Baltimore and Harford Counties Market Update January 2013

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The spring market in real estate is well under way and we are seeing lots of activity to show for it! As expected, things are picking up and we are very busy as a result. Buyers are out there, eager to lock in the still very low interest rates and with decreased inventory levels the better homes are going fast!

In terms of the number of homes available on the market for sale, we are reporting a 15% decline, with a good portion of the homes for sale being foreclosures. We are still dealing with the challenges of having about one fifth of our inventory being short sales.

As a buyer, keep in mind that this will be a test of your patience. Since despite getting some great deals on bank-owned and short sale homes, the process will inevitably take anywhere from two to four months at least, to get responses back from the banks.

The good news is that the distressed properties for sale are largely in good condition, with banks and owners doing much to prepare them with fresh paint, new flooring and other remodel or renovation done. Not only does this help our property values in the area in general but also it helps to steer the marketplace and drive activity.

If you’re considering buying a home – we strongly suggest that you act fact. With inventory levels dwindling fast and the market picking up the pace, you will find more and more buying competition as the season goes on.

It’s also a great time to sell your home with so many buyers out there looking to make an offer in time for the warmer months of the year.

As always, we welcome your calls or email and look forward to assisting you with your real estate needs!