Anne Arundel County pretty much mirrors what is happening throughout Maryland and is actually one of the better performing areas. It may appear that homes are not selling, but they are, just fewer of them. A big problem is the high number of "short sales" and foreclosures is affecting what we call inventory level, or the number of houses that are available for sale. This graph that I got from Kirk Groves shows what has happened recently:
As you can see, homes are still selling, the savvy buyers are out now snapping up homes at bargain prices, but the inventory level has increased tremendously, which is why you see so many for sale signs around. Supply continues to increase while demand never grew this year as in years past. This makes it tough if you are a seller because your house needs to be in TOP CONDITION and at the BEST PRICE, to be chosen by the buyers that are out shopping. This means pricing below your neighbors house - if your house is priced in the middle of the competition, it may languish on the market. Your Realtor can help you by showing you listings of houses that have sold recently and what they really SOLD for, not what they were listed for. Many times a house will be listed for one price, and the sellers will make several price drops and then accept an offer with closing help to boot, so the sold price may be much different than what they told you when initially listing.
This chart illustrates why a "long" time on the market doesn't necessarily mean that something is wrong with a house, the average time it takes to sell a house has gone up tremendously compared with previous years. As a seller, it means you may need to be more patient than in the past. If your Realtor hasn't sold your house in 2 weeks, it's not the Realtors fault, it is just the market. All homes will sell, the question is at what price will it sell. When you are within the price range that your house will sell, you will see the showings pick up and then you'll get an offer.
If you are looking to move into another house, this market is the perfect one to do it in. You will need to price your house competitively, but in turn you can get a bargain on the house you are choosing. Most buyers in this market will have several "favorites" to choose from and can pick the house where they get the best combination of amenities and price. The lower home price coupled with the low interest rates equal a real deal.
If you are thinking of selling, make sure to put your house up for sale first, then start looking at houses to purchase. If you fall in love with a house and yours isn't even available for sale, it may take too long to sell yours so you'll miss out. Plus, in most areas there will be several homes that will be a good fit for you!
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To list your property for sale or to purchase a property in Maryland, call Lisa & David Webber, ABR, Licensed Realtors®. For more information on our services, please visit our profile or our website.
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