Tag: home

Montgomery County 3rd Qtr. Housing Update

Published on by athomewithtobyLeave a comment

The theme for housing in Montgomery County remain consistent. Supply is down and houses are selling faster and for more. Weather could be a factor as we head into the slowest months of the year for real estate transactions, but signs are pointing toward a robust Spring market.

Comparison to last year

Through the 3rd quarter of 2017, the supply of homes coming to market continues to be sluggish across Montgomery County, down by 164 year-over-year, continuing a trend we have seen for a couple of years now. As a result, we are seeing homes sell quicker and sell for more than last year. The average sales price is up by nearly $6k, and the average number of days on market is down by about 4 days. Clearly, the market has shifted to being more seller-friendly, but there is still considerable value to be found for buyers.

Prediction for Montgomery County 4th Quarter 2017 Housing Market

Winter tends to be the slowest time of the year for home sales. This phenomenon tends to be exacerbated when bad weather is involved, and heavier than average snow totals are what our local meteorologists are predicting. All of these factors lead me to believe that the 4th quarter of 2017 will be even more of the same. The seasonal winter slowdown, compounded by continued lack of inventory should keep prices up and days on market low, and prepare us for a healthy Spring housing market..

Want to know how your area compares? Check out the most popular cities in Montgomery County.

Potomac 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 183 160
Average Days on Market 72 67
Average Sold Price $1,004,929 $1,015,322

Homes in Potomac are sitting on the market longer than the D.C. regional average of 48 days2 and have increased a bit from Quarter 2. Given the average sales price of over $1 million and the current home market is leaning towards a more urban communities it is expected that home sales are a bit sluggish in this area.

Gaithersburg 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 432 456
Average Days on Market 45 39
Average Sold Price $429,439 $433,686

Homes in the 20879 zip code have seen a 10.2% increase in average sales since last year. Hyde Park, Goshen Village, and Meadowvale subdivisions showing the highest increases.

Rockville 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 452 433
Average Days on Market 40 42
Average Sold Price $484,032 $478,400

Rockville average sold price continues to remain steady with very small increase of 1.5% since last year. Zip code 20851 has seen the strongest increase of 6% since last year with Rockland and Twinbrook subdivisions having the largest increases.

Germantown 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 335 335
Average Days on Market 43 37
Average Sold Price $305,161 $328,236

Germantown continues to be a hot market. Not only did the number of homes stay the same as compared to last year but the number of Days on Market decrease while the Average Sold Price increased over $13k. The subdivisions of Spring Meadows and Blunt Commons are leading the average sold price in all the Germantown zip codes.

I’d love to hear your thoughts about what may be affecting the Montgomery County Housing Market.  Don’t see your city listed? Contact me to discuss your neighborhood.

All data pulled from MarketStats by ShowingTime

 

7 Steps to Home Buying Success

Published on by athomewithtobyLeave a comment

Buying a home will be one of the most important investments you will make in your lifetime. Knowing what to expect can help you feel at ease and make the home buying process go much more smoothly.

Step #1 – Find a REALTOR

One of the most important decisions you will make during the home buying process, is finding a Realtor. Your Realtor is your connection to all working parts of this transaction, and will serve as your guide on your journey home. When selecting a Realtor, ensure they are honest, reliable, knowledgeable, trustworthy, and responsive. When meeting with your Realtor, they will ask you to sign a buyer’s agreement, which gives them permission to get to work for you. It is your Realtor’s job to work diligently behind the scenes to ensure your transaction goes smoothly, so that you can live your life.

Step #2 – Find a Loan Officer

The next step is to contact a Loan Officer who will help you complete your application and provide you a “Pre-Approval Letter”. This is simply a statement from the Lender that they stand ready to finance your home purchase, subject to standard terms and conditions. It’s a short statement, but has become one of the most important steps in buying a home. It shows all parties involved that, if you find a home you love, you are willing and able to complete the purchase transaction. The pre-approval letter will also provide you with a clear understanding of how much home you are comfortable with purchasing.

Step #3 – Shop for a Home

Now the fun part starts! With your pre-approval letter in hand and your personal home buying budget in mind, it’s time to start searching for your dream home! Keep in mind that this process could take days, weeks or months, depending on your needs and the market. Just remember to remain patient, the right home for you is out there. If you see a home you want to visit, contact your Realtor immediately to make a showing appointment. While visiting a home, be sure to take notes about what you like and don’t like.

Step #4 – Make an Offer They Can’t Refuse

Once you’ve found the home of your dreams, it’s time to make an offer. Unfortunately, it’s not as easy as saying “I’ll take it!” This is a contractual process and you will have to review and sign multiple documents. When you are ready to write an offer, you and your Realtor will review the disclosures of the home, review comparable sales in the area to determine offer price, discuss any contingencies you would like to include and write up the contract. Your Realtor will review all the documents with you, explain what they mean, and ensure that your interests are being protected throughout the process.

Step # 5 – Your offer has been accepted. Now what?

Your Realtor will let you know when your offer is accepted by the seller. Having a well-organized Realtor is key during this part of the process, as there are many deadlines that could cost you money or void your contract if missed. Every home and every person’s circumstances are unique, so the list of items will vary from transaction to transaction, but it could include reviewing HOA documents, scheduling a home inspection, securing financing, completing a radon test, or receiving an appraisal, for example. Your Realtor should keep you informed of all of the items that need to be reviewed and completed, and keep you on track to consummate the transaction on the agreed upon settlement date.

Step #6 – Final Walkthrough

Prior to closing, you and your Realtor will visit the home to ensure the repairs related to the home inspection have been completed, and no other damage has been done to the home while the sellers were moving out. If all is good, settlement will proceed as scheduled. If there are any concerns, your Realtor will coordinate with the listing agent to ensure your issues are addressed prior to settlement.

Step #7 – It’s Closing Day!

Rest up your writing hand, because at closing you will be signing a LOT of paperwork. The entire process typically takes between 45 minutes and a hour and a half. Take comfort that this is the last step between you and your new home. Make sure to bring your ID, your closing check, and a calm demeanor. Once the last signature has been signed and the checks exchanged, you will be handed the keys to your new home!