In terms of recent activity in Eckington, the number of active listings has increased from 34 to 43, and there have been a total of 2 closings in the last 30 days. These numbers are indicative of what we are observing in DC – more homes on the market with a slightly slower uptake.
Eckington By The Numbers || Weekend 09.23.23
I'm sure we are all thankful to see Ophelia leave us!
In terms of recent activity in Eckington, the number of active listings has increased from 35 to 36, and there have been a total of 6 closings in the last 30 days. The fall market has been somewhat sluggish, primarily due to the ongoing rise in interest rates. Notably, 5 homes in Eckington have been withdrawn from the market after remaining unsold for 30 days.
Overall, it appears that we need to recalibrate our expectations regarding the speed at which homes sell. While we're accustomed to receiving bids within the first weekend in DC, the slightly higher interest rates are having a dampening effect on the pace of transactions. When listing properties, it might be wise to adopt a mindset geared towards a 30, 60, or even 90-day sales period. Homes can still find buyers if they are presented well, priced appropriately, and strategically positioned in the market. Patience is key in allowing the right buyers to come forward.
Please come see us at 1940 2nd Street NE today from 1-3pm for an Open House! Here is a video tour of that home: https://www.youtube.com/watch?v=er4vlQBoOrU
As of Friday, September 22, 2023, the current average interest rate for a 30-year fixed mortgage is 7.39 *We source this data from Mortgage News Daily.
Eckington By The Numbers || Weekend 09.03.23
Please see below for the summary real estate numbers, the link to download the printable PDF of the "Eckington Sales Tracker & Open House Guide", and a link to see all active listings currently in our neighborhood.
In terms of recent activity in Eckington, the number of active listings moved from 32 to 35, while a total of 7 closings occurred within the last 30 days. With the fall market just a few weeks away, we anticipate a surge in activity during that period.
After Labor Day, the real estate scene tends to get a little busier as we ease into the autumn season. The weather becomes more pleasant, kids are back in school, and the days remain reasonably long. If you've been on the lookout for your dream home, now's the time to keep an eye out. If you're thinking about selling, it might be a good idea to start planning your next move. The fall season offers some promising prospects in the real estate market, so stay tuned for opportunities, whether you're buying or selling.
Eckington By The Numbers || Weekend 08.26.23
Please see below for the summary real estate numbers, the link to download the printable PDF of the "Eckington Sales Tracker & Open House Guide", and a link to see all active listings currently in our neighborhood.
In terms of recent activity in Eckington, the number of active listings moved from 31 to 33, while a total of 5 closings occurred within the last 30 days. With the fall market just a few weeks away, we anticipate a surge in activity during that period.
Additionally, Alex and I have created a video spotlighting the exceptional qualities of our neighborhood in Eckington. Feel free to watch it here and share it with those interested in learning more:
As of Friday, August 25th, 2023, the current average interest rate for a 30-year fixed mortgage is 7.39 *We source this data from Mortgage News Daily.
Eckington By The Numbers || Weekend 08.12.23
Even with higher rates and being in the slower part of August, we are seeing some sellers get multiple offers. If you are buying, here are a few things to consider when putting in an offer in a competitive situation:
Get pre-approved for a mortgage before you start making offers. This will show sellers that you are serious about buying and that you have the financial means to do so.
Work with a real estate agent who is experienced in a competitive market. They will be able to help you price your offer competitively and make sure that your offer is in the best possible shape.
Price your offer competitively. In a sellers market, you'll need to price your offer competitively in order to be considered. This means offering at or above the asking price, and possibly even more.
Waive contingencies. Contingencies are clauses in your offer that allow you to back out of the deal if certain conditions aren't met, such as if the home doesn't appraise for the agreed-upon price or if you can't get financing. In a sellers market, sellers are more likely to accept offers that waive contingencies, as this makes the deal less risky for them.
Offer a quick closing. Sellers are also more likely to accept offers that have a quick closing, as this means they can get their money sooner.
Be prepared to negotiate. In a competitive situation, sellers are likely to receive multiple offers. Be prepared to negotiate with the seller to get the best possible price.
Be prepared to act fast. Homes in a competitive market tend to sell quickly, so you'll need to be prepared to act fast if you see a home you love. Have your offer ready to go and be prepared to submit it as soon as possible.
By following these tips, you can increase your chances of making a winning offer in a competitive market.
