Eckington By The Numbers || Weekend 10.28.23

Taking a look at Eckington's data this week, the number of active listings dropped from 42 to 40, and there have been a total of 7 closings in the last 30 days. The average days on the market jumped from 15 to 37. This is further evidence that homes will move if priced right, just at a slower pace than what we are used to in the typical DC market.

We're also noticing numerous options available from lenders to help individuals secure a slightly lower interest rate now, with the idea that rates will potentially come down in the future, allowing for refinancing. One particularly popular option is the 3-2-1 Buydown. This unique mortgage financing strategy is designed to reduce your initial monthly mortgage payments, making them more manageable during the early years of your home loan. Here's how it works:

Year 1: You enjoy a significant reduction in your interest rate, a full 3 percentage points below the standard rate.

Year 2: Your interest rate continues to be favorable, now lowered by 2 percentage points below the standard rate.

Year 3: The interest rate is further reduced, this time by 1 percentage point below the standard rate.

This approach provides short-term payment relief, helping you transition into homeownership smoothly and efficiently. It's an excellent option for those looking to enter the housing market with more financial flexibility.