Maria Leaf
WMAL.com
WASHINGTON– The number of homes currently selling nationwide is now drifting similar to the rates of the recessions of 1990 and 2001. That’s according to Eric Stewart with Long & Foster Real Estate.
The Rockville, Md based Realtor says that statistic indicates a mild national recession by mid-2020.
“There are major recessions right now in Manhattan, Seattle, San Francisco in the high end. The number of buyers coming from overseas is down 36%,” Stewart says.
However, he doesn’t think the Washington, D.C. area will be hit as hard.
“I’m not necessarily seeing growth in inventory for our local region… That will mean in the Washington, D.C. metro area we will see prices increase, inventory tighten, and the days on market continue to shorten”.
Stewart says the current number of Days on Market ranges from 20 in the Spring to up to 70 in the Fall.
His advice? If you’re trying to buy, look for property between now and the end of January 2020.
Editor’s Note: You can hear more from Eric Stewart on “Pointing You Home” Sunday Mornings at 8 a.m. on 105.9 FM WMAL.
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