It is a great time to buy a home… if you can find one. The D.C., Maryland and Virginia housing market is very competitive.
This is due in large part to historically low interest rates which have allowed well qualified buyers to lock in interest rates as low as 3%. That has flooded the market with more buyers than available homes — inventory is down 4.6% below 2019 levels. When a desirable listing comes up, there is often a lot of competition on it and it sells quickly — 9 days on the market is the median in the DMV. To counter the effects of this trend, our buyer’s agents have gotten creative to find new ways to identify and locate listings for their clients before they hit the open market.
Here are some ways that we are finding off-market homes for our buyers:
- New Construction and Developer Network — Our agents have long-standing relationships with developers and new home builders who can get us access to their projects currently under construction. Buyers can even pick colors and finishes while their home is being built.
- We Use Our Network to Match Our Buyers With Homes — As respected and locally focused buyer’s agents, our peers and real estate professionals answer when we call. We can often get a heads up and early access to homes before they hit the market.
- Agent and Brokerage Coming Soon Listings — Our agents list homes for sale in the communities where they live and work and often have listings in their own pipeline. We also get access to GreenLine Real Estate’s off-market listings.
- Door-to-door Prospecting — We knock on doors where our clients want to be and try to sniff out potential listings for our buyer clients. Using in-person prospecting and direct mail, we target the locations and property types that our clients are looking for. We leave no stone unturned to find what our clients want.
Are you looking for a home in D.C., Maryland or Virginia? Real estate markets are hyper-localized. If you want to know what the market looks like in your neighborhood, reach out and consult one of our realtors. Or learn more ways for buyers to get an edge on our Home Buyer Tips Blog.