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Wednesday, August 24, 2022

SoMD Homes Selling Fast – Call PRMI

Home buying season is well underway in Southern Maryland, and home shoppers know how tight that market can be. Primary Residential Mortgage (PRMI) in California, MD, can prepare to get your offer in first and secure the home of your dreams.

Now is the best time to secure your home loan as homes are selling quicker and prices are rising in Southern Maryland, reflecting a growth in rural home buying in Maryland through the pandemic and now into the fall home buying season.

Barry Friedman of Primary Residential Mortgage Inc. in California, MD, attributes this to both low interest rates and the growing attraction of rural living demonstrated during the pandemic.

Maryland’s housing market remained strong before and during 2020, growing 9% from the prior year. Both average price, $383,184, and median price, $330,000, rose 9.2% from 2019. Then opened 2021 outpacing January 2020 sales by 14.2%, according to Maryland Realtors. The average sales price rose to $387,118, an increase of 14.2%, and median sales prices increased 12.4% to $326,000.

Home sales in Southern Maryland were up 29% in January and 12% in February, according to Southern Maryland Association of Realtors.

“It’s always good to see the year beginning with strong, robust sales. This January, a house was on the market for about ten days before it sold. This time last year, it took about a month,” said Dee Dee Miller, President, Maryland REALTORS®. “So, yes, homes are moving quickly, but inventory, while trying to play catch-up, still lags significantly. With less than one month of inventory, we need more sellers entering the market and many more new homes built.”

According to the National Association of Realtors the average property selling today is on the market 21 days. In January 2020 houses remained on the market twice as long. The NAR recommends buyers be prepared to submit an offer as quickly as possible.

Experienced mortgage lenders at Primary Residential Mortgage, located at the Route 4 and 235 intersection in California, MD, can help you understand your finances to determine the house you can afford. And then help with getting you pre-approved early in the homebuying process.

Only 44 percent of today’s prospective homebuyers say they plan to apply for pre-approval, the NAR says. Taking this step will put you ahead of the crowd and prepare you to move quickly into your new home.

“This is a very busy market with lending rates still low,” said Mr. Friedman. “All of us here at PRMI live in Southern Maryland. We take the time to get to know your needs and show you how best we can help you buy your new home. Call the office and we’ll get you started.”

Primary Residential Mortgage is located at 23131 Three Notch Road, Suite 201, California, MD  20619; 301-737-0001. Visit them on Facebook.

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