Hey there!
I'm Dan Rochon, eXp Realty - your local real estate agent.
I want to share what's happening in the Northern Virginia marketplace today, 2022 so please watch this video I prepared for you!
A lot of people have been approaching me, having a conversation with me saying,
"Dan, I want to sell out because I want to take advantage of the top of the market, yet I'm afraid that I don't know how I'm going to buy the next top. Cause you already know that there's a limitation of supply right now. You already know that prices are going up."
I'm going to dive deep into that in a moment.
But for those of you who want to sell yet are hesitant because you're afraid of how're you going to buy, I can promise you this: since 2007, I have helped hundreds of people buy a home, sell a house, or invest in real estate, and guess what, NOT one of them has gone homeless.
And I don't think you're going to be the first.
I promise you there's a plan that can allow you to reach your goals, and if you're interested, we can talk about that because I can share with you how we can get exactly how we can implement that plan.
Now, here's the data.
In the last 12 months, prices in the DMV region have gone up about 7.5%.
So, it's going to depend precisely on what location you're in Maryland, DC, and Northern Virginia. Yet, on the whole, about 7.5% of the increase.
And over the last two years, we have been looking at almost a 15% increase in prices.
Again, what has your property increased in value?
It's going to depend on price, the location, the type of home, the house's condition, and indeed, I can help you determine its value, but that would be in a one-on-one situation.
For Buyers:
Interest rates are on the move up.
That means that as a buyer, your affordability will become less.
The difference of a 1% rate increase for $550,000 will be about an added $300 monthly payment.
At today's interest rate of 3.8%, an estimated payment (including tax and insurance but no HOA or condo fee)
$2,783
When they rise by 1%, the estimated payment will be
$3.042
If the same property rose in price by $50,000 to $600,000, the payments will be:
$3,037 at 3.8%
$3,318 at 4.8%
In other words, if prices rise by $50,000 and interest rates stay the same, you would pay less than if prices remained the same and interest rates increased by 1%.
So, I was hoping you could think about that as the interest rates rise.
I know you may be concerned because prices have increased, yet housing affordability is a factor of 2 things: price and interest rates.
So right now would be a time to consider it.
And if you're a seller, the prices are already increasing. The most "all-time high" in history ever!
For Sellers:
There is still a limit of supply, and there are 34% fewer homes on the market than a year ago.
Year over year, the prices have increased by 7.41%
Over the past 24 months, prices have increased by 14.89%
Of course, the increase in your price will depend on three things:
Your location
Type of home
Property condition
So, if you want to cash out to take advantage of that, let's talk.
Indeed, I'm giving you a general ballpark, you know. Big-level thing, series specific to you, your scenario, and your situation let's set up a time to meet, time to talk so we can at least shoot the bridge and figure out what's best for you.
Talk to you soon.
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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