History isn’t Repeating - 2023 isn’t 2008.
If you turn on the television, pick up a paper, or listen to the radio, you are bombarded with the doom and gloom storylines that the media propagates. Most of those talking about the housing market are pundits who know little to nothing about the housing market, let alone understand the differences between 2008 and what we face now.
The slowdown we saw in Q3 of 2022 does not correlate with 2008. As a real estate professional with 20 years plus experience in the Washington, D.C. Metro area, the market is truly a mixed bag. The days of 10-15 contracts on a property are gone. But the right home which is priced well can still yield multiple offers (two to three) in this market. The predicted market collapse hasn’t materialized.
Do we see price reductions? Yes. Are we seeing seller concessions? Yes. But they are still few and far between and are not the norm here in the Washington, D.C. Metro area. However, I don’t believe they will be an enduring part of our local market.
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