Real Estate News

After the sequence of increases in mortgage rates that commenced in March 2022, the intensity of the D.C.-area housing market subsided as potential buyers held off in anticipation of lower rates, reduced prices, and a rise in inventory. However, with interest rates experiencing another upturn in 2023, many buyers and sellers are recalibrating their expectations to adapt to a new normal in which inventory...

Real Estate Market Update 🏡📊: Here's the latest scoop for the week ending September 3, 2023! 📆 🏠 Listings Holding Steady: Despite a limited supply in the D.C Metro Area, new listings are down just 15.2% from last year, with 1,096 listings this week. Unlike the usual August dip, listings have remained more stable. Even Labor Day weekend didn't slow things down, as new listings increased by...

Homebuyers who were taken aback by last week's mortgage rates hitting a 20-year high should prepare for more significant changes: This week saw rates climbing even higher, reaching a 22-year peak. According to Freddie Mac, for the week ending August 24, the average rate for a 30-year fixed-rate home loan stood at 7.23%. This unsettling increase follows last week's 7.09% rate. In addition to...

Here are the notable occurrences for the week ending on August 27, 2023: Narrowing Gap in Listings: Despite experiencing a 9.3% decrease compared to last year and a 4.3% drop from the previous week, the total number of listings in the D.C Metro area reached 1,081. This reduction in the gap between current listings and those from 2022 is notable progress achieved since earlier this year. The...

Presenting the week's key takeaways for the period ending August 13, 2023: Contracts Experience a Decline: A notable trend this week is the downward trajectory in contracts. This week witnessed the initiation of 1,224 new purchase contracts. This decline aligns with the usual pattern during this time of year, extending from late summer into the fall season. However, it's worth noting that these...

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Property tax schedules and procedures vary across different areas. Here's a breakdown: Maryland: Property tax bills issued in July/August, effective from July 1st. Annual bills and 1st semiannual installment due by September 30. 2nd semiannual installment due by December 31. Delinquency begins October 1 and January 1, with interest and penalties. Washington, DC: Due March 31st and...

Here are the highlights for the week ending August 6, 2023: Time to contract is tightening. During the late summer and early fall there is typically an increase in median time to contract, but the pattern could be different this year. For homes that went under contract during the week ending August 6th, the median days to contract was 17, down 1 day from a week ago. Sustained competition in a market...

Recent discussions about a potential soft landing have become ubiquitous as experts contemplate the Federal Reserve's rate hikes and their effect on curbing inflation while avoiding an economic downturn. Although the future remains uncertain, many wonder if this sought-after soft landing will extend to America's housing market. Presently, the U.S. housing market is experiencing a challenging summer that...

Below are the key points for the week ending July 30, 2023: Time to Contract: During the fourth week of this month, time to contract extended to an average of 18 days. It is typical for the time to contract to slow down later in the summer as the fall season approaches. Showings Decline: Showings have decreased significantly, following the seasonal pattern of previous years. For the week ending...