“July is a blind date with summer.”
― Hal Borland, Sundial of the Seasons
Vacation season is upon us. Despite Covid and the recent frenzy that has been the Washington Metro region’s fast paced real estate market, we are having a pretty normal July. Congress is on recess and with the rising temperatures, climbing humidity and the nation re-opening it seems many of our friends and clients have decided to take a breather and go on vacation.
What this means for the real estate market is that we are seeing for the first time in a while a little slackening in demand. Less demand (even if only temporarily) means an opportunity for buyers to bring an offer without as much competition and potentially with moderately better terms. If you can find a property you like during these hot summer months it may be your best chance all year of securing a good deal. I am a huge proponent of real estate shopping in the heat of summer or in the dead of winter. Though I expect inventory to drop off slightly, the micro changes in the market due to out of town and distracted buyers and sellers can often be exploited for savings. I know that many buyers have become frustrated with the pace of the real estate market, the escalation clauses and sense of urgency and the appeal of travel and a covid-free summer may seem like a good opportunity to table a property search until the market moderates. Let me tell you though, I have no reason to believe that this market will moderate and this “lull” will last for long.
My expectation is for July and August to continue to be marginally slower and then we will see a dramatic uptick in activity in early September as buyers return to the market. This renewed enthusiasm and delayed desire to find desirable housing will fuel a fall resurgence which will carry us through to the end of the year. More buyers will flood back into the market than available inventory and I see a return to multiple offers and escalations. In short, this “hot-girl summer lull” will not last nor do I think that the recent appreciation we have seen in property values this year is a bubble. Washington DC continues to add jobs, attract new residents and I expect this only to accelerate as the nation continues to recover from Covid. We may not see double digit appreciation over the next calendar year but I also do not anticipate a pull-back in pricing or values.
I hope you enjoy this month’s articles and special features including a market updated from Greenwich Connecticut from the immensely talented Patte Nusbaum. Patte and I have been friends for some time and she has the privilege of representing some of New England’s most enviable homes.
I am also excited to announce that we will be hosting an outdoor movie night in Spring Valley on September 18th. In partnership with the Wesley Theological Seminary and the Spring Valley Neighborhood Association, we are thrilled to be hosting this family friendly activity of entertainment, food and fun. I hope you will consider joining us.
Enjoy your summer, stay cool and I hope to see you soon.
SAVE THE DATE!
Sotheby’s Auction House Spotlight: In The Studio Of Paolo Roversi
This July, Sotheby’s will take you on an extraordinary journey into the timeless studio of fashion photographer Paolo Roversi. The sale presents a selection of some of his most famous portraits, intimate insights into his legendary Parisian studio, as well as rare books and prints from his own collection.
Available in Bloomingdale
2419 1st St. NW #2 Washington, DC.
3 Bed 3 Bath 1902 Sq Ft.
1900 square feet of urban perfection with stunning views of Washington DC, this multi-floor penthouse condominium located within a historic Bloomingdale row house is a culinary entertainers dream. Soaring ceilings, large windows filled with natural light and an open and modern layout give this home a loft like feel. Fully updated with gleaming Brazilian cherry floors the home features a magnificent gourmet kitchen with two over sized islands, a Miele steam and convection oven, 2nd Wolf full size oven, built in Espresso machine and a Gaganneau Gas/Electric cook top. Upstairs is a massive owners suite with private balcony with Capitol views and sophisticated bathroom finishes including a multi head waterfall shower and over sized soak tub. The top floor is composed of a roof house with separate fully applianced catering kitchen perfect for alfresco entertaining on the rooftop deck while you enjoy panoramic city views. Add a direct access private parking space and this is a rare offering in one of Washington’s trendiest neighborhoods.
To read more of William Fastow’s Enviable Home July Edition and see current listings, click HERE!