Selling your Greater Washington DC area home?
Buying an Greater Washington DC area home?
Friends and Clients— 

A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet.

The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown.

1. Interest Rates

One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In a recent Freddie Mac post, “Are Low-Interest Rates Here To Stay?”  the latest information makes it appear they are. We are currently at a 21-month low in interest rates.
2. Building Materials

Talk of tariffs could also affect the housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.

3. Economic Slowdown

At the beginning of 2019, many economic leaders thought we could expect a recession in late 2019 or early 2020. As spring approached, the economists started to push that projection past 2020.  Now, three leading surveys indicate that it may begin in the next eighteen months.
Bottom Line

We are in a strong housing market. Wages are increasing, home prices are appreciating, and mortgage rates are the lowest they have been in 21 months.  Whether you are thinking of buying or selling, it’s a great time to be in the market.

Of course, if you have any other questions, give me a call or send me an email. I would be happy to help you.

And if you have questions about your home's worth or need help buying or selling a home, give me a call at 703-328-3434. I'm here to help.