Where, oh where, has the summer in northern Carroll County, MD gone? I don't know about you, but I feel like the school year just ended. But, as I look at the calendar, I realize otherwise. Many people have either moved over the past few months, or will be moving during August. Families with children try to move during the summer months, with the goal of having moved before the start of the new school year. Perhaps you are one of those families. Or perhaps you are still trying to decide whether or not to move.
Moving in or to northern Carroll County, MD is indeed a big decision. Where do I want to move to? What am I looking for? Where will kids attend school? Do I really want to move? How much can I afford? Should I rent or buy? The answers to these questions greatly influence final decisions.
If you or someone you know is debating between renting or buying in northern Carroll County, MD, consider this: currently, interest rates are very low. Housing prices, while increasing, remain affordable in a wide variety of price ranges. The big question is: what will happen to interest rates after the November elections? If you have been considering buying a home in northern Carroll County, MD but haven't yet done so, do you really want to wait until interest rates rise? They will certainly rise, the question is when and how soon? Home sales in the northern Carroll County, MD area remain active through October. Yes, there is still time to jump on the bandwagon. If you have been thinking about moving, consider this: interest rates will rise, and home prices will rise. The two together means a person's affordability will decrease. A higher interest rate plus a higher price equals a higher mortgage payment. As rents continue to skyrocket, a mortgage payment can actually be less. Instead of giving someone else your money, investing in yourself in the form of a home is a much better way to spend your hard-earned money. Investing in yourself builds equity.
So, what exactly has the housing market looked like in northern Carroll County, MD the first half of this year? Here's the breakdown:
In Upperco, more homes sold in June than any other month the first half of this year. The median sold price was down 2.8 percent from the first 6 months of 2015. During the first half of 2016, homes sold faster than a year ago. Homes sold in an average of just under 3 months, compared to 5 months a year ago. At the current time, Upperco is considered a balanced market. This means there are a similar number of homes for sale in comparison to the numer of ready, willing and able buyers looking to purchase a home in Upperco.
In Hampstead, more homes sold in May than any other month the first half of this year. The median sold price was 16 percent higher than the first 6 months of 2015. Homes sold in an average of about 3 months, which is unchanged from the first half of last year. At the current time, Hampstead is considered a seller's market. This means there are fewer homes for sale in comparison to the number of ready, willing and able buyers who are looking to purchase a home in Hampstead.
In Manchester, more homes sold in June than any other month the first half of this year. The median sold price was down 2 percent from the first 6 months of 2015. Homes sold in an average of about 3 months, which is unchanged from the first half of last year. At the current time, Manchester has shifted from a seller's market to a buyer's market. This means there are more homes for sale in comparison to the number of ready, willing and able buyers who are looking to purchase a home in Manchester.
Ultimately, the decision of whether to rent vs buy in northern Carroll County, MD is a personal decision based on a variety of factors. Factors such as income, debt, employment history and credit scores are all taken into consideration, among other things. The real estate market in northern Carroll County, MD remains very affordable, with a wide variety of homes and home prices available. In addition, homes in northern Carroll County, MD are eligible for a variety of mortgage types: from traditional conventional financing, to FHA financing (which requires a low 3.5% downpayment), to USDA and VA financing (which require no downpayment whatsoever). Need someone to talk to? Would you like professional guidance to aid in your decision-making? Maybe you have questions you would like to have answered. Whatever your needs, reliable information is at your fingertips.
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