What does the real estate market have in store for homebuyers, sellers and owners in the D.C. metro area this year? Many national real estate forecasts for 2021 have been published, but the D.C region, like every part of the country, follows its own trends. We asked Chris Channell, Draper and Kramer Mortgage’s Regional Vice President for the D.C. metro area, four important questions about what’s ahead for real estate in the region. Here’s what he had to say.
Q: What trends should homebuyers and sellers expect for the real estate market?
A: I believe the DMV (D.C., Maryland and Virginia) market to be one of the strongest and most stable in all of the country. With so many government workers, contractors, IT firms and tech companies as well as the Amazon headquarters moving to the area, buying a home is getting increasingly competitive. Every day, we have more buyers enter our marketplace than the number of homes for sale. This drives prices higher and creates a great place to invest in real estate.
Q: What predictions and advice on mortgages do you have for homebuyers and homeowners?
A: Homebuyers and homeowners should get educated and prepared to buy a home. Get preapproved or approved by speaking to one of our loan officers before it’s time to buy. The further along you are in the loan process, the better chance you have at getting the home you want. You also have to be ready to move quickly! If you’re in the market to buy or are looking to refinance, act now while rates are still at historical lows.
Q: What opportunities should first-time homebuyers look for?
A: First-time homebuyers should look forward to low down payment options with incredibly low rates. Buying now can be a great investment for your future for a number of reasons including potential monthly savings on your mortgage payment when you lock in a low rate, forced savings and equity building while home values continue to increase over the years, tax savings, and most importantly, a place to call home.
Q: What lasting changes do you think COVID-19 has had on homebuying, selling and financing, and what has remained the same?
People have realized over the course of the year what “home” really means: a safe place for their family. I have seen more people upgrade to bigger homes or make home improvements since they’re spending more time at home. The real estate market is hot, and I believe it will be strong for a very long time as history has proven so in the DMV area.
Are you planning to buy or refinance a home in the D.C. metro area in 2021? Contact us to get started with a free mortgage review from one of our local home financing experts.