It’s been a notably soggy May so far, but the rain hasn’t dampened the housing market! On paper, prices, closed sales, and contracts all continued to climb in April to highest levels in a decade, but practically speaking, prices are still holding fairly steady in most areas. Inventory is still low, so if you are thinking of selling it’s a great time to list! DC jumped up in the ranks (from 6th to 4th) as one of the most expensive rental markets in the US. And interest rates reached a three-year low last week, meaning buyers can afford to borrow more. High rent prices and low interest rates continue to make buying an attractive option, so despite rumbling of a potential market slow down, we aren’t seeing much evidence here. The Post noted a trend that high prices in the district and close-in markets are pushing some buyers to consider surrounding areas. Indeed we are noticing a good deal of variability between neighborhoods. We are still seeing bidding wars in a few areas, while others have leveled out. Regardless, we advise our buyers to be prepared with financing and flexibility. With some added complexity as we enter the height of the spring market, do reach out with any questions about how to structure your search. We’d love to help you come up with a strategic plan or introduce areas and options you may not have considered.
The Wethman Group hosted some amazing clients and friends at Gold Cup on May 7th. The rain took a break long enough for us to see some races, play cornhole and black jack, and enjoy some mint juleps. Everyone really stepped it up this year- so many great hats and colorful suits!
Next month we are headed to the ballpark! Clients keep an eye out for your invite to join us as we watch the Nationals take on the Phillies, Sunday, June 12th.
If we can help you or someone you know with your real estate needs, please do reach out. We always love to hear from you!
The Wethman Group