Northern Virginia Housing Market Report - January 2023 Week 4

Dated: January 25 2023

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Welcome to our mid week market report for January Week 4. As January comes to a close, things have changed - and for the better. More opportunities are ahead for both buyers and sellers as interest rates drop, and sellers adjust to the market now more than ever. That and many more in today's market report.

Buyers are more active in the market. The drop in mortgage rates at 6.15% may be causing buyers to enter the market.

In addition, sellers are adjusting to the current market. Sellers are dropping their prices less frequently than last year, with 36.4% of active listings having a price drop this week compared last week at 39.8%.

Good news for sellers: Offers are coming in faster this week. While days on market is up by 10 compared by last year at 20 days, it has been significantly reduced by 6 compared last week.

For buyers: Get ahead of the curve - home buying season is here. Interest rates are getting better with home price drops happening left and right as well.

For sellers: Listing your home as soon as you can just might be the best decision you'll do this year. Interest rates are getting better by the day, enabling buyers to seal a deal with sellers in this market. Pricing the home right is still the way to go, as well as marketing your home right with the help of a seasoned realtor.

Have any questions? Let's talk!

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Ritu Desai

Real Estate Market🏠 . With nearly 2️⃣0️⃣ years of experience in the real estate industry, Ritu has built a reputation as a hard-working Realtor with the intellect, knowledge, and experience....

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