In This Market, Can You Find a Steal of a Deal in Northwest DC?
If you are one of the many people who've called me asking if I can help you find a great deal in a foreclosure or short sale in a house in Georgetown, Kalorama, Cleveland Park, or one of the other popular Upper Northwest neighborhoods, I hope you weren't offended by my reply: "NO!"
I can find you a great house, and it will be a whole lot easier to buy it than it was in 2006, but it is unlikely to be a short sale, a foreclosure or a steal, at least not in Northwest DC west of 16th Street.
There are some homes that are priced below market that are for sale (regular sales), and these are usually granny houses or estate sales needing a lot of work.
In some popular neighborhoods, prices have risen steadily, making it seem as though we are immune from what is going on in other parts of the country, and even some parts of the Washington Metro area.
It's like this. If you search foreclosures west of 16th Street that are currently for sale, you will come up empty handed. If you search for short sales, there are only four, and none of them look like particular bargains.
But just because there are few distress sales on the market does not mean there are not opportunities to find attractive, affordable homes in some great neighborhoods. And when you do find something you love, the chances are that you will be able to purchase it without becoming involved in a nasty bidding war - although we are seeing some multiple contract situations.
If you are planning a move to or from the Washington, DC area, I can help! I am licensed in the District of Columbia, Maryland and Virginia. You may call, email or text me at:
Housepat@mac.com
202-549-5167
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