What’s Going on in the Real Estate Market This Summer?

By Nick Waldner

Nick started and leads the #1 KW Team in all of Maryland and DC, selling over 400 homes a year! With 20+ years in the industry, he is the leading expert in Maryland!

Let’s talk about the summer market. The most common question I get asked every day is, “How’s the market?” Right now, it’s truly a tale of two markets, where the fate of a home sale hinges on its condition and pricing strategy.

• Homes that show well and are priced well: These homes are receiving multiple offers, sometimes as many as ten. There’s a stampede of buyers vying for these properties, often driving the sale price well above the asking price. This has been the trend for the past few months.

   

• Homes that are overpriced or not in top condition: These properties are sitting on the market longer. They get initial interest, but showings and activity quickly decline. Sellers then face two options: enhance the home’s appeal by updating appliances, painting, and cleaning, or adjust their pricing strategy to be more realistic.

   

For sellers, it’s crucial to understand that You may need to invest in improving your home’s condition to make it more sellable. Adjusting the price to reflect the current market can attract more buyers and reduce the time your home sits on the market.

People often ask me if now is a good time to buy. My answer is that buying at the right price and time for your family is always the right decision. While rates might seem high now (around 7-7.5%), waiting for them to drop could lead to increased competition and higher home prices. If you buy now at a higher rate, you can refinance when rates drop and benefit from the appreciating asset.

If you’re considering buying due to a job transfer, long commutes, or wanting a better school district for your kids, now could be the perfect time. Yes, interest rates are high, but buying now means you own the appreciating asset. When rates eventually drop, a simple refinance call can lower your payments, and you’ll be ahead of those who waited.

Selling your home in this market means ensuring it’s in the best condition and priced right to sell quickly and for a good price. For buyers, while you might face higher interest rates temporarily, you gain by purchasing at today’s prices and refinancing later. If you have questions or thoughts, give me a call. Let’s decide if now is the right time for you.