The Covid-19 pandemic has heavily influenced real estate activity during the past two years. Inventory has been extremely tight as many DC sellers delayed listing their homes due to the spread of variants. With spring 2022 in the offing, we look at Omicron’s projected trajectory and statistics from spring 2021 to predict the best time to list your DC home.

Omicron

Dr. John Swartzberg, an expert in infectious diseases and vaccinology and clinical professor emeritus at the University of California, Berkeley’s School of Public Health, said on CNN; “It will be about the middle of February before we start to really see that things are getting better.” “If this spike flames out quickly, many experts think, there could be a “quiet period.”

Swartzberg believes March through spring or into summer will be like last year, with a continued decline in the number of cases. “There will be a sense of optimism, and then we will be able to do more things in our lives. I think May or June is going to really look up for us. I’m quite optimistic.”
Part of his optimism stems from the fact that there will be a much larger immune population, between the increasing number of people who are vaccinated and boosted, and those who’ve caught Covid-19 during the Omicron surge.”
2021 Spring Market
The Spring 2021 market peaked in April, with a slight decline in May, followed by a sharp decline in June and July:

This coincides with a marked decrease in Covid-19 activity in the District from January 11th through May 2021.

Weekly Case

Home Preparation

Keeping in mind that it is still difficult to schedule contractors and vendors for home improvement projects and supply chain delays are still very much an issue, 4-8 weeks of lead time should be considered before a projected listing date, depending on the scope of work needed. If you’re undertaking a large project, start soliciting bids and scheduling work now.
Once updating/repairs are completed, your Realtor will need 1-2 weeks to coordinate and complete staging, photography and marketing.

Our Recommendations

  • With Omicron waning and pent-up demand bursting at the seams in Washington D.C., it’s a great time to sell your home and realize a great sales price. Timing your listing can increase the odds of a peak profit.
  • Our recommendation to DC home sellers is to begin preparing your home for sale in mid-February with the goal of completion in late March, for listing in early April.
  • Always include your agent in the pre-prep conversation, as they will have valuable input on what is and isn’t needed, which improvements offer the highest ROI, and what your target buyer wants to see when they open the door to your home. Presentation is closely tied to sales price, so solicit your agents’s advice and help with this step.

 

The Isaacs Team LLC | Compass

If you’re planning to list your home this spring, we would love to meet with you and discuss your options. Call us today!