If you are looking for a home in Upper Northwest DC, and if your price tag is under $1million, it could get pretty interesting.
We're talking north of Georgetown and west of Rock Creek Park, an area that, once upon a time, had some decent "starter homes" for first-time buyers. Not so much anymore.
First, of the thousands of single family homes in this area, as of today, there are only 12 for sale. And while some are move-in ready, there are others that have showing instructions that prepare us to walk into something funky - bring your flashlight, use caution, great renovation opportunity. You get the drift.
But the homes that are in reasonably good shape and professionally staged usually sell quickly, sometimes for more than their list price. Of the 80 homes settled during the last three months, 33 sold for over asking. The average days on the market is 19, but 32 out these recent settlements sold in 7 days or fewer - often because the listing agents waited for a week before presenting offers to the sellers.
And if you want to live in this part of the city, you have to make a plan that makes you ready to pounce when a home you like comes onto the market.
- You need a strong pre-approval letter from a local lender - one with an office in the DC Metro area, not someone you found online with an office in Kansas.
- If you have to sell you current home in order to qualify, you need to have it sold.
- Any funds you are getting from the Bank of Mom and Dad need to be "seasoned" in your own account for several months. You need to check with your lender to work out their ground rules for family gifts or loans.
- You need to be able to move quickly. If a house that looks good is listed on Thursday morning, you need to look at it on your lunch house on the same day. If you wait until the weekend Open House, it could be gone.
- You need an experienced buyer's agent who can help you develop a strategy that will take you from looking for your Dream House to the settlement table where you will make it your own.
If you are planning a move to or from Washington, DC, I can help. Please call or text me at 202-549-5167.
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