A few months ago, Jesse and I were working with a young couple who were considering buying a house and even though they found the house of their dreams – and for a very good price – they decided to not buy because they were going to “wait for the bottom” of this market cycle thinking that property values were going to fall further.

And here is the real blunder.  The media outlets report on national level real estate conditions and some people are relying on that information to make decisions about buying or selling properties in our area when the data shows that property values at the local level are not falling.  Take a look at the chart below from the Metropolitan Regional Information Systems regarding the average sale price in Baltimore County from 2003 to present.

As you can see, property values in Baltimore County are holding steady for the most part and homes are selling for more money today than they did during the boom years.  We are not seeing significant gains in the short-term, but prices certainly aren’t going down.

Now, we certainly have to address other factors that affect the market.  Each month this year, the total number of homes sold in Baltimore County tends to be about 200 less than the number sold during the same time last year.  Homes are on the market an average of 35 days longer than they were last year before going under contract.

So clearly, we are in a buyers’ market, but the sky is not falling and buying real estate, in this area, is still a good investment.

Wishing you peace, love, and sunshine everyday!
Jeri