Buying or selling a property is an important decision in life. It has a huge impact on your financial condition and reinvents the future you designed for yourself. While these steps can be incredibly exciting, they can also feel a bit daunting, especially as the real estate market is constantly changing, especially in the wake of the COVID-19 pandemic.
In such a transformative landscape, it can be difficult to keep up with changing trends and how they affect your buying or selling. Whenever you are thinking of buying or selling in Baltimore, try not to stress yourself out. We’ve got you covered with this handy guide to understanding the Baltimore property market.
The important numbers
According to this article, the average sale price of a home in Baltimore in July 2021 was about $ 225,000. This means half of the homes sold for more than $ 225,000 while the other half sold for less. The total number of homes sold that month was 1,152 (up from 1,097 in July 2020). The average number of days on the market was 20 (a massive 52.4% drop from last year).
House prices in Baltimore spiked in April 2021, with the median price hitting $ 330,000. Specifically, the average sales in Baltimore, Baltimore Counties, and Anne Arundel Counties peaked at $ 218,000, $ 285,000, and $ 415,000, respectively.
As reported by Forbes, the Baltimore real estate market has grown steadily over the past few years, with the average home sales price increasing 10% year over year.
Overall, the real estate market in Baltimore is considered to be less competitive. On average, houses sell for 2% above asking price; However, some high-demand homes (also known as “hot homes”) can be sold for about 4% above asking price.
Foreclosure Rates
In 2018, Baltimore was listed as one of the worst cities in the United States for foreclosures. That year, Maryland’s foreclosure rate was 0.86%, double the national average. It was the third highest ranking, behind New Jersey and Delaware.
However, foreclosure rates in Baltimore declined in the years that followed, likely due to the ban on such measures following financial difficulties caused by the coronavirus (COVID-19). The moratorium was originally supposed to expire in May 2021, but was eventually extended to July 31, 2021. Although certain agencies, notably the Consumer Financial Protection Bureau, have proposed extending the ban until 2022, we have not yet seen such an extension.
Despite the lack of an extension, analysts believe an increase in foreclosure rates is unlikely.
Tips on Selling or Buying a Home in Baltimore
Now let’s go over some important tips to keep in mind when buying or selling a home in Baltimore.
Tips for sellers:
- Price appropriate for your home (based on size, location, and market value)
- Show the potential
- Consider home staging to help shoppers visualize themselves in the room
- Consider doing some upgrades and / or repairs to increase the list price
- Remove clutter to make the home as inviting as possible
Tips for buyers:
- Research the market value of houses in different areas
- Stroll through different neighborhoods to get a feel for their quality of life, safety, etc.
- Consider recruiting a broker to assist you
The Baltimore real estate market is constantly changing and evolving, which is why it’s so important to keep up with the latest trends whether you’re buying or selling. Hopefully with this information provided, you will have a better understanding of the Baltimore property market and feel more confident about how to navigate it.
source https://www.bisayanews.com/2021/09/19/what-you-need-to-know-about-buying-or-selling-a-home-in-baltimore-realtybiznews-real-estate-news/
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