Photo by Mr. T in DCAtlantic business editor Megan McArdle is one of many buyers frustrated with the current D.C. housing market.
In a recent blog post, she wrote that it seemed to her that well-priced homes in the city are being snapped up in as little as seven days, while “problem” properties are either overpriced or have other issues, such as an uncooperative tenant.
In reality, these issues are not unique to D.C., but they may be exaggerated.
Over the weekend, I spoke with some recent buyers out in Vienna who are waiting patiently for a short-sale purchase to go through, fully expecting it to take up to six months or more. I’m sure you can walk into a sales office somewhere out in Fauquier or Charles County, put your money down, and walk out with a brand-new house, if you couldn’t care less about location.
Well-priced homes that don’t present buyers with glaring red flags are going to sell the quickest in any market, followed by overpriced homes (assuming sellers will negotiate down), followed by “problem” homes, where the price is the least of your worries.
The lowest price ranges are going to be the most competitive: there’s a $1.6 million spec house across the street from me in Arlington on the market for almost a year, waiting for some one to come in with a low-ball offer. Any takers?
This past weekend was actually something of a media frenzy, as several big brokers called for a National Open House weekend, encouraging buyers to take advantage of the soon to expire tax credits for first-time buyers and move-up buyers. So McArdle and other buyers can take heart that the market should be somewhat less frothy in just a few weeks. Plus spring is always the season peak, so this fall should be less crazy, but there’s usually less selection as well.
