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Reply to "What is truly going on with the DC area real estate market, please explain? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The real estate market is crazy because interest rates are extremely low! 4 years ago, the rates were more than double what they are now. Prices are a direct result of interest rates. [/quote] 4 years ago interest rates were around 3.5 - 3.8%. Its now 2.9 - 3.1%. Don't kid yourself - the difference isn't that crazy. Its not like its back to Carter days of 8 - 9%. [/quote] I agree with this. I don't think rates are as big a player as everyone is saying. I'd be curious how much demand has actually gone up, vs supply just being terribly low.[/quote] I'm going with low supply. My townhome area out in the burbs usually has 2-3 per week on the market by now for spring and there's only been 4 total, all of which were under contract in days. The first one closed in 2 weeks at 80k over comps.. I've also had my eye on two different SFH neighborhoods in the area for the future and there's literally nothing for sale there in either one. Nothing. [/quote]
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