The DC Housing Market Was Not As Repressed As Many Cities

August 02, 2012 / Russell Legato, Residential Property Analyst

DC housing market was never as repressed as Detroit and some of the cities in Florida, for example. That is the reason it is now up and running again. Since it never sank as low, it was able to bounce back faster. One report claims it is back to a healthy condition.

The DC Housing Market Was Not As Repressed As Many Cities

Prices are up at the highest level seen since the year 2000. The creators of this marvelous news researched numerous ranges of data to analyze the area. The research ended in June of 2012. The rapid rebound is a piece of good news to Washingtonians and an indicator of better times in real estate for the entire country.

There was a 10 percent increase during quarter two of 2012 over 2011. Prices went up. Some things went down. They included the inventory and the number of days required to sell a house, which were 59. That is down from 78 days.

Realtors are in a jubilant mood. Rents are rising and the trend of more renters than owners is starting to turn around. Prospective buyers with excellent credit can still find rock bottom interest rates on 30 year mortgages.

One Re/Max agent announces happily that he would rather be selling in the Washington DC housing market than any location in the United States. There are multiple contracts, bidding wars on properties and folks being picky about financing. It’s turning into a Realtor’s dream situation.

But, the bed of roses is not in bloom for approximately one in every three homeowners. They are still underwater, which means they will still owe money after selling their homes. The price they can get will leave them owing the bank. The improving market may help them to recover if it continues to ascend.

Just when it seemed as if the situation was hopeless for so many, it took a sharp turn in the other direction. It’s true the condo market is still slow. But, if the employment scenario keeps spiraling upwards, the employment rate will stay the best in the nation. Government and contracting jobs have always been good in Washington.

Best news of all, there are eager buyers in the area who have good jobs and are shopping for a home. One agent in the area reports homes selling for more than the asking price. It looks favorable, but as Murphy’s Law dictates, anything can go wrong.

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