The summer of 2023 has active home buyers and hesitant home sellers.

The number of new listings on the market in July hit a more than two decade low.

According to data from Bright MLS in the mid-Atlantic region, the fall market will be more of the same as home buyers continue to deal with limited housing inventory and affordability issues.

There’s been talk of interest rates going down this fall which would help buyers with affordability.

Facts from the National Association of Realtors chief economist Lawrence Yun; 

• “There are simply not enough homes for sale.”
• “The recovery has not taken place, but the housing recession is over.” Lawrence Yun made this observation last month saying there are still multiple offers on homes indicating a lack of housing supply. 
• “Housing inventories remain at historical lows, down 13.6% from even last year's low levels.”
• “Housing inventories remain at historical lows, down 13.6% from even last year's low levels.”
• “Seventy six  percent of existing homes sold in June were on the market for less than a month.” 

According to the National​​ Association of Realtors, the 30 year fixed rate mortgage could reach 6.4% by the end of 2023 with 6% forecasted in 2024. 

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What's happening in the Greater Washington D.C. area

• Some condominiums in Washington D.C. and N. Virginia are on the market for longer than a week. This gives more negotiating power to the buyer regarding the home inspection, financing and appraisal contingencies. 
• Local lenders are shortening their financing, appraisal and settlement timelines. This creates a more attractive offer for the home buyer who may be competing for a home ​​with multiple offers.
• New construction is ramping up and more buyers are considering it as a solution to the housing shortage. This is an option for buyers who want to customize their home. This would not be an option for a buyer who needs to close within a month or six weeks. 
• The closer a property is to Washington D.C. the more expensive it is. Homes in Washington D.C. are in high demand and selling for the list price or above. 
• The job market is strong in the Greater Washington D.C area with many people working in government, technology and related fields. Unemployment is lower than the national average. This keeps home prices and demand steady. 

Exclusive buyer agent recommendations for home buyers

• Don’t wait for interest rates to drop before buying a home. When interest rates drop we will see an uptick in the number of buyers in the market. When there are more buyers than homes for sale, there is competition for properties. 
• Do consider the ‘not so perfect house’ as an opportunity. Look for a house on a good lot, in the right location for you. If a house and property need work or updated appliances but checks the lot and location boxes, it could be the house for you. 
• Do consider houses on the market for more than a week. If a house has been on the market for more than a week, there can be room to negotiate offer price and offer details. 
• Do choose a Realtor who is 100% loyal to home buyers. Exclusive buyer agents are not just buyer agents. We don’t list properties for sale, we don’t have inventory to ‘sell’ for in-house bonuses. We are not traditional real estate agents. HomeBuyer Brokerage Realtors are committed to full representation for buyers. 

You are making the biggest investment of your life, you deserve an exclusive buyers agent, 100% loyal to your side. 

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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.