Tuesday, October 11, 2022 / by Nick Waldner
The recent changes in our Maryland housing market and how they affect you.
What is happening in the Maryland real estate market? I get a lot of questions from homeowners and prospective buyers about the changes in our market. That’s why I’m here to be your guide and help you understand what is happening. Today I’m breaking down some of the shifts in inventory, interest rates, home prices, and the market as a whole. Here are some common questions and their answers:
1. Is it a buyer’s or seller’s market? It is absolutely still a seller’s market. Inventory remains low while demand is high.
2. What does the current housing inventory look like? While we are starting to see inventory rise, we’re still well below pre-pandemic levels.
3. How does the inventory affect home values? As more homes come on the market, the demand for particular homes is falling. Over the last few years, we’ve seen increases of 15% to 30% in home values. That is likely to taper to between 3% and 5%.
4. What do interest rates look like? While rates are higher than they have been, they are coming from a historic low. This wasn’t sustainable, so we’re seeing them get pushed up as the Fed tries to stamp out inflation. With the upcoming elections, however, we will likely see interest rates decrease to help ramp up the economy.
What does this mean to you as a buyer or a seller? To give you the right advice, I’d like to get to know you and what you are trying to accomplish. If you have questions about the market and your situation, please feel free to reach out to me and give me a call.