Real Estate - It’s all Local
This entire post is a few quotes from an NPR story earlier this week, with a few items on the WashingtonDC market. This continues to support claims I’ve made here earlier this year. Yes, the national market is hurting, which doesn’t mean the same is true for the local market at the zip code level, or more so, at the hyper local level.
What we know, and what NPR reports:
The Washington, D.C., metropolitan area has been hit hard. Prices tumbled an average of 11 percent in the past year. That’s the big picture. But a look at Ashburn, Va., about 40 miles from the center of town, finds a steeper fall.
However, closer in:
When I have a listing in this neighborhood, there are often 40 to 60 people coming through the open houses,” said Pam Ryan-Brye, an agent with Long and Foster Real Estate.
Inside the city, median home prices are actually up 3.5 percent from a year ago.
If you prefer to read or hear the April 21st, story, get it here.
So, it’s a great time to be getting into the market, with lots of inventory, and some sellers being able to sell at a low price; combined with good interest rates. But, knowledge about the market remains important, that is, know where you are buying and why the home is or is not well priced.
Tags: DC, Real Estate, Washington DCRelated posts
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