In the Annapolis area, we are seeing aÂ shortage of well-priced properties for first time homebuyers and move-up buyers, less distressed properties on the market and rents have climbed an average 30%.
Home prices throughout the county hit bottom in December 2008. The languishing glut of inventory from 2008-2009 has diminished to a more normalized market but the demand for housing has outpaced availability.
The upward trend and inventory shortages indicate that the â€œdeep discount saleâ€ prices are gone.
Mortgage money is still attractive with rates starting at 3.375% and requiring only 3.5% down payment funds needed for FHA Fixed Rate loans.
There is still trepidation among some buyers who want to continue waiting until prices "stabilize."
Others have realized that their monthly rent payments have risen past what they'd pay at a fixed monthly mortgage payment and related tax benefits.
The smart ones are making the move to purchase a home now while the lending rates are still favorable as prices are moving upwards.Kimberly Barton,Â REALTORÂ®
Champion Realty, Inc.
711 Bestgate Road
Annapolis MD 21401
800-847-9990 x 645 Main