APRIL WASH PARK MARKET REPORT

The lower number of solds and under contracts is not a result of a decrease in demand, in my opinion. That would be substantiated by the continued drop in the number of days on market. Rather, the drop is due to the low inventory. We are still seeing multiple offers on almost every listing. We are routinely getting 15 to 30 showings the first day which result in at least 3 to 5 offers. In other words, the decrease is due to the fact that there just are not enough homes to buy.

I am getting a lot of questions about why this is happening. I suspect that there is not just one reason. Certainly buyers recognize the benefit of borrowing at the currently low rate of 3.5%. However, some potential sellers are wondering where they might go. Some may not be able to borrow to buy a new home as the downturn my have had a negative impact on their credit score. Some may still be upside down due to having pulled the equity out of their home just prior to the downturn. The reality is that there are not enough sellers right now. Whatever the cause, those that are selling are experiencing amazing results. If you know anyone who wants or needs to sell, I would love to talk to them.