As we wrap up 2014, here's some of what we can expect for real estate in the upcoming year. 

Historically low interest rates are still here!  All good things must come to an end, take advantage of saving hundreds, even thousands on your mortgage payments while the conditions are still good. 

Inventory levels are coming back down.  We had such a strange year with the number of properties soaring to 7 year high in early fall.  That produced longer listing timeframes, in some cases price reductions, and picky buyers wanting all the bells and whistles for their money.  Much of this increase was due to mother nature last winter and the delay to our spring selling season.  Our current inventory levels are closer to the 6000 mark which is a huge drop from 9000 in the fall. 

Financing options are terrific for first time buyers.  Freddie Mac and Fannie Mae have started some wonderful financing options, 3% down payment programs for those purchasing a home for the first time.  Other lender friends of ours have terrific offers for conventional financing should the interested party be able to qualify.  We will be more than happy to connect you to a reputable lender for further assistance as each individual situation will vary.

Property prices and rental costs still on the rise.  Overall, we are still seeing property prices rise as well as rental prices go up.  If you are currently renting, stop throwing money away and see what your options are for a purchase.

We wish you and your family a wonderful New 2015 and look forward to another great year in real estate.  Don't forget we are licensed in Virginia, DC, and have agents we work with in Maryland for those that need outside the metro area. 

Happy New Year!