Cash is King!

Last week, contract activity in the Metro DC area rose by 2.1% compared to the same seven-day period last year. In a week when the 30-year mortgage interest rate fell by just 0.04%, there has been a noticeable increase in contract activity. However, if rates remain high, there might be a significant negative impact for first-time buyers. Year-to-date contract activity for homes priced under $750,000 is down 7.8%, while activity for homes priced above that mark is up 9.5%.

Why it Matters:

? Cash is king!?

? Buyers who aren’t as sensitive to the high mortgage rates are a lot more active in this market.?

? Roughly 30% of all transactions are all-cash purchases.

? There is a?significant?increase in homes on the market.? Most areas have about 40% more inventory than this time last year.?

? If this becomes a trend, it may provide some welcome relief for potential buyers by easing upward pressure on home prices.?

? In summary, while there was an increase in overall activity, buyers with more or all cash are benefitting more from the increased inventory on the market. Let's connect and strategize for success in the coming weeks!

???? ???Take action by ensuring you have the right market data tailored to your needs if you're thinking of buying or selling.

For more market statistics, visit https://www.renginmorro.com/market-statistics

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