Three Reasons Why It’s More Difficult For Traditional Home Sellers

If you are a homeowner looking to sell your property in the Maryland region, you may be wondering whether the Montgomery County real estate market is a seller’s market. While Montgomery County is generally a seller’s market, it can be challenging for the traditional home seller. Here’s a look at why it’s more difficult for traditional sellers. You may be able to sell your home for more than you paid for it!

Real estate market in Montgomery County is a seller’s market

The Real estate market in Montgomery County is a sellers’ paradise, according to recent sales figures. In the first half of 2021, the Recorder of Deeds’ office processed 76,000 documents, up from the 50,000 it typically records in a year. Suburban home searches have also increased as a result of the COVID-19 pandemic. This combination of factors has fueled the real estate market in Montgomery County, and many prospective homeowners have begun looking for homes in the suburbs.

While the real estate market in Montgomery County is a seller-friendly environment, property values are still on the decline. Prices peaked in August of last year at nearly $600,000, but have cooled down significantly since then. In October, homes in Montgomery County sold for about $25,000 more than the asking price. Current listings range in price from less than $400,000 to $14 million. Because of this, the market remains extremely competitive and many homes are selling above asking price.

It’s better suited for real estate investors

The housing shortage in Montgomery County is compounded by the generational clash. Millennials have outgrown their digs by the time they hit 40 and are now looking for bigger homes. Baby boomers were more content to hold onto their homes as they downsized. According to publicly listed inventory, the number of homes available to buy at the end of a month has decreased in the area from 2019 to 2020.

The property values in Montgomery County are falling. While the overall real estate market has been impacted by the rising interest rates, home prices have not. In fact, homes in Montgomery County are selling for less than $275 per square foot. The average home in Montgomery County is just under 2,000 square feet. There are currently listings that range from 180 square feet to nearly 27,000 square feet. Whether you decide to sell your home or rent it, make sure to price it competitively.

It’s more difficult for traditional home sellers

The housing shortage and burgeoning population in the Washington, D.C., region are making it more difficult for traditional home sellers in Montgomery County. Rising housing costs are forcing elected officials to take action against the civically engaged homeowners. The affluent suburb of Montgomery County has seen transformational growth and a changing demographic in the last 30 years. Here are three reasons why it’s more difficult for traditional home sellers in Montgomery County.

Because of a lack of housing inventory, prices have increased by up to 15 percent in the past year. As a result, it’s now harder than ever to afford a home in Montgomery County. According to the 2022 U.S. Home Affordability Report, increasing home prices, rising interest rates, and stagnant wage growth pose significant financial hurdles for first-time home buyers.

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