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The real estate market in Washington DC is in a transitional period due to the holidays. The Fed interest rate increase is also playing a factor right now.
So, what can we expect moving forward to 2016? I don't think that the Fed interest rate increase will have any long-term effects on your buying power. Interest rates are still hovering around 4-4.5%.
The metro DC market has many smaller markets within it, and these all play roles in forming different market conditions. I would argue that we're still in a seller's market. Just the other day I sold a home with multiple contracts, escalation clauses, and contingencies.
Inventory appears to be rising in Great Falls, Reston, Rockville, and Potomac. Prices are also starting to decrease and the number of days on market is decreasing. Price reductions are also becoming more common, and a buyer's market appears to be forming here.
Because we have such a dynamic real estate market with so many micro-markets, it's recommended that you work with a professional who knows what's going on.
Overall, it is a very opportunistic time to be a home buyer. Interest rates are very low, and we're seeing a buyer's market form in certain areas.
As for sellers, I recommend that you have your agent run a competitive market analysis on your property in order to gauge whether a home sale would benefit you.
Please don't hesitate to come to us with questions. We look forward to hearing from you!
So, what can we expect moving forward to 2016? I don't think that the Fed interest rate increase will have any long-term effects on your buying power. Interest rates are still hovering around 4-4.5%.
The metro DC market has many smaller markets within it, and these all play roles in forming different market conditions. I would argue that we're still in a seller's market. Just the other day I sold a home with multiple contracts, escalation clauses, and contingencies.
Inventory appears to be rising in Great Falls, Reston, Rockville, and Potomac. Prices are also starting to decrease and the number of days on market is decreasing. Price reductions are also becoming more common, and a buyer's market appears to be forming here.
Overall, it is a very opportunistic time to be a home buyer. Interest rates are very low, and we're seeing a buyer's market form in certain areas.
As for sellers, I recommend that you have your agent run a competitive market analysis on your property in order to gauge whether a home sale would benefit you.
Please don't hesitate to come to us with questions. We look forward to hearing from you!
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