Sellers Guide to Listing your Maryland Home this Summer
Here are 4 Reasons to Sell your Home this Summer in Maryland
Below are four compelling reasons listing your home for sale this summer makes sense. Give Skip Young Realtor® a Call and lets get a CMA going so we can find the value in your home. Make sure it makes sense to sell your home.
1.Demand of Buyers Is Strong in Maryland
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.
Take advantage of the Maryland buyer’s activity currently in the market.
2.There Is Less Competition Now So ask your price in Maryland
Housing inventory is still under the 6-month supply in you community in Maryland that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the Anne Arundel, Calvert, Charles, Saint Mary’s, Prince George’s Counties.
Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
Many homeowners were reluctant to list their home over the last couple years, for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell. Sell now in Maryland while interest Rates are low.
3.Either Way, You Are Paying a Mortgage
Some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
Are you ready to put your housing cost to work for you?
4.It’s Time to Move on with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait?
Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Do You Know the Cost of Waiting to Buy a Home in Maryland?
CoreLogic recently shared that national home prices have increased by 3.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.
Selling your home in Maryland, you will be most concerned about ‘short-term price’ – where Maryland home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 4.8% over the next 12 months.
What Does This Mean as a First Time Maryland Homebuyer?
If Maryland home prices appreciate by the 4.8% predicted by CoreLogic over the next 12 months, here is a simple demonstration of the impact an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today.
|Monthly||Annually||Over 30 Years|
If buying a Investment, First Time Maryland Homebuyer or buying a Maryland Luxury home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the term of your loan.
2 Factors to Watch in Today’s Maryland Real Estate Market
When it comes to buying or selling a Maryland home there are many factors you should consider. Hiring the right Realtor, Skip Young of eXp Realty can help you figure out here you want to live, why you want to buy or sell, and who will help you along your journey are just some of those factors. When it comes to today’s real estate market, though, the top two factors to consider are what’s happening with interest rates & inventory.
Mortgage interest rates were on the rise for the majority of 2018, before slowing to where they are now, around 4.3% per Freddie Mac’s Primary Mortgage Market Survey.
The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.
Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.
The chart below demonstrates the impact rising interest rates would have if you planned to purchase a $400,000 home while keeping your principal and interest payments between
$1,800-$1,900 a month.
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be closer to 4.6% by the end of next year.
“Homeownership in Maryland appears to help borrowers accumulate housing and non-housing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built-in ‘default’ savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity.” Laurie S. Goodman & Christopher Mayer Urban Land Institute
My other Specialty as a Military Veteran Housing Certified Realtor® – with Reviews is working with our Active Duty Military and their families. I have an understanding of what its like to PCS to one of the bases near me. These Military installations would include Marine Barracks Joint Base Anacostia-Bolling PSD Washington, DC Washington Navy Yard USCG Headquarters Visitor Entrance the United States NavyNavy Band US Army National Guard Armory American Military Society Navy Lodge US Naval Reserve Readiness Military Naval & Air AttacheWashington DC Police Department Air Supply US Coast Guard Headquarters Joint Anacostia-Bolling AFB Department of NavyFort George G. Meade Naval Support Facility Indian Head Joint Base Andrews Coast Guard Yard US Air Force Civil Air Patrol NAVAIR Maryland Military Department Naval Surface Warfare Center Army National Guard Recruiter US Army Reserve Center Naval Air Station Patuxent River Welcome to the Fort Belvoir Air Force United States Department Joint Base Andrews, MD.
Using my knowledge of how important it is that anytime a conflict can occur and the speed that the Military has in deployment means you need someone that understands how to handle your Rental Lease, your home purchase when you return home. All of these situations I use modern technology to communicate to find the right home in Waldorf MD. Skip Young Realtor is Certified to Relocate the Military. I assist in understanding VA loans and the VA loan process. Including purchasing amounts and conditions of the home to purchase. I generally try to find homes that will bring a monetary return on their investment so you can transfer the equity earned will at your duty station to your next duty station. It’s about helping you understand how to create wealth in Real Estate during your Military Career.
The Fort Meade, Andrews Air force Base and Patuxent Naval Base MD area is a great place to live and raise your children! For more information, please give me a ring at 301-337-1999 or email [email protected]today. I would love the opportunity to earn your Real Estate business and partner with you in regards to your Real Estate Purchase or Sale.
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