Laura Schwartz is a licensed Realtor in VA, D.C. and MD with McEnearney Associates in Vienna. You can follow Laura on Instagram at @LauraSchwartzRealtor or her Facebook page. Laura can be reached at 703-283-6120 or Laura@GuidingYourMove.com.
Happy New Year!
I woke up to an email this morning from the WSJ beating the drum that a recession is coming. Do you know what a recession is good for? Lowering interest rates.
Historically, a recession has resulted in falling interest rates to help spur economic growth. I have a Masters in Applied Economics from Johns Hopkins, so I love following the market trends over time to help me form an opinion on what is coming.
As a 15 year real estate veteran, I started during the 2008 recession and I have seen the market come full circle after the insanity of the last 2.5 years. I posted a prediction on the 2022 market and all of it came true, albeit I didn’t see the rates hitting 7% that fast, but I knew rates would go up.
So here are my predictions for 2023:
Interest Rates Will Decline
We’ve already seen rates hit 7% and come back down in the past few months. I think the rates will continue to decline, hopefully hitting 5% by the middle of Q3 of 2023. But remember this — as rates get lower, homes become more affordable for more people and that will spur more action in the market
Activity Will be Strong, Especially Towards the End of the Year
Activity began to pick up towards the end of 2022 as interest rates got better, and I think activity will continue to be good during the first half of the year. That said, I think the second half of the year will be even stronger than the first, mostly dictated by what rates are doing
Inventory will continue to be a problem. While the fear of covid is likely no longer keeping sellers from entering the market, I think you have some remorse from sellers who “missed” the craze of the pandemic, and a lot of people won’t want to give up their 3% mortgage rate, even if they hate their house.
Prices Will be Stable
Prices will continue to be stable, but pricing your home is #1 and #2 and #3 of how you will sell your home. Buyers are smart, they’re educated, and they’re tired. If a home is overpriced, it will NOT sell. If it’s overpriced and has any other strike against it, it will not sell. You *must* be strategic on your pricing.
If a house is “pretty,” which means updated and staged AND priced correctly, I still think we’ll see multiple offers potentially. Inventory is still low, so if it’s a desirable home, it’ll still sell.
Rent Will Rise
There have been so many news articles about rising rents. I think we’ll continue to see that in 2023 until big buildings start to see a slow down. If rates come down, and buyers can buy, why would they spend an extra $500 per month on rent?
If you are a first time buyer AND you make less than $129,600 (for 2 people or less), you can qualify for down payment assistance programs from the state to buy your first home (must be a principal residence). If you are renting and think you may qualify, read here for more information. There are all sorts of credits available if you do some research!
If you’re thinking of moving this year, it’s never too early to have a conversation to put a plan in place.
Good Friday evening! Today we published 5 articles that were read a total of 4221 times on FFXnow alone, so far. 📈 Top stories The following are the most-read articles…
(Updated at 2:20 p.m. on 6/4/2023) Pickleball players at McLean’s Lewinsville Park will soon no longer have to contend with wind gusts. The Fairfax County Park Authority Board approved a…
Fairfax County Public Library is kicking off its summer reading program with a different approach this year. The Fairfax Library Foundation will launch its inaugural Children’s Summer Reading Festival at…
The Montessori School of McLean is on track to celebrate its 50th anniversary on the same site where it has spent the past half-century. The Fairfax County Board of Supervisors…
The Dragons Concord is now open at 11215L Lee Highway, Fairfax, VA 22030! After some delays with construction, we’ve finally opened our doors and are accepting tabletop gamers of all types to come down and enjoy our tailored gaming space.
We have 7 tables exclusively dedicated to TTRPG and Miniature wargaming, including 3 custom gaming tables in their own private, themed gaming rooms. This isn’t the normal game store and while we do have a selection of harder to find retail in the back, our focus is on providing play space and gaming services such as an active roster of storytellers with regular scheduled games you can book through our website or Meetup (www.meetup.com/dragons-concord-gaming).
If you’ve been wanting to get into tabletop or miniature gaming, but haven’t because you couldn’t find a group or a comfortable place to play, come down and check us out!
Are you seeking a confidential space where you can explore your emotions, overcome challenges, and find inner peace? Look no further than our dedicated psychotherapy service! We understand that life can be overwhelming at times, and we’re here to support you every step of the way.
At Peaceful Mind Solutions, our passion lies in helping individuals like you navigate life’s complexities and find the strength to thrive. Our skilled and compassionate therapist is committed to creating a warm, non-judgmental environment where you can express your thoughts and feelings openly. With our personalized approach, we tailor each session to address your unique needs and empower you to overcome obstacles.
Through evidence-based techniques and a deep understanding of the human mind, our therapist will guide you on a transformative journey of self-discovery. Whether you’re dealing with anxiety, depression, relationship issues, or simply seeking personal growth, we’re here to provide guidance and practical tools for lasting change.
Unveiling of West Ford historical highway marker
Gum Springs will be celebrating 190 years of its founding by freedman West Ford on Saturday, June 17, 2023. To kick-off the celebration, there will be an unveiling of a Virginia historical highway marker for West Ford on Fordson Road
Charity Live Music Concert
Ukrainian Charity fundraiser concert at South County High School on June 13, 2023.
All proceeds will go toward Ukrainian funds “Mriya Charity” and “Dai Lapu Drug”, that help kids and animals affected by war.
The concert will include performances by