Okay, I hear you. Grolig says the market’s improving, now’s the time to sell, and now’s the time to buy, blah, blah, blah. Over the past year I have discussed the improvements in the local real estate market. Well, if you didn’t believe me, now we’re receiving validation and proof from the national media. The Montgomery County area has been ranked number 3 on the list of hottest housing markets in the country. An article on NBCNews.com, “Best Housing Markets for 2013” ranks the Bethesda, Rockville, and Frederick area as #3 on their Hottest Housing Market list.
The ranking is based on three fundamental characteristics of a healthy housing market: strong job growth; low, but manageable, home vacancy rates; and low foreclosure inventory. Here is how the top 3 markets compared:
Houston, TX San Francisco, CA MoCo, MD
Job Growth: 3.6 % 3.4 % 2.8 %
Vacancy Rate: 3.0 % 1.7 % 1.2 %
Foreclosure Rate: 7.7 % 2.4 % 2.7 %
(per 1,000 units)
As you can see, we are only behind Houston, TX, and San Francisco, CA, by a fairly small margin. One thing the article doesn’t mention is the depleted housing inventory in Montgomery County, and the surrounding areas. Our housing inventory is down 31% (roughly 1/3 fewer houses on the market today than at this time last year). Additionally, 2012 home sales in Montgomery County increased nearly 7% from the prior year, making this an increasingly improving market with home values starting to rise.
With home values rising, much of my business over the last 6 months has come from homeowners who were previously stuck in their homes, with underwater home values. Some of them are finally able to either break even or actually make a few dollars on the sale of their home. Because of this, many are getting back in the selling market. I’ve also been working with a lot of homeowners who became landlords by default over the last 5-6 years.
Since they couldn’t sell at their necessary price, they decided to rent. Now, with a stronger market emerging, many of them have come to the conclusion that the time to sell is now. Is now the time for you? Contact me, Kevin Grolig, at 240-793-7495 today if you have questions, or would like a no hassle, no obligation market evaluation of your house. I am also available if you need guidance on home buying.
If you would prefer, my website has a ton of information for you. You can sign up for a FREE monthly report on the sales trends and statistics for your community, search the entire MLS database, or just click on the area you are interested in: Bethesda, North Potomac, Gaithersburg, Germantown, Boyds, Clarksburg, or Montgomery County. Either way, I am always here to serve!
Comments(2)