Buyers: Be Prepared In a Strong Housing Market
Whimsical cottage, photo by DeToto Photo
The strong first quarter home sales reported by Southern Maryland Association of REALTORS® appears to have continued through the second quarter as well. The traditional spring uptick in the national housing market held true in Southern Maryland, says Barry Friedman of Primary Residential Mortgage Inc. in California, Maryland, and it looks like it will continue strong.
SMAR President Lisa Van Tassel said of the first quarter, “While price appreciation continues to be modest, the rising number of sales attest to the fact that buyers are engaged.”
“There is a definite uptick in buyers, and houses that are priced right,” Tammy Vitale, Realtor/GRI of RE/MAX One, said at the start of the spring season. As summer approaches she finds it much the same. “I just listed a house and have a contract in hand in less than a week. Again — priced right, traditional homes are moving. There simply is not enough starter inventory anywhere.”
In Southern Maryland, year-to-year statistics collected and collated by the American Association of Realtors®, show a Southern Maryland housing market regaining its footing. In Calvert and St. Mary’s counties, after two years of falling prices, home prices rose in 2016. And Charles County home prices continued to incrementally rise in average price to $274,000 in 2016, Calvert was $311,480, and St. Mary’s $271,824.
This is what Michelle Camaioni of the Grateful Agent Team at ReMax is seeing as well. “Units are moving,” she said, and prices were holding steady during the spring market in Southern Maryland. “So even with interest rates up a little, rates are still great.” And as spring turned into summer she said there was “more activity” occurring.
These assessments confirm Mr. Friedman’s spring advice to buyers, “This can be a very good time to enter the housing market for the well-prepared buyer.”
Although April and May see more buying and selling activity in the housing market than any other time of the year, new housing construction is apparent throughout Southern Maryland. In a market where the inventory is in short of demand, buyers need to be prepared to make their purchase, says Mr. Friedman.
In today’s revived housing market that has become standard advice. Zillow research recommends preparedness and provides how-to details. The basics, according to Zillow: Do your research. Select your agent. Pre-qualify for your mortgage.
“Now is an excellent time to visit PRMI,” Mr. Friedman says. PRMI is one of the nation’s largest privately owned home mortgage companies. The Southern Maryland branch was founded and staffed by experienced lending specialists with a wide variety of expertise and familiarity with the Southern Maryland market.
“Collectively we are able to provide exceptional service while offering a broad menu of loan programs,” Mr. Friedman says. “We can address customer needs with some of the most competitive rates in the country. There is no cost to you to come in, meet our team, receive some consultation from one of our experts.”
PRMI has experts to help you whether you are looking for a home mortgage refinancing, an FHA mortgage, consultation on mortgage loans, or mortgage rates. Primary Residential Mortgage Inc. makes all types of mortgage loans, including Purchases and Refinances for Primary Residences, Second Homes, and Investment Properties. The California, Maryland, office also can originate conventional and Jumbo loans in Southern Maryland.
Ms. Vitale suggests anyone interested in buying a home visit lenders and real estate agents in making their selection. “Find a great agent with whom you click. Interview several,” she says. The same with lenders. “Just like agents, find one who is willing to work with you where you are.”
Meet the entire Southern Maryland PRMI Team, keep up on their successes, community outreach, and the latest in mortgage news on their Facebook Page. Primary Residential Mortgage Inc. is at 23131 Three Notch Road, Suite 201, California, MD 20619; 301- 737-0001.
To learn more about Primary Residential Mortgage Inc. in California, visit its Leader member page.
