If you ask a Realtor when a good time to buy is, he will tell you, “Now.” While that is an old Realtor joke in order to maybe drum up a little business, it is very true in our market today.
Living in the DC Metro Area, we have unique opportunities as buyers and sellers. We live in one of the most economically sound areas in the country that has been shown time and time again to be almost recession-proof. From the Great Depression to the market crash in 2007, DC has not felt the bust that the rest of the country has. No doubt that this is due to the fact that we house the United States government and its employees.
But even in times when the economy has slowed way down around here, we haven’t suffered as much as other areas in the country. Being from rural Ohio where the major employer in my town was GM, I can emphatically say that the economic downturn hurt other areas of the country way worse than it hurt here.
That being said, now really is the perfect time to buy. Actually, yesterday was the perfect time to buy, but since yesterday is gone, you might want to seize today. As the economy is turning around, more and more homes are being built in our area. Usually this uptick in supply means a downtick in demand and price, but because the uptick is due to an increase in demand, prices continue to climb. In my small community in Clarksburg, Maryland, that hasn’t even finished all of the original construction, homes are beginning to sell to their second owners. One home was bought at $284,140 early in 2012, and recently sold just over two years later for $309,990. That’s quite a bit of profit for such a short investment period, and the market isn’t showing signs of slowing down.
Had you bought that house two years ago, that profit could have been yours. But like I noted, since yesterday’s opportunity is gone, you might want to jump on today’s. Communities like mine are popping up all around the metro area. Getting in at the ground level means that your property values have nowhere to go but up.