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NOVEMBER MARKET UPDATE

Latest Data | 2023 in the District of Columbia: Oct. 2023 Sold Dollar Volume was $402,129,235, a decline of -13.09% from Oct. 2022’s $462,697,001; Oct. 2023 Median Sold Price was $678,500, up 4.38% from October 2022; Avg Days on Market (DOM) in October was 30 Days, up...

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FED SKIPS IN NOVEMBER | FUNDS RATE UNCHANGED

Fed Chair Jerome Powell announced at 2PM today that rates would not increase this month. Per the FOMC statement: "Recent indicators suggest that economic activity expanded at a strong pace in the third quarter. Job gains have moderated since earlier in the year but...

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GENERATIONAL HOMEBUYING TRENDS IN 2023

Breaking down the home buying market by generation Baby Boomers now represent 39% of American home buyers, according to an NAR study, an increase from 29% in 2022, overtaking Millennials. Home equity, long credit histories, nest eggs and experience in the housing...

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DC FIRST TIME HOMEBUYER TIPS | WHAT TO BUY

Is finding a home you love in a neighborhood you love, with a short commute and good investment value impossible?  Nah. What may seem like a daunting task can be achievable by following a few guidelines and breaking the process down into simple steps: Hire a real...

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ANOTHER FED RATE HIKE, DOOR OPEN TO ONE MORE

Following today’s FOMC meeting, Fed Chair Jerome Powell announced another key interest rate increase in spite of the recent pullback in inflation. The Federal Reserve raised the benchmark rate by .25% and hinted that yet another hike may occur in 2023. The federal...

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PAUSE, PIVOT or PEAK? JUNE FED UPDATE

A "Skip" was the next step in the Fed's fight against inflation at June's FOMC meeting. Federal Reserve officials held the benchmark rate steady for the first time since March 2022, but policymakers forecast the rate to rise to 5.6% this year, up from their March...

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HOMEOWNERS CAN TAKE A PAUSE ON PAYMENTS

Starting July 1st, homeowners struggling to pay mortgages can take advantage of an expansion of the Freddie Mac and Fannie Mae deferment policy. Payment deferral allows eligible borrowers to resolve a financial hardship keeping the same monthly mortgage payment by...

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DC REAL ESTATE MARKET NOT TAKING A DIVE

DOWN, BUT NOT OUT Last week, mortgage interest rates rose to near 7% again, putting the kibosh on home purchases for many buyers. But prices and listings are still inching up overall. Some sellers-–knowing prices are softening, increasing less than usual and even...

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DC SCHOOL BOUNDARY REDRAW & DC REAL ESTATE

Updated April 2024 | The Isaacs Team How will parents and the market react in 2023-24, years in which the market is already adversely impacted by higher interest rates, the threat of recession, and elections?Boundary redrawing is an effort to temper housing and...

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