There are a lot of mixed signals out there on how the market is doing, so to cut through the noise, I’m sharing a critical update on real estate.
Interest rates continue to affect the market. In early February, the interest rate was 5.99%, and it jumped up in early March to 7.1%. In addition, Freddie Mac and Fannie Mae have announced that they will increase their credit standards starting March 15, which means fewer people will be able to buy. Nationally, we have over 60,000 fewer homes on the market than we did on New Year’s Day. In Northern Virginia, inventory is at about half of what it was last summer, which is keeping prices stable.
If you’re considering selling, now is the time before inventory increases. If you have any questions or are considering selling, please don’t hesitate to call or email me. I would be happy to serve as your resource for all of your real estate needs.
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