The fall real estate market is upon us and it’s off to a busy start. I’ve rounded up the top five things to watch in this year’s fall market.
1. THE BULL MARKET: We are currently in the longest bull market in U.S. history, which generally means increased consumer confidence and rising interest rates (see below).
2. IMPENDING TRADE WAR: Will the impending possible trade war derail that confidence? We’ll see…
3. INTEREST RATES ON THE RISE: The Fed just increased rates and has said it intends to raise rates once or twice more in 2018 and perhaps three times in 2019 – meaning rates could hit 5% by the end of the year. We will be watching the effect of this specifically on move-up buyers, many of whom have rates around 3% if they purchased 6-8 years ago. A rate change of 3-5% will be a huge jump for many, making this fall the right time to buy if you’re considering a move.
4. AMAZON HQ2 DELIBERATIONS: Hotly debated HQ2 could be coming to the D.C. Metro area – spurring excitement and speculation among housing insiders and developers. If Amazon comes to our area, you can expect a shift in our market, increased demand and with it, an increase in traffic.
5. HISTORICALLY LOW INVENTORY: The inventory of available homes for sale is very low in our area and has been for well over a year. A smaller housing inventory means a seller’s market (if the house is priced and presented well) and the odds of a buyer wanting YOUR home increase.
If you are thinking of buying, selling or want to talk about the current market, don’t hesitate to reach out. We would love to help you!
Allison Goodhart DuShuttle is with Compass Real Estate. In 2017, the Goodhart Group helped 120 clients achieve their real estate goals. Led by Sue and Allison Goodhart, they have been named a Top Agent by both Washingtonian and Northern Virginia magazines. Allison can be reached at 703-362-3221 or firstname.lastname@example.org.