It’s been awhile since I posted anything and one of my New Year’s resolutions is to get back into the groove of posting more information about the housing market in the Maryland Suburbs of Washington, DC. I’ll also be sharing some of my thoughts and observations. Some might be interesting. Some might be downright boring.
I’m hoping you’ll stick with me as I go through 2017 and deal with the ups and downs of the housing market. It’s likely to be a very interesting year.
New People Coming To Town
After all, we have a new Administration coming into Washington and that means new people will be moving in and other people will be moving out. Not as much as you might think but there should still be some implications for the housing market, especially at the top end of things.
Mortgage Interest Rates
We’re also going to be dealing with an interesting mortgage interest rate environment. Right now interest rates have already ticked up a little making houses a little bit more expense to buy. The interest rate plays a big part in the monthly payment for a house and the house that’s on the market for, say, $390,000 is now going to have a bigger monthly payment. If interest rates continue to rise many buyers may find themselves priced out of the market.
So. Does this mean buyers will jump in and get a house while the rates are still low? Maybe. Does it mean that sellers will have to lower their expectations of what their house might fetch on the market? Maybe. It’s a tough call to see how much is too much. Certainly, some buyers with moderate incomes won’t be able ot qualify for a mortgage at higher rates. Inventory – the number of homes on the market available for sale – is still slim.
There is a good article in The Washington Post that was written by David Charron and published on December 27th that goes into more detail. David Charron is the CEO of our local Multiple Listing Service (MRIS) so he has tons and tons of accurate and current data to base is predictions on. He’s on top of the housing market so I respect his opinions.
Here’s to a great housing market in 2017 whether you’re in the market to sell your home or buy one.
College Park Housing Market Price Trends
Here’s a chart of pricing trends over the past year for homes in College Park, MD. Just hover over any of the bars to see more detail. Enjoy!