Buy or sell? Move or stay put?
These are the questions local real estate agents say D.C.-area families are weighing right now with new federal policies in place.
“We obviously have a very high percentage of population compared to other parts of the country — their livelihood is related to the government,” said Eldad Moraru, a real estate agent with Compass Realty.
Moraru told WTOP return-to-work mandates have some scrambling to find new places to live.
As a result, he said that “potentially, condos in the city may see an uptick,” both in terms of demand and price hikes.
The federal hiring freeze is also creating uncertainty.
“We are seeing a lot of sellers looking to get their houses out there on the market sooner than later to try and get ahead of the curve,” Moraru said.
As for buyers, Moraru said some are “taking a wait-and-see approach, where they’ve decided just to completely pull themselves out of the market.”
As with everything, there’s a flip-side to this coin, too.
“For those who are working in the private sector, it could simply mean less competition,” Moraru said.
He added that he’s even recently heard of some families adjusting the price point at which they’d like to purchase a home, so that they qualify under one household income. He said some are doing this even if both partners are still actively working — just in case another unpredictable policy change occurs and alters their livelihood.
That could be beneficial to families less affected by what happens at the federal level.
“In some instances, it’s a great time to buy,” Moraru said. “It’s really on a case-by-case basis.”
Moraru said at the end of the day, the only thing that’s certain at this point is the uncertainty of what direction the local market will go next. His recommendation to everyone is to carefully evaluate your personal situation, and make sure you aren’t overextending yourself — especially right now.
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