There's a good reason why nearly 70,000 people are living in the small city of Rockville, MD. In addition to its picturesque setting, great schools, and vibrant shopping scene, Rockville is also great for accessing different parts of the East Coast.
Perhaps that's why real estate investors have been flocking to the city lately. If you're considering investing in Rockville property, you must stay up-to-date on the latest trends and developments.
That's why we made this guide to give you a breakdown of the latest real estate news out of the city. That way, you can make an informed buying decision before you invest.
If You're Buying You'll Likely Pay Above Asking Price
Over the past few years, it seems the entire country has been in a seller's market. The good news is that depending on where you are that might be starting to change.
The bad news is that Rockville is very much still a sellers market. Because of the limited supply of housing, many owners are charging above the asking price on their properties.
No obviously if you're a homeowner in Rockville this is good news. However, for investors, it's likely something you will need to account for in your deals.
Houses Don't Stay on the Market Long
If you find a real estate deal in Rockville that you like, don't wait on it. Any real estate listing in the area is jumped on quickly. In most cases, homes only stay on the real estate market for thirteen days.
So make sure that you're continually refreshing potential listings or you might miss a good one.
People Are Moving to Rockville From New York
People move to Rockville, MD from all over the East Coast, and sometimes even California. That being said, lately there's been a huge influx of movers coming down from New York City.
This is an important trend to note if you're an apartment real estate investor. Not only will there be no shortage of renters for your rental property, but they'll also likely be more willing to pay higher rents. It's a win-win for investors in terms of rental income and short turnover rates.
How a Property Manager Can Help You
If you're interested in buying investment properties in Rockville, there are a lot of reasons you should hire a property manager. For starters, they can help you find some great properties within the city.
Then, once you close the deal they'll take over all the managing when it comes to renting out the space.
The main reason investors choose property management companies is so they can free up their schedule to focus on other deals.
Need Help Staying On Top of Real Estate News?
We hope this guide helped you learn more about the current real estate news in Rockville, MD. Here at PMI Maryland Solutions, we're devoted to helping you with all your property needs.
Whether you're an investor looking for someone to manage their investment properties, or a family looking to buy a home, we can help you. So get in touch with us today and we'll help make your life easier.
