Is it still a buyer’s market today in Baltimore? As property buyers in the Baltimore real estate market, we get asked this question a lot.
The answer isn’t as straight-forward as “yes” or “no.”
The State of the Market for Buyers in Baltimore, Maryland
Primarily, it will depend on the type of property and the current desire of its location in Baltimore.
Single-family homes in great locations – have been selling quickly, particularly if they are priced well. There’s a lot of demand in the market for certain areas, such as Columbia, Towson, Timonium, Fells Point, Locust Point, Mt. Washington, etc., while others can seem like ghost towns.
Most buyers are looking for the same thing – healthy and safe neighborhoods that are convenient to shopping, have good schools, and are close to work, etc. Additionally, depending on the area, parking comes at a premium in Baltimore City while access to highways and public transportation may be more desirable in areas of Baltimore County or other counties throughout Maryland. Properties that have the most desirable attributes are those that will sell quickly and for top dollar. Thus making sellers of these properties in control of the market.
Condos and townhouses – especially those away from primary areas or with some funky features – the market can look very different for sellers of these properties. Prices were down in certain areas of Baltimore, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate may have impacted the Perry Hall market in new and unique ways.
Generally, individuals and organizations in a position to pay cash for properties have been buying the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if their properties will sell, but most investors are walking away from deals where the numbers don’t work out.
Financing is still a major obstacle for most buyers. Banks are much more strict with to who and how they lend. Frequently lenders are requiring a lot of money down and sometimes even changing their terms at the last minute. Unfortunately, it’s not uncommon for buyers to have their loans pulled right before closing escrow, although this has been happening less frequently than it has in the past.
Overall, the markets remain polarized – there is a lot of action at the very top and the very bottom, with the most hurdles in between.
Sound confusing? Well, that’s because it is. But We Can Help!
There’s a lot of changes going on in the US economy that are constantly taking place, and the markets are moving fast in almost every direction all at once.
We focus our investing efforts inBaltimore because we believe in the community and the people here.
If you need to sell a property near Baltimore, Creo Home Solutions can help you.
We buy properties like yours from people who need to sell fast.