A lot of my news feeds are from places like Inman News and RISMedia, news services that are specific to real estate. The information about market trends is very different that what I hear on any of the network news services in one very important respect. The national news networks try to cover what’s going on in the entire country in one short news clip. Even the local news here in Washington tends to cover the entire DC Metro Area, and hundreds of neighborhoods. On the other hand, Inman and RISMedia focus in on what is going on in specific markets. And our local multiple listing service gives us up to date statistics on specific markets that agents are able to define, depending on our clients’ needs.
Why is this important? Because all real estate is local, and usually it’s hyper-local. Then there are parts of each hyper-local market. A story about home supply and demand could vary, depending on not just the neighborhood, but also the price range and type of property one is writing about. In the same zip code, condos could be trending very differently than single family homes. Even within a particular part of the city, luxury homes could be a completely different story than mid-range homes that are priced below the magic number that will turn them into buyer bait. A 2-bedroom condo unit in a huge mid-century building with a no-pet policy could languish on the market for months, while a similar sized unit in an older building across the street, one that offers charm and character, will fly off the shelf – especially if that building allows pets.
So when you ask the question “How’s the market?” you have to be pretty specific. If you are concerned about bloody bidding wars where people have to do really stupid things to “win” a new home, this could be a concern if you want a starter home in Silver Spring where people really are scratching one another’s eyes out to prevail. But if you are looking for a perfectly restored forever home in Spring Valley or Chevy Chase Village, you could find yourself in more of a buyer’s market, especially if the price point is above $2 million.
Are you thinking about a move and need a clear answer to “How’s the market?”. If so, please call or text me at 202-549-5167, or email me at housepat@mac.com. Whether you are buying or selling, I can provide very targeting information about the specific neighborhoods you are considering.
