June 2023 DMV Market Update
Here’s your complete June 2023 DMV market update, breaking down everything you need to know about your local market this Summer.
June 2023 DMV Market Overview
The late Spring real estate market has continued to be very strong in our area. With 44% less houses available for sale compared to this time last year and continued, strong buyer demand, we’re seeing multiple offers in many price ranges throughout the DMV. In the past month alone, we saw multiple offers in Bowie, MD; Fairfax, VA; Lorton, VA; and Bristow, VA.
Interest Rates & Refinancing
Although interest rates are currently in the low 6s, this isn’t discouraging buyers from finding their dream home as rates can easily be “bought down” to the 5.5% range by shopping around with different lenders. Many buyers are also planning to refinance later this year when rates are expected to go down.
Additionally, the lenders in our trusted network offer free refinances a few years after the sale, making this very inexpensive to do. We have also helped investors find multi-family and residential rental properties that are cash flow positive, so if this is your goal, we can help!
What to Expect This Summer
While the late Summer market historically slows down a bit, we don’t expect this to happen due to the pent up demand for housing. We expect to have a continued, strong market throughout the Summer.
Need Assistance?
As always, if you have any questions or in need of assistance buying, selling, renting, or anything community related, please don’t hesitate to reach out. Also, be sure to check out our blog for more DMV market updates and other real estate news & tips!
Check Out the Full Video
Want to learn more about the June 2023 DMV market? We thought as much! Check out the full YouTube video below!
