DMV Real Estate Market Update – October 2021
Happy Fall! Jennifer Young here to deliver your October 2021 DMV real estate market update!
The DC Metro real estate market remains pretty strong though we have seen some signs of a cool down and balancing in certain segments as we predicted in our September 2021 market update. While a crash isn’t expected, any property that is dated and overpriced is sitting on the market, condos are a bit slower, and the very luxury range is as well. Suburban homes between 500-800K are still the sweet spot, selling quickly and sometimes with multiple offers (just not the 8-10 we were seeing this Spring but still plenty to choose from). Overall great news going into the Fall market!
DMV Real Estate Market Update – Interest Rates
The one thing we are watching besides inventory and absorption rates are the interest rates.
Interest rates creeped up a bit to the 3% range, and from what we’re hearing from our trusted lenders, rates will likely go up a little higher this winter. Remember, even if we are at the top of pricing (which I think we are), if rates go up and we have a correction of let’s say 5%, your long-term mortgage payment will still be lower now than if rates go up to 3.5% and the market corrects, so truly, it is still a great time to buy your forever home or a even second home if that’s your goal!
And lastly, a couple of updates:
- We are having our annual casino night party on Nov. 6th! If you are a current or past client (or have otherwise expressed interest), you should have gotten your invite; if you didn’t, reach out, and we’ll get that to you!
- We are having our next Seller Seminar on Wed Oct. 6th at 6:30 pm. You can register at JenniferYounghomes.com
Have a great Fall! I hope the cooler weather and pumpkin spice everything bring you as much joy as it brings me!