The Real Estate market in Carroll County has really turned around in 2013. The southern end of Carroll County from Mt Airy, Eldersburg, Winfield, Sykesville, Woodbine, Marriottsville, Gamber and Finksburg have seen the biggest gains. This has been followed by Westminster, particularly the 21157 zip code. The towns of Hampstead, Manchester and Taneytown are also finally making gains in 2013 as well.
Low inventory of saleable homes has fueled this increase. In addition, interest rates around 3% during the first part of the year helped as well. As of July, we can say good bye to those amazing, all time low 3% mortgages, and say hello to the 4% range. This adds about $1.25 to every $1000 borrowed on a monthly basis. Bottom line, still a great time to buy. Someday when we (and we will) have rates above 7% and 8%, people will be kicking themselves for not buying a home at these low rates.
Having read the above, this next statement seems hard to believe–Buying and Selling a home in Carroll County has never been more difficult! In order to buy a home 90% of buyers need lender financing. There are some cash buyers out there, mainly with investors buying under $200k here in Carroll County. But the vast majority of buyers need to go to a lender and qualify for a mortgage. Today’s lenders are very nervous about lending money and following the strict government oversight that can be very “gray”. The goal posts keep moving and the guidelines are fluid. For this reason lenders are very cautious, not only with the buyers themselves, but with the home and property they want to purchase. You have to have a Realtor who knows how to navigate the minefields of today’s Real Estate market. It’s hard enough to get a ratified contract that both buyer and seller are in agreement with. That part of the transaction is very emotional to begin with. Ideally the terms of the contract are a “win win” for both parties. But getting to the settlement table on time has been a Herculean effort this year.
Please check out the link above on the “Latest Stats Video” to see how Carroll County is doing with regards to Real Estate. That gets up dated around the 15th of each month and is a great way to follow our local market. 2013 should finish as our best year since 2008 in all categories. If you been think about buying or selling- NOW is the time. More lender regulations and higher interest rates are expected for 2014.
My name is David Post and I’m a full time Realtor here in Carroll County Maryland. If I can assist you or someone you know in either buying or selling a property in Carroll County or any other nearby county, please call me direct at 410-984-2221 anytime. This is what I do and this is what I love…. Real Estate!