What buyers should know before entering the housing market

The Greater Washington DC market is heating up again due to the impending mortgage interest rate drop.  Many listings in sought after locations have multiple offers.  In one of recent transactions, my buyer had to compete with 9 other contracts and the winning bid had to pay substantially higher than asking price.  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 $600K 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 still most desirable.