The pandemic has brought about changes to the housing market across our nation and we have definitely felt it locally. For the month of July, the change in the number of units sold in Frederick
Good News And Real Estate Predictions For 2020
Dated: December 13 2019
BREAKING GOOD NEWS!
Chuck Kasky, CEO of the Maryland Association of Realtors, just released the following statement in regards to the status of the Maryland real estate market.
"While affordability, particularly for first-time and middle-income buyers remains a concern, the overall outlook for 2020 is encouraging," continued Harrison. "The National Association of REALTORS® convened 14 leading housing and financial industry economists yesterday at its first-ever Real Estate Forecast Summit, all of whom agreed that we should see economic expansion and slowly rising real estate prices. With recession unlikely and continued low-interest rates, favorable housing market conditions in Maryland will continue into the new year."
That's great news for sellers in 2020! I have been working, for several months, with more sellers than ever who will be putting their Five-Star Staged homes on the market mid-February. Why so early? In 2019 the Spring inventory began to roll out in February. That's surprising to most since historically the Spring market started in April. However, we have seen the Spring market start, on average, 1 week earlier than the previous year for the past 5 years. This phenomenon is due to a low inventory market and has resulted in a very short winter slow down between mid-December and mid-January. The new "Coming Soon" status has contributed to the pattern. This year, most of my sellers will announce their homes as "Coming Soon" in late January to give buyers a sneak peek online at the upcoming spring home inventory.
I know it makes buyers very nervous in regards to finding a home, particularly first time homebuyers. How do you cope with such a competitive market? First, see the bright side. A robust seller's market means home values are strong. These are healthy historic average increases and do not imitate the crazy real estate boom we saw just prior to the Great Recession of 2008. So, buyers, it's time to jump into the waters!
Buyers who are pre-qualified by a local lender will be ready. Buyers who are already working with highly qualified Buyers Agents, familiar with their needs and wants, will win this Spring! Buyers would be wise to check unreasonable expectations at the door though. Buyers need to understand this is not an HDTV drama. Resale homes will not be perfect, but they will be a good value. New homes will cost a premium. However, buyers who can afford the prices will be able to design what they want in their new home. The key to success? Jump in early! Chances are, you'll see prices rise even during the Spring market. The best values will go quickly. Waiting too long may mean you only get to pick from the leftovers that others don't want.
Advice to sellers? It's never too early to contact us to consider selling. We will give you wise advice and help you find trustworthy contractors. We provide Five-Star Home Staging at no additional cost and the most aggressive marketing system possible. To know how to sell your home Faster and For More this Spring give us a call today!
At Welcome Home Realty Group, we are ready for an exciting 2020!
Terry La Scola is a lifelong resident of Frederick County Maryland and has been involved in the business community of Frederick since 1979. As an entrepreneur, Terry has an extensive knowledge of sal....