The investment in Washington DC-area real estate is a solid opportunity for many people. Yet, this is a competitive market with numerous challenges for home buyers to overcome, including higher home prices, limited inventory, and changing real estate trends. How can you buy with confidence?
Recognize What the Market Is
The Washington DC real estate market is considered neutral. That is, there are some homes for sale, but inventory is not exceptionally high. It may be hard to find the perfect home, but once you do, you need to be ready to act fast. Buyers will find that there are good opportunities here once they buy, including the expectation of their home’s value growing year-over-year.
Get Yourself Ready
There are simple things you can do as you enter the market to help ensure you get the outcome you desire. Those include:
- Setting your budget and knowing how much you want to spend early on.
- Getting pre-approved for a loan (not just pre-qualified). Buyers expect to see this.
- Get to know the city and the neighborhood. Walk the area, so you know it well.
- Work with a real estate agent capable of helping you through the entire process. Know the agent, trust them, and expect them to work hard for you.
- Don’t wait too long to bid on a home you’re interested in – they go fast. However, there is room for negotiations in some cases.
Work Closely with Your Agent on an Ongoing Basis
Stay up to date on what’s happening in the market with at least weekly (and most often more frequent) calls to your agent. It is also a good idea to keep your eyes out for opportunities. These may be homes that are not perfectly suited to your needs but can work well. Some buyers are likely to find a home that offers more flexibility to meet their goals if they upgrade or renovate. Being open to these opportunities may help alleviate some of your inability to find a home.
There are some outstanding opportunities available. With the right agent and a bit of prep work, chances are good you’re going to find real estate that’s perfectly suited to your needs. This is a market that’s always changing with property becoming available often. Be ready to act.