June 2022 DMV Real Estate Market Update

Here’s your June 2022 DMV real estate market update.

The market has changed a lot in the last 30 days, yet so much has remains the same.

Homes in the affordable price range (under 500K) and well-priced, updated, “move up” homes are still selling in a matter of days or weeks, but we are seeing a lower number of offers. On the other hand, overpriced properties are sitting on the market or have made price reductions to move things along.

What’s Causing This?

All of this is due to interest rate skyrocketing to over 5% recently. This increase has caused buyer’s mortgage payments to shoot up, making them more price sensitive than ever before. Some buyers have even exited the market completely.

Overall though, the market is still strong due our great local economy and demand for housing. Plus, there is still a lack of inventory for sale, especially in the affordable price range, allowing this sector to remain very strong.

Advice for Sellers

For sellers, you should not push the list price of your home higher than comparable homes in the area. “Good value” positioning is very important for getting a strong offer quickly. If you are considering selling your home, there is no better time to consider than now while the market is still strong and before rates go up more. We can help you to accurately price your home and prepare it for sale.

Advice for Buyers

For those considering buying, we encourage you to do so because while rates are higher than they were last year or at the beginning of this year, they are only going to increase further. So, it’s still better to lock in now (or very soon) on a 30-year fixed than to wait until rates are at 5.5-6% or more. This also goes for those who are renting as rental prices are continuing to skyrocket, increasing rental payments as well.

As always, reach out if you’d like to talk! No pressure or obligation, ever.