As seen in the Washington Business Journal: “Area Home Prices Down More Than 4%.”
There is no doubt that the market has declined and that we have returned to a much more normal market.
But what’s with the talk of doom and gloom? Are prices falling monthly? The answer depends on where you are—and by where I don’t just mean DC, Maryland, or Virginia. Trends vary by neighborhood, block, or even building.
Blanket statistics—the kind that appear in the media—rarely speak to how the real estate market affects the individual. Don’t get caught up in market stats (good or bad), but focus your motivation to buy or sell.
Most buyers are looking for homes to live in. It is always a good time to buy a roof over your head. If you’re buying only for appreciation gain, you need to be careful in this market.
Sellers selling today are doing so because they need to—not to be misinterpreted to say they are desperate. (If you want a big foreclosure market, you’re not going to find it in the DC area.) It is always the right time to sell if you need to do so. If you just took a job in Phoenix and want to buy a house there, but can’t afford the down payment unless you sell your townhouse in Georgetown, now is the perfect time to sell.
Remember, 80 percent of the marketing happens when you set the price. It is time to start talking about how normal the market is and how buyers and sellers every day enter into agreements that satisfy everyone’s goals.
A good deal, and a good market, is only a state of mind.