In a college class I took years ago, a teacher played a film of a protest at a U.S. embassy in a foreign country.

The camera person was surrounded by protestors. They were shouting and shaking their fists at the camera. You could feel their anger.  It was scary to watch. 

Across the street, another camera person was filming the protest. From this perspective, it was a different story. People dressed in business attire walked past the protestors. One woman stared at the protestors as she walked by pushing a baby stroller. The angry mob was actually 8 to 10 people. 

News headlines are meant to grab our attention. But headlines are not the full story. 

Housing Market 2022-2023

The decision to buy or sell a home is deeply personal. This decision is affected by housing supply and demand, interest rates and the overall health of the economy. 

One thing is consistently true, whether you rent or buy, you will always need a place to live. 

According to Lawrence Yun, chief economist at the National Association of Realtors, in a November 11, 2022 report regarding comparisons to the 2008 recession, Yun said,

“housing inventory is about a quarter of what it was in 2008 and distressed property sales are almost non-existent at 2% compared to the 30% mark seen during the housing crash.” 

Data from the week ending November 27th, 2022 from Bright MLS housing inventory was down 26.5% in Maryland, 17.6% in Virginia and 2.6% in the District of Columbia compared to a year ago.

Across the mid-Atlantic Bright MLS area, more than 40% of active listings on the market had a price drop.

I’ll stop here. 

National and local housing market data varies widely. The national data doesn’t match up with all the areas in Washington D.C. & Baltimore area. In addition, the local data from the District, Maryland and Virginia doesn’t match up either. 

What’s the take away?

Headlines are meant to grab our attention and fear sells. 

But the decision to buy or sell a home is deeply personal. Make a plan. 

Talk to a reputable, experienced local lender. Learn what financing options are available for you. 

Understand your finances, the local market conditions and your needs so you can make an informed decision. 

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How can we help?

The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.