Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housing markets. Local real estate agents, loan officers and appraisers share what characteristics are currently defining their market.
Mynor Herrera is personally acquainted with escalating housing demand in the DMV (District of Columbia/Maryland/Virginia) area. “I just overpaid for a house on the water by $50,000,” said Herrera of Mynor & Associates in Bethesda. “There is tight inventory, prices soaring, and multiple bids on everything.” Last summer, Herrera said, he enjoyed a “noticeable uptick” in business as white-collar professionals in D.C. were “buying second homes like candy” in the Maryland eastern shore area. “We had people moving away from the city, when the commute was no longer an issue,” Herrera said. But in the last few months, Mynor & Associates, which is a Keller Williams-affiliated franchisee, has struggled to maintain a desired volume. “Listings,” Herrera said, “are at a premium.”