Hot February Market for Washington DC Condos
Posted by Rob Allen on Wednesday, February 24th, 2010 at 10:31pm.I’ve been working with some great clients trying to help them purchase their first condo in Washington DC. We’ve been looking at condos for $335,000 and less. I’ve been all over DuPont Circle, Glover Park, Cleveland Park, and the U Street Corridor in search of a great buy. Wow, that market is hot! Inventory is flying off the market. I feel like I’m back in 2005 lately, having to call agents to make sure the condo is still available after only 2 days on the market. It looks like buyers are scrambling to pick up properties before the first time home buyer credit expires and before the rates start jumping up like so many are predicting will happen when the Fed stops pumping money into the mortgage backed securities to keep rates low.
I’m hearing the same stories of multiple offers in my office sales meetings in communities like Fairlington and Cameron Station. It seems like the real estate market is hot in many Northern Virginia communities with sub $400,000 prices. This is going to be a very interesting spring!
Advice:
If you are on the fence about whether to purchase a or not, I would urge you to take the plunge now and not later. Once these interest rates start to move back up you might find yourself not qualifying for the home or condo you want.
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