An Open Letter to Buyers—Simplifying your real estate purchase

The Washington DC real estate market has been extremely active for several years running. This strong real estate market surpassed anything seen in the 1980s and brings into question simply whether it can be sustained. Many buyers, as well as agents, have been surprised at how fast homes are selling. Contracts on newly listed, well-priced homes are being registered in a matter of hours and days, not weeks or months. The response to Sunday open houses has been tremendous. Suffice it to say the current market is great for sellers. Given the availability of lower fixed rate financing, adjustable mortgages and creative financing possibilities, buyers too have additional opportunities. Particularly in Washington, tax incentives are also a compelling reason to make a purchase.

Many buyers have expressed that they perceive prices are starting to move up. This is clearly the case in many neighborhoods. We have seen obvious signs of a dwindling supply of properties currently on the market, and continued demand causes prices to rise.

Given the current market, we hope to make a few suggestions that will help you prevail in your search for a property. Recognizing that buyers are not always prepared or comfortable in having to "act fast," we have compiled a few guidelines that can be of great value.

As part of the W.C. & A.N. Miller real estate family, we are Washington's leader in professional real estate services and we know we can help you in your search for a new home.