Watch our summer 2019 market update video!
Here we give you a recap of the spectacular spring market and take a look at how active the market continues to be with favorable interest rates and a lack of good inventory. We have had a tremendous spring, and our average days on the market for a home was 25 days compared to a market average of over 40 days.
Learn how we work hard with our sellers to get homes ready for the market so that we can attract the most buyers in your price range and get a sales price that is either at or above your asking price.
As always, if you have any questions, please do not hesitate to contact us. You can call me at the office 301.656.7700 or Email: email@example.com
Watch Our Summer Market Update Video And See How Interest Rates Are Helping Drive Sales.
You know, a typical DC summer real estate market is slow, but this year was really different. Even with those 95 degree days, there were lots of real estate contracts being written. A few things contributed to an unusually active summer market.
For one, interest rates fell to an historic low of 3.5%. That's the lowest level in years. To put this in perspective, let's look at the numbers. The difference in monthly payment between a 3.5% mortgage and a 4.5% mortgage is $500 a month. Given a savings like that, buyers were empowered another way. They can now qualify for an additional $100,000 worth of purchase price. What a difference 1% makes.
Through the summer we continued to see a lack of inventory of available homes, especially those priced below $1 million. When homes were priced correctly, we saw plenty of action, lots of showings, and ultimately some bidding wars. But low interest rates don't mean buyers become careless. Homes that were priced too high this summer continue to languish in the market even now.
I hope this quick update has been helpful. If you're thinking about selling your home, please reach out to us to get a current market evaluation of your property and for ideas to get the best position to get you the maximum equity out of your home. Please call us anytime at 301-656-7700 or you can email us at firstname.lastname@example.org. That's R-O-Z-A-N-S-K-Y.com. In the meantime, enjoy the last few weeks of warm weather because before you know it, we'll be shoveling the walks in front of your house.