Here’s your quick update on the Montgomery County Real Estate market (July 2023).
Surprisingly for some, prices have held remarkably steady. Year over year, real estate homes prices are up 6%.
How is this possible?
Supply and Demand.
Look at the negative numbers in the snap shot. There simply aren’t enough available homes for sale.
Many people in this market have 2.5% to 3.5% fixed mortgages. So they need a significant reason to sell their home.
What are some of those reasons?
- A new job out of the area forces them to move (and they don’t want to keep it as a rental property).
- Their current home no longer fits their family’s needs (typically now more kids are in the picture).
- They want a change in lifestyle (most often downsizing from a larger home into a condo or townhome).
S0, if you or someone you know wants to make a local move from one house to another home or condo, depending on your neighborhood (as of right now), you still may be able to get a little more money for your home than expected.
Now, there’s been a significant shift in the number of offers coming in for homes. And sometimes agents who say they will be sending an offer, don’t end up sending one for their clients. I saw that twice this past week (late August)…So that was a noticeable shift from about three months ago — and massive from two years ago.
If you want to or have to sell your home now, you should not worry. We simply want to direct all of our focus on making sure your home really shines inside and out.
I talk about this all the time: You’re home must show like a super star. Everything counts to bring in the highest price and the best terms. This belief of mine is even more relevant when fewer and fewer offers are coming in.
If you are losing sleep or worrying in any way about the future — of home prices falling — let’s talk about it. Let’s look at what should and shouldn’t be done with your home before selling it — even if that date is 3-5 years away. Let’s look at your plans for the next few years and make sense of it all.
I’ve talked with some clients who expressed the desire to downsize out of a home in the very near future. Well, now might be the best time to sell their home. Yes, there’s almost always the concern about finding the next home or condo. So we discussed, if necessary, rental options as a bridge. They have all of their money from the sale of their home thought, and now — should they not find a condo they like — they can take their time.
As always, I’m here to help you in any and every way I can. Just call or message me on 240-687-2650.
And please share this with people you know. They should know what’s going on too.
If you want a little more detail, you can access the full market stats below.