FINE NEST DECEMBER 2022 NEWSLETTER

12/8/2022

Checking off the Holiday To-Do's ?

We interrupt your busy schedules to wish you good tidings and all the best of holiday cheer! This time of year can be stressful for many and as we bustle about gift shopping, preparing meals, and attend holiday gatherings, Fine Nest is passing around the reminder that we're all in this together and doing our best. So as we close out the 2022 year, we truly appreciate every one of our readers, clients, vendor partners and team members. It's through your continued support and efforts that we are able to do what we do. So thank you to all and to all Happy Holidays and an even happier 2023 New Year!!

Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market.

The Latest News

December Market Metrics Report

Beat and Looking at the 2023 Market Predictions

2022 has certainly gone down as another epic year in real estate. From January to now, the Fed's fight to curb inflation has caused a 180 degree turn in the housing market. The pandemic era's booming sellers market came to a screeching halt in June when mortgage interest rates surpassed 5% and continuously increased to their now 6-7% range (CNN ). Ongoing inflation and global economic supply delays still have a chokehold on necessities such as groceries, gas, appliances, building materials, electronics and more. Citizens across the US are certainly feeling the financial burn that's contributed to where the real estate market is currently: high interest rates, high home prices, higher inventory and a trickle of buyer activity. Something many are calling a "nobody's market".

However, it's not all bad news. Stated in a Realtor.com article, the 2023 market forecast details home prices potentially decreasing as buyers continue to struggle to afford homes. A recent Washington Post article also detailed inflation rates showing their first signs of letting up since the Federal Reserve began increasing them. It's still unclear if this is just a temporary change, or if the economy is really showing signs of stabilizing. Even with this news, the Federal Reserve is due to meet one more time before the years end, and rates will either remain where they are or the Fed will raise them again. Whatever happens, predictions for the 2023 market should be approached with caution as the economy slowly inches its way out of inflation. Either way, Fine Nest will continue to keep everyone informed throughout the 2023 year!

Federal Loan Cap Raised for Low-Cost and High-Cost Areas

With average home prices hovering in the $400K's, the Federal Housing Finance Agency recently announced loan cap raises for conforming loans. Buyers in higher cost areas could soon obtain loans of up to $1M with as low as 3% down payments. For lower cost areas, the loan cap was raised to $726K. That's up $79,000 from the previous cap. So, for those looking to purchase in the new year, know your borrowing options just got a little broadened.

Last Minute, Fun White Elephant Gift Ideas

Stir things up at the office, at home or with friends by looking into these budget friendly, unique and comical white elephant gift ideas. Not part of a white elephant or secret Santa gift exchange? No problem, these items are also great as quirky stocking stuffers!

Local NOVA & MD Holiday Activities

While out and about this winter, make room for some holiday friendly stops along the way that may just make the season a little extra special!

December NOVA Events

December MD Events