Agent Insight: Spring Market in the DMV

By Charles Cornell

April 4th, 2023

Spring is always an exciting time across Washington, DC, Maryland, and Virginia – particularly in

the real estate market. Along with the awakening of plants, warmer temperatures, and a host

of great outdoor activities across the region, it is also the busiest time of year when home

buyers and sellers plan to make a move.

Real estate across the DC region has long since had unique characteristics compared to a lot of

the national housing headlines that consumers read. That sentiment certainly held true across

Q1 of 2023. While many national headlines told stories of sharp decreases in buyer activity and

housing starts, a lot of cities in our area continue to see very strong buyer activity, largely due

to a housing shortage that spans back over a decade. Buyers are stepping into the real estate

market expecting steep decreases in housing prices and they can be a bit disappointed when

that is not necessarily the case. In fact, this spring has continued to show strong trends, and the

reemergence of multiple offers and buyers waiving contract contingencies still hold true.

Northern Virginia, as well as pockets of the DC market have had a particularly strong start to

the year, and we expect that trend to continue through much of 2023 despite the rise and

fluctuation of interest rates.

Speaking of interest rates. We have long had a saying in our industry: Date the Rate, Marry the

House. Interest rates have always been an important consideration for buyers and sellers, but

very few times have consumers seen such a sharp swing within a 12-month period. Given this

fluctuation, a large portion of buyers are still deciding to make a move with the intention to re-

finance their home 18-24 months from now.

Ultimately two factors are important. It is important to make sure you are financially

comfortable with your monthly mortgage with today’s rates, understanding that most analysts

do anticipate mortgage rates to come back down in the medium-term. It is also important to

make sure you are making the right life move for yourself and for your family. For first-time

homebuyers, you cannot start to make money from the housing market until you get in the

market. And for move-up buyers and sellers, you must ask yourself if the move will overall

improve your quality of life or is it necessary for your situation? If the answer is no, it may not

be the right time to make a housing move. However, if the answer is yes, many consumers are

willing to look past the temporary and look towards their longer-term goals. As always, please

reach out to your Wardman Residential realtor. We love talking real estate and are here to

answer these questions in more detail and help at each step of the process.

CHARLES CORNELL

REALTOR® DC/MD/VA

Phone: 443.624.5629

Email: Charles@WardmanRE.com