Why It’s Not Too Late To Get In the Fall Market
The Capitol Hill / Washington DC real estate market can be competitive for those looking for a home, whether you are a first-time home buyer or looking to ‘move up’ to a new home.
Our Buyer’s Agents notice a few things about the current market (October 2019) that are giving their clients an advantage in their house hunting:
- MORTGAGE RATES ARE DOWN. Just a slight downtick in mortgage rates saves home buyers $1000s of dollars on mortgage payments, and tens of thousands of dollars over the life of a loan. As of October 17th, published rates for 30-year fixed are 3.75% – get the latest rates here.
- INVENTORY IS UP. In 20002 and 20003, there are 150 fee simple homes active available as of October 22. That represents a 56% jump in available inventory year over year for this limited snapshot window.
- This means that some GREAT HOMES ARE AVAILABLE. Buyers can get momentarily distracted by dramatic news headlines or even waiting to see which way the economy will turn. We see this period as a plateau – it is a great time to invest in a home, especially in our resilient 20002 and 20003 real estate zones. Our professional Buyer Agents can point out which homes might offer the best value due to some buyers sitting on the sidelines.
Talk to us about your real estate goals, and where you might be flexible. Our Buyer’s Agents are ready to help you find your dream home! Let us help you navigate the nuances of the real estate market here on Capitol Hill and Washington DC.