According to the New York Times, “This spring’s home sales season is shaping up to be the most interesting one in years.” By mid to late spring the housing market will heat up, and stay that way through the summer, meaning competition and prices will be hotter too.
Let’s take a look at key reasons you should consider buying your next investment property now.
- Because of tax laws and mortgage rates, price growth won’t stop, but it will slow a bit. Take advantage of this to secure an investment property now before prices get inevitably hotter over the summer.
- Overall, demand is outpacing supply as Millennials increasingly move into the housing market. This constraint will be ongoing, but if you can find the right property now, you can take advantage of ever-increasing demand to drive strong ROI.
- The New York Times reports that, “as long as there are more families looking for a place to live than new homes in place to accommodate them, the pressure on prices and sales will be upward.” If you wait too long, you might find yourself paying considerably more for your investment.
- Additionally, in the Washington DC metro area, many factors are creating an “inventory crunch.” Builders aren’t creating as many starter homes due to shrinking margins and potential sellers aren’t finding homes they want to move into next. This lack of movement creates an opportunity as prices continue to rise. Find a property with potential now, and you can have it ready in time for the busy moving season when tenants and home buyers are looking for their next move, but have fewer choices due to limited inventory. Watch the video below to find out more stats about DC's housing market.
Are you ready for your next investment? Let us know in the comments below!