Real Estate Market Update: SPRING ’22
WHAT TO MAKE OF THE CURRENT MARKET
The real estate market remains steady and strong in the Washington DC Area. While home sales dropped 2.4% nationwide from March to April, sales in the DC area rose 11.3% in that same period.
With mortgage rates inching above 5% for the first time in 10 years, some buyers either paused or slowed their home searches, rather than adjusting their target home price. As a reference point, mortgage rates have averaged just under 8% since the 1970s- here is the historic view on mortgage rates. As of Thursday May 26th, mortgage rates dropped for the 2nd week in a row, to 5.1%.
More inventory hitting the market in May coupled with less home buyer competition meant fewer crazy escalations, and some buyers took a little more time to submit their offers. However inventory absorption rates still look good; we are currently advising our sellers – depending on the home specifics and location (down to the block!) – to expect 7-10 days rather than 2-3 days to go under contract. Our smart pricing and go-to-market strategies continue to find success for our SELLER clients.
The takeaways?
BUYERS – with slightly less competition (depending on your targets), continue your search and consider making a solid offer on a desired home, even if it means adjusting your target price point. Your Buyer Agent is your key to negotiating and finding the best home at the best price. Prioritize your wish list, and understand where you have wiggle room. There are some great homes on the market for more than 2 weeks – make an offer and negotiate!
SELLERS – Capitol Hill remains a desirable market, and home inventory continues to create conditions that favor a seller’s market. Pricing and presentation to the market is key, and our team relies on 20 years of experience to help your home look incredible and sell for more. Timing is also important – reach out to Joel to schedule a consultation about selling your home, even if you are 3-6 months out.
Talk to us about your real estate goals!
Ready to Chat with Your Neighborhood Experts?
Contact us to set up a personalized consultation to discuss YOUR home goals and best possible timing to make your next move in the market! We can’t wait to share our real know-how with you (or refer us to your colleagues, friends and neighbors)!