Millennials are driving the real estate market, evidenced by the abundance of homes selling in the $400,000-600,000 range. No surprise, as for over 10 years now, D.C.’s population has grown by about a 1,000 a month and Montgomery County added 10,500 residents last year alone.
Millennials are either searching for a DC community that is in transition such as Bloomingdale, Eckington, Riggs Park, Trinidad and Ivy City, or they are moving to the likes of Silver Spring. The key criteria is easy access to the Metro, along with not having to spend money updating a home.
To that end, noticeably across the metro area, there seem to be more investors purchasing property to renovate, improve and sell, otherwise known as house flipping. What we’re seeing are nicely done homes with new plumbing and electrical systems, wood floors, fresh paint, kitchens and bathrooms that look like a page out of “Architectural Digest,” some even going so far as to change structural components of a house to make it a much more livable space.
For homebuyers looking at a flipped home, you need to be knowledgeable about what you are purchasing and look deep. Work with a real estate agent and a home inspector who will know the history of the home, quality of renovation products, and can assess value and future appreciation. Find out from the listing agent who the builder is, how many projects they’ve done, and if permits were required and pulled for work performed.
The win-win part for us is that it is beneficial for our communities. Drive around and you’ll see the transformation that is occurring throughout Silver Spring.
Melinda Schnare is a real estate agent with Real Living at Home (RLAH)
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