FINE NEST JANUARY 2023 NEWSLETTER

1/4/2023

⛷️ ? Diving into 2023 ☃️️?️

Happy 2023 everyone! Now that the Christmas songs have been sung and the new year sprung, we are left eating holiday leftovers, adjusting to our new year resolutions, and preparing for the year ahead. For anyone residing in NOVA/MD - January and February are typically the snowiest months of the season and it's not too late to stock up on snow removal supplies like shovels, rock salt, and protective outer wear. Snow removal is also a sweaty job, especially for the elderly, so know the signs of snow removing fatigue to avoid unwanted accidents due to overexertion. Of course, on the rare occasion that our area gets hit with a snowmageddon, we hope everyone has a moment to enjoy everything from epic snowball fights to sledding!

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

January Market Metrics Report

So you're telling us rates went up again?

Well, it happened again, the FED increased rates for the seventh time in December (NPR news). It was only increased by half a percentage point, but this increase has already taken an effect on the housing market. According to Bloomberg, mortgage rates rose for the first time since they started dropping six weeks ago, with the current rate for a 30-year fixed mortgage around 6.58%.

As we mentioned in December's newsletter, inflation saw its first signs of slowing down since interest rates began increasing. While this spelled financial relief for many, it's definitely just the beginning of what is an uncertain future. Some sources, like CNBC, tell of financialists predicting that the FED won't be as prominent in determining the market in 2023, but rather companies defending their economic margins. Other sources, such as Fortune, mention home prices continuing to fall to their pre-covid era pricing. Should they continue downward, it would be the second biggest home price correction of the post-WWII era. Of course, there's more and more talk of recession with politicians and financial experts split on the severity of what may come. For a full synopsis of what 2023 may bring, click HERE for the Washington Post article.

Lumber Costs Fall to Almost Pre-Pandemic Pricing

One area seeing its biggest downturn since the market began to change is the lumber industry. According to Business Insider, prices for lumber are down 68% year over year due to decreasing buyer demand across the country. As many know, ongoing inflation and mortgage rates in the 6-7% are seriously affecting all facets of the real estate industry. On the bright side, with lumber costs down, new construction homes might become the alternative for buyers looking for a different homeownership route.

Cleaning House in the New Year

With everyone spending more times indoors away form the cold, it's the perfect opportunity to deep clean some of the more grimy areas of your home. Using this helpful list, you'll find comprehensive cleaning tips and links to products to tackle everything from greasy vent hoods to stuck on water buildup. Happy cleaning!

Down Payment Assistance - 1 Mill + Google Searches

Where the market is currently, it's no surprise that people are searching for ways they can afford a down payment on a house. Stated in a recent, Broke Agent Media podcast, down payment assistance was searched over a million times within the last year. Whether you're a first time buyer or an existing homeowner, don't hesitate to reach out to Fine Nest to find out what your down payment options are. For existing homeowners, if you're interested in tracking your own property value, check out the link HERE