In preparing for our most
recent listing and making certain that we had all of the information we needed in order to correctly price this property to sell in this market, I ran the most recent figures for inventory vs. sales for residential properties in Baltimore County.
The numbers are really quite staggering, so I thought that I’d share them with you.
In the chart below, you will see the number of current listings in Baltimore County each month compared to the number of homes sold in that month. The number of active or available properties does not include those homes that are under contract, so if any of those contracts falls through, the number of active listings increases. On August 31st, there were 820 homes under contract that will hopefully settle in September, October, or November. If not, they go back on the market.
What does this mean for sellers? You must be willing to honestly evaluate all of the factors that affect the desirability of your home (general location, location within your community, and condition of the home) and price your house so that buyers will see that they are getting a lot of value for their dollar.
How does this affect buyers? Real estate is about supply and demand. Obviously, we have a great deal of supply. Deals are out there and if you do not have a house to sell or if you are a first-time homebuyer, there has probably never been a better time to buy. Not only are you in a wonderful negotiating position, but interest rates are still very low, and you have many homes from which to choose – and as soon as the market improves, you will most likely have a large amount of equity in the home allowing you to move up even sooner.
Bottom line. If you are selling, price to sell. If you are buying, don’t miss out on this golden opportunity.
Speaking of golden opportunities, check out of weekly Best Buys and sign up to receive our list of home deals the moment it is published, so that you can be the first to scoop up on one of these bargains.
Also, the Mays Chapel Fall Festival will be held at Roundwood Center (Graul’s Market in Timonium) on September 27th. Jesse and I will be sponsoring the balloon twister and face painter for the children to enjoy, but there will also be food, wine tasting, a live band, and more – sure to be a good time. If you can make it, please stop by the face painting station and say hello.
Wishing you sunshine everyday and the home of your dreams,
Jeri
