Before I jump into the Q3 2022 numbers, I wanted to highlight one of the local parks just north of Leesburg, Piscataway Regional Park.
Piscataway Crossing Regional Park is one of the few places in Loudoun where you can put in a kayak or canoe or other non motorized boat. It has 295 acres of mostly open field, and also has a 1.2 mile loop trail on the Potomac side of the property.
The video below gives you some great aerial drone footage of the park! For me, it’s a great place for the dogs to swim. Be sure to sure to watch to the end of the video for the outtake of Kevin & Charlie chasing the drone into the Potomac!
As for the Q3 2022 numbers, we’ve seen some big changes this quarter in the market. Homes are not flying off the shelves, and we are now seeing the majority of homes selling BELOW asking price.
One big factor is the rising interest rates, this is going to have a major impact on the housing market.
And while 7% does seem high, it’s certainly been higher. We saw 7% in 1998, 10% in 1990 and 18% in 1981! While we probably will never see interest rates in the 2% range for many decades, it is likely that rates will eventually settle back down in a few years. When my husband and I bought our first home in 1998, we had a 7% rate AND had to pay PMI also (we didn’t have any money!!!)
One strategy buyers are looking at is getting an Adjustable Rate Mortgage (ARM) to get a lower rate today and then plan to refinance in 5 or 7 years when the ARM interest rate goes up (and theoretically normal 30 year rates will have gone back down). I work with a number of Mortgage loan officers who I can put you in touch with to help work through difference strategies!
Be sure to check out my other posts highlighting great activities, events and things to do in Loudoun County here:
And if you're on Facebook, you'll find all this and much more on my Facebook page!
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