Spring Surge
After a tepid few months in the DC region which saw some shifting dynamics, the arrow has pointed up in a big way. Over the past month, there has been a surge across the board. Homes of all types and submarkets saw growth in new inventory and activity across the board. No regional disparities either - the surge has continued across the entire region in DC, MD, & VA. Even the condo market, which has seemed to operate uniquely, has seen increased activity.
The bump in activity could come from a few things - seasonal demand, pent up interest, personal schedules. All are factors, but it's hard not to notice how it coincided with drops in interest rates. Just as rates hit 12-month lows in recent weeks, contract activity saw a healthy increase, as did the rise in mortgage applications as well. Of course, so did overall home value across the board. The correlation there is hard to ignore.
One additional keen observation shared amongst colleagues: The buyers and sellers who have taken the steps to best position themselves for the market have had the most success overall. While some are sprinting to get in a loan application or prepare funds, those who had their ducks in a row are comfortably putting the finishing touches on a well polished, strategic offer. Or, instead of rushing to prepare for a move while under contract, the well prepared are strategizing the sale of their current home and looking through potential costs on a net sheet for ways to maximize return. Having more control of the pace of your process also typically allows for a better experience, as most agree.
A peak market surge isn't totally uncommon, but following a period of slower activity, it's notable to see that the demand is still strong. Reach out any time for a conversation on how you can position yourself successfully like so many are doing right now.
*For regional Market Data Reports, reach out directly.
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