The New Reality of Washington DC Real Estate

The New Reality of Washington DC Real EstateDuring our year-end meeting this past week, we did our annual “look back to what we learned” exercise. We are so glad that many in this market have been protected from the economic downtown that has caused so much destruction across our country. However, the most poignant lesson from 2012 is that there is now a new reality of the real estate market. This year was marked by many tough but honest discussions with our homeowners about the reality of home values. They are indeed improving but they are never as high as most sellers hope to have.

Recognizing that several of our clients this year were choosing to leave behind their larger family home for something more suitable for their new age and lifestyle, it was necessary to have truthful discussions with longtime owners about what it takes to sell a home. De-cluttering and de-personalizing was key to making a prospective buyer imagine what their new life would be like in the home. Putting away family heirlooms and updating paint colors was hard to swallow for many, but was necessary for making a home market ready. While sometimes feelings were hurt, we did our best to show them that making the home ready for the new buyer is in their best interests.

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