DAVIDSONVILLE, ANNAPOLIS, EDGEWATER, ARNOLD AND SEVERNA PARK REAL ESTATE
Passenger’s ‘Let Her Go” is a song that only caught on years after it was first recorded— ultimately becoming a #1 hit in 22 nations. Annapolis FM and satellite stations are still playing it::
But you only need the light when it’s burning low
Only miss the sun when it starts to snow
It’s hard to argue with the way we humans validate those lines. It could easily apply to area homeowners who didn’t take advantage of Annapolis homebuying and refinancing deals when borrowing rates were at sub-basement levels. Past generations often had only dim memories of distant decades’ missed “wish I’d taken advantage back then” opportunities—but this turnaround has been so swift that it’s much easier to appreciate what was available so recently.
With last week’s gloomy pronouncements on the nation’s real estate outlook, Annapolis homeowners would be hard-pressed to find a bright spot. Who, they might wonder, could possibly welcome such dour real estate news?
Believe it or not, there is an answer—one that encompasses a surprisingly large percentage of those who may be expected to buy Annapolis and other American homes. According to ATTOM Data Solution’s research, the homebuying advantage materialized for buyers in 34.2% of home sales in the first quarter—the highest percentage in seven years.
The advantage goes to buyers who are in a position to make cash offers—with the demographic spinner pointing toward the group that best fits that qualification. In many a previous economic pinch, “cash is king” emerged as a mantra fitting all sorts of commercial situations. It’s not surprising, then, that this year Redfin reports that “prospective homebuyers who offered all cash were more than four times as likely to win a bidding war as those who didn’t in 2021.”
And the group most likely to best benefit if current trends continue? Few would argue: the demographics point to 55+ buyers—particularly retirement-minded individuals. They would like to progress to new homes that better accommodate retirement lifestyles but might be reluctant to seek new digs in a seller’s market. Once they discover the additional buying clout they acquire through the cash they pocket from the sale of their existing properties, their goals may become more doable than they expected.
In every era, people find ways to buy and sell. Call me to see if your Annapolis home buying and selling goals are closer to realization than you might think!
DEBORAH LAGGINI, Long and Foster Real Estate, Annapolis, MD 21403
EMAIL [email protected]