Let's jump right into the latest scoop on the DMV housing scene. Things are buzzing across the board, with condos taking a breather. The snag? Interest rates are giving buyers a run for their money, but the luxury market ($1.2m to $1.5m) is still sizzling, from cash deals to hefty down payments.
Who's in the mix? Many buyers are cashing in on equity or upgrading to dream homes. Surprisingly, 39% of homeowners nationwide are mortgage-free, eyeing luxury digs.
Hold tight - Fannie Mae predicts a steady 6% interest rate ahead. Waiting for a dip? Don't hold your breath, at least for 2024. Meanwhile, median home prices are soaring, and days on the market are ticking away.
But here's the kicker - inventory is on the rise. Options aplenty for buyers, though properties fly off the shelves, often by Monday or Tuesday. And guess what? Price cuts are making a comeback, a rarity in recent years.
Need more info, or got any questions about the DMV housing market? Let's team up - DM me or comment below to get started!
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