Washington Post Article "What you can buy for $750,000 in the Washington area housing market" By Carisa C. Chappell,June 13, 2013
“Homes at this price point seem to be moving extremely well in today’s market — many within a few days after listing and others with multiple offers,” said Lee Goldstein, associate broker with Evers & Co. Real Estate. He recently listed a home for $750,000 in the District that received a contract the first weekend it hit the market.
John L. Heithaus, chief marketing officer of Rockville-based multiple listing service MRIS, said that while the segment of qualified buyers in the $750,000-and-above price range is smaller, it’s encouraging that resale homes are showing strong growth.
He said consumer confidence is high as talks of the sequestration and government cutbacks haven’t panned out to be as bad as people feared.
“When consumer confidence is high, the resale potential is high,” Heithaus said. “As the market started to recover, lending also got more aggressive,” he said, adding that jumbo loans are making a comeback.
Morgan Knull, associate broker with Re/Max Gateway, agreed and said that buyers have largely been motivated by low mortgage interest rates even on jumbo loans.