What's the latest with the Baltimore real estate market for summer 2021
You may have noticed an ever so slight change in the Baltimore real estate market over the last few weeks.
Perhaps homes that were selling in Towson in two or three days are now selling in five or six days. Maybe your Lutherville neighbor only received $5k over their asking price, not $15k. Or, it may be that you are selling your Baltimore City home and you have ten showings scheduled tomorrow instead of twenty. Not to worry!
We’ve all become a bit spoiled in this crazy real estate market over the past year, so it’s only natural for some changes to be coming our way.
But let’s start with the facts of a “typical” real estate market. Usually during the summer, things get a little quiet, and dare we say it, even slow. And that’s ok! This is the normal, cyclical progression of a real estate market and nothing to start panicking about.
Here are a few reasons the market changes over the summer:
Kids are finishing school and buyers are preoccupied. Graduations, parties, and general business put a temporary hold on house hunting for buyers. And some sellers, if they have flexibility, decide to wait until fall to list their homes since the kids are home for summer and it’s harder to keep things neat & show-ready.
People are planning vacations and heading out of town. This summer especially, it may seem like a mass exodus out of town and to the nearest vacation spot. Covid put a damper on most travels last summer, so just about everyone is heading out of town. For this reason, the number of buyers and sellers alike decreases during the summer months.
Buyers who have been looking for a while and may have lost some contracts are sick of it and need a break. This one couldn’t be more true at the moment. There are lots of buyers right now who have made countless offers on homes they have loved, only to lose the contract to a better offer. This situation can be emotionally tough, and these buyers may feel like summer is the perfect time to take a break.
People are less productive when it’s hot & humid. [Ok, we just made that one up but we believe it to be true!]. In all honesty though, don’t you just feel like relaxing during the summer? We won’t judge!
Despite these seasonal changes, the bottom line is this: we are still in the midst of an incredibly strong real estate market, with record low interest rates, low inventory & high demand making the seller’s market exceptional, and the desire for people to own homes they love more than ever before.
So here’s the takeaway for everyone…
Sellers: just because your home doesn’t sell in hours- it may take a few days- you’re still in a great position and are probably going to sell your home for more than you ever thought possible.
And Buyers: your time will come. You may have to pay a little over the asking price for the house you love, but the low rates will balance that out some AND you’ll be living in your dream home!
So everyone just take a deep breath and go to the beach for a few days! We’ll be here when you’re ready to chat ALL things Baltimore real estate!
