When buying or selling a home, generalized headlines about the housing market in the D.C. region and nationally can be hard to ignore. But whether it’s a good market for buyers or sellers depends on your neighborhood, price range or even the type of property.
鈥淭he reality is that each one of those submarkets could be having a completely different experience than other markets, some being very much skewed toward buyers, others very much being skewed toward sellers, and some of those markets are balanced,” Eldad Moraru, a D.C.-area real estate agent with Compass Real Estate, said.
Many people talk about the D.C.-area housing market as if it were one market, Moraru said, but that’s not really the case. He pointed to differences between neighborhoods, price points and housing types, saying conditions can vary dramatically from one market segment to another.
And buyers and sellers can run into trouble when they assume the market conditions in one neighborhood apply everywhere, he said.
Take, for instance, the condo market in the nation’s capital.
鈥淭he D.C. condo market is very much skewed in the buyers’ advantage. There’s a lot of inventory, and the rate at which these condos are going under contract is pretty slow,” he said.
But for those shopping at the top of the market, an entirely different picture is unfolding.
鈥淚f you happen to be in the ultra luxury market, that market is incredibly robust right now,鈥� he said.
Moraru said those differences matter because buyers and sellers who rely solely on overall market headlines may end up making the wrong assumptions about their own situation.
鈥淵ou might be lulled into believing that the market you’re in currently, you’re going to be able to negotiate. You’re going to be able to get a great deal and take your time. But if you happen to be in that market that’s favoring the sellers, you may be disappointed, and more importantly, you may miss out on some pretty important opportunities,” Moraru said.
So how do you know what your segment of the market is doing?
Moraru said that comes down to examining a few key indicators, including how long homes stay on the market, the number of properties for sale compared with those going under contract, and the pace at which available inventory is being absorbed.
鈥淚f a home has been on the market for two weeks or longer, the likelihood that it’s going to get snapped up in multiple offers goes down,鈥� Moraru said.
Moraru’s bottom line: Buyers and sellers should focus less on broad housing headlines and more on what is happening in their specific neighborhood, price range and type of home.
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