July is a good month to reflect on market gains from the spring and project forward through the rest of the year. The market got a slow start to the year and most agents seem to agree it had something to do with the extended winter.
Our spring market came late and was compressed, finally hitting in May and finishing in June. During those two months the prices went up (significantly in some areas) and nearly everything that moved had multiple offers.
Markets tend to shift rapidly and we’ve definitely shifted again into a slower traditional summer market. Buyers, who got beat up pretty badly in the spring, are now much more gun shy and sellers who recognize this by pricing reasonably are selling quickly.
Some sellers are pricing as if it was May and are being rejected by the market and sitting with little action.
Now is a great time for buyers who were exhausted by the spring to get back into the market this summer. Inventory trends, particularly with condos, are going up offering more selection and a more reasonable pace.
I predict we will see a more balanced fall with opportunities for buyers and opportunities for well-priced sellers.
A word of caution for both buyers and sellers – don’t try to time the market. Time your purchase or sell based on what you’re doing in your life that causes you to want to make a move.
For once, it’s really all about you! Let us guide you to evaluate how real estate can be a vehicle for you to get what you want.
For more expertise on the real estate market in the DC Metropolitan Area, contact us at email@example.com or give us a call at +1 202-318-1623 and we'll set you up with one of our agents who can guide you with the best course of action, whether you're buying, selling or interested in doing both.
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