February 2023 DMV Real Estate Update
The Early Spring Market is Here!
Although it’s only February and still very cold out, the early Spring market is here!
Due to a lack of inventory available (down about 30% in new listings year over year) and buyers being out in full force now that rates are back in the 5% range, we are seeing tremendous market activity! In just the past couple of weeks alone, we saw multiple offers on many properties throughout the DMV; we even saw 10 offers on a single property in Burke recently. Wow!
What This Means for Sellers
If you are planning on selling your home this Spring or Summer, now is the time to start prepping it for sale, and at the very least, plan for ‘coming soon’ marketing to get the word out even if you aren’t quite ready to put your home on the market. The right agent will be able to guide you through this.
What This Means for Buyers
As buyer, this means that the market is starting to heat up and being able to get information on properties as soon as they are available, or if possible when they are off market, is going to be key to your success.
Also, getting preapproved first is more important than ever, so you know your purchasing power when you hit the market and what that means for you on a monthly payment basis. A letter of preapproval also helps you to stand out amongst other buyers as it shows sellers that you’re a reliable option.
Check out the Full Update
For even mored details about what’s going on in your local market, check out the video below!
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If you’d like to talk and strategize about your goals, feel free to reach out. There’s never any obligation or cost with our team!
