While Summer and Fall are historically the heaviest buying season for the Deep Creek Lake & Garrett County area, there are several benefits to buying early in the year, especially with the current real estate trends.
Mortgage Rates are Expected to Rise
After hitting historic lows, mortgage rates began to rise in late 2016, and are expected to continue to rise throughout 2017. With rates as low as they’ll be all year, it’s a great time to start the process of speaking with a lender about your current options. Local lenders have a better understanding of our particular market, especially when it comes to second home mortgages. A few local lenders even have second home loan programs with less than 20% down. Being pre-approved or pre-qualified by a lender can also make a difference when submitting an offer for a home that has multiple bids.
Prices May Increase
Last year saw a 3% increase in average sold price for Lake Oriented Residential Sales. We can’t predict this trend will continue in 2017, but most indicators are pointing in that direction. While there are always great deals to be found, if the average prices continue to rise, you may regret waiting to purchase. Striking while prices and inventory are still low will mean less competition and generally smoother negotiations. There’s no better negotiator than your Realtor when it comes to getting your home for the best possible price.
If You’re on Fence, Talk to a Realtor
We generally see the largest spike in new listings in our market between March and June. If you’re considering purchasing in the near future, now is the time to start your real estate search and establish your relationship with your Realtor. Once they know what you’re looking for, they’ll be able to alert you to new listings or a great deal as soon as they’re released, making sure you don’t miss out. Our agents can show you listings from all brokers in the area, too. Even if you’re not sure about when you’ll be purchasing, laying down the foundation with your agent will save you time in the future, and will also allow you to stay in contact with our market and area.
Ultimately, the best advice we have for buyers is to be prepared. The early months of the year generally mean less competition from other buyers. If you’re prepared and ready, you’re already steps ahead of other buyers when great deals hit the market. The absolute best resource and tool we have for you is our agents. They can help you determine which home, location, and amenities will best fit your lifestyle needs and get you on the right track with a plan and realistic goals. Contact us for more information or to start your home buying process!
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