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!
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