As a real estate professional, I’m often asked if now is a good time to buy or sell a home. The answer is yes! It’s a great time to move, and I’d like to tell you some of the reasons this is such a unique market.
Property values have been increasing in most places across the country. That obviously translates to higher sales prices, which can be tough on buyers. However, we’re also experiencing a sound economy with relatively low borrowing costs, record low unemployment and rising wages. Most of the indicators we look at as Realtors appear to be very favorable for home buying. Among them:
- 8 percent unemployment in May – the lowest since April 2000
- Consumer confidence at a 17-year high this spring
- 6 percent 30-year mortgage rate in June (higher than a year ago, but still historically low)
These factors have recently helped push the national homeownership rate higher for the first time in more than a decade. The one thing hindering the number of home sales today is a lack of properties on the market in entry- and mid-level price ranges. More people would be purchasing homes if we had more to sell.
Homeowners who are on the fence about selling: Now is a GREAT time to go to market. Residential real estate values have fully recovered from the Great Recession, and if you’ve been in your home for a few years, you most likely gained significant equity. Properties are selling very quickly, sometimes attracting multiple offers. Whether you are considering selling your property or not, I would be happy to prepare an equity evaluation for you at no charge. That way, you can make a fully informed decision regarding your home sale and purchase prospects. Certain websites can give you a ballpark estimate using AVMs (Automated Valuation Models), but these are usually inaccurate and don’t take into account the unique features of your home.
If you’re thinking about buying a new home, our challenge of having too few homes on the market is expected to be ongoing. Why delay your dream of homeownership or put off looking for your next house? As a well-connected professional with a large network and deep knowledge of the neighborhoods, I’ll look beyond what’s on the internet to help you find that house you want, advise you on getting pre-qualified, and prepare an offer that will get you into a home.
Whether you’re interested in buying or selling, I’m here to be your trusted advisor through the process. Please feel free to reach out if you have any questions at all about the real estate market in the Montgomery County, DC Metro or Northern Virginia area I would love to put my experience and expertise to work for you.