It can be difficult to know when it’s a good time to sell Montgomery County real estate. That’s why staying on top of economic reports and real estate news is so important. There are several economic factors that can create a positive climate for home sales.
Consumer confidence is the first indicator you should be evaluating. All other indicators could be good, but if Montgomery County homeowners are feeling pessimistic about the current and future economy, home sales will stall. Based on a recent Fannie Mae housing survey, consumer confidence has improved significantly since a few years ago.
Another excellent indicator is housing inventory – simple supply and demand. Are there more buyers than sellers in your area? According to the most current data available, inventory in Silver Spring, MD is down 39 percent since one year ago. Current contracts in Silver Spring, MD are up 21 percent since one year ago. These important figures tell us that while inventory is low, buyers are still out in full force.
The next question you’ll want to ask is, “What is the local unemployment rate?” As of March, 2012, the unemployment rate was 6.6 percent in Maryland and 5 percent in Montgomery County. Both figures are below the national unemployment rate of 8.1 percent.
Lastly, how desirable is the location? Montgomery County is just minutes outside of Washington, DC where there are plenty of jobs, entertainment, housing, and more. In fact, the DC metro area is arguably one of the most desirable areas to live during a recession due the buffer provided by government jobs, consumer traffic and tourism, and a constant influx of home buyers who are relocating due to work.
If you would like to buy a home in Montgomery County, or sell a home in Montgomery County, feel free to contact Emcee Arah. Emcee Arah and the EMA Real Estate Group have created a 25-point marketing plan that will ensure you get top dollar for your home. This dedicated, knowledgeable, and professional staff is committed to exceeding your highest expectation by always going the extra mile in serving all your real estate needs.
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