The outlook for real estate in the Washington area is bright this year. Real estate officials believe that the biggest reason is that the Federal Reserve is expected to lower interest rates several times this year following its recent freeze on interest rates. Moon Mi-ae, CEO of Mega Real Estate, said, “Last year, there were not many real estate transactions as interest rates continued to rise, but this year, with talk of the Federal Reserve lowering interest rates, the real estate outlook is bright,” adding, “The real estate market in the Washington area will heat up starting from mid-February.” “It’s the same,” he predicted.
Representative Moon said, “Currently, there are no homes in the McLean area that are less than $1 million, even if they are 60 or 70 years old and have a residential area of 1,600 square meters.” “There is a shortage of inventory,” he said. Even if you tried to sell your house last year, there was a shortage of properties for sale because the mortgage interest rate was too high, and you could not buy another house after selling your house.
However, this year, the mortgage interest rate is also scheduled to go down, so the issue of properties for sale is expected to be resolved to some extent. CEO Moon said that last year, the mortgage interest rate once rose to 7.875%, but these days, as the mortgage interest rate goes from 6.5% to 6.75%, housing prices are expected to rise by about 3-4%. Bae Jun-won, vice president of Greenway Loan, said, “In order to solve the housing problem, interest rates must first drop so that people can sell and buy their homes.
However, in the current market, if someone with a 2% mortgage sells their home, they must pay a 6-7% mortgage. “But what is clear is that interest rates will fall somewhat this year and a lot next year, so the number of people making transactions this year will increase, and the real estate market is likely to improve compared to last year,” he predicted.
Yeo Yeo-gi, a real estate agent at NBI Real Estate, said, “Interest rates are trending down, so there are a lot of offers these days when listings come out. In the case of a townhouse in South Riding, Virginia, we recently received 12 offers.” Agent Yugi Yeo said, “I recently put in an offer with a listing price of $1 million or $1.05 million, but the bid was successful at $1.07 million.” He added, “The current real estate market is a seller’s market where the seller takes the lead, and it takes 7 days to be successful. “It is necessary to add more than %, and the Northern Virginia region as a whole is popular with Koreans,” he said.
Agent Yeo said, “Last year, house prices in Northern Virginia increased by about 2-3%, and it is hard to say anything since it is the beginning of the year, but if the current trend continues, it is expected to rise by 5%.” Gye-sil Hwang, CEO of Gye-sil Hwang Real Estate, said, “The real estate market is not good right now, but they say interest rates will go down this year, so the outlook is bright.” He added, “New homes in the Tysons area are selling well these days.”