how is the housing market in baltimore,md is now a good time to buy?

Asked by Gail, Jersey City, NJ Thu Aug 9, 2007

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Ted Stewart, Agent, Baltimore, MD
Thu Aug 9, 2007
BEST ANSWER
We've been experiencing some slowing the past year after several years of a VERY strong sellers' market and appreciation in the 20%/year range for some areas. There is more inventory now and homes are tending to stay on the market for a longer period of time before selling. A lot of sellers aren't being realistic about pricing (the values in general haven't gone down, but many sellers think their homes should be worth 10-20% more than they were a year ago and that's just not supported by sales figures). Although definitely slower, the market isn't "bad" - it's just swinging back to something a bit more normal. Homes in good condition and priced realistically still are selling in a reasonably short period of time (and sometimes still selling for over the list price), but this is no longer the norm. Buyers can often make offers below the list price and get good deals. Don't expect to "steal" a house, but it's definitely a good time to be a buyer.

Ted Stewart
tstewart@ywggrealty.com
Web Reference:  http://www.YWGGRealty.com
2 votes
Notabaltimor…, Home Seller, Baltimore, MD
Wed May 5, 2010
NO! Unless you want to buy MY house so I can get the heck OUT of Baltimore! "Charm City" my butt! This place blows.
0 votes
Audrey Hoffm…, , Baltimore, MD
Wed Feb 20, 2008
Gail,

I just relocated to Baltimore from Atlanta and have been enjoying all the benefits of Charm City life. I suggest checking out local bloggers on Active Rain or Localism (part of Active Rain) to learn more about the home market. It's a website with bloggers from the Real Estate profession that provides useful info for potential area buyers.

As a stager here in the city, I can say that if you're looking for a deal, there out there. I wish you all the best, and welcome you to contact me if you have further questions.

All the best,
Audrey
Web Reference:  http://www.activerain.com
0 votes
Thomas F. Mc…, , Baltimore, MD
Thu Jan 17, 2008
Everybody is talking about next year being a recession, even from the FED. Usually they are wrong so it is probably over!

I have been a real estate broker for 20 year and they were coming to me in 2005-2006 thinking it was a seller's market and we knew it was over them. We kept thinking where are all of these people coming from? They were coming from New York, and Washington and all over the area to buy but the strong seller's market had started to change in November of 2005. But they rushed anyway.

We got them out pretty strongly but they didn't anticipate the change very well so I don't anticipate they will now.

It is especially great to move up. Listen to my website and podcast for December especially.
0 votes
Sybil Buckwa…, , Maryland
Fri Oct 12, 2007
It is a buyers market, and interest rates are still historically great! The loan terms are tighteneing, however. Last year you could get a loan for 95% or more, now it's down to 90%. The doors to easy money are closing fast, with many rehab and mortgage companies going under. Rehabs, which have been very lucrative, are going the way of the dot com's, falling in value, with too many trying to sell. So yes, there are awesome opportunities to BUY and HOLD now in the city as well as the county. Just like with other commodities, start buying now when it's low.
0 votes
Cindy Maves, Agent, Fort Myers, FL
Mon Oct 8, 2007
It is a great time to buy in the city. There is alot of great rowhouses that have been rehabbed that are ready to sell. Areas of Patterson Park,Bolton Hill, Federal Hill,Canton and up and coming Washington Village.There are programs to help first time home buyers and closing help available.
Web Reference:  http://www.northropteam.com
0 votes
Jessica Torr…, , Frederick, MD
Sat Oct 6, 2007
I agree with everyone and their comments; that now is a great time to buy. But I do have to say that now is also a good time to invest. When I speak of investing I dont only mean 'flipping a home'. Investing also includes keeping your current home and renting it out to others, while you buy a new one. Investing does include some risks as does any investment or business opportunity does, but it can be totally worth it.

As Ted stated, homes are selling at a slower rate, this is not a bad thing. That just means that if you want to buy; it is more than likely that it will take you a little longer realistically. It is definitely a buyers market right now. But, if you have a little extra money on the side, you can rent out your current home, and buy another. This way you can save for your future.
0 votes
Marvin EMarv…, Agent,
Fri Sep 21, 2007
As with many things, the answer is: it depends

Having said that, now is as good time as any to buy. In some cases and in some neighborhoods, it is a great time to buy especially if you are looking for properties that are less than perfect. (This is what I do as a profession in addition to being an agent.)

Why are as-is properties typically better deals? Because there are less buyers going after them since most want a house in move-in condition and don't want to spend too much to make it livable. However, there are loan programs available to home buyers (especially ones that will use the property as a primary residence) that can cover the cost of home plus the amount needed to remodel the property that many buyers don't know about.

Be forewarned though, remodeling is not for the faint of heart especially when you are dealing with many contractors. Let me know if you are interested in buying properties that need work (since I've done it before and can save you some heartache & cash).
Web Reference:  http://www.creiZ.com
0 votes
Art Lane, , Howard County, MD
Wed Aug 15, 2007
Take a look at the latest statistics I've compiled for nine counties in and around Baltimore on my website.
Please note that the closed sales prices shown for each county represent a sum of all closed sales for condos, townhomes and detached homes.

Generally speaking, you'll see that home prices have slowed, but not slumped significantly. It's the old law of supply and demand. The most important factor is why you are intending to purchase. If you want to buy a home AND have been pre-approved with a reputable lender, AND you are buying the property as your permanent residence AND your timeline to actually hold the property as your residence is several years, then it is always a good time to buy. Right now, with all the market jitters, investors (i.e. flippers) have all walked away.
Web Reference:  http://home-sweet-home.us
0 votes
Donna Spare, Agent, Baltimore, MD
Fri Aug 10, 2007
It's a great time to buy! There are many homes available in all price ranges. Email me and I will forward available listings to you. My email is donnaspare@mris.com.
0 votes
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