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Get Smart With City Chic is a bi-weekly column giving you the real talk rundown on what’s happening with the D.C. real estate market. Sponsored and written by Lindsay Dreyer, the broker/owner of City Chic Real Estate.
This guest post is by Sarah Brazell, Realtor in DC/MD/VA with City Chic Real Estate. Book a call with Sarah!
I’ve had a lot of people ask, “How’s the real estate market?”… and even more friends send me that meme of Will Ferrell in a burning neighborhood yelling: “Does anyone want to buy a house?!”
It’s true the housing market is not the same market it was last year… but that’s not a bad thing!
Super low interest rates for the past decade allowed for people to borrow money for cheap. Those 2% and 3% interest rates flooded the market with tons of buyers who got into an absolute BLOODBATH to buy a home. Those buyers sought to be competitive by driving up the prices of homes. (Is a studio in Foggy Bottom really worth $400,000?) Along with inflating prices, perhaps even more dangerously, those buyers were waiving all contingencies. How comfortable would you have been buying a home without a home inspection or appraisal contingency?
As interest rates have started to rise, the frenzy has settled. Cheap money has dried up and stock portfolios have taken a hit. As a result: housing prices have started to dip, homes are sitting on the market for longer, and bidding wars are a thing of the past. Ladies and Gentlemen it is FINALLY a buyers’ market!
I don’t know about you… but being a buyer now sounds a lot nicer than it used to be!
And the housing market in D.C. remains a great long term investment.












