Hi friends and happy holiday season!
We hope you and your loved ones had a great Thanksgiving break and enjoy this holiday season too if you’re celebrating!
The DMV real estate market remains very strong for a Winter market. We saw a little bit of a slow down in Fall & early Winter, as we see every year, combined with the fact that interest rates recently pushed above 3%, further spurring this down tick in market activity. However, now that interest rates have dropped back down below 3% (2.95% specifically), buyers seem to be remotivated to write an offer & lock in on their interest rate before they go back up; remember, we’re still anticipating rates to shoot up to around 4% by the end of 2022!
In addition to what’s going on with interest rates, many homes that have yet to sell have been removed from the market this holiday season. Our inclination is that these sellers are likely resetting the 60 days on market and will relist in Q1 or Q2 of next year. This decrease in inventory coupled with strong buyer demand (given current interest rates) has brought about this strong Winter market!
That means if you’re a seller and your goal is to sell as soon as possible, it might make more sense to keep your home on the market & make some adjustments rather than taking it off & waiting until next year. Because, in addition to the many motivated, qualified buyers mentioned above, our area also has a ton of transient buyers that are looking to settle in somewhere immediately. So ultimately, you have a good shot at selling now should you want to! If your goal isn’t to sell this year, no problem! We only want you to be aware of all of your options.
A couple reminders from the team:
- We are having our monthly seller seminar on Wednesday, December 8th at 6:30PM. This seminar is applicable to those considering selling & downsizing or planning a move up! You can register at Jenniferyounghomes.com. We hope to ‘see’ you there!
- We are also hosting an ongoing coat and toy drive for the underprivileged in Prince William County this holiday season. We’d love your support and donations and reach out to Angie@jyhteam.com to arrange drop off by 12/23!
Lastly, we’d like to once again extend a huge thank you to all of our friends and clients who have supported us throughout the year. Our #1 source of business is still past clients, so your referrals mean the world to us!
And as always, if you have any real estate questions, whether you’re a residential client or small business owner, don’t hesitate to reach out to us @ (703) 651-5655 or Jenniferyounghomes.com. There’s absolutely no obligation or cost; we truly just love serving our community! We assist buyers & sellers not only in the DMV but also the Virginia Beach area as we have an expansion team on the ground there as well!
Thanks again, friends! If we don’t see you at the seller seminar, we hope you have an amazing holiday season with family & friends, and we’ll see you next year! 🙂
– Jennifer & the team