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Have we hit the bottom yet?

By
Real Estate Agent with DC Realty Online LLC

 

Today I had a great open House in one of the Luxury condo in Washington DC Bloomingdale neighborhood. Do not let me start talking about this beautiful condo but all I can tell you, it was a great success. The weather was perfect and everybody was out looking.

As I started greeting the potential buyers into our Open House we started a conversation. One of the conversations came up about that we still have not hit the bottom and we will see more problems with housing market. One thing that I asked this person base on what factor or reason he is thinking we will have more problems with our Real Estate Market and if he is really talking about Washington DC Market. One thing I should point out that, Washington DC is very special market. DC is not destination. Washington DC is transitional city; therefore, there are always activities in Washington DC Real Estate market.  As all of you know DC has just renewed their $5000 Tax credit and they have bumped up their qualification. For example, single person should make less than $90K in order to qualify and Married couple should make $110K-$130K in order to get qualify. Also, we need to keep in mind that right now Interest Rates are historically low since 1970's. Also, there are very good deals out there and whatever inventory we see in the market in today’s market is deal.
By saying and sharing this information he agreed with me and understood that Washington DC is not Las Vegas or Ohio.
For one on one market condition, please feel free contact me at 202-45-2778 or email me at payam@DCRealtyOnline.com and I will be happy to share very details information about DC & VA & MD Market.

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Comments (2)

Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

Payam: There seems to be tacit agreement in the financial and housing industry that more homes will be foreclosed on in 2011 than in any other year. That may affect the market, but it remains to be seen.

Jan 16, 2011 03:16 PM
Maureen Fukumoto
Help-U-Sell Realty Pro - Mililani, HI
Maureen

I hope we've hit bottom. I think it really depends on the area. Some will bounce back faster than others.

Jan 17, 2011 04:39 AM