This year has been quite a ride so far!  There has been a lot of speculation about how government layoffs will affect the real estate market.  A few viral posts on social media claimed the housing market in DC has exploded with listings.  The posts were quickly rebutted by local and national economic leaders.  So far there has been little change when compared to the same timeframe last year.  Click here to see the comparison by county.

Do we expect a shift in the coming months?  Not necessarily.  Consumer uncertainty and the return to a daily commute for some could have an impact over time but these factors do not change a few of the reasons our local market has had such low inventory in recent years.

• Homeowners who purchased or refinanced when the rates dropped have been reluctant to surrender their current mortgage terms for the sake of a new home with higher interest rates.
• Sales prices are still strong but that isn’t necessarily good news for sellers if they are unable to afford where they want to go.
• People are living longer in their homes, so the lifecycle of neighborhoods is also longer.
• Some people believe there is a perfect time to sell and are waiting for it or a life event to dictate that decision.
• Some buyers have been priced out of the market by the continuous and steep rise in prices in recent years.

There has been gridlock and it will take some time and/or multiple factors to increase activity and options for everyone.

When the pandemic began, the immediate prediction was the real estate market was going to crash.  The desire for different housing, the ability to work virtually, and the historically low interest rates proved otherwise and ignited unprecedented market conditions.  We shifted how things are done as a result and we will continue to adapt as necessary.  All real estate industries (i.e. brokerages, mortgage lenders, insurance providers, title companies) are constantly finding ways to help consumers meet the challenges of any market condition.  Don’t let social media trends influence your goals.  Work closely with those you trust to make the best decisions based on your personal circumstance.

I hope you, or someone you know, find this information helpful.  More importantly, I hope this finds you well!