With both Waldorf MD home prices and mortgage rates increasing this year, many are concerned about a family’s ability to purchase a major part of the American Dream – its own a Waldorf MD home. However, if we compare Southern Maryland housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than most believe.
In Black Knight’s latest monthly Mortgage Monitor, they revealed that in the vast majority of the country, it is actually more affordable to purchase a Waldorf MD home today than it was between 1995 to 2003 when looking at mortgage payments (determined by price and interest rate) as compared to incomes. Charles County Home prices are up compared to 1995-2003, but mortgage rates are still much lower now than at that time. Today, they stand at about 4.5%. Here are the average mortgage rates for each of the years mentioned:
- 1995 – 7.93%
- 1996 – 7.81%
- 1997 – 7.6%
- 1998 – 6.94%
- 1999 – 7.44%
- 2000 – 8.05%
- 2001 – 6.97%
- 2002 – 6.54%
- 2003 – 5.83%
On the other hand, wages have risen over the last twenty years.
Black Knight’s research revealed that, when comparing “the share of median income required to buy the median-priced home” today, to the average between 1995 to 2003, it is currently more affordable to purchase a home in 44 of 50 states.
Here is a state map of the percentage change in the price-to-payment ratio. Positive numbers indicate that it is less affordable to buy a Waldorf MD House while negative numbers indicate that it is more affordable. If you take a look at Real Estate in the State of MD, you will see that our area of Southern Maryland and Waldorf MD has decreased by -1.8%. Meaning that Homes for Sale in Waldorf MD and in Counties like Anne Arundel, Charles County, Calvert County, Prince Georges and St. Mary’s County.
Whether you are moving to the Waldorf MD and looking for the home of your dreams or purchasing your Waldorf MD first house, it is a great time to buy a house in Waldorf MD when looking at historic affordability data. You always have the choice of Buying a New Home from Caruso Homes. Whether its in one of our many communities or buying from the On Your Lot division. We here at Caruso Homes will build one of our community homes in the Waldorf MD area. We have several homes on the market now for you to purchase. Please contact Skip Young Real Estate from Re/max 100 to find out more details.
If you are planning on buying and/or selling a Waldorf MD home this year, let Waldorf MD Relator Skip Young get together to help you navigate the conditions in our Southern Maryland market and set you up for success. Covering Charles County, St. Mary’s County, Anne Arundel County, Prince Georges County and Calvert County.
3055 Mill Hill Road Waldorf, MD 20603 $392,400
If you are looking to Buy a Home in Southern Maryland, hire a Southern Maryland Realtor to help you find the Home you are looking for. In either Charles County, St. Mary’s County, Prince Georges County, Calvert County or Anne Arundel County, Finding and Hiring a local Realtor will help you find the right home for the right price. If its New Construction you need, your local Maryland Realtor can help you find the right Community or even find the right On Your Lot with Caruso Homes to build your Luxury Dream Home. What is your house value. Home value comes from the sales of other properties in your community that have sold over the last 6 months. When your house is prepared to go on the market, the value is calculated by Bedrooms, Bathrooms, Square Footage, Garage and Basement. Location also plays a part in the value of your home. If your in a good location, close to shopping, in a great school district, this will attract more potential buyers to your home. Making the home value much higher and also opening up the possibility of selling your home much faster. Taking also into the factor that when buying a New Luxury home from Caruso Home – On Your Lot, you have the opportunity to get your new home built for less than regular market value. Always give New Construction of your purchase a chance to see if you have the 7 – 9 months of build time. Caruso Homes also has communities all around Maryland that have homes that are 30 – 45 days out for you to purchase as well. Buying new will give you the value and equity to grow in your investment.
Please leave a message below and I will return your homes valuation, time to sell on the market and any other information on your neighborhood statistics.
Skip Young Realtor
is rated 5 stars on Google based on 3 reviews
04/10/2018 – williamrichmondinc
Sold a Single Family home in 2010 in Mechanicsville, MD.
- Local knowledge:
- Process expertise:
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I tried unsuccessfully for four years to sell my home in Mechanicsville. Two different real estate companies declined to renew my listing. Thank goodness for Skip Young. He never gave up and never made any excuses – and this was at a time when the real estate market was at it’s absolute worst. We had some offers that fell through at the last minute. Skip never wavered. His attitude was always positive. Thanks to Skip’s tenacity and professionalism my house sold and I got the fresh start I needed. Thank you Skip.
|2004 Rookie of the Year Southern Maryland|
10665 Stanhaven Place Suite 300
White Plains, MD 20695
Mon-Sat 8am – 6pm
Skip Young | Caruso Homes | On Your Lot Division
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Infographic by KCM Crew
Buying or Selling Real Estate in Maryland, Servicing these area’s.
Bowie, Waldorf, Coltons Point, Bryantown, Barstow, Solomons, Mechanicsville, Fort Washington, Brandywine, Oxon Hill, Annapolis, Aquasco, Dameron, Welcome, Cobb Island, Helen, Issue, Lexington Park, Hughesville, Lusby, Lothian, Temple Hills, Morganza, Callaway, Cheltenham, Piney Point, Port Tobacco, Bel Alton, Faulkner, White Plains, Pomfret, Benedict, Huntingtown, Marbury, Churchton, Greenbelt, Edgewater, Dowell, Port Republic, Ridge, Scotland, Clinton, Hollywood, Saint Inigoes, Prince Frederick, Bushwood, Tall Timbers, Odenton, Clements, Bryans Road, Valley Lee, Chesapeake Beach, Broomes Island, Leonardtown, Patuxent River, Saint Marys City, North Beach, Rock Point, California, Saint Leonard, Indian Head, Gambrills, Davidsonville, Crofton, Chaptico, La Plata, Mayo, Charlotte Hall, West River, Dunkirk, Deale, Abell, Owings, Nanjemoy, Park Hall, Harwood, Compton, Great Mills, Ironsides, Loveville, Sunderland, Tracys Landing, Mount Victoria, Drayden, Shady Side, Avenue
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which eXp Realty participates, and is provided by BRIGHT through a licensing agreement. Real estate listings held by brokerage firms other than eXp Realty are marked with the IDX icon, and detailed information about each listing includes the name of the listing broker. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. Home sale information is not to be construed as an appraisal and may not be used as such for any purpose. BRIGHT MLS is a provider of this home sale information and has compiled content from various sources. Some properties represented may not have actually sold due to reporting errors. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Information Deemed Reliable But Not Guaranteed.
August 10th, 2019
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