Oh, let me tell you about the rollercoaster ride in the interest rate market this month! It's been crazy. We've seen these huge swings back and forth, you wouldn't believe it. So, towards the end of last year, the Fed was all like, "Hey, we're gonna start cutting rates in the first quarter of 2024 because inflation seems to be calming down." And everyone was like, "Cool, cool," and mortgage rates dropped to some of the best levels we've seen in ages.
But then, plot twist! Inflation decided to be...
Time to get the stats on the real estate market in Anne Arundel and Queen Anne's County. Are we still in a sellers market? Are the sellers still getting the prices they were a few months ago? Has foreclosures increased recently? What do you think?
Let's start with Queen Anne's County
New listings: 48
Down 9.4% from November (expected. During holiday season). But it's also down 14.3% from Dec 2021
New Pendings: 38
Down 32.1% from November
Well, we made it to the end of another year and entering a new year. What is in store for us in the coming year? Let's just highlight what is expected.
Where the Housing Market is Headed In 2023
- NAR (National Association of Realtors) predicts 4.78 million existing-home sales in 2023, down 6.8% from 5.13 million in 2022.
- Annual median home prices are expected to increase by just 0.3%, following a 9.6% gain in 2022.
Have you ever heard the phrase "real estate cycle"? Or "housing market cycle? This is what I will be talking about. May be a little lenghthy but I'm hoping it will help to clear some things up. One question I am often asked, "Is this a good time to buy?" Well, let's see.....
Real estate follows a pattern called the real estate cycle that is linked to local and national economic trends. The real estate cycle is divided into four phases: recovery, expansion, hyper supply and recession.
Whethe...
I have had many individuals ask me what is the difference between the Sellers Market and the Buyers Market? So I will share the difference and reference this blog for reminders. This is the link to the blog I posted one year ago about this same subject
Demand in real estate is commonly judged by months of inventory based on closed sales.
Sellers Market =Less than 3 months of Inventory (Demand exceeds Supply)Buyers Market= 6 or more months of inventor...
In any given market, there are always a certain percentage of homes or homeowners who are distressed.
According to Attom, a curator of land and property data, home foreclosure filings - which include default notices, bank repossessions, and scheduled auctions - are up 153% in the first half of 2022 compared to the same period last year.
In Maryland, foreclosures rose by 155.8%, from 1,147 in the first six months of 2021 to 2,934 in the first half of 2022. The foreclosure rate in the state...
Another update on rates…..
The rates really jumped up this week after Powell’s announcement that the fed needs to continue to be aggressive with rate hikes to help curve inflation. We are expecting rates to continue to rise through the end of the year. There are loan programs available such as Guarantee Rate's Lock and Shop program. This program locks rates for up to 85 days while you shop for a home and it is eligible on all property types. Want more info about this program, just con...
