Markets Active as Cold Recedes

Official Baltimore stats for this winter show that we have had less than a quarter of an inch of snowfall so far this year. Of course, the stats are compiled at BWI Airport (where no one lives)… so your results may have differed!

Maybe the question should have been, “did we ever really have winter?!”

The real estate market has remained active and inventory tight during these traditionally cold, slower months.

In most neighborhoods, properties that are priced well and in good condition have gotten a lot of buyer activity. In most cases I’ve been involved with, they have had multiple offers. Most have gone under contract at a price above listed price. As long as our inventory of homes to sell remains tight, I don’t think we’re going to see much change in that trend. However, the listed price has to be reasonable for the location and condition, otherwise buyers will not even come in the door.

Interest rates right now have eased off of their highs, and as of March 15, are averaging about 6.5%.

This is still a good market to list your home or to buy one.

One of the unfortunate things about the seller’s market we’ve been in for the last few years has been a real inability of buyers to compete for the home they want while asking for contingent inspections. Often it is a disadvantage even to ask for an ‘as-is’ home inspection with the right to terminate, because someone has submitted an offer with no inspection contingencies at all!

Let me be clear on one thing … as a buyer’s agent, I will NEVER suggest that you waive your right to inspect a home you wish to buy, even if you do waive your right to ask the seller to correct deficiencies that the inspection may find. A basic home inspection and a pest inspection, in my opinion, are crucial to making sure you know the most important facts about the property you plan on purchasing.

Once you have secured and moved in to your home, however, I do suggest you consider a radon inspection. Radon is a radioactive gas generated by some geological formations that seep into basements and occasionally up into a ground floor. Remediation in most cases is inexpensive, so especially if you have finished living area below grade, put it on your to-do list.

Learn more here – Epa.gov/radon/publications-about-radon