As natural optimists, huge advocates for the DC-area and a team that ultimately just loves all aspects of the real estate process, we wanted to level with you: we understand that this is a time of uncertainty and that even optimists are wise to proceed with caution.  In home buying or selling, it is important to pay close attention to budgeting and opportunities for financing a new home, to price the home you’re selling appropriately, and to consider all options available as you move forward into a new phase of life.

We read a quote recently that we found especially pertinent when considering the current real estate climate: “According to the National Association of Realtors, 60% of all home buyers in April made down payments of 6% or less and only 14% made down payments of more than 20%, indicating that many prospective first-time buyers stretched to make purchases before the deadline.” As proponents of this market, we found the quote to be quite alarming and wanted to delve in a little further as well as be open with our fellow real estate explorers.

At this point, what most people, including our realty team, are asking is this: Is the glass half empty or half full? Well, our claim to optimism is a give-away for the answer we’re going to share, but we match our optimism with a healthy dose of realism.

If you look at this from the half-empty side, you see that home sales are still occurring with little money down, logically following the NAR’s report that only 12% of people state that they would have no trouble coming up with a 20% down-payment, leaving 88% of people somewhere between needing a loan and simply unable.

If you look at the glass as half full, however, you would take note that currently the housing market is seeing the lowest interest rates ever recorded.  You would see that locally, Forbes has ranked DC as the healthiest job market in the nation, “Where there are fewer than two job seekers per opening, and where unemployment sits at 6.2%, a full 3.5 points below the national average.” You would see that DC area home prices are holding up better than the national average and have been since 2000.

Which perspective to take on the situation is up to you, but we wanted to give you the facts. To us, there is no getting around the fact that DC is a fantastic place to live.  If you want to join in the fun, drop us a line and the Best DC Realtors will guide you through the real estate world of this thriving metropolis. We can’t wait to hear from you!