Spring Comes Early to SoMd Home Buyers

Average home prices are falling and so are mortgage rates, jump-starting the spring home-sales season in Southern Maryland and across the nation. Primary Residential Mortgage in California, MD, offers the lowest rates available and offers a broad and deep knowledge of the Southern Maryland real estate market. Being ready with your financing is, again, proving the critical factor in winning your dream home.

The unexpectedly sharp slowdown in the last quarter of 2018 resulted in the opening weeks of 2019 offering lower-priced homes just as mortgage rates dropped in December. The outcome was a surprise, an unexpected uptick in both new listings and signed contracts – months ahead of the traditionally busy spring home buying season. The uptick was so substantial in January to be noted as early as February 5, 2019, by National Business Report.

Then mortgage rates dropped again mid-February, as reported by AP.

“That is the same trend we are seeing in Southern Maryland, and we are working to get our clients ready to take full advantage of this market,” says Barry Friedman of Primary Residential Mortgage Inc. in California. “We are ready with the lowest rates in the marketplace.”

In accord with Mr. Friedman, research out of Southern Maryland Association of Realtors confirms the trend locally. The same uptick in homes listed for sale and sales contracts appears across the three Southern Maryland counties — Calvert, Charles, and St. Mary’s. St. Mary’s alone registered an increase in median sales price, but this is more an anomaly of a couple very large sales. The average home sales price has dropped, just as in the other counties.

The statistics portend the possibility of bidding wars returning to the Southern Maryland housing market. Buyers are cautioned to be ready to go when the home buying season heats up as spring season starts to hit full swing in a few weeks.

The Southern Maryland Association of Realtors showed half of the St. Mary’s County homes sold in January 2019 were on the market between only 30 and 90 days.

“Now is the time to get your financing in place,” says Mr. Friedman.“Prequalified and having your loan paperwork complete and ready to go gives our clients the advantage needed to move quickly into their dream home at the best price available. PRMI offers a wide variety of mortgages and the lowest rates available in the industry. Finding the best fit for our clients is what we do best. In a competitive market, being ready with your mortgage can make the difference.”

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