We believe that the light will soon dawn, and that COVID-19 will be beat back sooner than later. The Washington, DC market in 2020 for both apartment rentals and sales can be described only as dreadful. The market has been at a standstill, buyers and potential tenants hanging in the wings waiting to see definitive action on a COVID-19 vaccine. The phones stopped ringing, vacancies increased, all kinds of incentives were offered to tenant prospects (bikes, money, cars), but not much worked. And then visible evidence, a shot in the arm, vaccination was real and had begun. I do not know exactly the timing on this, but it seemed to me that with the first shot the phones began to ring. One call here, one call there but a measurable increase in the last two weeks. Activity sprang with more on the horizon.
It is going take a bit of time to recover but if the last few days are a good indicator an upward trend is in sight. Who knows? Maybe all those in the wings will flood the market with action or, more likely, we will experience a tangible optimism resulting in a much-improved market sooner than later. Of course, if vaccinations are stalled, we are stalled. Please keep us in mind for the sale or rental of your condominium unit.
There have been a number of recent inquires about Margaret Lamberton Real Estate's fee structure for leasing property. The leasing charge, for a one year lease, is equal to the first month's rent including an advertising allowance of $200.00. This fee also includes advice about registration and rent control exemption of the property with D.C.Housing.
Ask how to save your first five years of D.C. real estate taxes. You can also ask about Washington, DC's college tuition credit plan that can save you thousands of dollars each year toward your childrens' higher education with federal funding for DC residents.
Ask about commission credits for buyers & sellers of million dollar properties.