As the Spring Real Estate market heats up in Maryland, we are seeing signs of a strong seller’s market. There are fewer houses available than there are people who want to buy them. In many cases, houses are hitting the market and receiving multiple offers in the first few days listed. For the first time in years, sellers are dictating the terms of the sale. This is a noticeable shift from the buyer’s market we have seen since the mortgage meltdown of 2008.
So, what does this mean for want to be homeowners? Stephen Cooper, a realtor in Baltimore, says that buyers need to do their homework and come prepared. “They need to be thoroughly pre-approved by their mortgage company and be ready to make an offer when they find the right house,” says Cooper. “If the house shows well, they will likely be up against at least one other contract so they will need to make their very best offer upfront. If they are looking for a deal or to negotiate, they might not get the chance.”
For some, this may seem like discouraging news for home buyers. But not everyone thinks so. “I disagree,” says George Kennedy, a mortgage banker with Primary Residential. “This is a good sign for the entire real estate market, including buyers. If we are in a seller’s market, then prices are rising. This means buyers will be investing in an appreciating asset…even if they pay full price now. With rates remaining near historic lows and prices on the rise, this is a great time to buy!”
There is one thing that both realtor and lender can agree on, “This is a very busy real estate market right now!”