It’s a challenging real estate market out there.
Home sales were down in March, both in Northern Virginia and nationally. Prices remain elevated while inventory is tight and mortgage interest rates are well over 7%.
Baby Boomer empty nesters, meanwhile, are staying put in larger homes. And homeowners with 3% mortgage rates from a few years ago are also sitting tight. That all adds up to a situation where many would-be first time buyers — including those with or starting families — are fighting over a relatively small and increasingly pricy portion of the market.
With that in mind, we wanted to informally poll our readers and see where you all stand. Do you rent or own? Are you seeking to buy or sell within the next three years?