Crown Gaithersburg MD | Low Inventory Causes Home Prices to Maintain Fast Growth

 

As Gaithersburg has developed over the years, many neighborhoods are now blended with one and another without any distinction or personalities.

Not in CROW, the newest and most vibrant community in Gaithersburg MD

Located next to Rio, this new and unique neighborhood is separate in four groups

 

* Downtown Crown

* Crown West

* Crown Central 

* Crown East

 

If you are looking for city-living style with a flair of urban village, The Crown community has everything to offer and more. 

There is even a direct Metro Shuttle between the community and Shady Grove Metro Station to connect you directly with Washington DC and its surroundings,

Today, I would like to talk about Low Inventory Causes Home Prices to Maintain Fast Growth

 

The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report last week. The report revealed that severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in nearly all metro areas. Home prices rose 5.3% over the last quarter across all metros. 

Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:

“Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.”

 

What this means to sellers 

Rising prices are a homeowner’s best friend. As reported by the Washington Post in a recent article post: 

“The rise in median sales prices has made current homeowners much more willing to sell their home, and that willingness is one of the main drivers behind the inventory that does make it on to the market. While it hasn’t been enough to meet demand, it has made the situation much better, compared with even three or four years ago.”

What this means to buyers 

In a market where prices are rising, buyers should take into account the cost of waiting. Obviously, they will pay more for the same house later this year or next year. However, as Construction Dive reported, the amount of cash needed to purchase that home will also increase. 

“These factors have created a situation where the market keeps moving the goalposts in terms of the down payment necessary for first-time homebuyers to get into a home.”

Bottom Line  

If you’re thinking of selling and moving down, waiting might make sense. If you are a first-time buyer or a seller thinking of moving up, waiting probably doesn’t make sense.

 

Source.. KCM Fernando Herboso Blog

 

If you have any questions about the Crown Plaza, Gaithersburg MD, the schools, amenities or the surrounding community, don’t hesitate to give us a call at 301-246-0001 We will be happy to help you. We specialize in Gaithersburg MD and our agents also live here.

To reach us, please call 301-246-0001

Or send us an email to: info@ReallyNiceHomes.com 

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