The D.C. area’s housing market has entered the winter doldrums, and for buyers, that might just be a good thing.
Real estate brokerage firm Redfin said the number of sales with multiple offers on the table nationwide is at a 10-year low right now — and only about 9% of Redfin-represented buyers in D.C. faced competing bids in December.
So, maybe an offer that’s not quite full price will get some traction right now.
“Competition will heat up in the spring. Early this year could be a really good time to make a move on a house,” Redfin chief economist Daryl Fairweather told WTOP.
“You might still get it for under list price, and you might get some favorable conditions on it, like not having to waive any contingencies,” Fairweather said.
The D.C. region is still considered a very competitive market. Prices are up 6% from a year ago. And, despite affordability concerns for buyers, the market will heat up again.
“Inventory — the number of homes for sale — is really low in D.C. right now. It is down 15% from last year. So I think with this crunch, in terms of supply, we are going to see more competition in 2020,” Fairweather said. “It is just inevitable.”
Even with the slowdown in multiple offers in the D.C. area housing market, sellers still got, on average, 99% of their original list price in December 2019.