Good News for Area Real Estate
Recent news released by the Washington Post indicated that out of 25 major metropolitan areas, the Washington DC area real estate market was the only one showing an increase in value for the period October 2010 to December 2010. According to Inman News, the most recent Standard and Poor’s/Case-Schiller home price index report shows the Washington DC market was one of two markets, out of 20 markets tracked, to see year over year gains.
The stability and growth in this market is attributed to several factors. According to Trulia, the Washington DC market is a place where it is much less expensive to buy than rent. As our area continues to add jobs, the area’s unemployment rate of 5.7% was one of the lowest in the country in December 2010 according to the Bureau of Labor Statistics. Employment is a big factor in the strength of the housing market in our area.
Houses in our area that are in a good location, well maintained, and priced right are selling quickly, resembling the activity of a seller’s market. It these areas it is common to see low days on market, multiple offers, escalation clauses and quick settlements. It’s important for sellers to understand their market and for buyers to be prepared before they begin their search.