D.C.'s real estate market looks to be hot this fall
For sale sign in Washington, D.C.
The Washington housing market is expected to turn hot this fall as real estate agents predict higher inventories and eager buyers.
“Inventory levels right now are low, but we’re starting to see them increase,” says Traci Oliver, a Realtor with Coldwell Banker in Fairfax, Virginia. “We are getting ready for a busy fall.”
Low inventories at the moment aren’t surprising considering August is when Congress is away and end-of-summer vacations fill the calendar.
September, though, brings those thoughts of selling back to the front burner.
“I do think it’s going to be a busy fall,” says Roz Dorelli, with the highly rated ADMC Realty Group at RE/MAX in D.C. “There’s been a lot of activity among our clients, and a lot of buyers have been looking for awhile.”
So, this could be the calm before the storm.
One thing looks certain, no matter what neighborhood around Washington you call home: “People want to buy,” Dorelli says.
It may seem strange to have a summer lull for those new to the area, but seasoned Washingtonians know the city’s cycles.
“Buyers are out in the Washington area all year round,” Dorelli says.
Of course the fall of 2014 already has a huge advantage over last year, when the federal government shutdown in October put many would-be home buyers and sellers in real estate limbo.
“Thankfully, things have settled down this year,” Dorelli says.