If you don't want to set up your own 67,000-record database, how do you figure out when and where to buy? Economists and others who study the real estate market say you can look at the neighborhood and the economy for clues.
- A major indicator: the number of houses for sale in a neighborhood and the number of days they have been on the market.
I can tell you that in Tenleytown, homes are going under contract in a week if they're priced right. However, if they're not priced right and have the added touch of two cast cement lions on pedestals at the foot of the driveway, they're not selling: witness DC6615846.
The house was purchased in 2003 for $505,000. It was renovated last year and then encased in stone. The seller's set a ridiculous price of $1.7MM. The highest price recorded on that square was $1.15MM in late 2006; the last sale on the square was $680,000. The sale ain't gonna happen anywhere near $1.7MM. I love the lions.
One more thing: Shouldn't everyone have their own 67,000-record database?
Thanks for the mention, WaPo.