Is DC's Real Estate Market Crashing??
Is DC's Real Estate Market Slowing Down? Are Housing Prices Dropping In Washington DC?
Have the interest rates stopped the real estate market in our Nation’s Capital?
What is happening with the real estate market in Washington DC in 2022?
This video gives a snapshot into what is happen in the Nation's Capital Region when it comes to the buying and selling of homes. Our market continues to move with houses that are in good locations, show well and are priced right.
The interest rates have doubled in the past year, but they are expected to go even higher. If and when those rates drop, homeowners can recast, refi or possibly modify their loans to a lower rate. Now is a good time to purchase a home.
Here is the big myth: people are under the impression that housing prices are going to plummet and crashing prices will make it easier for homes to be purchased at dramatically lower prices than a few months ago. This is unlikely based on the limited supply of homes. In fact, there are 40% fewer homes available for sale today in our market than we had pre-pandemic in 2019 while our demand is still high. Homeowners have more equity in their homes than they have ever had based on appreciation which stabilizes home values.
There has never been an increase in the interest rates like we have seen in the past few months. There are some areas of the country that will suffer decline in housing prices or demand during the current economic situation, but Washington DC, and close in Virginia and Maryland are less likely to have a dramatic decline. Here's what I know: You cannot time the market, be it real estate or the stock market. Supply and demand in a capitalistic society keeps things balanced. Historically, the average interest rates are between 6% -7%.
When you are looking at the economy and how things affect you, you must understand the macro economy, but you really have to look at your local, micro-economy to understand how things affect your actual wallet, investments and real estate holdings. One final thing to remember is that in times of concern, there is a flight to quality, and people put their money in long term assets that have direct impact on their daily lives and are a stable and tangible items.
If you want updates, follow @DarylJudy on YouTube for today's updates and more information down the road.