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Holiday home sale
5 Reasons for a holiday home sale. Learn the reasons why many home owners around the country list and sell their homes during the winter holidays.
Reasons to sell this winter
Reasons to sell this winter:
Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
Interest rates continue to be relatively low; it’s a great time to move up to a new home.
Is it a good time for you to move? Give me a call for a no obligation consultation 301-529-8475
7 reasons for a winter home sale
During the holiday season many homeowners decide to take their homes of the market and won’t consider a winter home sale. And those who are thinking of selling their homes, wait until the new year. But maybe you should consider selling your home during the holidays and winter months.
Seven reasons for a winter home sale:
- Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible.
- Home buyers who are looking for homes during the holidays are serious and are ready to buy now.
- You can control the timings of showing your home. Restrict showings when you have guests, or just need a break.
- Homes with holiday decorations typically show better.
- There is less competition during the holidays.
- Home buyers who did not find a home during the busy real estate months, are still looking for their home. Their next home could be yours!
- Home sellers list their homes after the holidays. New home construction typically picks up after the holidays too, giving home buyers more options. Your competition significantly increases after the new year.
If you list your home for sale during the winter and holiday months, be prepared and have a plan. Here are some items to keep in mind:
- Consider showing your home by appointment so you can pick and choose when your home gets shown.
- Communicate with your agent. Let your agent know the best times when your home is best shown. And let them know how much lead time you need for each showing.
- Think safety! After inclement weather, clear away snow and use ice-melt.
- If the home is vacant, consider winterizing the home.
- Try to keep clutter to a minimum. This will help you get the home ready for the next showing.
Rent or Buy?
There are some people who have not purchased a home because they are uncomfortable with taking on the obligation of a mortgage. You should realize that, unless you are living rent-free (such as in your parents’ basement), you’re paying a mortgage. Regardless whether you Rent or Buy, you are paying someone’s mortgage – either yours or your landlord’s.
As Entrepreneur Magazine, a premier source for small business, R. L Adams explained in his article, “12 Practical Steps to Getting Rich,”
“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”
Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:
“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”
Rent or Buy
As a home owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.
Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 3.94% last week.
Bottom Line
Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.
(from http://www.simplifyingthemarket.com/en/?a=331591-e956e3da05580ddb18884dc0329c1fa6)
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Potomac home sales surge
Potomac MD – November 2015 home sales surge increasing 50% year over year and month over month. pending sales decreased about 20% year over year, possibly due to a number of reasons including: seasonal slow down, and possible effects from the new TRID lending rules.
Active listings increased about 17% and average days on market increased about 12% compared last November. The average home sale price increased about 3%, while the average list price increased 2.5%.
Data and graphics from RealEstate Business Intelligence and MRIS.
September 2015 Montgmery County home sale stats
Homes sold during September 2015 in Montgomery County MD increased year over year 14.5%. New listings during September in Montgomery County MD increased 2.3% year over year; while all housing inventory grew during the same period 4.4%.
The average list price of Montgomery County MD homes during September was $513,456, while the average sale price was $504,466 (which was a year over year increase of 1.7%).
Data and charts provided by RBIntel and MRIS
Maryland’s richest town is located in Montgomery County
Did you know that 24/7 Wall St. ranked Maryland, with a $70,004 median household income, as the richest state in the Union back in 2012? They also deemed the Washington DC metro area as the richest city in the country with a median household income of $86,680.
According to 24/7 Wall St:
“Maryland, which has had the highest median income of all states since 2006, was the only state in the country to have a median income above $70,000 in 2011. The state’s 10.1% was well below the national rate of 15.9%. Furthermore, a sizable portion of the population is earning well above the median income. Maryland is one of three states, along with New Jersey and Connecticut, where more than 10% of families earned more than $200,000 in 2011. Across the U.S., only 5.6% of families made more than $200,000 in 2011.”
However in their recent list of state by state richest towns, Montgomery County’s Poolesville is crowned Maryland’s richest town, with a median household income of $135,430 and a listed population of 4,977. Visit the Town of Poolesville’s official site.
24/7 Wall Street had this to say about Poolesville:
“With Maryland households the wealthiest in the nation, Poolesville was not just the richest in the state but also among the richest nationwide. A typical household in the town earned $135,430 annually. Maryland was also one of just 10 states where the difference between the poorest and richest towns’ household median income exceeded $100,000.”