Is it a Good Time to Buy a House in Montgomery County, MD?

Whether you’re looking to move into the Montgomery County area for the first time or you’ve decided it’s time to make an upgrade to a larger home, determining exactly when to buy a property is a key consideration.

Let’s take a look at a few of the reasons that summer 2014 is shaping up to be an excellent time to purchase a home in Montgomery County.

Is it a Good Time to Buy a House in Montgomery County, MD?

Discounted Prices vs. Summer 2013

Although the summer real estate season has yet to reach its peak, annual pricing trends are looking favorable for buyers. In May 2014, the average selling price for a home in Montgomery County was about $525,000 – a decrease of about 0.6 percent compared with 2013 – and a median of $431,000 which was slightly up over 2013. If you’re considering a home or condo purchase in the area, contact us and we’ll provide some insight on which markets have irresistible deals popping up.

Greater Inventory Means Greater Selection

As we move into the summer, sellers will continue to list their homes in hope of catching individuals like yourself who are assessing the market and ready to make a purchase. As inventory in Montgomery County communities like Silver Spring, Bethesda, Rockville and elsewhere deepens, you’ll enjoy a greater selection of homes to choose from. Buying a home in the summer can mean the difference between having a single available property in your target community to having different options on the same street.

Steep Competition Provides Room for Negotiation

Another factor that makes the summertime an excellent time to buy is the amount of competition sellers must face to attract your interest. For example, Montgomery County’s real estate statistics for May 2014 indicate a month-over-month increase in total home sales of 27 percent, yet just a small 7 percent increase in the median selling price which is explained by the increased quality of homes being listed. Serious sellers know that they must get their property sold in the summer or risk trying to move it in the rain or snow. This will give you a bit of leverage in the negotiation process.

Be Ready to Move Quickly

One final note: to ensure you get the best price you’ll need to be ready to move on your purchase quickly. The prospect of a quick sale is irresistible to many sellers and they may be willing to discount further if they sense a deal is imminent.

When you’re ready to buy a home in the Montgomery County area, The Speicher Group is ready to assist. Our professional team of real estate agents have inside knowledge of listings from Ashton to Silver Spring and we’re ready to help you find that dream home. Contact us today by clicking on the button below and we’ll get started.

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