Rockville Reflects Positive National Real Estate Trends
Northrop: ICC and redevelopment are drawing buyers to Rockville.
February sales of existing U.S. homes were down after positive January figures, but remain well above where they were a year ago, the National Association of Realtors reported last week.
Home sales in Maryland were 2.4 percent higher than a year ago.
Gov. Martin O’Malley called the new data “an important milestone in Maryland’s economic recovery.”
In a statement released Thursday, O’Malley (D) touted state reforms aimed at helping homeowners to avoid foreclosure.
“In Maryland, we’ve focused on comprehensive reforms to help our neighbors keep their homes, and making homeownership attainable for more residents through initiatives like the Maryland Mortgage Program,” O’Malley said. “But we are not out of the woods, while we drove down foreclosure filings last year to their lowest level in four years, bank Notices of Intent to foreclose are on the rise.”
Rockville Patch checked in with Creig Northrop of The Creig Northrop Team of Long & Foster Real Estate for a real estate agent's perspective on the positive housing numbers:
Rockville Patch: Are you seeing these upward trends reflected in the Rockville market?
Creig Northrop: Absolutely! We are seeing limited inventory for the first time in four years, which is creating a larger demand for homes in the Rockville and Montgomery County market. For homeowners looking to sell, now is a great time to list because of a lack of competition.
RP: What other trends are you seeing specific to Rockville/Montgomery County?
CN: The Intercounty Connector has opened up the doorway for buyers looking to move into Montgomery County because of the access that it provides to the county with less traffic concerns. In addition, Rockville is doing more city redevelopment to create a more walkable and livable city.
RP: To what do you attribute these trends?
CN: First would be supply and demand, and second would be the buyers want and need for a larger sense of community, with amenities within close proximity of where they live. Also the record-low interest rates and the fact that it is an election year also contribute to these trends.
RP: To what extent has the state's mortgage program mentioned by Gov. O'Malley contributed to the state of Maryland's housing market?
CN: It certainly helps and keeps potential buyers aware that the government is trying to support home buying and home ownership.
RP: Have other initiatives instituted by the governor and/or General Assembly played a role in the market's recovery?
CN: Everything plays a role, including low interest rates. Also, if the government can work with current homeowners to remain in their homes we can keep foreclosures off the market, keeping it healthy.
RP: Is there more that can be done by legislators or others to put or keep the market on the right path?
CN: The government should leave the Mortgage Interest Deduction untouched so that real estate remains an affordable investment.