The Shift

So much has changed over the past few months with mortgage rates and the market. We have rates that have spiked up pretty fast and a small slowdown from buyers AND sellers. However, in no way have we arrived to a normal market just yet; the seller's market is still in affect but things are changing. Realtors, lenders and all Real Estate professionals are starting to see these changes all over the country. What are these changes you ask?

Many reports are showing the market is in for some kind a shift in the next few months or so. This shift is going to affect prices, supply, and demand. I want to focus on the point that a shift is not a crash. Many prospective buyers and sellers are waiting for that moment of a full crash when in reality, this is more of a shift for the better.... think of it as a "market correction". 

Fannie Mae reported that both homebuilding and home sales are headed for a slowdown. Zillow economist, Jeff Tucker stated that the slowdown has already arrived in some locations. So, how is the Northern Virginia area affected by this? 

My personal prediction is I don't think we're going to feel the shift as much as other counties or states just because of the nature of our area. Yet, like I mentioned above, many Realtors, including myself, have felt the changing times. Does it happen with every property or transaction? No. However, there are homes on the market right now that are hit or miss with this shift and that is definitely worth noting. 

Overall, if you end-up trying to "time" this ever-changing market, it could cost you thousands of dollars. Rates have just dipped for the largest amount since 2020 today and buyer demand is slightly slowing down. As a seller, the times for getting a sales price WAY over your list price might be no more - we are seeing more and more price drops every day. As a buyer, this is a market correction, not a crash. Act now if you're ready. 

Let's get your home search journey started. Get in touch with me to claim your free buyer or seller consultation now. 

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