Real Estate News

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...

On July 13, the Montgomery County planning board approved plans to redevelop the west side of the Federal Plaza shopping center in North Bethesda, transforming the surface parking lot and commercial area into a multi-family building and a mixed-use building with a structured parking garage. Federal Realty Investment Trust, the current owner of the shopping center strip, is behind this ambitious...

Here are the highlights for the week ending July 23, 2023: Buyers interested but inventory remains low. There were 22,843 showings in the D.C Metro area for the week ending July 23, 2023. Showing activity declined 11.4% compared to the same week last year. Demand for homeownership remains strong in the D.C Metro area with buyers hoping for more listing options. New listings lag prior years. New...

The homebuying strategy known as "Marry the house, date the rate" gained popularity as interest rates began to rise. This approach involves purchasing a home at the available mortgage rate with the intention of refinancing for a lower rate in the future. While it may seem appealing, it is essential to assess the suitability of this strategy and understand the potential pitfalls before committing to a home...

The DC Metro market remains fast-paced with intense competition. The median time to contract has remained the same compared to the previous week, but it is 8 days longer than last year. Despite the typical summer slowdown, the market remains strong due to the high competition. There has been a seasonal rebound in new purchase contracts after the 4th of July, with 1,377 new contracts this week,...

Here are the highlights for the week ending July 9, 2023: Showings holding steady. The number of showings across the Bright footprint continues to track below last year’s levels, and weekly showings were also lower from a week ago. With demand still high through the summer, showing activity is at a level similar to 2019, a more typical year. Time to contract modestly increasing. The time it takes...

The current state of the housing market is marked by uncertainties as the summer season unfolds. Rising mortgage interest rates have led to decreased affordability, impacting potential homebuyers and contributing to a shortage of available homes. Sellers, while still benefiting from the housing shortage, are experiencing challenges in commanding high prices compared to previous years. This article examines...

In the realm of real estate, the question of whether to buy a house now or wait for a better opportunity is a common dilemma. Potential homebuyers must carefully weigh various factors before making a decision. In this article, we explore the advantages and disadvantages of buying a house in the current market compared to waiting for a potentially more favorable future. 1. Favorable Interest...

Here are the highlights for the week ending July 2, 2023: Weekly new listings down in advance of the 4th of July holiday. Listing activity is down seasonally and remains well below where it was a year ago. Potential sellers are sitting tight as the number of weekly new listings is down 19.3% compared to the same time a year ago. New listing activity will remain low as elevated mortgage rates are...

No price relief for buyers. List prices continue to rise as we head into summer, tracking above last year at this time. The scarcity of supply continues to put heat on competition for buyers, and it is likely this trend will not relent for some time. Listings remain stagnant. Listings are down -3.2% from last week but are down -29.8% from a year ago in Washington, DC. Homeowners are very reluctant to...