12th Day of Christmas Housing Market Update 2023

Happy New Year, It’s 2023 and we are really excited to keep you up to date on our local housing market all year long. Just want to watch the video?  Here you go: https://youtu.be/iAAsc70KdUs

Since Christmas Day until today, January 6th in Fairfax County, City of Alexandria and City of Falls Church, there were 166 sellers that accepted an offer on their property and their median days on market was 27!  Now, using the same focused area, there are currently 1,137 Active properties with a median days on market of 58.  That’s more than double the days on market than the sellers that accepted an offer.  There are probably many reasons, but having a clear pricing strategy, marketing, and home prep is going to be huge in 2023.

January 12th is one of the big days to watch early in 2023.  The CPI index will be announced and this will be a leading indicator on how the Fed responds on February 1st.  Will they raise the Fed rate by 25 or 50 basis points?   We’ll keep you posted.  

I’m not an economist or a certified financial planner, but I am a homeowner, investor and realtor that studies the local market and sees how owning a property over time can be a very good investment. 

Let me just share a couple of good things about housing if you are considering a move in 2023.

1. The 2023 Conforming loan limits increased over 12%, so if you are a borrower in the high balance loan bracket you could get a conforming loan of $1,089,300 in the DMV.  That’s a huge win for purchasers and it helps our sellers too!

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2023.aspx

2. First Time Home Buyer programs are a great way to get into the real estate market and start paying yourself by investing in your own home.

https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/homeready-mortgage

So check this out:

If you bought a home in January 2013,  The median sales price of a single-family home in Northern VA was 579K. As of November 2022, it was 850K.

So, owning or renting is really based on your comfort level.  Owning a home can provide stability to know you are in the area of town for your job, school, or lifestyle.  If you want to crunch the numbers with our team, just reach out.  

Local MLS data provided by Bright MLS

Photo by Sabri Tuzcu on Unsplash