Is it still a buyer’s market in Baltimore?
As experts in the Baltimore real estate market, we get asked this question a lot.
It isn’t a simple answer.
First off, it really depends on the property type and its location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
Condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Baltimore, but seem to be rebounding as the rental market increases.
Investment properties are in demand. Large amounts of foreign cash investing in US real estate have impacted the Baltimore market in unique ways. Overall, those in a position to pay cash for properties have been in a position to take the most advantage of the good deals in the marketplace. Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are can be incredibly strict, requiring lots of money down and even changing their terms at the last minute. Although the situation is improving, it’s not uncommon for approved buyers to get their loans pulled right before closing escrow.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place and the markets are moving fast in lots of directions at once.
We’re investing in Baltimore because we believe in the community and the people here. If you need to sell a property near Baltimore, we can help you. We buy properties like yours from people who need to sell fast.