The 2020 Fall Market Is Looking Great For Buyers & Sellers

The Spring/Summer market has been a world-wind! I’ve listed properties and sold properties…all have had multiple offers, and been sold in less than a week. As an industry, we’re forecasting strong sales continuing into the fall—spurred by low mortgage rates and more sellers coming to market, easing tight inventories. The pandemic has been helping, not hindering, the local housing market.

Sellers and buyers initially sat out the market during the early months of the pandemic. That has changed. Clients have told me the pandemic has caused them to plan a move or speed up their moving timeline. The most common reason I’ve heard is wanting dedicated space to work from home and wanting outdoor or recreational space.

Homebuyer demand is surging despite the historic nose-dive our economy took. People are prioritizing housing even as they cut back on other expenses…likely because they have cut back on other expenses. 2020 has been a challenging year for everyone, but especially for those who found themselves sheltering in place in homes that were perfectly fine pre-COVID, but became entirely too small for them during pandemic times. Working, shopping, cooking, and even exercising—these are all things now almost exclusively being done in our homes, and this has many of us itching to upgrade spaces that have become entirely too small for our lives.

Previously uncomfortable with the thought of telework, this idea has now become a norm for us. The idea of living close to your workplace and having a short commute is not as big of a value as it used to be. Young families are looking for more home-schooling space. Urban dwellers are looking for private outdoor spaces. The pandemic has been good for the D.C. suburbs, both inside and outside of DC.

The Washington, D.C. market is an incredibly durable market. Multiple economic layers exist in it, which make it a top tier destination. With the presence of the federal government, our tech sector, and a biotech sector, our area is fertile ground for entrepreneurs and for increasing real estate values. All this means DC ZIP codes will always be at the top of some buyers’ wish lists.

So if you’re worried about listing your house or buying your future home right now, don’t be—interest rates are as low as they’ve ever been and homes are selling fast right now…it’s a great time to make a move!