DC Real Estate Market Update: November 2011

Homeowners in the DC area can be thankful for our continued strong market. In fact, homeowners nationwide can appreciate that the numbers continue to rebound, as the Atlantic’s “Chart of the Day” interestingly illustrates. However, every story has at least two sides…the jury is out as to whether the “rebound” illustrated actually reflects the artificially slower rate of foreclosures this year.

In financing news, we in the DC area got a bit of good news (in addition to the ridiculously low rates, that is): FHA loan limits were  upped back to the previously “temporary” limit of $729,750. That’s great news in terms of affordability for homes in the $800,000-$900,000 price range. FHA continues to be a thorn in the side of many condo complexes, though; communities lost their certification earlier this year and many are finding it hard to win approved status.

Despite that, the market continues to be more active than usual for this time of year. Low rates are bringing out buyers and investors, but low inventory keeps them frustrated. Homes at the “right” price ARE selling.

If you know someone looking to move, please contact us. And if you’re thinking of selling, contact us for a no obligation market analysis of your home and review of statistics in your local neighborhood. You can”introduce”  yourself to us via our HGTV Show “My First Place” airing again on November 25 (this Friday) at 8 am.

This year, once again, we are thankful for all of you—our clients and friends who refer us business. Thank you for your continued support and we wish you a happy and healthy holiday season!