Here’s your complete April 2023 DMV market update, breaking down everything you need to know about your local market this Spring.
What’s Going On?
The Spring market is in full force here in the DMV with strong, continued buyer activity and sales across the area!
While the Fed raised interest rates another .25% in March, banks already anticipated this move, so the rates stayed in the 5s and are expected to stay that way throughout the Spring, which is great news for buyers! Our team also works with awesome lenders who will refi our buyers’ loans for free if they buy this year with rates going down after they buy. We’re happy to discuss any and all details with you in the hopes of removing one more barrier to entry to your dream home!
The Key for Sellers
We’re also continuing to see an extreme lack of inventory in the affordable price range as well as suburban, single family homes under 800K. However, these homes and many other price ranges are still receiving multiple offers – sometimes 20 or 30 and with great terms! The key to receiving interest and achieving results continues to be pricing the home correctly, making any necessary upgrades to the property, and positioning the home as a good value across the board. Homes that are dated and overpriced are not selling and are instead sitting on the market, often needing multiple price reductions to sell.
We’ve seen this play out in the past few weeks alone with multiple offers on a property in Vienna in the million dollar price range, a property in Gainesville in the under 800K price range, and multiple offers on a property in Alexandria in the under 400K price range with similar results in DC and suburban Maryland. All of these properties were both priced correctly and upgraded!
If you are considering selling your home and want to know more about the market, what repairs and upgrades you should make, or want to learn more about our ‘Renovate Now, Pay Later’ Program, we will be holding our free Seller Seminars the 1st Wednesday of each month. The next one is on Wednesday, May 3rd at 6:30 PM. Join us by registering at jenniferyounghomes.com.
We’re also excited to announce an event coming in May for our clients whom we consider “Raving Fans” or those that have referred us buyers or sellers in the past, so if this is you, be on the lookout for an email invitation to that!
We hope you and your family have a great Spring and are able to enjoy all the beauty the DC area has to offer. And please remember, we are always here to answer any questions with no pressure or obligation!