A Snapshot of Today's Housing Market:

Rory S. Coakley's Take on the Current Market in the Potomac Area

Article by Marie Robey Wood

Photography by Jack Hartzman

Originally published in Potomac Lifestyle

One of the many benefits of living in our area is that it continues to be a great time to sell. Our region is sought-after with a number of growth opportunities, making it a truly special place to live. However, real estate, like life itself, can be challenging to predict. Here are some things to consider when buying or selling your home:

Interest Rates and Mortgages: Many economists feel the inflation that we’re experiencing will eventually cause interest rates to rise, which may affect borrowers and plans for buying their next home. On the other hand, several professionals believe that the current rise in inflation will only be transitory. 

The Current Outlook for Sellers: For sellers, low inventory and high demand continue to drive prices up, so they are increasingly likely to make top dollar/above asking price on their property. Another change in the market has been the many contracts written with no contingencies. Some people are even willing to buy houses sight unseen!

The Current Outlook for Buyers: For buyers, the same factors (low inventory and high demand) mean you need to be prepared to act quickly and seriously – and possibly pay above list price. In addition, the buyer must be pre-qualified by a reputable and reliable lender.

Working from home is here to stay and impacts couples who are willing to pay for a bigger house. Prospective buyers often seek separate rooms for offices and playrooms for the kids. More enticing outdoor areas for recreation and entertaining are a plus, as well as pools.

Today’s Market: No doubt the housing market continues to be red hot, especially in the Potomac area.

For personalized assistance in buying or selling your home don’t hesitate to contact Coakley Realty at 301-340-8700, ext. 1101 or visit www.coakleyrealty.com.

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