We’ve all heard the news:
Interest Rates are on the Rise! Home Prices are Surging! Inflation is at the highest point since December of 1981! Rental rates are up 17% nationwide!
But the demand for housing ownership in 21771 and surrounding Maryland areas continues to outpace supply, at an alarming rate. Currently, we have 15 active listings in Mount Airy, all counties, all prices, all styles: Inventory, like Interest Rates, remain historically low. Prices are not sliding or stalling. But, we are experiencing key indicators which tell us the track might be a bit muddy.
“While the 21771 market is still flourishing, the rising interest rates will catch up to the buyers and price many out of the market. We are seeing this change already with less showings, higher days on market, and less offers on higher priced homes,” says Blake Haegele, Mount Airy Resident and REALTOR® with RE/MAX Realty Plus, “ It is only a matter of time before the effect continues into all markets.”
Sellers on the back stretch, hurriedly preparing their homes for sale, are worried they might not make the finish line before their asking price stalls, before the “Multiple Offers Over Asking” scenario comes to a halt. Sellers in the race now are enjoying stress-free sales, robust pricing, happy buyers. I feel sellers will continue to experience a strong market, even as the pace slows. As long as there is a demand, the real estate market will remain strong and steady.
But what about buyers? Is it time for them to make a bolder move or should they lay back and wait for the right opening? “Buyers purchasing in this market are paying large premiums and should base their urgency on the right home for their needs,” said Blake Haegele, “It is likely the largest purchase of one’s life and a refinance down the road may not be out of question! Stay vigilant and the right home will come along.” For owner occupants, first time buyers and buyers who do not need to sell their current home as a condition of purchase, keep looking, keep making offers that make sense to you. But Move Up Buyers and Investors – I believe your time to take the lead will come later this year and in 2023.
Whether you’re buying or selling real estate, you need an advocate. Your best advocate in the 21771 is a local REALTOR® who lives here and works here.