Episode 5: Navigating a competitive housing market amid a pandemic, tips for first-time home buyers in the DMV

If you’re looking for a new home in the DMV, amid the pandemic, you’re in the right place.

Realtor Daniel Walcott is unlocking the keys to success for first-time home buyers in the competitive housing market.

                                                                        Photo credit: Daniel Walcott

According to Redfin, “many homes get multiple offers, some with waived contingencies” in Washington, D.C.

Hot homes can sell for about 2% above list price and go pending in around 6 days. – Redfin

President-elect Joe Biden has proposed a First Down Payment Tax Credit for Americans.

“The tax credit will likely provide further demand stimulus to an already hot real estate market locally. The cost of entry for first-time buyers has always been a challenge and the tax credit will help,” said expert David Howell in an interview with the Washington Post.

Q&A 

Anna-Lysa Gayle: How has the pandemic changed the real estate market?

Daniel Walcott: “The pandemic has been a sort of whirlwhind. I think when everything started, our industry was similar to a lot of others, where we just didn’t know what to expect. Especially when you’re talking February and March. I think March is sort of when the word got out and a lot of us were just unsure of the rules and regulations. Is our business as real estate agents is that essential? Do people have to buy and sell homes? And luckily for us, it was deemed essential.

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Q: How competitive is the housing market?

A: With that, you have multiple offer situations, you have multiple buyers who are bidding up these properties. So, if you’re not going in there competitive, then you’re just going to miss out and you have to go in with a mindset, look I’m going to play to win.

Listen to the full interview, with Daniel Walcott, on Apple podcastsGoogle podcasts, Spotify or here on the site (click play above).

 
About the author

Reporter/Fill-in anchor with ABC7 News

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