Many people in the Maryland, Virginia and Washington DC are wandering out loud about where to find affordable homes in our region. We have many who are looking earnestly but find the pickings to be slim. The truth is, if you are looking for a starter single home or a townhouse in our area, it is a tough going. Town homes are entry level homes sought after by many, they are especially popular with millennials and those wanting to downsize. So what qualifies as affordable in our area? Homes under 400K are generally considered affordable for our region.
So if you are out there looking, my suggestion is to keep in mind two things;
1. You are likely to have 2 or more people competing for the same house with you.
2. Our supply of homes has been low and so when these houses appear on the market they go fast.
Below is a table of 5 cities in our area and their market statistics.
|City||Median Sold Price-2018||Median Days on the Market||Sold price/List price|
|Silver Spring MD||371,900.00||28||98.0%|
I simply pulled 3beds/2bath town homes that sold in the last 60 days in the above cities. From this data you can see homes sell on the average within a month of going on sale. The sold price to the list price tells you sellers get close to what they are asking for. What you perhaps do not see here are other concessions buyers have to make, such giving up home inspections and other items.
If you are looking, do not give up. But I must tell you buyers who are successful in our area are prepared for this fast moving and competitive market. So what do you need to do?
A. Get your finances in order in case you see a home you like, you can write an offer on the spot.
B. You have to make quick decisions-you can not go home and sleep on it.
C. Decide on what you can give up before hand and understand the consequences of your actions. Is it home inspection, Appraisal, or pay more for the home.
It is nerve racking to have to make decisions under pressure but if you and your realtor have done your homework, you will find your home.