Happy Sunday, Eckingtonians!

I can’t believe it’s almost Labor Day! How did that happen so fast? It might sound wild, but there are only 86 days between Labor Day and Thanksgiving—more on why that matters for selling or buying below. This week we have 44 Active Listings which is the same as last time. Closings in the last 30 days went from 12 to 6.

Mortgage rates continue to be big news. The Fed announced that they may start decreasing rates as soon as this Wednesday. Because the jobs report was worse than expected and inflation fell below 3%, they are looking to head off an economic stall. Many experts predict that the cut on Wednesday could be as much as half a point, with another possible cut in December. This could bring rates down by a full point, which would likely set the market into motion pretty quickly. Many people have been sitting on the sidelines, waiting for this moment.

As of Friday, August 23 2024, the current average interest rate for a 30-year fixed mortgage is 6.44%. *We source this data from Mortgage News Daily.

Timing is Everything: Why You Need to Act Fast This Fall

Okay, so here's the situation: there are only 86 days between Labor Day and Thanksgiving, and we have an election in the middle of that. 🤯 I would argue that people are going to check out early this year—by Election Day, they'll likely be rolling right into holiday mode, eating and drinking too much. This isn’t a lot of time, especially with people's minds on other things. If you're a seller or want to sell, you need to hit this window, which means getting your property on the market as soon as possible.

A good fall listing should aim to hit the market in mid to late September. If we need to work through listing prep and other details, you should allow yourself a few weeks for that. But it’s not all bad news—rates are expected to come down as soon as this Wednesday. I expect that lower rates will start to drive buyers out for DC’s typical seasonal fall real estate burst.

So, what am I saying? I’m saying if you want to sell, you need to get moving and start this process now. Like right now!

If you’d like to chat more about the listing process, timing, or anything else, Alex and I are here for you. Just send me a text at 410.591.0911