March 2022 DMV Market Update
Here’s your March 2022 DMV Market Update courtesy of the team at Jennifer Young Homes!
This March, we’re still expecting a strong seller’s market due to extreme shortages of homes for sale; nationwide, there’s a deficit of about 2M homes because of backlogs or new construction that was never built, and although we are seeing more listings come on the market week after week, demand will still outweigh inventory.
Why Is That?
Interest rates have gone up much faster than expected and are already hovering around 4.25%, increasing buyers’ mortgage payments. While this average rate is technically at a 30 year low, buyers are still extremely motivated to lock into a rate and get into a home as soon as possible to avoid these elevated payments.
What Else?
With this increase in rates and mortgage payments, buyers are also becoming more price conscious overall. Remodeled homes that are priced correctly are still getting multiple offers and escalating, but those that are overpriced (remodeled or not) are more often than not seeing less offers. No matter what, it’s important to have the home show ready (or priced below market if it’s dated), professionally staged, and marketed to capture the best prices possible.
Need Assistance?
If you’re looking to buy, sell, or rent in the DMV, don’t hesitate to reach out! We have a number of dedicated agents ready to help you achieve your goals this 2022!
