Here’s a quick update on what’s happening in our market area.
Inventory is still very tight in our marketplace. Last year, we had about 2,200 units available—that’s down by 60% in Baltimore and Harford counties.
Interest rates are currently at all-time lows. That’s great for buyers who, after spending much more time at home than ever before due to COVID, are finding that they need more space. Upgrading to a larger home is more affordable with these low rates.
“Contingent offers will be tough to get accepted.”
However, in this market, buying a home is more challenging than selling one, so be sure to reach out to an experienced agent to help you navigate the market. Also determine how much equity you have in your current home, which could be taken out to use for your next home purchase. Bear in mind that contingent offers will be tough to get accepted.
If you need help to come up with a strategy for finding a new home, reach out to us. We’d be happy to help you get to the finish line.
