Let's talk about the market this week in the Northern Virginia and the DC Metro area!
Price adjustments, rising inventory, lack of power pool, open house, quieting down - these are the signs that we are seeing a little bit of a shift or slowdown in the DMV housing market, especially in Northern Virginia.
In areas like Fairfax, Loudoun, and Prince William, the changes have been most noticeable over the past couple of weeks since Mother's Day. However, is the market going to shift significantly? Not really.
For price points such as first-time home buyers under $650,000 and single-family homes between $900,000 to $1.2 million, we are not seeing a slowdown. Multiple offers are still common in these ranges. However, interest rates are improving.
If you are a home seller, this is still your opportunity. This is the last window before we see a further slowdown, largely due to the end of the school year, graduations, and summer, which shrink the buyer pool. The next opportunity for sellers will be after the Labor Day weekend.
New construction continues to hold strong, but some builders are starting to offer incentives like interest rate buy-downs. This is important to note, especially if you are buying a new construction home. Don't navigate this process alone—reach out for guidance.
Overall, we are seeing steadiness in the market, albeit at a slower pace. As a veteran realtor, I view this as very seasonal and nothing to panic about.
Have any questions, or interested in buying or selling a home? Let's team up! DM me or comment below for more.
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