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<\/a><\/p>\nThe real estate market is never boring \u2013 it\u2019s always changing. These days it seems like it is doing so week to week.\u00a0 Housing inventory, mortgage rates, buyer demand, consumer confidence, and so much more are consistently adjusting. So what has changed recently?<\/p>\n
For starters, buyer demand has picked back up. We are seeing more interest and more questions from people online, more showings at our listings, and more contracts written \u2013 and as a result, more sales are happening.\u00a0 It also seems there is a more positive \u201cbuzz\u201d around the market.<\/p>\n
Why did this happen? As interest rates swiftly and steadily climbed, buyers became apprehensive. Couple this with the devastating effects of inflation and Fed rate hikes, and people got nervous about the real estate market.\u00a0 When would rates stop increasing? Would prices crash because of the increasing rates? Now rates have come down, inflation while still damaging has slowed and people are beginning to realize that a rate of 6.125% is historically a decent rate. If you look at the history of rates, 30-year fixed rates have been, on average, 7.75%.\u00a0 When I got into the business 33 years ago, I had an interest rate factor card I carried around to help me calculate mortgage payments. Do you know what the lowest<\/i><\/b> rate on that card was?\u00a0 8%. All of these factors are bringing back buyer confidence in real estate. It\u2019s why we are where we are today \u2013 a healthy, more balanced real estate market.<\/p>\n
Obviously, I have concerns about the future \u2013 where will inventory come from for all these buyers?<\/p>\n
Right now we have only 1,337 homes on the market in Northern Virginia and with all of the recent sales, we have a one-month supply of homes.\u00a0 As you know, I run the numbers every Friday, and last week, we had 188 homes come on the market in the previous 7 days. By comparison, we had 466 houses go under contract in the previous 7 days. At this rate, we won\u2019t have any houses to sell by Mid-March. What will be the result? Well for certain we are not<\/i><\/b> going to see prices crash. We have little inventory and high demand.\u00a0 Stay tuned for more details as we go into the Spring Market.<\/p>\n
As you know, every situation is different, so whether you are looking to sell or buy, please call me to discuss your situation in more detail. I am here to help you!<\/p>\n
It\u2019s a good life.<\/p>\n
Chris<\/i><\/p>\n
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HOMEBUYING ON THE HORIZON? 4 WAYS TO PREPARE NOW<\/h2>\n
Read the full article on news.remax.com<\/em><\/p>\n The year ahead is full of opportunity to achieve goals. And for some, a major goal in 2023 is to buy a home. To help the process go as smoothly as possible, prospective homebuyers can start to prepare long before it\u2019s time to search for a house. From organizing finances to finding a compatible real estate agent, it\u2019s best to get a head start.\u00a0 Looking to buy a home in 2023? Consider these four ways to prepare now.<\/p>\n 1. Get your finances in order<\/strong><\/p>\n For starters, check in on your credit score. When it comes time to apply for a mortgage loan, credit score is one factor lenders consider to determine your eligibility. A better credit score can help you get increased access to financing options and ultimately a more desirable mortgage rate. Research loan options in advance, too. RE\/MAX President and CEO Nick Bailey shares that in\u00a0\u00a0\u00a0\u00a0\u00a0 today\u2019s market, a standard 30-year fixed-rate mortgage isn\u2019t a homebuyer\u2019s only route and suggests they look into alternate options like an adjustable rate mortgage (ARM), too. There are also specific loan programs for various cohorts, including veterans and military personnel. It\u2019s helpful to get pre-approved by a lender prior to home shopping as it can set realistic expectations and help determine a budget.<\/p>\n Saving up for a down payment is one of the most important parts of preparing for purchasing a home \u2013 but there are other costs to consider along the way. Ideally, in addition to a down payment, prospective homebuyers will save up for other fees, including closing costs, moving costs, and more. Once living in the new home, it\u2019s best practice to have funds set aside for regular maintenance and timely repairs.<\/p>\n 2. Find a trustworthy real estate agent<\/strong><\/p>\n With their experience and expertise, a real estate agent can be a homebuyer\u2019s best asset in ensuring a smooth transaction. Seek out an agent that knows the area well, has a proven track record of success, and is a compatible fit. Not only is a real estate agent knowledgeable when it comes to helping finding clients the right home, but they also can help negotiate with sellers and recommend services in the area for financing options, moving services, and more. Best of all, work with a real estate agent you trust. According to a BrandSpark\u00ae survey of consumers, RE\/MAX is home to the most trusted agents throughout the U.S.* and Canada**.<\/p>\n 3. Consider what you want in a home<\/strong><\/p>\n Take time to determine wants vs. needs in a future home. Whether you\u2019re a first-time homebuyer who’s done with renting, or a current homeowner looking to upsize or downsize, assess your current dwelling for clues as to what to prioritize in a living space. Is more storage a must? Does the need for a garage top all else? Creating a list now of these features can help identify \u2013 or rule out \u2013 properties when it\u2019s time to start the home search.<\/p>\n 4. Start area research<\/strong><\/p>\n To help narrow down the home search radius when the process begins, do your due diligence in advance to figure out which areas meet the needs of you and your family. Some people may be moving to be closer to work, school or family and can start researching commute times to these locations (especially during rush hour!). And for those who have a dog, being near a park may be important. Research can be especially important for those moving from farther away, some of whom may be purchasing a home sight unseen. Use tools like online maps, Google street view, and local town and city websites to determine what areas have to offer.<\/p>\n <\/p>\n Total Time: 5 Minutes<\/i><\/p>\n Serves: 8<\/i><\/p>\n INGREDIENTS<\/b><\/p>\n DIRECTIONS <\/b><\/p>\n <\/p>\nRecipe of the Month<\/h2>\n
<\/a><\/p>\nFrozen Peanut Butter Pie<\/h2>\n
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HOME SELLERS: PREPARE YOUR PROPERTY FOR WINTER SHOWINGS<\/h2>\n