Dear friends,
When you read headlines like this... "US home sales dropped to 4M transactions in 2023 from 6.12M in 2021 but are forecast to rebound to 5.6M by 2025" ... can you imagine what it means for you? Those are hefty numbers to digest ... and I'm here to tell you those big, broad numbers you read in headlines don't really matter.
While the overall national real estate market’s trajectory seems to be on the upswing (despite higher interest rates), the climate in your neighborhood may be better or less ideal…because broad real estate headlines are not nearly as relevant to you as the data specific to your micro-market.
People often ask me" how's the market?" I love the question but I often pipe back with a follow up, "Which market?" That's because our DMV marketplace is made up of multiple markets, each with their own set of circumstances in play. We have MD, DC and VA but beyond that, it is imperative to drill down even further into what we call "micro-markets"-- narrower segments of the market, each with their own story. And as a seller or buyer, the nuances of a neighborhood can have a massive impact on your sales price.
For example, in the graphs below you can see that adjacent zip codes in all 3 jurisdictions have very different amounts of inventory, days on market and average sales prices. How can one street over be so different? How can the city name be the same but the demand be so different? With so many factors at play, understanding nuances can be a full time job. Good thing it's mine and not yours! I welcome the opportunity to dig down to the street level with you, to lead you on a strategy to maximize sales price and get you into a home in those close to no inventory neighborhoods.
The answers--and opportunities-- all lie in the micro-market, my friends.
Gitika
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