August 2023 DMV Real Estate Update
Happy August!
Between work and fun, this summer seems to have flown by. We hope you had a blast, making memories with family and friends! And if you have kiddos heading back to school this fall, we hope the transition goes smoothly!
Now, onto your real estate update.
August 2023 DMV Real Estate Market Overview
While the summer real estate market was a bit slower than is typical for this time of year with many buyers out of town, we still saw a ton of market activity. Our team recently handled multiple offers from Ashburn, VA to DC to suburban MD. Low inventory levels and demand for housing have offset the historically high interest rates, so buyers are still moving forward with purchases; they are just price sensitive, ensuring they get a good deal on their purchase.
What’s Going On With Interest Rates
Speaking of those historically high interest rates, the Fed raised rates again last week, as you likely heard, and are expected to raise them once more this year. However, the lending world already anticipated this move, so rates stayed about the same (in the high 6s). We are keeping an eye on this, hoping they remain in the sub 7% range. If you are considering buying a home and want to learn how to “buy down” your interest rate, please don’t hesitate to reach out! We are more than happy to help!
In Need of Assistance?
Planning on selling your home this year? We’ve got you covered! Our next seller seminar will be held virtually on Wednesday, September 6th at 6:30 PM. You can register online at jenniferyounghomes.com.
We offer support to buyers as well, assisting them in finding and purchasing their dream home at the best price and rate Our team works with a trusted handful of lenders that offer free refinancing – even a few years after the sale!
Jennifer Young Homes also offers free, no-strings-attached consultations, so whether you’re buying, selling, or renting, don’t hesitate to reach out!
Check Out the Full Video
Want to learn more about the August 2023 DMV real estate market? We thought as much! Check out the full YouTube video below. And be sure to check out our blog for the most up to date real estate content!
