Downsizing, estate settlements, retirement plans, and changing priorities of landlords are now some of the most common reasons we’re seeing homes hit the market!
So Tamara, how’s the market?
Everywhere I go, that’s the #1 question I’m asked.
At the grocery store, the post office, the 7-11 … how’s the market looking? what’s the latest with the market?
As a real estate agent in the Route One corridor — Hyattsville, College Park, Riverdale, and University Park — I love it that so many people reach out to me for insights into the local economy.
People are aware of the changes in interest rates, the recent legal settlement in the real estate industry and what they can see with their own eyes...mainly that there just aren't very many "For Sale" signs.
In the vast majority of cases, the people who are asking me about the market are not those who are looking to buy or sell! But they want to understand how their precious investments are faring.
These four homes pictured above, sold this year, offer a glimpse into what’s happening in our local real estate market.
Some common reasons we see homes come on the market include downsizing or moving to assisted living, estate sales after an owner has passed away, changing financial priorities such as selling off rental properties, and retirement, which often leads to relocating to new areas.
What we’re seeing less of are homes being sold by people looking to upgrade within the neighborhood. Those who want to move closer to work or school, upgrade to a larger yard, kitchen, etc. Many homeowners hold mortgages with much lower interest rates than they’d pay today, so they need a bigger reason to sell.
What does this mean for sellers? We’re still very much in a “seller’s market.” Even with interest rates fluctuating and higher than they were a few years ago, there are plenty of qualified buyers eager to purchase homes in the Route One area.
What does this mean for buyers? The challenge for buyers is the reduced housing supply. After a wave of recent home sales, there just isn’t as much inventory available right now. Many of the homes on the market might need a bit of TLC. Properties from estates or former rentals often show some wear and tear, while homes sold by retirees or those relocating tend to be more move-in ready.
In conclusion, the real estate market in the Route One corridor is a dynamic landscape, influenced by various factors such as interest rates, personal circumstances, and inventory levels. Whether you’re a seller looking to capitalize on the current market or a buyer navigating the challenges of reduced housing supply, it’s important to stay informed about the trends that affect your investments. If you have questions about your specific situation or need guidance on buying or selling a home, don’t hesitate to reach out. I'm here to help you understand the market and make informed decisions. Let's connect and explore your real estate options together!
I'm Tamara Beauchard - I help busy people sell their houses easily.
Too many people have been through the horrible process of selling their homes without understanding what price they can expect and how they are supposed to make their homes look for showings. The problem isn't the people selling their homes, the problem is that they needed a better guide.
How can I be your guide? As a top-performing realtor with Re/Max Professionals, I handled nearly $16 million in real estate transactions this past year. I stay on top of the market to ensure that you are confident about the price and the process from our first meeting to the settlement table.
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