Even though the world is dealing with a global pandemic, the Real Estate Market is fairing above average in the United States, especially for those homeowners who put their homes on the market. According to CoreLogic, on a national level, homes prices have risen 4.8% compared to home prices a little over a year ago. The National Association of Realtors (NAR) announced in their May 2020 publication that the national average home sale price is $ $368,800. On a local level, Maryland home sale prices are very similar to the national average. May 2020 home sale prices showed an average of $365,945 which is very close to the national average.
What is causing the increase in prices?
There is a major shortage of homes to purchase on the market.Maryland Association of Realtors (MAR) reported the number of homes for sale in Maryland is down 34.2% on average as compared to this time last year. The significant decrease in the number of homes for sale has cause a frenzy among individuals searching for a home to purchase here in Maryland. Home buyers are experiencing bidding wars, removing contract contingencies, and racing to see homes within hours of coming onto the market. Even more shocking, home buyers are submitting up 8 or 9 offers before finally having a seller accept their offer.
Should Sellers wait another year before selling their home?
Short answer: NO!
Waiting a year or even a few months could be a costly financial decision that impacts homeowners who wait to sell their home. Homeowners have begun to take notice about how amazing the housing market is performing. Market forecasts indicate a slowing market at the end of 2020, which could negatively impact profit homeowners would have earned if they sold this summer.
Several conditions are currently in place to make this the right time for homeowners to capitalize on the housing market:
- Housing Shortage
- Historically Low Interest Rates
- Increased Buyer Demand
- Quick turn around Settlement Dates
Now is the time to sell. If you have thought about “upsizing” your current home, retiring and relocating, or moving to another community, why wouldn’t you capitalize on the housing market conditions?
Click on the image for a FREE Home Valuation or contact our Team directly at 410-384-4800. Capitalize on today’s market and avoid a costly mistake.