Mark Worrilow, District Director at Fathom Realty, shared insights into the local real estate market. Worrilow highlighted the resilience of Virginia's real estate market in 2024, surpassing earlier expectations. Despite a slowdown in 2022 and 2023, the market is witnessing a steady pace of home sales.
Worrilow attributed the previous slowdown to a rapid interest rate surge, causing buyers and sellers to exercise caution. With interest rates now stabilizing, there is a renewed sense of optimism in the market. The potential for the Federal Reserve to lower interest rates further could stimulate activity by attracting more investors and influencing mortgage rates.
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