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I’ve recently been bombarded with questions about our local real estate market here in Maryland. I’ll try to answer all of them for you right here.
1. Are we in a buyer’s market or a seller’s market? The correct answer is neither. This market is neutral because we have a good supply of homes. Our inventory is at a six month supply, which is classified as a neutral market. There are plenty of homes available for buyers right now.
2. How is inventory affecting the value of homes? If inventory goes up, prices will go down. If inventory falls, then prices will rise. This is a simple function of supply and demand.
3. How are interest rates right now? They’re still historically low at 3.5% to 4%. If you’re looking to buy a home, you can get a phenomenal deal right now.
Whether you’re looking to buy or sell, it’s a great time to enter the Maryland real estate market. Contact my team and we can consult with you and find a way for you to take advantage of current market conditions.
