Real estate markets are usually in three conditional states. Neutral, favoring buyers, or favoring sellers. OK, you can add the adjective, Strongly, if you want. It's the combination of factors and local condition that converge to determine which state applies at any time. Those factors have been favoring buyers for quite some time, but could very well be changing.
Statistics in our market here in Anne Arundel County, MD, are showing an increase in the number of home sales, and a decrease in inventory. We're also seeing prices creeping up again in certain zip codes.
I know it sounds like an old real estate cliche, but the time couldn't be better for buyers in Anne Arundel County, MD, than right now. Lets take a look at a couple of reasons:
- Interest rates to purchase a home are low. 30 year fixed rates are at or just below 5% for those who qualify. How long will they remain at these levels?
- Inventory in most markets is still decent. We have seen inventories of homes in many major markets start to shrink. The house that you're still thinking about, someone else will be writing an offer on, and closing soon.
- Sellers are willing to deal. For now this is still true, but many agents are seeing sellers push back pretty hard on buyer demands. Its taken a while but sellers for the most part are pricing their homes correctly. The best homes are frequently seeing multiple offers.
- Low downpayment. FHA loans require a down payment of 3.5%. There has been talk recently that the Federal Government will be increasing this to around 5%. Nothing has happened yet, but taking advantage of the low 3.5% down payment could be significant.
- Prices are beginning to rise. The best houses, like the one you want, are showing price increases. Many sections of the country seem to have hit bottom.
- $8,000 first time home buyer tax credit. It's back, the government didn't let it expire on November 30th, like it was originally planned. Of course it has a new expiration date, April 2010 for offers to be accepted. Check the IRS website for restrictions.
- $6,500 tax credit for repeat buyers. Another government program which expires April 30, 2010. Again, check the IRS website for restrictions and qualifications. This important thing to keep in mind is that these programs may very well expire next time they're due.
- The Base Realignment and Closing (BRAC) influx of jobs is set to begin in 2010. Tens of thousands of jobs, and the commensurate employees will be moving to Ft. Meade in earnest beginning next year. The effect of this hasn't been seen yet, but this amount of activity over the next several years will have a dramatic impact on housing in the county.
Don't miss out on a great buying opportunity. Timing is everything. Talk to your REALTOR® about purchasing an Anne Arundel County home. If you aren't working with an agent, I can help.
If you're SEARCHING for a home anywhere in Maryland, click here to view ALL ACTIVE LISTINGS.
Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114
410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com
Annapolis MD Real Estate Specialist
Bowie MD Real Estate Specialist
Crofton MD Real Estate Specialist
©2009 - RichSellsHomes, All Rights Reserved
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Because you are not continuously bragging about yourself throughout the whole interview and you focus on what you will DO for the client. 
