When will this market slow down? | Monday March 1, 2021

So last week, we chatted about the advantages of building a new home vs buying resale in this insane real estate market.  However if you don’t have the luxury of waiting the long build times that builders are currently taking, and don’t want to get into the multiple offers and high escalating prices of resale, waiting for the market to cool down and inventory levels to come back up would be the next consideration.But, is that actually going to happen, and if so, when?Well, you might be surprised to hear that I don’t have a crystal ball.However, based on current events and the past trends, economists and real estate experts are predicting the market to flatten sometime in the mid to late summer.  Let’s look at why.The first factor is what Covid has brought about. Inventory levels have decreased, while initially hesitant, sellers have been discovering new ways to let potential buyers safely tour their homes. I’m proud that my team has excellent protocols in place to list your home safely, and many great agents have been following protocols to keep your home clean and significantly decrease risk. Overall, comfort levels are rising which is a positive for the market. Also, as a greater percentage of the population is vaccinated, the expected decrease in cases is bringing about greater confidence.Additionally, we typically see a decrease in inventory in the DMV from December through February. However, as we roll into March and April, then into the summer, we tend to see a considerably higher percentage of homes being listed. This will level out the market and begin to satisfy the increased buyer demands.As they say with most things, this too shall pass.For all your real estate needs, we here at the Rob Krop Team are ready to help you, wherever you are in your real estate search.  If you have any questions about the market, give us a call today.