Real Estate Market Update: JAN ’22
27 January 2022 Real Estate Know How 0
WHAT TO MAKE OF THE CURRENT MARKET
Three Factors to Watch – January 2022
- Inventory – The DC Market, especially 20002 and 20003 / Capitol Hill, often faces inventory challenges, creating more buyer competition for homes. So far January has been a competitive buyer’s market; having a Buyer Agent tuned into your needs will help you identify opportunities early. Since Buyers are primed to move quickly – it is also a GREAT time to sell your home.
- Mortgage Rates 3.55% (1/27/22, Freddie Mac)
Rates bumped up for 2 consecutive weeks in early January 2022 and remained flat this week, in line with experts predictions that rates will increase in 2022. Many Buyers are locking in now to try to capture these still low ~3.5% rates. We could see rates go to ~4% by the end of the year (with the caveat that factors like the pandemic could impact these predictions).This helps put it in perspective – mortgage rates REMAIN historically low – they haven’t been above 5% since 2009.
- 2018 avg — 30-yr –> 4.54%
- 2019 avg — 30-yr –> 3.94%
- Home Values
Our local market has proven resilient time and again, and we expect fee simple homes to retain / increase in value with no backslide expected. Depending on how long you plan to own your home or condo, our Buyer Agents can expertly advise you on a home price (or value) based on its condition, renovation potential, location (down to the block!), and other factors. Here’s a look in the rear view mirror of the 2021 DC Real Estate market.
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Contact us to set up a personalized consultation to discuss YOUR home goals and best possible timing to make your next move in the market! We can’t wait to share our real know-how with you (or refer us to your colleagues, friends and neighbors)!