Third Quarter 2019 Update from The Estridge Group
Though every real estate market is different, there are some trends that undeniably affect the entire market. There have been two themes present throughout the third quarter of 2019: Low inventory challenges and declining mortgage rates. Continue reading to learn how you can use these happenings to your advantage this holiday season in the DC Metro area.
Declining mortgage rates create wiggle room for DC Metro home buyers
Since January 2019, you may have heard that mortgage rates were going to crawl their way back up the charts. However, there’s no sign of that happening yet. Despite industry predictions, mortgage rates have remained below 4%. You know what that means? More buying power for Northern Virginia, Washington DC, and Montgomery County home buyers. You may actually be able to afford that Chevy Chase home you can’t get out of your head. This also means that it could be a good time to consider refinancing. If this is you, we’d be happy to set you up with a mortgage consultant to determine whether that is the right choice.
Inventory shortages offers incredible opportunity for DC Metro home sellers
Mortgage rates may be down, but median sale prices are higher in most real estate markets where The Estridge Group operates. This is attributed to the steady decline in housing inventory. These tight conditions have also led to a reduction in the number of days a home is on the market. All this to say, this may be the time to sell your Montgomery County home or your Northern Virginia home.
Benefits of buying and selling during the holidays.
We spoke in last week’s blog about the hidden benefits of selling your Washington DC home during the holidays (fewer homes on the market = your DC Metro home will stand out from the competition). But here’s why buying a home during the most wonderful time of the year could be the best decision you make before the end of the year.
Less Buyers = Better Odds
There are typically fewer potential DC Metro buyers during the holidays, decreasing the likelihood of a bidding war and giving you a better shot at winning your offer. Those selling in the winter are serious as well and may be more motivated to get the deal finished.
For advice on preparing your home to sell, I can provide you with a custom market analysis of your home’s value, get your property ready for listing, and guide you throughout the entire selling transaction, no matter the time of year. Alternatively, if you’re planning to take advantage of the low interest rates and buy a home, I can also help you prepare so you’ll be ready to make a winning offer with the least amount of stress and for the best price. Please don’t hesitate to reach out to the Estridge Group at any time. We can’t wait to hear from you.