In a conversation with Washingtonian Senior Editor Marisa Kashino; Rob Ross from Intercoastal Mortgage LLC, Lindsay Dreyer from City Chic Real Estate, James Kim from McEnearney Associates, Cliff Meredith from Meredith Fine Properties, and Nadia Nejaime, Esq from Compass discussed the current market, trends, and what the future has in store for the DMV area. Thank you to our event sponsors, Intercoastal Mortgage LLC & 1331 for supporting this discussion.
The panelists began the conversation by discussing the seasonality of the real estate market. Specifically, they spoke on the current demand for particular styles of living, expectations of first time home buyers, and the not so secret market Washingtonians are quickly buying into. Meredith talked about the increased demand of a waterfront property, a fully furnished estate, and amenities for children. “In January we expected the market to be as bad as it was in the recession. It turns out it’s completely different.” He goes on to explain some Washingtonians don’t believe they will return to the city or even back to their office which turned into “within a two week period we had all our rentals taken, so the [Eastern Shore] market has benefited more from the pandemic than anything I’ve seen before.”
Kashino led the conversation into the future of the real estate market, and what trends to expect in the area. Kim mentions a lot of his clients don’t know when they expect to return to the office full time. He goes on to say, “Everyone was told to be ready to go back to work by Labor Day, and obviously that didn’t happen. Some don’t foresee returning to the office full time until a vaccine is wildly available.” Perspective buyers are now looking at suburban dwellings with larger living and outdoor spaces.
Ross was able to provide a unique insight into cutting-edge residential mortgage loan programs buyers can take advantage of given the historically low interest rates. He talked about a broad list of loan options, including both conventional and non-conventional, home equity and bridge loans. “Affordability is higher, so you can buy more of a house with these low interest rates.” He goes on to explain these dropping interest rates are likely to continue for the next couple years and not to wait until you’re putting in an offer for your dream home to secure your financial options.
It wouldn’t be a complete fall update without mentioning the upcoming presidential election, and the pending impact it can have across the market. Dreyer kicked off the conversation mentioning how the election really affects the decisions of those first time home buyers, “They will really stall their search, and say they feel anxious about life. [Homebuyers] don’t specifically say it’s the election, but it’s definitely the election.” Nejaime continued to explain how election uncertainty has a dampening impact on markets, causing a weird quieting down because people are collectively holding their breath to see what happens. She goes on to explain that a Biden win doesn’t mean anything different than a Trump win because “Washington is no longer a sleepy government town. Whatever ripple is caused by the election will be diffused across the market.”
Missed the event? You can watch the full conversation below.