Timing is a major factor for buyers to consider when looking to get the best possible deal on a new home. Buying a house is a serious purchase that requires a long-term financial commitment, so you want to make sure you do proper research before signing any papers. One factor to consider is seasonal fluctuations in the housing market.
If you’ve never heard of seasonal fluctuations, it is a way to define the surges and declines in the housing market during various times of the year. These fluctuations can make as much as a 10% price difference on a home. The percentage might seem small but that’s going to save you thousands of dollars if you buy at the right time.
For example, in California or Texas where it’s warm year round, you’ll see many buyers from cold climate states looking to get away from the harsh winters. In states that are known to be pretty cold, you won’t see as many people taking the time to actively sell their home during the colder months. When attempting to time the market, your best bet for getting the best deal is to work with an experienced, local real estate agent.
Here’s what you need to know about the best time to buy in Maryland.
Best Time of Year to Buy in Maryland
While most houses are being bought and sold during the spring and summer months, the best time to buy in Maryland is fall or winter. This is because you can expect almost no competition during the fall and winter months. While some people are not accustomed to the cold, people who are wanting to live in Maryland won’t have a problem during this season.
With low competition comes low prices. This is mainly because sellers are not getting as many potential buyers as they like, so they’re willing to take a cut on the price. Use this to your advantage and wait out the good deals. Patient home buyers almost always end up better off in the long run.
However, don’t take this as a warning to never purchase a home in the spring or summer. Specifically, March to May has the highest number of homes being listed on the market. This might give you the chance to find your dream home.
The Best Places to Buy a Home in Maryland
North Potomac is a beautiful suburb on Washington D.C. with a population of 24,236. The median household income is just over $160,000 with the average home valuing at $600,000. They have a highly rated public school district which makes this the perfect place for families.
North Bethesda is a very safe city with a low crime right. The average house value sits around $550,000 with prices going up. Residents of this area say the neighbors are friendly and the communal areas are well kept.
Annapolis is a great area if you want to live by the water without breaking the bank. It’s located on the Chesapeake Bay and has many water-based activities for residents to enjoy. The downtown area is home to the U.S. Navy Naval academy and has many historic landmarks.
Gaithersburg is conveniently located less than 20 miles from Washington D.C. which makes it an affordable option for commuters. The median household income is around $75,000 with the average home valuing at $360,000. Residents of this city can enjoy the 6,300-acre Seneca Creek, State Park.
Hagerstown is a very historic town with its establishment date being 1776. For people that love history, you can visit the several Civil War sites and museums. The average home value is $151,000, which makes it a very affordable location given its history.
4 Ways to Get a Great Deal on a Home in Maryland
- Find a Great Maryland Real Estate Agent:
An experienced, local buyer’s agent is going to help you get the best deal on your new home. It’s strongly recommended that buyers don’t attempt to do this process alone. There are many steps in the home buying process and agents will be able to properly negotiate and complete paperwork.
- Assess Your Needs and Lay Out Your Goals:
Work with your agent to determine what you want in a house. Are you looking for a house that is on a large amount of land? Or do you want a house in a newly built development? You want to also be realistic with what you can afford because house hunting is exciting but being underwater with your mortgage is not.
- Find a Lender and Secure Financing:
After you and your agent talk about what you want in a home, they will then evaluate and determine a financing option that works for you. This will be based on your current financial situation and how much you’re approved for. Keep in mind, the closing process takes about 30 days on average, so you will need to take this into account if you’re on a fixed timeline.
- Negotiate for the Best Possible Price:
Once you’ve found your dream home, your agent will assist you in making and submitting an offer. They will also negotiate after a home inspection is completed to make sure you are getting the best deal possible. This is an important step because home inspections might reveal new details about a home.
If you’re interested in learning more about Clever or speaking with a top-rated buyer’s agent in your area, fill out our online form. A member of our team will be in touch shortly to answer any questions you might and have and connect you with one of our local Partner Agents for a no-obligation consultation.