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Navigating the Challenging Maryland Real Estate Market

This is your Maryland real estate market update for Anne Arundel County Maryland with James Bowerman, your Pasadena MD Realtor and the Real Creative Group of Compass. 

This will be my last Real Estate Market Update: The Need for Change

Welcome back, my friend. I appreciate your continued support and viewership of my market update videos. Today, I wanted to have an open conversation about the struggles I’ve been facing with this series and the need for change. But before we dive into that, let’s acknowledge the importance of these videos in keeping me sharp and informed about the real estate market.

Embracing Creativity and Personal Growth in the Real Estate Industry

Over the years, I’ve noticed that my market update videos have started to feel a bit stale. While they have served their purpose in helping me understand the market and provide valuable information to my clients, I’ve realized that the way I present this data might not be as relevant or engaging to a broader audience. That’s why I’m considering making some changes to the format or even discontinuing the series altogether.

Navigating the Current Real Estate Market: Challenges and Opportunities

Now, let’s shift our focus to the real estate market itself. We find ourselves in a challenging period where high interest rates are holding many sellers back from listing their homes. It’s understandable; the prospect of going from a sub-3% interest rate to a 7% rate can significantly impact affordability and monthly mortgage costs. However, it’s crucial to consider the potential outcomes of different scenarios.

Three Scenarios in the Real Estate Market: How Interest Rates Impact Your Decision

Firstly, if you buy now and rates increase in the future, having locked in a 7% interest rate will prove advantageous. Secondly, even if rates remain stable, you can still benefit from property appreciation and build equity. Lastly, if rates decrease, you have the option to refinance at a lower rate without the hassle of moving or facing intense competition.

Seizing Opportunities in the Current Real Estate Market: Making Informed Decisions

While waiting for interest rates to drop might seem tempting, it’s important to recognize that opportunities exist in the current market. Historically, real estate doesn’t experience rapid fluctuations unless unforeseen circumstances arise. So, if you can comfortably afford a home at the current rates, it might be wise to seize the opportunity rather than wait indefinitely.

Shaping the Future of my Real Estate Market Updates

Thank you for taking the time to watch this video and join me in discussing the challenges I face with the market update series. Your feedback and suggestions are invaluable in shaping the future direction of this content. As I reflect on the best way to move forward, I’ll consider transitioning to shorter, more engaging formats or exploring entirely new avenues to serve you better. Until then, stay tuned for updates, and remember, I’m here to provide you with the information and expertise you need to make informed decisions in the ever-changing real estate market.

Anne Arundel County, MD Housing Inventory

Let’s take a quick dive into a few of the hey metrics for Anne Arundel Counties housing market.

Coming Soon: There are 124 homes coming soon to the market, which is 33 more than last month. Properties cannot be in the Coming Soon status for more than 21 days.

Active Listings: There are 601 properties currently active for sale. This is 2 fewer homes compared to last month, and a 32% decrease compared to this time last year. 

Under Contract: There are 975 homes under contract and no longer available to tour or purchase. This is 8 fewer properties compared to last month, and a 20% decrease compared to this time last year. 

Homes Sold: There were 626 homes sold during the month of July. This is 127 fewer home sales compared to the previous month, and a 28% decrease compared to this time last year. 

Anne Arundel County, MD Average Time on Market

The average days on market increased to 17 days, which means homes sold 3 days slower on average compared to the previous month. In the last 30 days there have been 252 price reductions, which is more than the previous 30 days and about 42% of the active inventory. 

Anne Arundel County, MD Average Home Prices

The average home sale price in Anne Arundel County in July was $586,720, which is a 4% increase compared to prices this time last year.

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