Local Real Estate Market Update – OCTOBER
After consecutive weeks of declining mortgage rates, October saw several weeks of small rate increases. Still more than 1 point lower than at this time last October when we saw rates at 7.79%, rates are hovering around mid-6%. See the latest here. Regardless of where rates sit, we ALWAYS recommend getting multiple lender quotes when in the market for a home to get the most competitive rate and features that meet your financial needs.
In September, New Pending home sales were up 2.8% and 3% in 20002 and 20003 respectively, from October 2023. New pending sales were up 5.9% across all of DC compared to 1 year ago.
We often share this same advice in this article space, so it was good to hear it come from a Consumer Advocate on the Today Show.
IS IT A GOOD TIME TO BUY A HOME?
“I think it’s a really good time…if you find a home that you can comfortably afford, and a place that you like, go for it.”
— Vicky Nguyen, Today’s Consumer segment, The Today Show, October 16, 2024
If you are thinking about your next move in the real estate market, reach out to our agents, who keep their fingers on the pulse of the market: 202.243.7707
Pictured above: This delightful new build home retains its original facade, but boasts unique features for moving-up or aging in place families! A rare mudroom from rear entry (deck + parking), four bedrooms and four full bathrooms on three tall above-grade levels, and ‘stack’ of spacious closets designed to accommodate an elevator for aging in place or living with in-laws. Learn more about 1734 Mass Ave from SCHMIDT Development.
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