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.
Fall of 2022 was the height for interest rates, hitting 7% and slowing down our real estate market, as intended.
Houses sat, loan offers introduced the 2-1 rate buy down program (where you could get an interest rate 2% below market for the first year, 1% below market for the 2nd year, and then up to market for the 3rd year and beyond). We had buyers get below asking and credits from the sellers. We had inspections, appraisals, and other contingencies coming back into play.
Enter in 2023.
Rates have dropped. Gina Myers at Cross Country Mortgage quotes that rates are currently sitting at:
- 30 year fixed — 6.0%, no points — jumbo (any loan over $726,200 at 80% LTV)
- 10/6 ARM — 5.375%, no points — jumbo (any loan over $726,200 at 80% LTV)
- VA and FHA 30-year fixed — 6.125%
- 10/6 ARM — 5.375
- A 10/6 ARM is where you have a fixed rate for the first 10 months, and then the rate adjusts every 6 months after that.
Many buyers are choosing to go with ARM products knowing that rates are expected to continue to decline and buyers will likely refinance when rates drop. If you have specific questions related to financing, please reach out to Gina.
You may have heard the term that “real estate is local”, so let me show you what that means. As buyer demand heats up as the year begins –which is typical of every year as our spring market cycle takes off — there’s just not enough supply to keep up with the demand. In the fall, we had more sellers entering the market and more buyers exiting the market, so the supply grew and demand fell. Now we have more demand and not enough supply, which is causing another sellers market.
Examples:
- 8001 Merry Oaks Lane, Vienna: Listed for $799,000. Received 3 offers and will sell for over asking.
- 1915 Contralto Court, Vienna: Listed for $900,000. Sold in 4 days.
- 2416 Rocky Branch Road, Vienna: Listed for $1,199,000. Multiple offers received.
- 2419 Rocky Branch Road, Vienna: Listed for $1,449,000. Received 8 offers and will sell for well over asking.
- 328 Owaissa Road SE, Vienna: Listed for $1,599,999. Received multiple offers and will sell for well over asking.
- 1500 Highwood Drive, McLean: Listed for $1,299,000. Received multiple offers.
- 1637 Warner Avenue, McLean: Listed for $1,550,000. Received multiple offers.
- 6016 Copely Lane, McLean: Listed for $1,575,000. Received multiple offers.
See a trend? I picked homes at different price points to show you that many homes are getting multiple offers again.
Anecdotally, it’s not just Vienna and McLean. I recently listed this cute rambler in Annandale for $725,000. We received 8 offers and this will close soon for well over asking.
If you’re considering selling a home this year, you may want to consider speeding up your timing if you’re able. Take advantage of the low inventory before other spring sellers wait out the end of the school year to list their homes.
If you’re considering buying a home this year, you really should talk to a local lender to get the financing piece in place before you jump into the competition. That part needs to be rock solid or you won’t stand a chance. Also work with a local real estate agent who has their pulse on things. (For example — me), but if not, someone who knows how to navigate the chaos that multiple offers can bring. Strategy really does matter.
I’d like to add one thing. I’m going to say something to you that your realtor may not have the guts to say. If your home is listed and it’s not selling in this climate, you’re priced too high. It’s always price. Price is #1 and #2 of your listing strategy and presentation is a really close #3. If it’s not 100% HGTV ready, you need to price it to account for that. If you push on price, you won’t get it. The buyers in todays world are very educated. They do lots of research and they know when something seems off.
Follow me on Instagram for more home selling and home buying tips!

Recent Stories

Synetic Theater Camps are a wildly fun, highly accessible choice for young people who love moving, playing games, and making memories. Registration is open now for Summer Camps (sessions June 20-August 25) and there are even a few spots left for Spring Break camp, April 3-7.
Located in National Landing, these performance-based camps are designed for students of all ages – no theater or performance experience required.
Led by professional teaching artists, campers learn acting, movement, and technical theater skills through the lens of Physical Theater. Physical Theater incorporates acting, movement, dance, mime, and acrobatics. If you’ve seen a Cirque du Soleil performance, you’ll find many similarities.

Press Release:
EDBS Dental Billing Solutions is pleased to announce that it has achieved compliance with the federally mandated standards of the Health Insurance Portability and Accountability Act (HIPAA) through the use of Compliancy Group’s proprietary HIPAA methodology, The Guard® compliance tracking software, and HIPAA Seal of Compliance®.
The HIPAA Seal of Compliance is issued to organizations that have implemented an effective HIPAA compliance program through the use of The Guard, Compliancy Group’s proprietary compliance tracking solution.
Clients and patients are becoming more aware of the requirements of HIPAA compliance and how the regulation protects their personal information. Forward-thinking providers like EDBS Dental Billing Solutions choose the HIPAA Seal of Compliance to differentiate their services.
McLean Volunteer Fire Department-Inova Blood Drive
MVFD has teamed up with Inova Blood Donor Services for a blood drive on Friday, March 31, in our lower parking lot at 1455 Laughlin Avenue. The blood drive will run from 1:30 p.m. to 5:30 pm. Please consider making
Van Metre 5K Run
Calling all serious runners, occasional joggers, and weekend walkers of all levels! Participate in the 31st Annual Van Metre 5K Run supporting Children’s National Hospital–the event that goes a long way!
Date: Saturday, April 29, 2023
Time: 8:30AM
Location: Broadlands