Are you curious about what's happening in the marketplace here in DMV, specifically in Q3 2022?
Before I dive deeply into what's going on in the marketplace of the DMV area, I want to talk in general that if you live in this area, you already know there's a big difference in the local economies.
You should be aware that the general information that I'm giving to you today is about the broader area and depending on where you live.
It will be more micro of the data, so please hit me up, and I'm happy to talk if you want to talk about that.
Want to know where your house or the house you are selling stands in the market for Q3 2022? I have prepared this resource just for you. Please watch it.
Market Report Q3 2022
So, in general, in the last 2½ years since the pandemic, prices have freaking soared by more than 20-25% in some areas.
As a result, we've seen over the last 6 to 18 months bidding wars on:
Properties
Buyers writing offers that had no contingencies
I've seen an offer of $100,000 above the list price with no contingencies guaranteed sales go to closing, and that's just been probably not healthy for the market unless you're a seller.
That's what's happened in the past.
So, where are we today, and where are we going?
Today, the inventory, in general, has plateaued. We do not see more houses on the market, and vice versa; we do not see fewer houses on the market.
What we are seeing is fewer buyers in the marketplace.
Today - the first day of the 3rd Quarter, I looked online and researched and found out that there's 16% less activity of people putting in their applications for loans than one year ago today.
So we're already seeing the buyers taper off while the inventory remains the same.
What does that mean for the future?
We're probably plateauing right about now for prices and maybe even cresting depending on your area moving downward.
Interest rates will continue to rise. (The Fed's already said, so you have to prepare for that.)
If you're considering selling, we should be talking - right now!
If you're considering buying, well, interest rates will only rise.
What I can say is I don't think prices will dramatically go down. Maybe dip a little bit, but the interest rates will continue to rise.
January 2021, interest rates were on an average of 2.62% for a 30-year mortgage, whereas today, it's more than 5.5%, and we believe that by the end of 2022, it's going to be in the 6% - 6.5% range.
For clarity, everybody's situation is different. Depending on the location, it will depend on whether you're buying or selling and selling or selling or buying.
So, if you're interested, I'd be pleased to speak with you: 📱: 703-346-2776 or send me an 📧: dan@greetingsvirginia.com.
There's not a nook or cranny here in the DMV area that I don't know.
I've been selling real estate here locally since 2007, and I'd be pleased to discuss your options and help you have a more clear view of what's going on in the marketplace specific to you.
I look forward to answering your questions and helping you.
If you're interested to learn more about Real Estate Investing or tips and strategies about Real Estate, you can reach me at 703-346-2776 or send me an email at Dan@greetingsvirginia.com. We will be more than happy to help you.
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