Right now in Anne Arundel County, the inventory of homes for sale has dropped about 25% compared to March of last year. These statistics from Long and Foster’s market report for the county. Prices are up just 2 % for the same period.
So why sell now?
Well, there is good buyer activity in the marketplace, but they have fewer homes to choose from, for sellers this means you may not see the low ball offers we have seen in recent years. More competition for your home, thats a good thing. Interest rates are very low, but there is talk that we will begin to see some small upticks in those. The cost’s associated with loans have increased and there may be more costs ahead. FHA has increased their mortgage insurance monthly premiums as well as the upfront fees. There is also still a large inventory of properties in the foreclosure pipeline. They are coming and when they do hit the market, the competition for your home will drop.
The sellers window of opportunity could slam shut
Picture 6 months from now, right around election time or a few days after. The political pressure drops and Bang, here comes the avalanche of foreclosed inventory that’s been hiding. Your home selling gets tougher. Then to add insult to injury, the interest rates that have been held low for political and economic reasons start to move up. Your home may become out of reach for some buyers because the monthly payment goes up. The short sale competition is still there, but the fear of getting tied up for months waiting on a bank to answer, could push buyers to homes that are ready to move into.
Here are the current statistics for Anne-Arundel-County Real Estate. Here you will see the market advantages if you are trying to sell your home in Anne Arundel County. Review the statistics and read some of the many articles out there that reflect what I have been saying for months. Late in the year and into 2013 we are going to face some real estate sales challenges for non REO and short sale homes.