Hot Washington DC home sales are emerging post election. This is great news for home buyers.
Washington DC home sales, prices and inventory were strong in Washington, DC in 2015. However, the 2016 election has created uncertainty in Washington, DC home sales and real estate. This won't last much longer. While uncertainty will continue until the campaigns are over, the outcome will clarify buyers' and sellers' expectations. Washington DC home sales will likely increase in the winter and spring.
As a result, there are several key trends potential home buyers and sellers should consider. As Washington DC home sales and real estate get hotter, there are a number of factors at play.
TRENDS IN WASHINGTON DC HOME SALES AND REAL ESTATE
First, if the Fed raises rates and mortgage rates start to climb, home buyers who have been waiting may buy quickly. Once rates rise above 5% there is a psychological and financial impact on Washington DC home sales. However, in the short-term it is very possible that rising rates will spur Washington DC home sales and purchases.
Second, more onerous mortgage regulations are increasing closing costs and delaying closing. Prospective home buyers and home sellers should discuss this trend with their real estate agent. It can have an impact on their transaction.
Third, real estate experts and top Washington, DC real estate agents believe there will be more houses for sale soon. This is good news for prospective home buyers who should rely on their real estate agents to have early access to homes coming to market.
Fourth, home values in the Washington, DC area should remain steady and rise throughout the entire Washington, DC metro area.
Fifth, walkability is the number one factor in urban home buying and home selling. More prospective buyers rely on their real estate agents to help them buy homes in neighborhoods that are walkable to restaurants, night life, services and transportation.
All in all, hot Washington DC home sales will have a positive impact on 2017. Mass & Penn stands ready to assist you in all your real estate needs.