In recent years the real estate industry has been booming! Hard to keep up if you’re a buyer or seller-lots of volatility! We are happy to share that industry experts and economists are predicting more balance and normalcy in 2023, especially in the Northern Virginia market where 30,000 new jobs are projected in the metro area. Interest rates are expected to average in the mid-6s this year. We recommend that buyers take a long-term approach to buying and envision themselves in that home for at least 5 years.
With a lower inventory and higher interest rates than what we have seen in years, this is still a good time for buyers. Home prices are not changing significantly and you have the option to refinance when the interest rates decline.
As part of the new normal sellers will experience fewer offers over list price as well as more contingencies written into the contract. However, if you are priced right and market effectively there is potential to have that sales price bid up over the listing price.