Mar
17
Ask an Expert… The Opportunities of the Maryland Real Estate market
Posted by reneekesh1 under For Buyers, General Information
Maryland’s Real Estate OpportunitiesSo often in today™s market I am asked œAll I hear is how real estate prices are dropping. It™s all over the news, in the papers and everywhere I look. Why would I want to buy now when I™ll be able to get a better deal when the market has settled?
It is true real estate prices have declined slightly nationwide during the last few years; this is after an increase of 80 percent plus during the last 8 years. In fact, according to the NATIONAL ASSOCIATION OF REALTORS, 2007 was the fifth best year in history of real estate in the
United States.
Even if home prices continue to decline over the short term, you are still likely to come out ahead if you live in your home for five or more years. Historically, housing prices have risen about six percent per year, according to NAR. Keep in mind, the Baltimore/ Washington/
Northern Virginia areas are not typical of the national housing statistics. Another big reason to buy now is interest rates are still near historic lows. As oil prices, energy costs, cost of living and other rising costs push up inflation, it is expected interest rates will probably go up too. In the end, this can make your monthly payment higher and affect how much home you could buy. The combination of low interest rates, Buyer friendly loan programs (FHA, VA, CDA, Nehemiah, More Homes for Less, Anne Arundel County Key Choices, etc.) and an abundance of inventory¦ this is a great recipe for an opportune time to buy a home.
Lastly, there is a big inventory of houses to choose from right now. Five years ago, Buyers would buy any home they could instead of taking the chance of not having a home at all. At that time, Sellers were in control of the pricing and terms. Buyers had no leverage to ask for concessions, repairs and even inspections. Buyers were forced to abandon FHA and VA Financing. Now, you have the option of more time and bigger choice so you™ll get the best home for you. Further, you have the advantage of choosing from many œsafe loan options instead of risky loans of the past such as interest only, 103% financing, arms, etc. Now, more and more Sellers are willing to accommodate to fit YOUR needs. Sellers are willing to entertain FHA and VA Buyers.
Homes are repaired and updated to make it more appealing or move in ready for potential purchasers. More and more Sellers are trying to entice buyers. Due to the large inventory, you™re in a better position to negotiate a price discount and terms with the Seller than you will be when the market begins to strengthen.
Why wait until we are in another Seller™s market? Take advantage of the discount properties, various loan options that protect YOUR interest now and in the future and the terrific selection of homes to pick and choose from. Who knows? Maybe if you purchase a home now, when the market does œstabilize you may be in a better position to sell than those of today™s market?
For more information on the Homes currently listed in the
Anne
Arundel
County and surrounding areas, contact me for a Free List of HUD homes, Foreclosures, short sales or bank owned properties as well as traditional resale homes. No matter if you are a Maryland First Time Home Buyers or trading up, let me help you find your next home.
For More information on loan programs please contact Mike Haeffner at 410.375.3868. Mike Haeffner can assist you with FHA, VA, CDA, Nehemiah, Maryland First Time Buyer Programs as well as conventional financing options.
Mike and I are happy to answer your questions¦ appraisals, title insurance, mortgage insurance, Maryland First Time Home Buyer Loans, Home Inspections, Lead Paint, How Interest rates effect You, Closing Costs, How to Buy with Little or No Money Down¦ just about anything related to Maryland Real Estate Home Search, Maryland First Time Buyers and other loan program¦ we would love to help.
Let us be your Maryland Real Estate Resource.Renee M. Keshishian, Associate Broker, REMAX Realty Group(443.305.2844/ Renee@FindMeAGreathome.com, 410.795.2800, www.FindMeAGreatHome.com)Mike Haeffner, Mortgage Planner, First Horizon Home Loans(410.375.3868, HaeffnerLoans@Comcast.net , www.MikeHaeffner.com)
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