Still a good time to sell? - Market Update: July '21
The real estate market continues to hum along into July despite July traditionally being a slower month. The data for June 2021 in Frederick County is really interesting with the median sale price on sold homes firmly over $400,000. The days on market remains terribly low with the median days on market being just 11 days.
There’s an old adage: “when the fireworks go up prices come down”, referring to the Fourth of July of course. It appears that this old adage and traditional real estate rules are out the window with this market. The low interest-rates and low supply continue to drive the demand and prices.
What we are seeing on our listings, and this is somewhat anecdotal, is that the “quality” of the buyers are diminishing a little bit. What we mean by that is that buyers aren’t necessarily waiving appraisal or as well qualified as they were earlier this year. This is something to watch as it could indicate that the most qualified buyers have already purchased. Another trend to monitor in the months ahead is a potential increase in supply from foreclosure inventory. While this is being forecasted, that inventory has not yet arrived.
With all this being said, there are still ample opportunities in this market whether you are buying or selling or investing. It’s also worth noting that it’s a really interesting time to look at investing in real estate. A couple of our listings have been purchased by investors looking to hold the properties as long-term rentals. The reason for this is that the low interest rate environment creates a better cash flow environment than decreased prices. I myself am actively looking for a multi-family property in Massachusetts because the environment is so ripe for investing.
Whatever your needs are in this market, we are always here for you to guide you through these unchartered waters. This market requires an incredible amount of expertise and finesse. We are so grateful that your loyalty and trust has afforded us the ability to cultivate the expertise required to serve you and those you love at the highest level.
Dir. Of Sales / Licensed Agent in MD/DC/VA