The Pandemic real estate boom
Updated: May 29, 2021
People in Washington these days don't really buy houses. They win them.
"The Pandemic Real Estate Boom," The Washingtonian, April 2021
Reading through this April's Washingtonian article about the real estate boom in our area, I recognized many of the same trends of price escalations, houses flying off the market in a matter of days and multiple offers here in the Route One Corridor communities of Hyattsville, Mt. Rainier, College Park, University Park and environs.
So intense was the summer 2020 market that I posted about the phenomenon last August:
3 Jaw-dropping Price Escalations in Hyattsville
Phenomenal Interest in our Listings
Our listings experienced phenomenal interest as we fielded incredible amounts of house visits by buyers resulting in multiple offers over list in a matter of just days after hitting the market. Some of our best results included 3100 Perry Street in Mount Rainier with 7 offers, sold after 6 DOM (days on the market) at $15,000 over list; 4304 Underwood Street in University Park with 6 offers, sold after 3 DOM at $30,000 over list and the absolutely incredible performance of 4532 Buchanan Street in Hyattsville with 20 offers, sold after 5 DOM sold at $50,000 over list.
My Clients Acted Fast and Won
With such intense competition, it was challenging to write the winning offer for my buyer clients. I love this success story about my wonderful clients who found their dream home in University Park.
Julia and Jon moved from their 2 bedroom apartment in NoMa to a 4 bedroom, 3 bath University Park house.
After missing out before, Julia and Jon knew that they had to move quickly. As soon as the University Park house hit the market, we were there to see it within hours and they knew it was "the one". I called the listing agent to talk about preferable terms for the sellers and to ask if my clients could perform a pre-offer inspection. We did that and were able to submit a tight offer for more than the asking price within 72 hours of the listing going active. Their offer was accepted and 30 days later they were happy homeowners.
Escalations at all Price Points
Many houses in our Route One Corridor communities sold at prices well over the initial list price. Here are six charming houses that sold in the midst of the 2020 boom. All of them escalated significantly and were under contract in 8 days or less.
$55,000 over list price, 6 DOM - 6914 Pineway, University Park, 3 beds 2 baths
$18,000 over list price, 7 DOM - 4208 Underwood Street,University Park, 3 beds 2 baths
$50,000 over list price, 3 DOM - 4106 Oglethorpe Street, Hyattsville, 4 beds 2 baths
$50,200 over list price, 8 DOM - 5503 43rd Avenue, Hyattsville, 3 beds 3 baths
$33,000 over list price, 4 DOM - 6309 51st Avenue, Riverdale, 3 beds 2 baths
$46,150 over list price, 7 DOM - 5405 39th Avenue, Hyattsville, 4 beds 2 baths
Are you Ready for this Market?
There is a lot of interest in homes in our Route One Corridor Communities but a shortage of any for sale. If you are thinking about selling, now is a great time to do so. Contact me today to discuss your home’s value and how to take advantage of this great market.
Looking to buy? I will guide you through this intense market and give you the inside edge to make sure that you win the house that you love. Contact me today to find out more.
Free Resource for Sellers!
Click here for your own copy of the Home Sale Pre-market Checklist.
I created this helpful resource to help you prepare your house for the market. It contains helpful reminders about:
windows, doors and wood trim
Free Resource for Buyers!
Click here for your own copy of the House Hunting Worksheet.
I created this helpful resource to help you keep track of the essential details of each house that you visit. It has places to keep track of:
house facts (square footage, bedrooms, baths)
commute time, schools, restaurants
pros and cons
furniture fits guides (bed and tv)
Who am I and how can I help you?
I'm Tamara Beauchard - realtor, architect and right-fit specialist
As a top-performing realtor with Re/Max Professionals, I handled nearly $12 million in real estate transactions this past year. I stay on top of the market to ensure that you are confident about the price and the process from our first meeting to the settlement table.
You have an architect on your side! My experience in the design and construction industry means that we can talk about renovations and improvements that will both beautify your home and improve it's resale value.
I'm a right-fit specialist who provides consulting services for people who are not ready to buy or sell right now, but need advice on where to start with renovating or downsizing.