Another year has begun, which means that plenty of changes are on the way for the real estate market. Thankfully, the year ended on a high note, and I’m excited to present you my January 2019 real estate market update for Baltimore County. If you want more insight into what your property could be worth or what your purchasing power could get you, please contact Dan Cohen Homes today!
December 2018 Market Statistics
In December 2018, 709 units in Baltimore County were sold for a total volume of $200,444,027 and a median price of $240,000. While the year ended on a strong note, the tides are expected to shift in 2019. Over the past few months, we have seen things start to change from a seller’s market back towards the center, and the pendulum is expected to slowly swing to a buyer’s market over the next few months and years.
Buying in 2019
Rising interest rates will make buying a home a little more challenging in 2019. While the real estate market is strong, mortgage rates are at their highest levels since 2011, so some home buyers are more hesitant to make a move. While a small hike in the interest rate won’t add a ton to your purchase price, the monthly payments towards your mortgage will be adjusted. If you’re planning to buy, you will have a bit more leverage at the bargaining table and think carefully about what mortgage payment you can afford on a monthly basis.
Selling in 2019
Sellers in 2019 should expect a slight slow down in the real estate market, as active buyer numbers will decline and buyers will be more interested in negotiating on prices. While purchasing will still grow, the interest rate hikes mentioned above will give some pause. Thankfully, by partnering with a skilled realtor, sellers in 2019 will still enjoy a great experience from start to finish and get as much as possible for their home.
To learn more about our investment options if you’re looking to sell your home or interested in property investment, please contact Dan Cohen Homes today.