Has the Spring market bloomed early?

The past few days have felt more like Spring than Winter. The temps are rising and the market is strong. We are seeing inventory increase weekly but it’s not lasting long. Many new listing are getting lots of attention and going under contract within days.

A few local areas that are seeing a strong and earlier Spring market.

Four Corners area of Silver Spring (zip code 20901)

17 homes listed between Feb 1-21

8 of them went under contract within 8 days

Downtown Silver Spring (zip code 20910)

14 homes listed between Feb. 1-21

7 of them went under contract within 11 days


21 listed between Feb. 1-21

15 of them went under contract in less than 6 days


15 listed between Feb. 1-21

11 of them went under contract in less than 9 days

Chevy Chase

15 listed between Feb. 1-21

5 of them went under contract in less than 11 days

What’s the outlook for 2017 for interest rates?

Rates are just over 4% for a 30 year fixed. We are definitely seeing a surge in millennia’s searching for their first home and reaching out to lenders for preapprovals. In addition mortgage approvals are easier to get according to the Mortgage Bankers Association’s Mortgage Credit Availability Index and the pendulum slowly swinging back from overly restrictive guidelines. And we are seeing lower down payment loans are more available than in recent years and it’s easier to qualify for a Jumbo and we’re seeing have competitive interest rates with conforming loans. Higher mortgage rates mean lenders will get more competitive for purchase loans as their refinance business fades. Lenders also anticipate looser regulations from the new administration.

Let me know if you need anything! Here to help and love to chat real estate! Most are predicting 2017 to be a great time to buy and sell! Rates are still great and homes are holding their value.