FINE NEST FEBRUARY 2022 NEWSLETTER

2/4/2022

□ Preparing for Spring

It's February again and that means Valentine's Day, Presidents Day, tributes to Black History Month, the Super Bowl, and the last of winters harsh weather are upon us! Just a few days ago, people across the world celebrated Imboic: the Gaelic festival marking the halfway point between the winter solstice and the spring equinox. We're in the home stretch people!

As Fine Nest prepares for the springtime real estate rush, we are already seeing signs of the spring market starting a bit early this year. Check out our latest market update to find out more on what to expect this spring!

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 this unusual time.

The Latest News

February Market Metrics Report

Housing prices are increasing, now what?

As the nation battles ballooning inflation, housing has become the next hot topic in affordability. Home buyers and renters are feeling the struggles of pinning down a cost-effective place to live.
According to The Morning Brew, rental prices have increased 0.4% from last month with the Washington Post reporting an average 14.1% rent price increase YOY. Many renters coming up on the end of their leases are facing ultimatums: accept a rent increase or move out.

Buyers are still facing similar hurdles to last year. Just like in 2021, the spring market looks to be taking flight early. Stated in an NBC article, real estate experts don't anticipate a 2022 spring market anywhere near 2021's sellers market. YOY market reports show that this years numbers aren't even close to competing with last years. Historically, the spring market really picks up after the Super Bowl weekend, but buyers are showing up to the party early. An Increase in interest rates is on the rise and this increase comes on top of an already competitive market where inventory is still stretched thin and house prices anticipated to increase another 7.5% in 2022. While an increase in house prices is nothing new for those who have been following this recent trend, it certainly sets the tone for the spring market: it's gonna be another sellers market.

What can renters and buyers do? A CNBC article explains that buyers looking to secure housing can still lock in a relatively low interest rate with good credit scores. For renters, good credit scores and rental references will increase the chances of locking in longer term leases. For a more in-depth explanation on the current housing crunch, watch this informative video by Vox explaining how exclusionary housing has fueled today's home renting/home buying hurdles.

Curious about your homes history?

If you live in an older more historic home, you might spend time wondering who lived there before you. Who constructed the home and why? What were the previous owners like? If only walls could talk!

For those living in Virginia, the Virginia Department of Historic Resources provides an informational PDF to help homeowners find out more about their home's history and bring closure to all those lingering questions.

For Maryland homeowners, the Maryland State Library also provides an informative guide on where you can find out more about your historic homes history.

Happy researching!