Watching the national real estate market can give us clues about potential housing trends in Chevy Chase. Here are some recent insights from the National Association of Home Builders (NAHB).
Sales of newly built, single-family homes rose 5.7 percent to a seasonally adjusted annual rate of 389,000 units in September, according to home data from HUD and the U.S. Census Bureau. This marks the fastest sales pace recorded since April of 2010.
Low mortgage interest rates, rising home prices and improving consumer confidence have lead to increased demand, per NAHB Chief Economist David Crowe. As more prospective homebuyers “move off the fence,” home inventories are likely to shrink further, providing another boost to home prices.
Crowe states that home buyers should move forward with their plans in order to take advantage of current market conditions, rather than attempt to time the market.
As your real estate professional in Chevy Chase, MD, I completely agree! Many Chevy Chase home buyers who waited for the “bottom” of the housing market missed it. You cannot predict future interest rates, home prices, or economic conditions. However, it’s a good bet that the cost of rent will continue to increase! We are also likely to see a strengthening home market in line with national trends – and in some respects we may exceed them.
Are you ready to find your new Chevy Chase home? NAHB offers the following home buying tips:
- Review your financial situation. Make sure your credit is in good shape since lending standards remain stringent. Determine how much home you can realistically afford.
- Buying a home in today’s market requires a trusted, knowledgeable guide. Chose an agent with local experience and a proven track record.
- Determine your priorities. Before beginning the search, know what matters most to you in a home, such as: privacy, the number of bedrooms, the school system, etc. Identify the must-haves from the optional desires.
- Begin your search online. While nothing compares to seeing a house in person, a thorough online search allows you to focus on the price range and locations suitable for your needs.
Buying a Chevy Chase home is not only a smart financial move for the present, but a good long-term investment in your quality of life. There is also the prospect of future price appreciation as the market continues to recover both locally and nationally.
As your Chevy Chase real estate professional, I’m here to help you succeed! If you are thinking of buying a home in Chevy Chase, MD, turn to me for the professional guidance you can trust. My experience with the Chevy Chase real estate market, and my commitment to client service, will give you the advantage in today’s competitive market!
Contact me today for the latest neighborhood sales data, and for information about the beautiful homes for sale in Chevy Chase, MD!
Melinda Estridge
The Estridge Group-Long & Foster Real Estate, Inc.
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