October's Housing Market Update For Buyers
DKG's Monthly Real Estate Update For Buyers
DKG agents Maura Fitzgerald and David Rios are sharing the must-know information for buyers navigating the competitive fall market. Interest rates are at an all-time low, meaning greater purchasing power for buyers. It is a great time to be a buyer! Read on for Maura and David’s update and see their video below.
The DC Metro area has shown little signs of cooling off entering the fall, and we’re loving it! According to Bright MLS, the median sales price for DC metro single-family homes hit a ten-year high. That's approximately an 18% increase in the median sales price as compared to 2019! However, with interest rates so low, buyers can buy more home than ever before and seize the opportunity to have lower monthly payments.
The average days on market in the DC metro area are currently only 7 days. In Montgomery County, that's a decrease of 18 days on the market for single-family homes. For Washington DC row houses, that represents a 5-day decrease over last year's days on market. This is a record ten-year low for DC.
So why is this important for buyers in today's market?
Increased buyer demand due to low-interest rates and the drastically reduced time homes are on the market have contributed to a very competitive environment for buyers.
Working with an experienced agent is key. DKG agents can help negotiate the best price and expertly navigate the offer process. You want an agent who can win an offer for you! In addition to strategic offers, many sellers choose our buyers over others due to the reputation of the Donna Kerr Group and their desire to work with us on the sale.
Check out our Signature Buying Process with all sorts of helpful tools and tips for “Buying Smart,” as well as a peek at some Coming Soon homes. Finally, it’s essential for buyers to understand their purchase power and work with a lender who’s familiar with the local market.