April 2022 Real Estate Update
Happy Spring! Here’s your April 2022 DMV real estate update!
Though our market has been in full force since the start of 2022, the traditional spring market is here!
With warmer weather among us, more homes are hitting the market, which was much needed given the recent shortages. This increase in supply coupled with strong and steady buyer activity lets us know a hot season is ahead!
But wait..
What’s Going on with Interest Rates?
Frankly, we’ve been surprised at how much interest rates have jumped around in such a short period of time.
In just the last month or two alone, rates went from 4.5%, then back down to around 4%, and have now jumped up again to the high 4% range, currently sitting at about 4.75%.
This spike is due to the government/Federal Reserve wanting to help curb inflation by slowing down real estate sales, thus the increase in rates. With several more increases supposed to take place this year, it’s definitely something we’ll be keeping an eye on and reporting back to you.
How Will This Affect Our Market?
In some markets, we are still seeing many offers (5+) come in, but in others, we are seeing only one or two, often with contingencies in place. While we are seeing less offers, a slight shift in what we’ve seen over the last six months or so, offers are still steadily rolling in, indicating a seller’s market is still at play.
Additionally, increased rates means increased mortgage payments. As such, we are seeing buyers demand a good value on the homes they purchase while still paying top dollar if a home is upgraded and priced right.
Again, overall, still a strong seller’s market in the DC Metro area!
We’re Here to Help!
If you are a buyer and would like to talk about how to lock in on a rate before they go up further, even if you haven’t identified a property yet, let us know and we can introduce you to a preferred lender who has a lock and shop program to accomplish this.
If you are a seller, let’s discuss the best ROI and timing to get on the market.
Team Announcements
We are excited to announce a couple of programs including our “Renovate Now, Pay Later Program” that allows you to upgrade your home and pay for the work at closing, yielding a higher sales price while not spending a dime until closing!
We also have a “Door-to-Door Move Program,” which allows you to sell your home and stay in it for months until you find your new home.
If you’d like to learn more about the market or either of these programs, don’t hesitate to reach out!
Until Next Time
Well, there’s your April 2022 DMV real estate update!
As always, thanks for your continued support; it truly means the world to us!
