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Another Market Shift in the DC Metro area?

By
Real Estate Agent with Samson Properties VA0225077251

Attention: another market shift happening in the DC Metro area! This has been recently happening, especially in areas like Northern Virginia, including Arlington, McLean, and Vienna.

Previously bustling with activity, we're now observing a significant slowdown. Homes that used to attract multiple offers within days are now lingering on the market. This is good news and all if you're a buyer sick with multiple offers, but the interest rate isn't exactly going to help you.

Interest rates are currently hovering around the low sevens, and some lenders are even offering rates below seven with a point. Due to these rates, the overall market is experiencing a slowdown.

Sellers' agents are reaching out for feedback, wondering why potential buyers aren't biting. If you're in the market for a long-term home, this slowdown presents an opportunity.

Get on that house hunting search and let's get some deals negotiated! Need help or any questions with the market today? Let me know in the comments!

Posted by

 
                             
Associate Broker
MRP, ABR, ePRO

NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 
Residential real estate agent serving Northern Virginia in Fairfax & Loudoun county over a decade and almost $100+M in sales volume experience. 


 
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Home buyers could be waiting for the elections to pass hoping it will impact interest rates.

Apr 17, 2024 02:03 PM
Ritu Desai 703-625-4949

That could be a good reason, too. Thank you for your insight, Ed!

Apr 18, 2024 08:05 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ritu Desai 703-625-4949 the real estate market is an ever changing market, so not surprised you are experiencing another change.

Apr 17, 2024 03:41 PM
Ritu Desai 703-625-4949

This is so true, it changes all the time. Gotta keep up!

Thanks George, have a great day ahead!

Apr 18, 2024 08:05 AM