Is 2021 a good time to buy a home in the DC-Virginia-Maryland area?
The answer is a resounding “YES”! There are many reasons.
First, interest rates remain historically low. So low, in fact, that in many cases purchasing a home can be less costly than renting.
Secondly, with new vaccines now available, we may soon be seeing an end to the increasing threat of COVID-19. That will make us mobile again, and more sellers will enter the market after being hunkered down for the past year waiting for the pandemic to pass.
That will increase the inventory of homes available. With more options comes price elasticity, giving the buyer more of an advantage – more choices — than you will find when inventory is low.
Bright MLS reports that median sales prices in the D.C. Metro hit a November 2020 high of $500.000. Buyers continued to show high demand for condos/co-ops, as unit sales hit a new record for the month. Overall, new pending sales continued to have year-to-year growth in the high teens for the third straight month. Days on the market landed at eight days.
The numbers change continually, and it is important to stay updated. Work with a trusted local real estate agent and ask them – folks who know the market well — to let you know if the kind of house you are looking for becomes available.
Real estate websites can be helpful in looking for houses in your desired areas. Be on the lookout for houses that are becoming available. If you don’t feel confident about spending now, hold on to your money and try to cut down on expenditure to save some more before you decide to invest.
Next Move Nation’s Capital serves real estate buyers and sellers in Washington, D.C., northern Virginia and Maryland. When you need a professional who knows the market, contact us.
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