FAQs

Buyers Guide Sellers Guide First Time Homebuyers Guide

Buyers Questions +

How can I know if now is the right time to buy a home?
The right time to buy a home is based on each individual buyer's current circumstances. Do you need to move by a certain date? Does it make sense financially to purchase a home now?

Across the Mid-Atlantic, pending sales and showing activity both increased in January compared to December. Buyers who had been on the sidelines are showing eagerness to return to the market as rates dropped to their lowest levels since September. - BrightMLS

"If you can't find a house that meets your financial expectations for a monthly payment and it is a good time for you to buy, then do that..." - Odeta Kush, Deputy Chief Economist, First American

Will house prices come down in 2024?
This is a dynamic market that is changing quickly. Homes are staying on the market longer, which suggests that we are returning to the seasonal norms that we typically see this time of year. We are still in a seller's market because there is still a low supply of homes on the market. Experts are projecting relatively neutral price appreciation for 2024.

What is going to happen to mortgage rates in 2024?
"2024 should see a return of many buyers with lower interest rates. Rates appear to have peaked in 2023 and have been coming down sharply since November."
"The exceptionally strong job market continues to also bring homebuyers to the table."
-Lawrence Yun, Chief Economist of the National Association of Realtors

What should I do now to prepare to buy a home?
1. Get your finances in order. - Improve your credit score, pay off larger debts, and save for upfront and closing costs.
2. Get Pre-Approved for a mortgage. - If you are planning to finance your purchase, you will want to speak to a lender who will look at your finances to determine what financing options are available to you.
3. Keep an eye on the market. - Set up listing alerts within your price range.

Sellers Questions +

How can I know if now is the right time to sell my home?
The right time to sell your home is based on each individual seller's current circumstances. But keep in mind, inventory is still at an all-time low in terms of housing supply. We are still in a seller's market.

"For homeowners deciding whether to make a move this year, remember that listing prices - while lower than a few months ago - remains higher than in prior years, so you're still likely to find opportunities to cash in on record-high levels of equity, particularly if you've owned your home for a longer period of time." - Danielle Hale, Chief Economist, realtor.com

Can I afford to buy my next home?
According to Mark Fleming, Chief Economist at First American: "...homeowners, in the aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn't a huge deal--especially if they are moving to a more affordable city."

You may have more equity in your home than you realize.

Where are interest rates and are they slowing sales?
People buy houses for a variety of reasons. Some people want to move closer to loved ones, some are downsizing, retiring, or relocating. Buyer demand is still strong despite higher mortgage rates. Keep in mind, "The current interest rate is lower than 35 of the past 50 years," according to Dave Stevens, CMB.
Millennials (28-38 years old) are the largest generation and are in their prime buying years. They are driving buyer demand.
"Mortgage rates appear to have already peaked and have been coming down since mid-November." - Lawrence Yun, Chief Economist for the National Association of Realtors

What should I do now if I want to sell my home?
First Impressions Matter.

1. Clean and declutter your home and remove personal items. Neutralize the space.
2. Add fresh paint and shampoo carpeting where needed.
3. Clean out closets and garage.
4. Tidy up landscaping. Focus on curb appeal.
5. Make any major and/or minor repairs that could affect the home's value.
6. Consider getting a pre-listing Home Inspection.
7. Consider hiring a stager.