Buying A Home In The DC Metro Area - Current Market Advice
Ask An Agent: What Should I Know About Offers, Inventory and Interest Rates?
Our agents keep their pulse on the ever-changing real estate market in the DMV region to ensure each of our buyers gets into a home they will love.
As interest rates remain low, more people are qualified to buy than ever leading to new questions and ultimate guidance from Donna Kerr Group agents. Realtor Maura Fitzgerald sat down with our team to discuss some of the top questions potential buyers are finding themselves asking in this current market.
Question: How do I compete in this market while staying confident in my offer?
“As a Donna Kerr Group agent, our team focuses on building each other up and helping all our clients win.” Maura explains. “We all get together so we can fully understand what’s working for our clients in the market right now. That helps us stay ahead of the Real Estate trends in offers instead of being followers to them.”
So what does it mean to stay competitive? Maura continues, “It is absolutely vital in this market that clients are prepared to write offers before seeing homes by having their pre-approvals ready, that they find an agent who works full time, who is available for them the minute a home comes on the market. It is also helpful for a client’s lender to be local as well.” Why is it important for an agent and lender to be local to the area you’re searching in? “A local agent will know what escalations look like in the areas you’re ready to call home. They’ll be able to guide you and prepare you for the process so there are no surprises as you find the right home. A local lender will be able to move the process along quickly and efficiently which ultimately makes a client more competitive.”
Question: Are we going to see any increase in inventory?
While there is no way to predict the future, Maura discusses some realities as we consider the future of Real Estate in the DMV. “Things are looking up! In fact, it’s already upticking here at Donna Kerr Group. That being said, COVID-19 has proven to make our market quite unpredictable, and while I anticipate the Fall having a stronger market, interest rates may be higher. Understanding the market clients are in today instead of trying to predict an unpredictable market will always give them the greatest advantages while buying a home.”
Question: Is now a good time to buy?
Maura explains how today’s real estate opportunities are still strong for buyers. “I always encourage my clients to consider that we are still experiencing record low interest rates. It’s a great time to buy a home because of that fact alone. It may make the most sense to take advantage of the here and now rather than waiting for the future as interest rates may prevent a client from having the same buying power as they are able to have today.”
Thanks, Maura! With these tips in mind, Donna Kerr Group agents then go above and beyond to develop an individualized, strategic plan for clients to be the most successful in the real estate market. This plan will vary based on a client’s unique priorities and financials, our local expertise and up-to-date knowledge of the current market. Contact us here to get started!