We know it may be hard to believe, but despite all the challenges the world has faced in 2020, the real estate market is still moving along quickly. Inventory of homes has been an ongoing issue in the DMV for years and shows no signs of changing in the foreseeable future. As restrictions start to lift and more buyers and sellers enter the market, we expect to see the traditional Spring Market rolling right into the summer and with that comes multiple-offer situations.

If you are thinking about making a purchase, there are some strategies you should consider before you are faced with an offer deadline and need to make a quick decision. Not every tactic will work for your situation or will be needed on every home you see but it is important to know what options you have available and which ones you are comfortable trying. This is not an exhaustive list but these are some of the more common approaches clients, and the other buyers competing for the same house, use to win the deal.

Despite the ongoing COVID Crisis, the DMV’s real estate market continues to move along at a steady pace. There was an initial shock to the market caused by the stay-at-home orders driving many sellers to withdraw their homes from the market. We also saw a 40% decrease in showing activity as buyers decided to put their searches on hold temporarily. That pause seems to have been short-lived as many of those sellers have now put their homes back on the market, and more buyers are out home shopping again. New listings and new closed sales are now at or near 2019 levels and we are still experiencing multiple offer situations fairly regularly.

The Stay-At-Home orders in place around the DMV, and the pandemic situation overall have obviously had a significant impact on the real estate market. However, we are still seeing homes being listed, and we are still seeing buyers out making offers. There remains a surprisingly steady level of market activity, with only the most serious sellers and buyers out there at the moment.

Overall, listings in the region are down 30-40% compared to this time last year, so the even lower inventory means most properties continue to move quickly. More serious buyers and lower inventory have kept home values from seeing any real decreases yet, but there is certainly not the same level of competition for buyers as there was just a month ago.

If you are beginning a search for a condo in the DC metro area you will almost certainly run into a few coops (Cooperatives) along the way. From the outside, an apartment building, a condo, and a coop all have a similar look. They’re all buildings of one type or another made for residence to live in individual units with some shared common space. However, there are differences to the legal way these units are owned and operated. Neither is absolutely better than the other but the differences should be understood when making your determination on where to live.