Many have opted to sit out the process of buying a home in 2023 and 2024 due to higher mortgage interest rates, the thought being that they will enter the market when rates come down. What those buyers are not considering is the other buyers that will also be entering the market when, and if, that significant drop in interest rates happen. Our Northern Virginia market has been a seller’s market since prior to the the pandemic. And while the pace of the market has slowed a bit, there is no question that we remain in a seller’s market. More buyers entering the market will mean steeper increase in prices as competition for the limited inventory increases.
Is 2025 the right time for you to make a move? There are many factors to consider. For those who have outgrown their existing home, the answer may be an easy one. It may also be an easy answer for those who find themselves rattling around in too large a home, the result of adult children moving out. For buyers who are considering their very first purchase, the answer can be uncertain as multiple sources of “experts” tout waiting for a crash. The likelihood of a real estate market crash in Northern Virginia is slim to none.
If you have even the faintest idea of buying in 2025, the first step would be a conversation with a REALTOR®. As a full-time real estate agent in the market I can walk through the current market trends and variables that will play into your decision. It is my pleasure to help you discover your options. Get in touch and let’s talk.