What buyers should know before entering the housing market

The Greater Washington DC market is heating up.  Many listings in sought after locations have multiple offers.  In one of recent transactions, my buyer had to compete with 26 other contracts.  That is an extreme case.  But many properties are under contract in a matter of weeks if not days.  Location, showing condition and price are three key decisive factors for buyers. To get better prepared, buyer should have a pre-approval letter ready before house hunting. That way, a contract can be submitted right away as soon as a desirable property is identified.

Buyers today compete not only with other regular buyers but also investors. Properties under $400K are in the highest demand because they are more affordable and less risky. Locations that are located closed to metro stations and/or within good school districts are most desirable.