June Market Update
Mortage interest rates have hit 6%, causing some buyers to be priced out of the market or pause their home search amid fears of inflation, recession, and uncertainty about global events. But if financing is still available, buyers should strongly consider sticking with it because the market is shifting and many purchasers are finally getting the homes they want, often with contingencies in place.
Sellers haven't necessarily missed the opportunity to get a good price for their home, but the window of opportunity is closing, and some parts of the DC Metro Area are seeing this happen more quickly than others.
If you need to sell you home, price strategically and do the work to make your home appealing to a smaller pool of buyers. This means painting, staging, and making necessary updates and repairs to attract buyers who have more options as inventory levels slowly increase.
Working with a local Realtor is more important than ever because market knowledge and strategy is crucial when seeking value in the current market. Contact me to talk more about your real estate goals.