Real Estate Market Update with Emerick Peace.
Many experts and analysts had varying projections for the housing market, with the election dates around the corner and the COVID-19 pandemic persistence continuing. However, the real estate market still has remained unbowed. The 2020 real estate market continues to give Americans the hope of a full recovery of the economy.
To keep you up to date with what’s happening in the real estate market, I hosted Emerick Peace on my Real Estate Market Update Show on The Power Is Now Online T.V. Network. Emerick is an extraordinary real estate professional who covers Prince Georgia, Maryland, and also Washington D.C. Emerick is also the Operating Partner and owner of Keller Williams Preferred Properties (KWPP), which is a multi-billion dollar residential, luxury, and commercial real estate sales brokerage with more than 570 associates located in Upper Marlboro, Maryland. Emerick is also a VIP Agent with The Power Is Now.
Maryland and Washington D.C. Market Update with Emerick Peace.
Currently, Maryland housing is a blazing hot market. And like all other markets across the U.S., the Maryland housing market is also experiencing low housing inventory. “I do know that we don’t have enough houses on the markets between Prince Georgia County and Washington D.C. combined,” Emerick said. “If you average it, it’s like 1.7 months of inventory.” This means that Prince Georgia and Washington D.C. real estate markets are all seller’s markets.
According to Emerick, both Prince Georgia and Washington D.C. markets are currently hot markets. “We can’t say one over the other. Because they’re tied and they’re separate,” Emerick said.
The Washington D.C. average housing price is at $740,000, while the average sales price in Prince Georgia County is $346,000.
According to Emerick, one of the good things about Prince Georgia’s County is that it’s a government-based economy. “Since it’s a government-based economy, you remain employed as long as you pay your taxes,” he states.
Standards of living.
Moreover, both Prince Georgia’s County and Washington D.C. markets have the same living standards and almost the same population. However, the housing costs in both areas have huge differences. “A person who stays in Washington D.C. pay housing expenses that almost double that of Prince Georgia’s county,” Emerick says. “However, the same people make the same income.”
Demographics in Prince Georgia’s County and Washington D.C.
In terms of demographics, Washington D.C. used to be referred to as the ‘Chocolate City,’ which means the population of African-Americans compared with Whites was almost 50/50. But not that has changed over the past few years “because of gentrification.”
“The White population is increasing dramatically in Washington D.C., because there’s so much opportunity,” Emerick says.
In terms of income, the disparity in Prince Georgia’s County is not so huge because the population is highly educated, both the African-Americans and the Whites. The Black population in Prince Georgia’s County with a college degree is right above 40% of the county’s whole Black population.
Moreover, the unemployment rate in Washington D.C. is 9%, while in Prince Georgia’s County, the rate is 9.9%. But if you take the entire unemployment rate for the whole Washington D.C. Metropolitan area, it’s at 3.3%. “If you look at those numbers and you’re talking about economic power, that’s the reason this area is so strong,” Emerick states.
In the headlines, there’s an issue with the number of condo units being built in Washington, D.C. So many condo units have been built in Washington, D.C., with not enough parking spaces, and the prices are beginning to top out because “the market is getting saturated with the condo units.”
In Prince Georgia’s County, there are not enough housing units available. This has been attributed to the government restrictions on development, which encourage the development of single family units, and not big condos.
Conclusively, Emerick advises that deciding when to buy or sell a house is an individual decision that should be determined by one’s five-year goal, and where they want to be financially and physically. However, if you don’t own real estate, there’s no better time than now “to buy a good piece of real estate.” Generally, there’s no better time to buy and sell a good piece of real estate rather than now.
For more information about the Maryland and Washington D.C. real estate markets, you can reach out to Emerick Peace here.
The Power Is Now continues to keep you updated with the latest news in the real estate market. We strive to advocate homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. In this regard, we have a team of professional realtors— VIP Agents stationed across the U.S. to help you with anything you need in attaining your homeownership dreams. You can get in touch with the VIP Agents at https://thepowerisnow.com/vipagentsservices/. If you can’t find an agent from your area, you can contact me directly for a referral. Also, ensure you stay updated with any developing real estate market news by regularly checking our blog page at https://thepowerisnow.com/blog/. You can also set up an appointment to speak directly to me at https://calendly.com/thepowerisnow/ericfrazier.
Disclaimer: The views and opinions of Eric Lawrence Frazier are his own and do not necessarily represent First Bank or any organization affiliated with Eric Lawrence Frazier, or the Power Is Now Media Inc. First Bank is an Equal Credit Opportunity Lender. Eric Lawrence Frazier, MBA, is also a Vice President and Mortgage Advisor with First Bank. NMLS#461807 and a California Licensed Real Estate Broker DRE# 01143482. Email: Eric.email@example.com. Ph: 714- 475-8629.
Eric Lawrence Frazier MBA
President and CEO
The Power Is Now Media Inc.