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Tuesday, January 14, 2014

What Can We Expect for Our Northern Virginia Real Estate Market in 2014?

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Welcome back and Happy New Year! The real estate market had a great 2013. With low inventory and low interest rates, homes were flying off the market. Toward the end of the year, though, we saw interest rates increase a bit and home sales slow. So what can we expect from 2014?

2014 will bring about a stable market. We don't expect to see the increase in prices as we did in 2013. The Federal Reserve is also expected to pull back on it's bond purchasing which means interest rates will increase. While we don't know when exactly, we do predict they will hit 5%.

Mortgage rules have also changed. It's important to talk to a lender today and find out how those changes affect you. Also, get a pre approval letter, this will help strengthen your offer.

2014 is a year of new construction. This means more competition for sellers. If you want to sell this year, your home needs to be in good condition and priced aggressively.

Give me a call today at 703.636.3588 and let's talk about your situation. The Gresh Team is dedicated to helping you make the best decision for you.