GAITHERSBURG, MD–The 2017 housing market will present an array of new challenges to homebuyers and sellers currently looking to buy a new home or sell a home. Mortgage rates, which have increased over the last few months, are expected to continue to rise and the number of homes for sale in the Washington Metropolitan Area is expected to decrease, according to Ken Crowley, Broker/Owner of RE/MAX Realty Group and RE/MAX 100. Crowley said this will lead to a unique situation. While homebuyers may need to settle for a home due to the lack of inventory in the housing market, sellers will face their own set of challenges. They will need to place extra emphasis on their home’s appearance, condition and selling price.
“The rising mortgage rates and low inventory will be a major obstacle for homebuyers, especially those who start their search expecting to find their move-in ready dream home,” said Crowley. “Since homebuyers may not have the luxury of finding and purchasing their dream home, sellers will want to focus on the state of their home and asking price. A home in good condition and priced appropriately will sell in any housing market.”
For homebuyers concerned with the rising mortgage rates, there are options that may help offset the higher borrowing costs. For example, Crowley expects adjustable-rate mortgages to become more popular as rates increase.
RE/MAX Realty Group and RE/MAX 100 is a locally owned and operated full-service real estate brokerage with offices located throughout Maryland and Northern Virginia. The brokerage has over 400 Realtors® and specializes in Residential and Commercial real estate. RE/MAX Realty Group and RE/MAX 100 is a proud supporter of Children’s Miracle Network Hospitals® and other charities.