FINE NEST MARCH 2023 NEWSLETTER

3/7/2023

Early Spring is Here! ☘️

Did anyone else see trees budding in February? Spring is officially
early, with reports of cherry blossoms across the DC area already blooming (WUSA9). Other plants have joined in on the warm weather fun, like the Virginia redbud and lilacs (The Guardian). With all this bloomage, many will certainly enjoy the fruits of this early spring as we follow basketball's March Madness, plan for spring break, attend St. Patrick's day celebrations and more. Don't miss out on everything happening in the DMV area by checking out the events section!

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

March Market Metrics Report

The spring market is picking up, just slowly

This year's spring market has not taken off running as spring markets have over the past couple years, but things are picking up again, just slowly. Inventory is up across the area, days on market are shortening again, and increased talk of solutions to help buyers navigate the higher mortgage rates (currently hovering around 7.09% (Forbes)) have flooded the news channels. For starters, the Biden administration announced its plan to help cut mortgage insurance costs for FHA loans. According to NBC News, this change can help reduce mortgage insurance by 30% and will take effect on March 20th of this year. New construction builders who took a big hit during last year's market correction have also begun offering lower interest rates via mortgage buydowns and Adjustable Rate Mortgages (ARMs). Stated in an Axios article, some buyers are seeing builders offering rates a low as 4.5% for 30 year mortgages. Zooming out, 30% of builders have been seen offering lower rates for the first two years of a mortgage, while 32% have been seen offering buydowns for the entire life of a mortgage. It's unclear if buyers will bite with these new changes in lending, but one thing is for sure: this is a big competitive advantage that may help add fuel to the spring market.

St Patrick's Day Races

Celebrate St. Patrick's Day with a bit of fitness in the morning and partying in the evening. See all the places hosting races across the area:

- Lucky Leprechaun 5K
(March 12th - VA)
- Bluemont Shamrock 5K-10K
(March 18th - VA)
- Shamrock 5K
(March 12th - MD)
- St. Patrick's Day 5K
(March 11th - MD)

Explore Virginia By Bus

Did you know Virginia Breeze Bus Lines offers scenic travel throughout Virginia? If not, there are multiple bus routes that can take you to Virginia's most beloved areas like Blacksburg, Roanoke and Richmond. If you're thinking about taking a camping trip or just need a means to travel, consider Virginia Breeze as an affordable option.

Last Call for Winter Casseroles

We're still in for a few more weeks of cooler weather before it really starts to get hot. Take advantage of these light, yet filling, casseroles that are simple to make and just perfect for a cool rainy day.

March Happenings Near You

The Dr. Seuss Experience

- Opens April 7th
- Washington, DC
- Immerse yourself into the wonderful world of Dr. Seuss by visiting this interactive exhibit
- Ticket Info HERE

NOVA Wild - The Great Migration

- Formally Zoofari, Nova Wild is holding a grand opening light show!
- Ends April 9th
- Reston, VA
- Ticket Info HERE

Maryland Day Celebrations

- March - April
- Multiple locations
- Info HERE

St. Patrick's Day Celebrations

- Manassas St. Patrick' Day Parade (March 11th)
- VA Irish Pubs to Celebrate
- MD St Patrick's Day Irish Pubs, Parties & Celebrations

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