Selling your Greater Washington DC area home?
Buying an Greater Washington DC area home?
Friends and Clients—
Rent reform is brewing across the country.Starting in New York and Oregon, sweeping new legislation is being proposed at the local, state, and federal levels.And no wonder. Rents are higher than ever, and many renters are unable to find an affordable place to live. So what can be done?Well, some of the proposed reforms would overturn bans on rent control.Others would make it harder to evict tenants. Still others would make it more difficult to pass on the costs of making improvements on the property in the form of higher rents.What does this mean for you?Well, at this point, all these reforms are still in the proposal stage. So it's hard......in Northern Virginia and the Washington DC Area. But here are a couple of predictions:If rent reform measures like the above get enacted, renters will rejoice, while landlords will complain. However, things are unlikely to stop there.Rent control and related measures, while well-meaning, often have unintended consequences.For example, they make some landlords sell off homes that they used to rent out.This decreases the number of homes for rent — while simultaneously increasing the number of homes for sale. It also tends to drive down home prices.Combine this with the lower incentive for investors to buy a home in order to rent it out, and home prices tend to get depressed even further.If a scenario like the above comes true, then my prediction is that home values will drop as a result of rent reform—and homeowners will take the hit.
That's why, in case you've been considering selling your home, then now might be a golden moment.Home prices are near all-time highs.The number of homes for sale in the Northern Virginia/Washington, DC area are still limited, and mortgage rates are at a temporary dip.In other words, supply far outstrips demand, and the market still favors sellers.But it won't stay this way forever. Particularly if rent reform really starts rolling.
So it might make sense to start making some moves now. You can get started by getting an estimate of the current value of your home, based on recent sales in the Washington, DC area:Enter your home address here to find out what your home is currently worth: And if you have any questions about selling or more broadly about real estate conditions in the Northern Virginia/Washington DC Area, give me a call at 703-328-3434. I am here to help.