Often, buyer's ask me if there is an ideal time of the year to buy real estate in Ocean City MD. Some buyers are curious to know whether certain times in the year open up better opportunities for a deal in the market. Buyers that want to buy an Ocean City MD vacation rental want to prepare the best rental income strategy.
In this article, I'll answer this frequently asked question, so you can prepare yourself for the ideal time to invest in Ocean City, MD real estate.
Ocean City, MD is a resort real estate market, so most of our visitors come during the summer months. If you're looking to be strategic with your purchase, there are times in the year that are more ideal depending on your intentions for your investment property.
If you're looking to buy an Ocean City MD vacation rental property, your rental income will depend on the summer season.
However, not all Ocean City MD real estate for sale have existing vacation rental income. If you buy a condo in mid-late spring, you may not have enough time to secure the maximum rental potential for the upcoming summer seasons.
However, if a condo for sale has existing rental income, the buyer will be obligated to honor the existing rentals, which will give you instant profit after your purchase.
If you buy in the fall, you'll have the most time to maximize rentals. Vacationers begin booking for rentals primarily starting in October. October and November is the busiest time in the fall for securing rentals for the next summer season. Your next surge of rental bookings will start in mid-Feburary.
Buying a condo in the summer can have its limitations. If a condo for sale is currently in a rental program, buyers may have a limited timeframe to see property. If a condo is rented for week, you'll only be able to see it during the turnover, or the period between check out and check in, which is typically about a 3-4 hour period.
Related Article: Looking to buy a Ocean City MD Vacation Rental Property? Read my article, "What Properties Make the Best Ocean City MD Vacation Rentals?"
New listings are always hitting the market. However, the spring and fall bring the most new listings in Ocean City. The biggest surge of sales take place in the fall after the summer rush. Many buyers start their search in the spring and summer. If a buyer does find the perfect condo or home for sale in Ocean City, they'll end up buying in the fall.
From Mid November to January, we slow down due to the holidays. This is a period that properties will end up sitting on the market and showings decrease. As a buyer, you could have more leverage to negotiate with a motivated seller. Just because this time of the year slows down, it's not the only time to secure deals.
If you're not working with an Ocean City, MD real estate agent yet, you should start! Searching real estate in Ocean City, MD online is a helpful tool, but if you want to make your search more beneficial, you'll want to collaborate your ideas and goals with a local real estate agent.
It's never too early to speak with an agent. If fact, most of my buyers start looking 6 months to a year before buying a home or condo.
When you think owning a property at the beach is far from reach, I can help shed some light on your options. Plus, I can get you started with my Listing Alerts for Ocean City, MD Real Estate.