I’m excited to introduce my new business partner, Aaron Morton, who just moved here from Upper Marlboro, Maryland. He’s preparing to become the future CEO and leader of the Air Assault Team, and we’re all happy to have him join us. Today, we’ll be giving you a market update for the Clarksville-Montgomery County area.
From what we’ve seen, our area is still in a strong seller’s market, but we believe it will likely balance out in the coming months. Much of our data shows that this year’s market will essentially mirror last year’s, especially now as we make our way into springtime. Spring usually sees an increase in inventory, and with our recent influx of buyers, many people could be getting into the homes of their dreams.
Currently, there are 284 properties on the market, 186 of which are new construction. In other words, inventory is low. Interest rates are also low, though it fluctuates somewhat depending on the type of loan you’re looking for. Currently, the rates are just below 3%, and we’re noticing that they’re beginning to creep upward. In some areas, rates have already risen above the 3% mark. If you’ve been thinking about buying a home, now is a fantastic time to get locked into a low rate.
Today, most lenders are looking for credit scores of at least 600 to 620. It’s also a good idea to have some funds saved for a down payment; there are programs out there that can help, but it’s wise to be prepared. It can also be helpful to have money on hand since we are in a very competitive market, and you never know when you’ll need some extra cash to secure a sale. Keep in mind the earnest money deposit—again, you want to be as competitive as possible. The going rate is around 1%, but the more you have, the better.
Since there’s been an influx of buyers, sellers currently have more of the power; however, that doesn’t mean buyers can’t go out and get the home they want. Though it’ll be competitive, you can get into a house by bringing your best offer and having funds set aside for a down payment and earnest money deposit.
If you’re thinking about jumping into the real estate market, you may be in for a somewhat tricky and competitive situation. Fortunately, we’re here to help you navigate all the ups and downs of the home buying or selling process. Feel free to reach out to us if you have any questions, would like to learn more, or are ready to take the plunge into our market. We’re here to help you.