SPRING Into Home Ownership

Dated: April 12 2017

Views: 582

Much like the beautiful weather we're experiencing here in the Washington D.C. metropolitan area; the housing market will soon “SPRING” forward!!! 

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The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2016 all fell in April, May or June.

If you are planning on selling your home in 2017, meet with a local real estate professional to evaluate the opportunities in your market. Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.

There have been several years where there was a shortage of homes for sale to meet the demand of buyers in our area. However, here in the DMV we are going to see a slight increase in inventory. Sellers have regained enough equity in their homes and have become more and more confident in the potential of buyers who can and will qualify for a mortgage.  January saw a 12.8 percent increase in the number of new listings, adding more than 4,500 homes to the market. And February continued the increased level, adding more than 5,500 homes — a 7.8 percent gain over the last year. (Washington, Post) This increase in supply is a positive sign of more to come.

Interest rates

Steep price increases are unlikely to happen this year, in large part because the RISING interest rates. In addition the influx of inventory will contribute to how much buyers are willing to pay. It IS likely however that interest rates will rise ONE or MORE times this year. An additional challenge for buyers remains the inability to come up with large-enough down payments to meet the already high prices the Washington DC area is known for. In turn, we shouldn't have to worry about any dramatic price surges soon as a region, but those rates WILL RISE!

Increased interest rates may make prices tick downward during the second half of the year. Whenever there is the possibility of a rate increase, buyers are usually more motivated to buy a home earlier in the season so they can lock in the lowest rate possible. HINT HINT....Consequently, we can expect more homes to sell quickly earlier in the year. And as a result of more competition, remaining sellers may find themselves forced to lower their prices to attract buyers.

There you have it...SPRING IS HERE!!!!

The spring 2017 real estate market is going to be a busy one!!! So if you're in the market to BUY or SELL you better get to it!

www.andrea.themarkquinichettgroup.com


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Andrea Washington

In addition to being a licensed real estate salesperson in MD and DC, Andrea is a Credit Repair Agent, certified Notary Signing Agent (underwriter appointed) and Investor. +Get connected to resour....

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