Keep yourself in the loop with the 2024 spring market update!
Have you been meaning to find out about the current state of the spring real estate market in 2024? Whether you’re planning to buy or sell, we have the latest updates on interest rates, housing prices, and market trends. This information will help you navigate the current housing landscape with confidence.
The first thing to know is that higher interest rates cause low inventory. It was surprising to witness interest rates doubling while buyers continued to outbid and show more aggressiveness with contingencies. This included skipping inspections, appraisals, and financing hurdles altogether.
As a result of these higher rates, the market is experiencing a significant shortage of available houses. This scarcity, coupled with an influx of new residents to the area, has led to properties receiving offers within an incredibly short span of just 24 hours. The homes that attract immediate attention are the "crane pops" – those completely remodeled, modern, and in excellent condition. However, even properties in less-than-perfect shape, but in decent condition, are fetching prices above asking values. This shift in buyer behavior has created a fascinating market dynamic.
The second thing to remember is that there's still an opportunity to sell your home before summer hits its peak. For sellers, this presents a favorable window to market their homes before the typically slower months of July and August. In the Washington D.C. area, the latter half of June through August tends to see a dip in real estate activity due to the vacation season. This period is commonly regarded as the slowest time of the year, as many residents and potential buyers are away on vacation.
Lastly, if you want to buy a house, wait until the school season ends. By then, you'll likely see more opportunities arise as a significant number of houses are expected to hit the market.
While the supply may be lower than anticipated, new listings will still become available. Being proactive during this time can be advantageous, especially when many potential buyers are on vacation. This presents a unique chance to act fast and secure a property before it gains widespread attention from others in the market.
If you have any questions about this stuff and you just want to talk about, what your options are, feel free to give us a call any time. We look forward to hearing from you.
