For me, as a real estate agent, business has been consistent. Well, consistent as far as this industry goes! As you can guess, we are generally busier in the Summer, just after buyers start looking in the Spring. But you guys are smarter than that; you know you want to buy a home far sooner than you start looking, so there is more consistency to what we do than we give credit. And the type of buyer that you are matters as well; first-timers will start a little sooner, not knowing what to expect from the process. Experienced buyers may have a home to sell, which is something you might want to do sooner than later.
Why do I suggest you start selling now? The time is right, and prices are up! While this could affect your purchase of a new home, it will be worse if you wait too long. The market in Harford County has been steady, but there are some interesting things of which you should know.
The total volume of real estate sales in Harford County is higher for the first quarter of 2018, which increased by 12%! That’s almost $197 million in transaction volume for the area. While the number of homes sold only increased from 700 to 738, the average sales price was the real story: it increased by 6.29% from $250,824 to $266,594 in one year! If that increase doesn’t mean anything to you, compare it to the rate of inflation over the past year at only 1.9%. Real Estate is on fire.
The problem is the same as it has been: a shortage of homes on the market. This makes potential sellers concerned because even though there is higher demand for their home and they’ll get a higher price, they’re having trouble finding something new. The number of active listings dropped 28% in the first quarter of 2018 to only 668, which is 43% less than just two years ago. With interest rates rising (but still historically low), there are lots of buyers out there with few homes from which to choose.
What’s the most notable sale in Harford County over the first quarter of 2018? It was a 4,092 square foot home in Fallston that changed hands for $925,000. This property was sold by Joan Ryder and Associates and was originally listed for $1.17 million! It sits on over 14 acres of clear land and closed on January 25th, 2018 (see picture, courtesy of MRIS).
Are you looking to buy or sell? If so, you should hire someone that can help you maneuver this turbulent market. People need an experienced agent that can move quickly, so make sure you choose wisely. I’m celebrating my 10th year in the business, and I have continued to train and learn as much as I can to better serve my clients. Feel free to give me a call at (443) 866-6728 or email firstname.lastname@example.org so we can discuss your needs.