Eckington Open House Guide || Weekend of 07.08.2023
WE HAD NO OPEN HOUSES SCHEDULE LAST WEEKEND.
Eckington By The Numbers || Weekend 07.01.23
Happy 4th of July Eckington!
Please see below for the summary real estate numbers, the link to download the printable PDF of the "Eckington Sales Tracker & Open House Guide", and a link to see all active listings currently in our neighborhood.
This week in Eckington the active listings stayed at 30 with 8 closings taking place in the last 30 days. We took a deeper dive into the mid-year real estate data we pulled. Here are a few things we expect to continue through the end of this year.
A Mid-Year Update on the Real Estate Market
There’s been so much news lately relating to the economy and real estate. If you’re planning to buy or sell a home soon, you may be wondering what it means for you. While headlines may paint another picture of the market, anyone out looking for a home are often experiencing competitive conditions.
A More Balanced Market
After low interest rates caused a sales frenzy during the pandemic, higher interest rates have created a more balanced market. Home prices have cooled, and in some markets, prices are down from their peak levels. Although inventory has increased, the number of available listings is still low.
What does this mean for homebuyers and sellers?
Buyers: While the level of urgency has lessened, multiple offers are often received, so buyers still need to be prepared to make an offer quickly when they find a home they love. In general, it is taking only slightly longer for the typical home to sell than it did during the pandemic market.
Sellers: It’s still a great time to put your property on the market as the supply of homes available remains at record low levels.
As of Friday, June 30, 2023, the current average interest rate for a 30-year fixed mortgage is 7.02%
*We source this data from Mortgage News Daily.
- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE // https://Eckington(roperties.com/TRACKER
- ACTIVE LISTING LINK - \\ TO ALL ACTIVE LISTED PROPERTIES IN ECKINGTON // https://EckingtonProperties.com/LiveLinkAllActive
*Bright MLS has the borders incorrect. It incorrectly includes a section south of Florida in the MLS.
Thank you,
John
Eckington By The Numbers || Weekend 06.24.23
Happy Fathers Day Eckington Neighbors!
It is so pretty outside right now, I hope you all get to enjoy the day.
Please see below for the summary real estate numbers, the link to download the printable PDF of the "Eckington Sales Tracker & Open House Guide", and a link to see all active listings currently in our neighborhood.
This week in Eckington the active listings went from 29 to 30 with 11 closings taking place in the last 30 days.
Long and Foster has a listing at 123 Rhode Island NE and I will be holding it open from 2 - 4pm today. The home is a center row, 3 bed, 2.5 bath with a finished basement and very deep yard. Please stop in and say hello! I like this house because the renovation has been very respectful of the original house and thus it has a nice feel to it. See more 123 Rhode Island Ave NE
As of Friday, June 16, 2023, the current average interest rate for a 30-year fixed mortgage is 6.95%*We source this data from Mortgage News Daily.
- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE // https://Eckington(roperties.com/TRACKER
- ACTIVE LISTING LINK - \\ TO ALL ACTIVE LISTED PROPERTIES IN ECKINGTON // https://EckingtonProperties.com/LiveLinkAllActive*Bright MLS has the borders incorrect. It incorrectly includes a section south of Florida in the MLS.
- SUBSCRIBE - \\ TO HAVE TRACKER EMAILED TO YOU WEEKLY //https://EckingtonProperties.com/SUBSCRIBE
Thank you,
John
This week in Eckington the active listings stayed at 30 with 8 closings taking place in the last 30 days.
We have an update on the real estate market in Washington, DC. The data for May is now available, comparing May 2022 to May 2023. In May 2022, there were 1,420 homes listed for sale in DC. Out of those homes, 948 were sold, and it took an average of 23 days for a home to sell. Moving on to May 2023, there were 1,128 homes listed for sale, and 761 of them were sold. The average time it took for a home to sell increased to 30 days.
This information shows that in May 2023, the absorption rate (the rate at which homes are sold) was 67%, compared to 66% in May 2022. Despite the overall decrease in the number of homes sold, properties in Washington DC were still selling at a similar rate this spring. This is good news for sellers, even with the higher interest rates.
*Please note that all the information provided was sourced from Bight MLS
As of Friday, June 23, 2023, the current average interest rate for a 30-year fixed mortgage is 6.92%
*We source this data from Mortgage News Daily.
Eckington By The Numbers || Weekend 06.10.23
Hello Eckington Neighbors,
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Please see below for the summary real estate numbers, the link to download the printable PDF of the "Eckington Sales Tracker & Open House Guide", and a link to see all active listings currently in our neighborhood.
This week in Eckington the active listings went from 25 to 29 with 14 closings taking place in the last 30 days.
Over the past month, average 30-year fixed rates have remained just below 7%. In such situations, it's worth considering an adjustable-rate mortgage (ARM) as an alternative. ARMs are particularly suitable when interest rates are expected to decrease in the future and if you intend to sell or refinance your home within the initial fixed-rate period of three to ten years. This option can result in lower initial payments and potential cost savings. The down payment requirements for an ARM are generally determined by factors like loan-to-value ratio, credit score, and lender guidelines. Although the down payment percentage varies based on various factors, many ARM products often require a 20% down payment. However, it's crucial to carefully evaluate your financial situation, risk tolerance, and long-term plans before opting for an ARM, as interest rates can rise after the initial period, leading to higher monthly payments.
As of Friday, June 9, 2023, the current average interest rate for a 30-year fixed mortgage is 6.92% *We source this data from Mortgage News Daily.
- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE // https://Eckington(roperties.com/TRACKER
- ACTIVE LISTING LINK - \\ TO ALL ACTIVE LISTED PROPERTIES IN ECKINGTON // https://EckingtonProperties.com/LiveLinkAllActive *Bright MLS has the borders incorrect. It incorrectly includes a section south of Florida in the MLS.
- SUBSCRIBE - \\ TO HAVE TRACKER EMAILED TO YOU WEEKLY //https://EckingtonProperties.com/SUBSCRIBE
Thank you,
John
