September 2022 DMV Real Estate Market Update
Nationally, the real estate market is still considered a “seller’s market” as the average “days on market” are less than two months, but we know we are shifting toward a more balanced market due to higher inventory, longer days on market, and the fact that 27% of active listings have reduced their price.
Pricing is More Important Than Ever
The homes that are priced correctly as a “good value,” and often the most updated ones, are still selling in a matter of days or weeks, but we are seeing less contract activity on even the “hot properties.” Additionally, we are seeing little or no contract activity at all for homes that are priced over the market value or in line with Spring ‘22 pricing vs. late Summer and Fall ‘22 pricing. Only homes that are considered a great value or have high-end updates and are priced correctly are getting multiple offers. Some examples of this include multiple offers on a well-priced home in Herndon, a mid-range, upgraded home in Silver Spring as well as a nice single family home in Manassas.
What’s Up With Interest Rates?
As far as buyers are concerned, buyers overall continue to face higher mortgage payments with many exiting the market due to these increased payments. If you yourself are a buyer, we don’t suggest you take this route if it is your long term goal to buy as rates are likely to go up even more (The Fed is meeting in September to determine the new Federal Funds Rate). And even with the increased rates, it still makes sense to go ahead and buy given the increase we’re seeing in rents.
Wanna Talk?
If you’d like to talk more about market trends or how to best position your home for sale this year or in early Spring, don’t hesitate to reach out! We’re happy to connect with absolutely no cost or obligation.
