Standing on both feet in the current real estate market
washingtonblade.comGone are the days of a home receiving 25 offers and going well over asking price by more than $250,000. One would think… The housing market in our immediate area as well as most of the United States has changed from what we’ve seen during the earlier pandemic days.
Here in the nation’s capital, we have seen a market that is more in keeping with what we have historically seen. The fall market this year has brought on a substantial amount of new inventory to the market, which is consistent with earlier market trends.
We have seen the prices reduce a bit and we have seen days on market linger a bit. But what exactly is going on here? RISING MORTGAGE RATES For two years we saw a wild real estate market that was fueled by the need for more space, new space, fresh space, and insanely low interest rates.
The lack of inventory in the market also assisted in allowing sellers to get substantial amounts of money over their asking price and left buyers giving everything away.
