Real Estate Market Picks Up As We Reopen
With the DMV reopening and loosening restrictions, we are seeing the real estate market moving swiftly again. Those who have been waiting to pursue their homeownership goals during the pandemic are now back out looking at homes, ready to move forward in the weeks and months ahead.
We often see a summer lull in both inventory and buyer demand in July and August, and we don’t anticipate that this year. Instead, it’s as though the Spring market came late, with the pace of listings and buyers being what we normally experience earlier in the year.
Buyers are making up for lost time and, as seen by the recent rise in mortgage applications, are ready and willing to purchase a home. Sellers who feel comfortable listing their home will benefit from this competitive market.
Here’s what most analysts are anticipating as the local market more fully returns to activity:
What to Expect in the DMV Market
- Buyers have lots of pent-up demand and will find a competitive market even as more listings are added.
- Sellers will find that prices have continued to rise and days-on-market have remained low despite the uncertainty of COVID. Sellers are still understandably somewhat hesitant to list given the health risks of crowds have not diminished, but those who do can expect more interest in their home from committed buyers than at other times.
Mortgage Marketing Thriving
- Mortgage rates for 30-year loans are at record lows — making it more affordable to buy a home than ever.
- Expect a busy mortgage market with a jump in mortgage applications
- This jump in mortgage applications is attributed to both an increase in purchase applications for loans, but also continued refinances from homeowners who are looking to take advantage of record-low rates on homes they currently own as well.
Despite low interest rates, the tightening of the jumbo loan market we saw at the beginning of the pandemic is sticking around, but there are still many options available.
As usual, getting a mortgage is not a “one-size fits all” process, so let me help you navigate these more murky loan waters and help you into the right loan for your financial needs.
Making Safety a Priority
There seems to be less fear as people take precautions when out and about and visiting businesses. All showings are requiring that masks be worn and there is only one small group at a time.
Be sure you are working with a realtor that is committed to your health and safety and that stays up to date with protocols, such as masks, social distancing, and virtual open houses.
If you have an in tour home scheduled, be sure to keep your hand sanitizer and masks on hand and follow no touching procedures.
What To Expect Moving Forward
For better or worse, the market has not lost a beat and we seem to be back to pre-pandemic highs in both buyer demand and pricing, which is great for sellers. For buyers, there is finally inventory again on the market, making it a great time to move forward with your homeownership plans this year.
I'm Jordan and I love helping first time home buyers make their first home more affordable and stress-free! It all starts with your personal budget and how much you can comfortably afford. Let me know how I can help you make your real estate dreams come true.
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2200 Defense Hwy, Ste 400
Crofton, MD 21114
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