We’re about to put the bow on another interesting year, in which supply chain challenges continued, housing demand and prices soared, inflation persisted, and some pundits predicted we’re barreling toward what may (or may not) be a recession.
From an historical perspective, it’s unlikely we’ll see a significant, sudden depreciation in home values. Persistent decreases in home values have been rare since the metric began been tracked in the early 1960s; rather home values have grown steadily aside from the Great Recession of the late 2000s. There seem to be real upward pressures on home values, including strong demand and relatively low inventory. The run up in sales since COVID was not driven by irresponsible lending practices, but by market demand and low rates. And despite all the angst, current rates are still below the historic average (which is 7.76% for a 30-year fixed rate mortgage, according to Freddie Mac). So, it’s more likely that we’ll see a moderate sales pace and pricing over the next year or so.
If you haven’t yet finished winterizing, now’s the time to complete all the seasonal maintenance that helps keeps your house in good repair and your utility bills lower.
Now is also a great time to plan spring projects. With the renovation frenzy ebbing, it’s a smart time to buy and set aside a grill for your new patio, planters and raised beds for your garden, and materials and supplies, while they’re on sale.
About Gulick Group, Inc.: Established in 1987, Reston-based Gulick Group has developed communities throughout Fairfax and Loudoun Counties, including One Cameron Place and Newport Shores in Reston, The Reserve in McLean, Autumn Wood, Grovemont, and the three Riverbend Communities in Great Falls, Red Cedar West in Leesburg, and Wild Meadow in Ashburn.