If you follow me on Facebook (and you should!), and you’ve probably heard me say it over and over again: Inventory in Southern Maryland is low. There just aren’t enough homes on the market for the buyers who want to buy!
If you’re a seller, this is great news. The lack of available homes is pushing up prices on the homes that are on the market. If you’re a buyer, you may wonder if you’ll ever find a home you love.
This trend is not just happening in Southern Maryland; it is true across the country. But why? And why now?
Fear of low inventory: That’s right! Fear of low inventory is causing … low inventory! It makes sense: If you want to sell your house, you may worry that it will be difficult to find a new home to buy. Because of this fear, lots of sellers are opting to stay put for now.
Mortgage rates: Mortgage rates are inching up, and homeowners with great rates may not want to give up their low interest rate.
Home prices: In some areas, home prices have not returned to their pre-housing crisis levels. Some homeowners cannot sell their home for the amount they owe on their loan.
Housing starts: Housing starts – the number of new residential home projects – are down, and they’re not growing at a rate that meets the demand for new homes.
Want to buy or sell? I can help you navigate this unique Southern Maryland real estate market. Contact me today!
Brandywine MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309