If you’ve talked with a Realtor over the last couple of months, you surely would have heard the phrase “low inventory”. With an increase of buyers (particularly first-time home buyers), demand has increased and there hasn’t been a corresponding new swell of inventory to meet that demand. As a result, houses are staying on the market for shorter time frames and Sellers are more commonly choosing between many competing offers.
Maryland Housing Statistics – On the Way to Recovery?
By looking at the Maryland Association of Realtors’ Statistics for March, many key counties have had significant increases in their median & average home prices – particularly Montgomery, Prince George’s, Frederick, Baltimore and Anne Arundel counties. Also of note is that each county has seen a decrease in months of inventory, making for a more crowded marketplace for buyers.
Buying a Home in This Changing Marketplace
Buyers should be aware of these changes as they search for their home. Every neighborhood or individual home is different, but the overall trend is clear: for the first time in years we may be in Seller’s market. Potential buyers of ready-to-move-in homes in desirable markets should be ready to have their financing options in order, bring a strong offer and be ready to view the home in a short amount of time before it is snatched up by another buyer.
Time to Sell?
Many homeowners have hunkered down in the face of a declining market, but might find themselves ready to sell in a shorter amount of time than originally planned. As this market develops, and pending contracts close at higher values that means great news for home values which depend upon strong comparables to set the tone for the future market place. When evaluating the effect of home sales in your area it is important to compare truly similar houses based upon size, construction, number of rooms – and not read too much into peripheral features such as light fixtures, landscaping and/or other accessories which are great for curb appeal but don’t contribute much to the bottomline of a house. Even better, talk with a quality Realtor who can do a market analysis to best determine your market value.