Silver Spring Real Estate Market Forecast 2023

Silver Spring Real Estate Market Forecast 2023

Maryland is a beautiful state that has always drawn prospective homebuyers, especially in areas like Silver Spring, a suburb of Washington, D.C. Investors find Silver Spring worth their attention, whether looking to buy, sell, or improve their homes. With a growing population and sophisticated arts, entertainment, and food, Silver Spring has become a prime destination for families and young professionals.

Knowing the market will help you determine what steps to take next, no matter what your real estate goals are for the year. Understanding real estate market trends can be crucial for investors, and putting together a timeline of future real estate goals requires seeing the complete picture. Here are trends we’ve observed in Silver Spring.

Where the market stands today

Throughout the nation, the real estate market has favored sellers in recent years. Inventory was low, prices climbed, and motivated buyers saturated the market. While most real estate market forecasts predict a slowdown, don’t expect a quick switch to a buyer’s market. Look instead for a gradual reversal signaled by telltale signs like interest rates and days on the market.

Recent market reports in Montgomery County, Md., indicate a slight cooling of the local real estate market. Inventory was up almost 50% from December 2022, while closed sales decreased by about 32%. At the same time, days on the month closely mirrored the five-year average for January — a sign of the local market’s stability.

Even amid gradual change, it pays to work with an informed real estate agent. They can advise you on adjusting your investment strategy as the market changes. For example, a quality agent can prepare your assets while preparing you for the prospect of selling property. That way, when the ideal time to sell arrives, you’ll be ready to capitalize on the latest market conditions.

Like many other locations around the state, the Silver Spring housing market has followed trends nationwide. However, the real estate market has always been affected by unpredictable factors, so while it is helpful to keep trends in mind, remember to listen to your instincts about what is suitable for your properties. Whether you’re a first-time investor or a practiced hand, agents like ours at Argent Realty can serve as sounding boards and second opinions.

How to approach the market

Considering the slowing of the market and the cost of living in Silver Spring, you may be interested in real estate projects that do not require selling your current properties. However, there is nothing wrong with selling property in a slower market. The best agents can evaluate the whole picture and tailor your investment strategy to your preferred level of risk.

For example, one commonly accepted factor for the market slowdown is the rise in mortgage rates. They are expected to continue climbing, meaning there should be less competition for houses listed on the market.

When you ask an agent where the market is headed, their answer should be specific to you. Your realtor will be able to tell you about the market from the perspective of someone working within it every day. They are seeing the real estate trends firsthand and will have expert insight about how to approach real estate projects (and when, exactly, is the right time to act). Hearing a new perspective on Silver Spring real estate could help you determine what you want to do.

Ways to make the market work for you

Due to the increasingly rising interest rates, many buyers are either unable to buy or are hesitant about buying. By buying up properties yourself, you can flip or rent them as is — and increase your investments — especially if your rental prices are competitive compared to other rentals in the area. Prospective buyers will find you, and you can easily see a return on your investment.

Moreover, if you need any specific services to fix up a property, your realtor can give you a list of recommendations to save you time. Prospective buyers are most interested in updated appliances, open floor plans, and storage space. After getting the property to the condition you want, you will be all set and ready to go.

Similarly, you could look at vacant commercial buildings and renovate them to rent. Per PropertyShark, Silver Spring has several dozen commercial real estate listings. If the building has multiple stories, you could renovate the first floor to be used by a business and update the upper floors to be luxury apartments. Your real estate agent will be able to assist you in your search for properties and advise you on the best neighborhoods to be looking at to cash in on your investments.

If you are not currently looking to invest and are instead looking to buy or sell in the coming months, that will also work fine. As experts in analyzing the market, real estate agents are prepared to assist clients regardless of the market. Just as they know the best areas for investment properties, they will use their expertise to find you the home you are looking for and help you beat out all the other offers. If they are helping you sell, they will advise you on how to come up with the best list price and professionally market your home to ensure it sells fast.

The best realtor for you

Argent Realty is a group of real estate professionals who thrive on assisting their clients with all their real estate needs. To us, real estate is not just a profession — it is a passion. We bring their years of experience, professionalism, and work ethic to every transaction to ensure you are always served. Reach us anytime to discuss your investment goals.

*Header photo courtesy Argent Realty

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