sellers: MAKE YOUR HOME SHINE! PRICE IT RIGHT! THE BUYERS ARE BACK OUT AND LOOKING VERY CLOSELY!
