IT's the "Dead of Winter" as they say, with temperatures lower than average in Maryland and Virginia and only the most serious home buyers are out looking at homes for sale. Interest rates are hovering in the high six percent range which means mortgage money costs the average buyer about $ 650 per month per $100,000 borrowed. IT's been worse, but it's also been better though the 2-5% interest rates are not likely to return anytime soon.
So what does this mean? 1) For Sellers - there are plenty of buyers in our region, and in bad weather they are researching homes online, so be sure photography is excellent and the descriptions are up-to-date for homes on the market. IF improvements are planned before you sell this spring, this is a great time to meet with contractors and get materials ordered for the upgrades, inside and out, which you plan for your property. Be sure to discuss plans with your listing broker including how to express buyer agency commission, closing costs and other inducements you're willing to offer at the full asking price, and 2) For Buyers - watch not only the Active listings but also the Coming Soon properties which you can drive by and research all details before they are open and available for viewing inside. Mortgage pre-approval is more important now than it's ever been, as every offer should be submitted with proof of down payment funds plus the mortgage pre-approval so that the seller can immediately see that you are financially qualified to buy their home. The time frame could be important to the seller, so be sure to have your buyer's agent ask if the seller's have a preferred sales date and do your best to match if, in order to have your offer accepted.
Reist Corp Property Services Co. serves as listing agent, and also as buyer's agent, so please inquire after reviewing our credentials and let us know how we can help you in 2025. The market may be tough, but we're just as tough and will guide you through every step of the selling or buying process. visit www.dstoner.com today to value your home or search for available properties. We look forward to working with you.
