We are well into the fall real estate market here in the DC metro area. The question, “How is the market?” is one we are asked all the time, all year long, and if we could sum up this area’s fall market so far with a quick status update, it would certainly be, “It’s Complicated.”
Coming off the hottest market in decades during the first two years of the pandemic, this summer saw a slowdown, in part due to pent-up travel demand, rising interest rates and inflation, and the general seasonal slowdown that comes naturally during the summer months. As fall has kicked in, interest rates have continued to rise and the stock market has taken a hit — reducing the buying power for many. Buyers are seeing opportunities that did not exist a year ago while Sellers remember what their neighbor’s house sold for last spring and do not want to let go of that dream — and are listing their homes accordingly. This mismatch makes for a very unpredictable and complicated market.
At Finnell Lee Homes, we are constantly collecting data and are staying close with our colleagues throughout the region to see if we can understand the trends as they emerge. As has always been the case, Sellers who make their homes look as pristine as possible and who carefully price at a point where buyers will see value tend to do better in the end. It is more important than ever to have the guidance of a trusted professional to help Sellers navigate this complicated and unpredictable landscape!
Speaking of trusted professionals, have you ever wondered how Finnell Lee Homes came to be, and what has brought us to the status of Top Team in the Chevy Chase brokerage for the past two years? Well, humor us and take a look at the video that we created to help us relay to Buyers and Sellers who we are and our approach with our clients. We’d love any and all of your feedback!
Anne-Marie Finnell & Kelly Lee