FINE NEST FEBRUARY 2023 NEWSLETTER

2/9/2023

□ Febru-meh

Well that was a lackluster January for snow. Not a single substantial sprinkle of snow in the entire DMV area. The culprit? Blame the La Niña pattern that's been going strong for the third year in a row bringing warmer, rainier weather to the east coast. If this unseasonable warmth continues we might just have an early spring on our hands, despite Punxsutawney Phil's six more weeks of winter prediction (CBS News). Whatever February's weather holds, it looks like shoveling snow might not make the to-do list. As temperatures remain on the warmer side, take advantage of the upcoming February holidays and events by visiting some not-so-well-known DMV gems HERE!

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

February Market Metrics Report

Do we Even Want to Know?

If you're tired of hearing about the downsides to this market shift, believe us, we are too. However, as spring approaches, there is a bright side to this market adjustment. Mortgage rates have continued to decrease and are now hovering around 6.2% from 6.42% (CNBC). Increased inventory has also provided buyers with much needed options, although home prices (while seeing decreases) are above what they were in years past. According to Keeping Current Matters, homes are still appreciating 10% above what they were in 2022. We know increased home prices isn't great for buyers, but what it does signal is that current homeowners aren't losing out on all of the built up home equity the market brought in during the pandemic. A good sign for the upcoming spring market despite news of massive layoffs and the potential recession looming over the nation. It's also worth noting that the panic from interest rate increases has mostly subsided with buyers approaching the spring rush much more frugally. According to Reuters, the Federal Reserve is also anticipated to end the interest rate hikes by March of this year. In return, sellers will need to work a little harder to market their homes, but a return on investment is still very much in the picture.

Inflation is Decreasing, but in Which Areas?

It might not look like it on its face, but inflation prices are seeing a downward trend. From the automobile industry to supermarket goods, check out this NPR article that explains where to look for price decreases and where inflated prices might stay for good.

Reservation Free Valentines Day Celebrating

Planning something romantic or fun for Valentine's Day can get tricky when you live in an urban area. So, if you're looking for a romantic spot that will still wow your loved one(s), check out this helpful list of romantic attractions around NOVA and MD. Most don't require reservations, but you may want to bring some yummy snacks and binoculars to enjoy the scenery.

Affordable Rent is on the Biden Administrations Radar

Just like house prices have gone up, so has the average rent in America. Coupled with inflation, people are getting fed up. So fed up that the Biden Administration recently announced its plan to dedicate multiple federal agencies to look into unfair rental housing practices and how to prevent them. It's not a full blown government policy, but this step will hopefully lead to much needed policies like mandatory rent stabilization for lower income households and many others. Read the entire Axios article HERE.