Not a lot of people are eager to get out and house hunt in below-freezing weather, and especially with the winter we just had. This results in a frenzy to get out and start looking for homes in the early spring. The market for single-family homes in the metro D.C. area tends to draw in different types of buyers depending on the price ranges and locations where buyers are looking.
There is a different type of buyer for every price range, which you may already know if you've experienced buying a home before. However, the prices of homes, especially in the market for single-family homes in the Metro D.C. Area, is all over the scale. It is very possible to buy a single-family home for $300,000 as a fixer-upper while a house in the next town is listed close to $1 Million dollars!
It is all about understanding what the buyer is looking for. It is very common for a young adult in their 20s - 30s to want a home slightly cheaper around $300,000 that they could fix-up and potentially rent out. They are also looking for an area that is near transportation, restaurants and a more energetic night life. Although, the downside to this market is that there is often a high demand and a low supply, which makes it harder to find a house.
The next price range of about $500,000 - $750,000 tends to draw a different type of buyer. This range of buyer for a single-family is typically a young couple who is looking for a home that is still close enough to the city area to be walking distance from the various activities that the city has to offer. They know that once they start a family, they most likely will move out for a home located in a more suburban area.
Anything above the $750,000 home price is definitely a different type of buyer for a single-family home compared to the other two price ranges. $750,000 and above often draws new families looking for a quieter, suburban area with a bigger property that their children can grow up in. This home may be a similar size to their previous town house but has] less of a city feel and offers a neighborhood with better schools.
Buying a home, especially for young families, is always a big decision. The metro D.C. area is a great place for young couples to start and raise a family, but it is important to find the right house for your price range in the neighborhood that's right for you.
Having a buyer agent is always a good idea to help you work out the details, decipher with the fine print and negotiate a better price for your home. With Glass House Real Estate, we not only do all of that but offer a tax-free, 1.5% cash back rebate for our clients. If you would like to learn more about this amazing offer, check out the link below for more information.
Resource: Washington Post