‘The Real Estate King’ says it’s been ‘one of the great success stories’
It was the first real estate market in the U.S. to go bust.
But a new wave of “buyers” are putting their money into it and driving up the price.
The real estate king says it has been a great success story.
“The real-estate market is a huge opportunity for everybody and for everybody to buy,” says David Kller, who has helped lead the industry for 30 years.
Kller says the average price of a single-family home in the nation’s capital has nearly tripled since the start of the housing crisis, from $1.1 million in March 2007 to more than $3 million in September 2018.
But now he’s expecting the market to go back up.
Keller says the market is headed back up again this year, with new buyers flooding in.
He says many people are choosing to move from a lower-cost area of the country like California, which has an abundance of low-cost homes.
“There’s a lot of interest in coming back here, so we’ll see where we go,” Kller says.
The housing boom in Washington is also pushing up rents in neighborhoods that have been hit hard by the recession.
But Kller predicts the market will rebound once the housing market improves.
He expects to see a rebound of at least 5 to 10 percent in rental prices, as well as some big increases in home prices.
“We’re in a period of incredible growth in the housing sector, which means that we’re going to see lots of growth in prices,” Keller says.
Kelli Smith is a real estate agent in the D.C. area.
She says she has never seen prices go so high, but it is happening.
Smith says people are trying to buy homes that they have no interest in buying.
Smith says the markets are changing, but she still doesn’t believe prices are going back down.
“It’s always been this way.
We’ve been in this market for 30-plus years.
It’s just been a very dynamic market, which we’re very happy about,” she says.
Smith hopes the market rebounds as well.
She’s worried about how much money people are going to spend on home improvements and renovations.