Rising Prices, Low Interest Rates and Declining Inventory

Phew! We here at the Wethman Group are TIRED! It has been a CRAZY month in the real estate market. Multiple offers, bidding wars, and more. We would like to start off by thanking all of YOU for your referrals. Thanks to you, we have 13 settlements this month!

And it’s not just us…many agents are busy right now. Continuing low inventory and record low interest rates are starting to sound like a broken record. Prices rose 8% in the DC metro area, listings available dropped 15%, and days on market dropped 13% in May. June looks to be on a similar path. Even Case-Shiller, which typically lags the market by several months and reflects only single-family home sales, is showing increases in prices for the greater DC area (which includes outlying areas like Frederick, Calvert, Fauquier, and Loudoun Counties, among others). The July market is typically slower, but we will see.

Most of our area is running at about two to three months of inventory, far below the six months we like to see in a balanced market. If you or someone you know is looking to sell, now is the time! I personally have had multiple offers on nearly every listing, and about 75% of the offers we have written for our buyers in the past month are competing against others. Even our DC rental listing had eight applications in just four days and got bids well above the list price!

If you know someone looking to move, please contact us. And if you’re thinking of selling, contact us and we’ll be happy to provide you with a free market analysis of your home and a review of statistics in your local neighborhood.

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