I have been saying for some time now that it is a sellers market, not enough inventory for the buyers, homes are selling fast, and Sellers are getting over their asking price and multiple offers. Yet, here you have your home on the market and it's been on the market for awhile and it hasn't sold. What's the problem? Buyers have fewer options than usual right now, so with limited choices and your home not selling, there is a reason. Perhaps it's because the home is overpriced.
With today's h...
1. Attention Queen Anne's County residents! Are you looking to buy or sell a home? Let me update you on some important market trends in our area. Currently, there is only a 1.63 month supply of inventory, meaning homes are selling fast! In the last 12 months, we've seen a -57.55% decrease in inventory, making it an even more competitive market. Contact me at Realty Navigator to learn more.
2. As a REALTOR® in Queen Anne's County, I'm excited to share some great news for sellers. The list to sol...
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...
So here are the statistics for October 2022. I have attached charts so you can see for yourself of the changes in the market. The drops are expected since the average mortgage rate being firmly in the 7% range and that it is holiday season.
For Anne Arundel County, everything has dropped from September 2022. The listings, pendings, closed sales and even the median sold price.
Queen Anne County is the same except the median sold price went up from September 2022.
So, its still a sellers mark...
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...- 1
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