The Maryland Association of Realtors just crunched the numbers and showed steady gains in home prices as we break into Spring (or is it already Spring? This weather can't decide!). Read the article HERE.
Home sales leveled off the past month but prices increased. This is a classic supply and demand situation we are in right now. There is VERY limited inventory and MANY MANY buyers out looking. If you're hoping to sell DON'T WAIT for Spring! Get in now while there is little competition. Most buyers I work with are more than willing to lock down a home and allow the seller to rent the property back to give them more time to move. On the selling side, my clients are experiencing bidding wars and higher-than-anticipated sales prices. Your home doesn't even need to be in perfect condition to go on the market! Buyers love a fixer-upper and so do investors.
Buyers- don't think waiting until Spring when there is more inventory is going to make it easier on your either. There are many other people thinking the same thing and there will still not be enough inventory to go around. Interest rates are going up. It's going to get more expensive to purchase, so get in as soon as you can and start building that equity! Just for comparison, a $250,000 home last March is going to cost you closer to $265,000 this March. These increases have been steady for over a year and a half and we don't anticipate them slowing down anytime soon.
Let's build a plan together to get you into a new home before Summer! Contact me today.