Market Trends

Agent Insight: Spring Market in the DMV, 2023

Multiple offers were back and national headlines missed the local story. Agent Charles Cornell on the spring 2023 DMV market, and why you should date the rate but marry the house.

Originally published April 4, 2023. For the latest numbers, read More Homes, More Room to Negotiate: The DMV Housing Market This Fall.

By Charles Cornell, Wardman Residential at Compass

Spring is always an exciting time across Washington, DC, Maryland and Virginia, especially in real estate. Along with blooming trees, warmer weather and great outdoor activities, it’s the busiest time of year for buyers and sellers planning a move.

The DC region doesn’t follow national headlines

DC-area real estate has long behaved differently from the national headlines, and that held true in the first quarter of 2023. While national stories talked about sharp drops in buyer activity and housing starts, many cities in our area continued to see very strong demand, largely because of a housing shortage that goes back more than a decade.

Buyers stepping into the market expecting steep price drops were often surprised. This spring has shown strong trends, including the return of multiple offers and buyers waiving contingencies. Northern Virginia and pockets of DC had a particularly strong start to the year, and we expect that to continue through much of 2023 despite rising and fluctuating rates.

Wardman Insight

Date the rate, marry the house.

Many 2023 buyers bought with a plan to refinance in 18 to 24 months when rates come down.

Date the rate, marry the house

There’s a saying in our industry: date the rate, marry the house. Interest rates have always mattered to buyers and sellers, but rarely have we seen such a sharp swing within 12 months. Given that, many buyers are still choosing to move now, with plans to refinance in 18 to 24 months.

Two things matter most. First, make sure you are financially comfortable with your monthly payment at today’s rates, knowing that most analysts expect rates to come down in the medium term. Second, make sure the move is right for you and your family.

For first-time buyers, you can’t start building wealth through real estate until you get into the market. For move-up buyers and sellers, ask yourself whether the move will improve your quality of life or is necessary for your situation. If not, it may not be the right time. If so, many people are choosing to look past the temporary and focus on their longer-term goals.

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We love talking real estate. Reach out to Wardman Residential and we’ll answer your questions in detail and help at every step of the process.

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