DMV Market Update

Multiple Offer Situations

With such low inventory in the DMV area, many listings are receiving multiple offers. This has resulted in many properties selling above the asking price. Some listings have also been priced at lower numbers in hopes of causing a bidding war.

Click HERE to read: Insight for Buyers Facing a Bidding War

Rates are the Lowest They’ve Been in Nearly two Years

Mortgage rates have continued to drop and recently have hit a 21 month low due to trade tensions. This has resulted in an increase in mortgage applications, and about 42.2% of those are for refinances. Those who purchased in the last two years were presented with a great opportunity to lower their rates, as they were exponentially higher at the time of purchase.

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Inventory is Low

There has been a lack of inventory due to buyers and investors competing for available properties. This is in result of already low inventory, decreasing rates, and exciting news about Amazon HQ2 and Google announcements. In addition to the increased buying competition, sellers have been reluctant to list their properties, and are curious to see if the prices will continue to rise. Some owners have also decided to hold on to the properties and turn them into rental properties rather than selling them. Due to all of these factors, there have been more buyers and less sellers.

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This is what we’re seeing in the market, what are you seeing? Please comment below and keep the conversation going.