WASHINGTON, DC — JENN SMIRA TEAM
According to Jenn, “The DC market is uniquely resilient because of the simple fact that it has both private and public sectors at play. We’ve still been seeing the market move, particularly over the last few weeks.”
For Jenn's team, the last few weeks have been busy indeed, with the market reflecting an activity level more indicative of a typical spring versus summer season. They listed 10 new properties last week alone, while an already high demand for showings has continued to reach new heights. “In the last week of June, we went from 40 showings to 90 showings," Jenn notes. "These are serious buyers too; they study the floor plans beforehand with the intent of making a purchase.” She attributes this swift increase to four months spent in lockdown. "Over that time, consumers had nothing but time to reflect on their current living arrangement, to take stock of what's important to them now, and to imagine what they would want in their future home," Jenn points out.
So, what are buyers looking for in a home these days? In Jenn's recent experience, the answer is usually more space. “I’ve worked with quite a few downtown condo buyers moving from neighborhoods like Logan Circle, Chevy Chase, and everywhere in between, who are now on the hunt for single family homes," she observes. But when it comes to demand, space isn't the only important factor, Jenn says. "I think what buyers today are really weighing is the value—or potential value—of a property. Is there outdoor space? Is there room for an office? Clients these days are very decisive, and know exactly what they're looking for in their next home." Although it's hard to project what the next six months may have in store, one thing is certain: with this influx of serious buyers and not enough inventory to meet all of their needs, it is without question a seller's market.
