Top Brokers Discuss Georgetown Real Estate Market Trends
By • March 8, 2023 0 1440
We asked top Georgetown real estate brokers their thoughts on the market and 2023 predictions.
Michael Rankin, TTRSIR
Rankin is a principal and managing partner of TTR Sotheby’s International Realty in Washington, D.C.
How would you describe housing market predictions in D.C. for 2023?
I expect the 2023 Market in D.C. to be similar to the 2019 market [in relation to] the number of sales. I’m not seeing a decrease in prices either, especially in the upper bracket price range. We don’t have much inventory and those buyers are less interest rate sensitive. - Michael Rankin, TTRSIR,
What’s one piece of advice you’d give people thinking about buying or selling a home this year?
If you’re selling, do your best to make sure your house presents the best it can. Update baths, your kitchen and lighten your footprint so others can see themselves in your house.
What are the best parts of Georgetown’s real estate market right now? What are the most challenging aspects?
Buying in Georgetown continues to be a great investment and a great quality of living with a real sense of community.
If you could describe Georgetown’s real estate market in three words, what would they be?
Desirable, exciting and competitive.
Tom Anderson and Dana Landry, Washington Fine Properties
Landry has been Washington Fine Properties’ principal broker since 1999.
Anderson is co-founder of Washington Fine Properties and has served as president of the firm since 1999.
How would you describe housing market predictions in D.C. for 2023?
Our prediction for the Georgetown market is that we will continue to see a strong buyer demand that will exceed the supply of houses available in our neighborhood. While the market has somewhat balanced, we predict that we’ll continue to experience a “seller’s market” and that houses that are well located, in good condition, presented properly and priced appropriately will sell very quickly. There will be fewer transactions as there are fewer homes available to sell, which will hold prices at their current levels or slightly higher.
What’s one piece of advice you’d give people thinking about buying or selling a home this year?
Sellers: Now more than ever, it’s important to place your property in the hands of an experienced real estate agent. Even though the market is still tipped in the sellers’ favor, preparing your property to present at its best is critical, and pricing the property correctly remains paramount. Overpriced listings often end up selling for less later. Having an agent with a solid strategy on how to maximize your selling price while achieving the best terms and conditions is in your best interest.
Buyers: Bring your “A-Game” to the plate and keep in mind it’s still a “seller’s market.” Do your homework by getting pre-approved, pre-inspected and be prepared to write a clean offer without contingencies. Again, having a real estate agent that can develop a strategy and position you for success is critical.
What are the best parts of Georgetown’s real estate market right now? What are the most challenging aspects?
The best part of the Georgetown market is its strong popularity: homes sell quickly at high prices. The most challenging aspect is the limited number of homes available for sale which is frustrating for buyers who want to live in Georgetown.
Given inflation and other factors, what sort of price changes might you anticipate in the neighborhood in 2023?
All reports indicate that prices will normalize to pre-covid levels. Growth rates are expected to be between two and four percent. Real estate has always been and will continue to be a solid investment, often outperforming the stock market.
How long do listings typically remain on the market in Georgetown? (In terms of days, weeks, etc.)
While the average days on the market in Georgetown is 30, properties in good condition and priced appropriately typically sell in the first week, often with multiple offers and over asking price.
How do you think advances in technology such as artificial intelligence, virtual reality tours, etc., are changing the real estate landscape?
While technology is great to improve agent efficiency, the reality is that good agents know about what houses are coming on to the market and what buyers are in the market long before any of this information makes its way to a technology platform. Strong relationships and networking allow our agents to be ahead of the market, which benefits our buyers and sellers alike.
If you could describe Georgetown’s real estate market in three words, what would they be?
Popular, strong and fast-paced.
Carla Labat, Long & Foster
Labat is managing broker for Long & Foster Real Estate, Georgetown.
How would you describe housing market predictions in D.C. for 2023?
Optimistic. After a challenging fall market, we are seeing a real pick up in showings. Open houses are flooded with potential buyers looking and preparing to purchase as they become more accepting of the reality of higher interest rates and a fluctuating stock market.
What is one piece of advice you’d give people thinking about buying or selling a home this year?
Buyers tend to take a wait-and-see approach when it comes to prices. I’d advise buyers to be aggressive and make an offer, even if it’s not full price. You never know the motivation of the seller. For sellers, take the extra step to make sure your property is show-ready — staging or accessorizing the home is a must. After a day of touring, you want your home to deliver the “wow” that incentivizes buyers to make a full-price offer immediately!
What are the best parts of Georgetown’s real estate market right now? What are the most challenging aspects?
Georgetown continues to be D.C.’s most premier neighborhood, attracting discerning buyers from across the U.S. and internationally. Businesses seek Georgetown for its flagship presence because of its prestige.
Given inflation and other factors, what sort of price changes might you anticipate in the neighborhood in 2023?
As one of the best markets in the country, we anticipate a strong spring selling season.
If you could describe Georgetown’s real estate market in three words, what would they be?
Strong, desirable and valuable.
