FINE NEST OCTOBER 2022 NEWSLETTER

10/7/2022

Everything is a little creepier in October □‍♂️

Spooky season is here sparing no one the goosebumps and chills. That closet door you normally leave open just became a little more suspicious as Hallows Eve approaches. Lucky (or maybe unlucky) for this area, Virginia, DC and Maryland are all especially full of history that doesn't come without plenty of hallowed grounds to explore. Manassas Battlefield Park, Antietam Battlefield, and lots of famously haunted historic sites are open to the public this month. So, if you're in the market for an educational and ghostly experience, consider visiting these DC, Virginia and Maryland haunted museums, parks, cemeteries, and even a war ship to make the most of the Halloween holiday.

If the scary stuff isn't your thing, Fine Nest has your back with our most recent market report and great suggestions on where you can enjoy autumn away from all the ghosts and goblins. Check it all out in 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

October Market Metrics Report

It's official, we're in a buyers market

It's not headline news, but the real estate market has officially shifted to a buyers market, and no one's busting out the cake and confetti. With monthly numbers continuing to slow down across the nation, buyers are officially holding the negotiation cards. Many homes are going under contract at asking or lower than asking price with added contingencies and extra closing terms. Despite buyers finally having the "upper hand" after two years of a grueling sellers market, it's a bittersweet change as interest rates, inflation and high sale prices make affording a home more difficult. According to the NAR, mortgage interest rates have surpassed 6%. For a lot of people, that can mean the difference between buying or continuing to rent.

This months market report shows what we covered in September's newsletter, home sale prices are holding steady in our area. While this news is seemingly bad for buyers, it's important to remember that the real estate market fluctuates, and if you're on the fence about buying a home with a 6% interest rate, keep in mind that you can always "date the rate and marry the house." Stated in a Forbes article, financial experts are still talking about a potential recession or even stagflation in the near future. Explained in our July newsletter, recessions have historically been followed by periods of reduced interest rates which means current buyers can refinance their homes later on when interest rates inevitably decrease. If this doesn't ease concerns, Fine Nest's lender partners can help answer questions and provide financial options for home buying. Reach out to Fine Nest so we can connect you!

Good News for Renters!

The market cooldown has begun affecting rental prices that were holding at an all time high for months. According to Axios, the national median rental price is now hovering at $1,771 compared to $2,000 during the height of summer. It's not a big change, but with rental prices climbing higher and higher over the past year, this decrease is a welcome change for many.

Early Voting in Virginia

The Virginia 2022 general election is set for November 8th. For those of you who want to get your vote in early, find out where your county is holding early voting polling stations below:

Not registered to vote? The Deadline to register for the 2022 Virginia General Election is October 17th! - register HERE

Halloween Activities for All Ages

Whether you're looking for family fun or a spooktastic adventure, you can find all the local spots for trick or treating, crafting, parades and much more!

Click HERE for Virginia

Maryland Options:

Maryland Ghost Tours
Maryland Trick or Treating
Maryland Halloween Crafting
Maryland Halloween Parades