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Today I’ll be providing you with a brief real estate market update for Virginia, Maryland, and Washington DC. A lot of people have been asking me whether we are in a seller’s market, a buyer’s market, or somewhere in between.
The answer to this question depends on where you live and what kind of home you’re looking for. Usually, the luxury markets will cater to buyers, and the lower price brackets will favor sellers more often. Overall, Virginia is in a seller’s market with only 5 months of inventory.
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Sellers should list quickly to sell for top dollar.
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What makes this market unique is that while it is a seller’s market, it’s still a great time for home buyers to make a purchase. Interest rates are at 3.5% right now, so buyers have the opportunity to save thousands of dollars over the lifetime of their loan.
Sellers will see a lot of activity if they list their home right now. Just in the last few days, we have had homes with multiple offers on them. However, inventory levels are accumulating, so if you want to sell your home for top dollar, I would suggest putting it on the market quickly. You will have much less competition if you list now, compared to the spring and summer when there is a frenzy of activity.
