Despite the rising home prices for this week, why is the market still very hot in the DMV Area? Welcome to our Weekly Real Estate Housing Market Report, where we answer that question along with the current status of the housing market.
Last week, the feds raised the interest rate by 2.25% basis point which impacted both the short and long term effects in the interest rate. That's about 4.5% if we're talking about mortgage with a 30-year term.
So despite all this, why has it not impacted the DMV housing market? If we take the stats at the national level, we have learned that average inventory is at 1.7 months which is 16% below. In order to sustain the housing market with the buyers and sellers getting everything, we need a six months inventory -- which is, if we do the math, the key variable as to why the DMV housing market is still thriving to this day like nothing happened.
With high demand due to the convenience, people going back to offices, and with the current state of rentals, buyers should really look out and draft the best offer possible for a home in this market. For sellers, as I've mentioned previously, this is still the right time to be on the market due to the inventory and the demands going up.
Do you have any questions regarding this week's market? Need help in making the best offer to a home, or selling your home in the market? Let's talk!
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