Is it right time to buy a house in Maryland and/or Virginia?
The neighbouring states of US capital city have remained the most favourite real
estate destination so far. The beaches of Virginia and beauty of Baltimore have
always attracted people. Here are a few pointers on why to buy properties in this
area.
Buying a home in Maryland
Baltimore, The capital of Maryland State is by far one of the oldest and most
beautiful cities in US. The state has low overhanging housing inventory and more
vacant lots that’s why its real estate market is booming. The houses or town homes
in the Baltimore city are very affordable which means increased savings and lower
mortgage. This is one of the greenest states in US, all the more reason to buy a
home in Maryland.
The number of homes for sales in Maryland has seen slight increase in past few
years although the real estate market is yet to register a significant boost the
trajectory is certainly showing a positive trend.
The best place to shop for real estate is Prince Georges County in Maryland which
shares the border with DC. The rise in number of Homes for Sale in Prince
Georges County has moderated the property rate if not lowered. The Montgomery
and Prince George’s County saw a 12% increasing in housing sales than last year
although the inventory still remains below peak rates.
Buying a home in Virginia
Virginia Beach Baby! It’s the most likely reason to buy a home in Virginia. You can
find many beach properties in Virginia but the most popular are Cape Story - Also
known as Cape Story by the Sea, North End - Round the corner at Fort Story,
Sandbridge Beach - The Sandbridge area of Virginia Beach, the last one is in remote
region but if you love tranquillity then you will definitely love this neighbourhood.
Beach properties saw a rise in sales however the northern Virginia has witnessed a
so so property market in 2015. The New Year should be better though. The largest
sale was in the single home family houses segment which means affordable houses
were up for sale. Some areas like Del Ray in Alexandria and Falls Church City are
doing better due to lower property rates. Buying a single family home in Virginia is
the best option right now.
Buying a home in Washington DC
This is probably the most expensive city in the US the selling or buying a home in
DC can prove a bit stickler. So the best way to locate a property of your choice is
with the help of a DC based real estate agent. The DC property market is no good
news for home sellers as the rates have been practically flat for the best part of the
last year.
Average price per square foot for Washington DC is $500 which is almost 6% more
than last year. So if you want to buy a home inWashington DC, now is the time to
act.Although investorsare yet not ready to take advantage of a market,it is slowlynut
steadily returning back to the traditional sales.
As I had mentioned earlier the neighbouring The Montgomery and Prince George’s
County are the most exciting property market in this locality right now.
Overall scenario
Overall the real estate market in Maryland and Virginia looks confident but DC looks
a bit apprehensive. It’s your call where and when you would want to buy property but
the best bet right now seems to be The Montgomery and Prince George’s County.
Many DC real estate agents have described Prince Georges County as the last
affordable real estate area since the rates continue to raise due to higher demand
from neighboring middleclass families.
It is advised to hire a real estate agent but use your GPS and internet to do some
research first, it always helps.
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