DMV Housing Market Update: Why Buyers Are Waiting and What It Means

This week we sat down for a short, honest conversation about the market. You are seeing a lot in the news, and we wanted to share what we are actually seeing on the ground in the DMV. Homes are taking a little longer to sell than they have at other points in recent years. Buyers feel less urgency, and a big part of that is uncertainty. Interest rates, international conflict, energy prices, and the midterm elections are all on people’s minds, and even in our DC market the midterms are another reason some buyers are staying on the sidelines. That said, we are still seeing results. Several of our listings have gone off the market quickly. There are not a lot of showings and not a lot of buyers, but it only takes two or three interested buyers for a well-prepared home to see offers. A reasonable timeline for a new listing to get an offer is now two to three weeks, which is closer to what we have seen historically than the days-long pace we were in for a long time. We also talk about why buyers are hesitating. There has been real concern about jobs and income in our area, but much of the hesitation is mental more than financial. For someone shopping at a million dollars, the difference between a 6 and three quarters rate and a 7 and a quarter rate is not what is stopping them. The lack of stability in the headlines is. For buyers, this is a market with room to negotiate. A half percent higher rate adds roughly $250 a month to a payment, but a $10,000 credit negotiated after inspection covers many months of that difference. Homes that have been on the market a while or are not facing competition can often be bought below list. These are the numbers we walk our clients through so they can make an informed decision. For sellers, we are in strategy mode. We are watching the market closely, getting homes ready, and making a plan so that your home is the one that rises to the top the week it comes on. We also expect a wave of activity after the midterms, which is how it has historically gone, so planning now puts you in position when the time is right. If you are thinking about buying or selling anywhere in the DMV, we would be glad to help you build a plan. Contact The Jeweler Burton Group: Aaron Jeweler: (301) 325-8569 JT Burton: (301) 928-3456 www.jewelerburton.com Video Chapters 0:00 Market Update: What We Are Seeing in the DMV 0:21 Homes Taking Longer and Less Buyer Urgency 0:39 Rates, Conflict, Energy Prices, and Midterms 1:03 Why Well-Prepared Listings Still Get Offers 1:24 Back to a Two to Three Week Timeline 1:43 Jobs, Income, and the Buyer Mindset 2:30 Negotiating in This Market: Rates vs. Credits 3:32 Seller Strategy and the Post-Midterm Wave 4:11 What’s Next