Washington, D.C. (PRWEB) March 12, 2014
The Washington D.C. residential real estate market got off to an unusually slow start in 2014, due to lingering winter weather conditions that curbed demand. As a result, the anticipated pent-up buying power will lead to a compressed spring sales season that will impact buyers, sellers and the thousands of local real estate agents helping facilitate the significant transactions.
“The spring season is always the hottest time of year for sales in the residential real estate market, but this year is poised to deliver an unusually wild ride for all involved due to compressed market conditions,” says Donna Evers, president and broker of Evers & Co. Real Estate. She added, “I believe we’re going to see frantic selling and buying through July – including numerous highly competitive situations with multiple contract offers coming in on desirable properties.”
Evers also predicts home prices could jump as much as 10 percent in 2014, nearly doubling the 5.6 percent increase seen in 2013.* Her advice to buyers is to be as prepared as possible before heading out into the marketplace.
“Don’t wait to find a property you like,” she says. “If you do, it may be sold before you have a chance to get your financial paperwork in order. You should also consider bidding on properties about 5 percent below your top price limit to allow for ‘bidding up’ in competitive situations. You don’t want to get priced out of your dream home.”
Nevertheless, sellers cannot get too confident, Evers warned.
Make sure your home looks fresh, uncluttered and properly staged before you put it on the market. Don't think you can put a house on the market with peeling wallpaper and chipped paint and charge the same as if it were in top condition. Buyers and their agents are very aware of comparable sales and will deduct for any obvious flaws or oversights.
*Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery County in Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.
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About Evers & Co.
Founded in 1985 by Donna Evers, Evers & Co. Real Estate, Inc. maintains its success through a strong referral base and agents who enjoy a premier reputation for their expertise and in-depth knowledge of Washington Metro Area homes and neighborhoods. Evers & Co. is home to more than 100 licensed real estate professionals with decades of combined experience, who enjoy access to a first-of-its-kind Agent Resource Center. The agency is the largest woman-owned and-operated residential real estate firm in the area and a member of Unique Homes Affiliate Network, Who's Who in Luxury Real Estate and FIABCI, the largest international real estate organization in the world. In addition, the agency has an alliance with My Home In Paris, a residential real estate firm in Paris, France. For more information about Evers & Co. Real Estate, visit http://www.eversco.com.