With the recent news which has the U.S. economy on a roller coaster ride the question people are wondering “What is the state of the market for buyers in Baltimore, Maryland?” As experts in the Baltimore real estate market, many people come to us looking for answers.
We don’t have a crystal ball to predict the future but we can tell you what we see based on the data that is provided to the public. There are plenty of factors which determine a buyer’s market or seller’s market but it still remains a seller’s market due to the low inventory.
The State of the Market for Buyers in Baltimore, Maryland
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Baltimore, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Baltimore market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, which is a lot harder than it was just a couple of years ago.
Overall the markets remain incredibly polarized – there is a lot of action in the stock market and based on the history, the housing market tends to follow the trend of the economy.
Economics can be confusing. How does it affect you?
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Baltimore because this is always home for us and we love our neighbors.
If you need to sell a property in Baltimore or the surrounding counties, we can help you.
We buy properties like yours from ordinary people who need to sell fast.