The housing market has clearly turned into a buyer’s market, provided the buyers are willing to stomach high interest rates for the next several months.
With supply beginning to outpace demand, the market has finally slowed throughout parts of the D.C. area, according to one D.C.-area real estate professional.
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“It feels like Northern Virginia is slowing down a little bit,” D.C.-based John Coleman, of Coleman Residential, told WTOP. “That’s been the last one that has been red-hot for so long, that now that that’s slowing down.”
How much the market has cooled depends on the type of home you’re looking to buy.
“If you’re looking at condos, we’re seeing a lot more opportunities,” Coleman said, adding that if you are selling, “you’ve got to get the pricing right, and you’re pricing to compete with what else is on the market.”
That’s because condo inventory is significantly outpacing demand right now.
“Of the 500, almost 600 studio and one-bedroom condos listed, only 13% of those are under contract,” Coleman said.
And that’s contributing to another eye-popping statistic.
“Properties that are on the market right now, 41% of those listings have had a price cut at some point during their listing process,” Coleman said, adding that most of those tend to be condos, though not all.
“It has to do with pricing,” he said. “If you bring out a property that is highly priced as a house, you’re still going to have to make adjustments bringing it down. People are being a lot more wary and they’re doing a lot more research before they’re putting in offers.”
At the same time, Coleman noted that while condo prices along Southwest D.C.’s waterfront may be softening, single-family homes in neighborhoods such as Brookland are still selling for more than they were a year ago.
That means understanding conditions in your market will be important before listing a home.
A fixer-upper isn’t likely to draw as much attention right now. But even buyers looking at turnkey properties are facing mortgage rates back in the high 6% range.
“They’re looking at what their numbers look like. Some people are stepping off to the side, hoping that maybe rates will get better next year,” he said. “Mortgage Bankers Association are saying that they expect rates to stay about where they are for the next 6 months at least.”
That means buyers who remain in the market know they’ll have plenty of options.
“If they have more options than they’ve had, they’re more likely to not feel a pressure or compelled to go after something that doesn’t make complete sense to them,” said Coleman.
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