DAVIDSONVILLE, ANNAPOLIS, EDGEWATER, ARNOLD AND SEVERNA PARK REAL ESTATE
First-time homebuyers who have put their searches on hold are undoubtedly pleased to hear that increasing numbers of U.S. homes are going up for sale—an encouraging sign that could bring some Annapolis buyers back into the hunt. The gains in inventory aren’t the only reasons buyers are revisiting the Annapolis listings:
• The consensus has it that mortgage interest rates are most likely to continue to rise, rewarding those who lock in home loans sooner rather than later.
• As long as inflation levels continue to rise, home prices are expected to do the same. Per realtor.com, “The Fed is now hellbent on taming prices by hiking interest rates”—with a predictable effect on home loan offers.
• This time of year traditionally sees a lull in competition—and fewer buyers make sellers more open to concessions. Springtime is usually when the mob arrives.
• Although many otherwise-qualified first-timers have been sidelined by the onslaught of challenging financial factors, nimble buyers willing to compromise on fixer-uppers or properties located outside their first-choice neighborhoods may still become homeowners before the opportunity dwindles further.
If it seems as if those reasons are iffy, it’s another reflection of the ever-present fact that the future is always unknowable (in the short term, at least). There may be grounds to hope better deals will be possible in the future, but at present, few claim that prospect is anything like a certainty. The bottom line remains: if you can find a home you’d be delighted to own at a price that doesn’t dangerously stretch your budget, it’s worth seriously considering. The IRS’s April 15 reminder of the very real costs of not owning is only one of the reasons!
Call me to discuss the latest array of offerings currently present on the Annapolis listings. You’ll be a more experienced shopper for having familiarized yourself with the changing Annapolis market—and be better prepared to move decisively when the right opportunity appears!
DEBORAH LAGGINI, Long and Foster Real Estate, Annapolis, MD 21403
EMAIL [email protected]