Today the All About Houses Blog is going to talk a little about the Housing Market and being on the fence about buying or selling. Right now it is still primary a Seller's Market and what determines what is a Sellers or Buyers market is the amount of inventory. So let me break down the Sellers and Buyers Market meaning a little bit more.
Sellers Market: One to Four months of inventory listed on the market. The lower the number the more competitive Sellers Market
Balanced Market: Four to Six Months of inventory on the market.
Buyers Market: Anything over Six Months of inventory on the market.
One thing is in any given county, subdivision, state or region it can be both buyers and sellers market. How is that possible, it depends on the price range of a house. An example of that is any houses priced below 250K may have 2.2 months of inventory, houses priced between 250-500k could have 3.3 months of inventory and maybe anything over 501K may have 7.8 months of inventory.
Just a few stats for counties in Maryland
Anne Arundel County 3.4 Months of Inventory
Howard County 2.7 Months of Inventory
Prince Georges County 2.4 Months of Inventory
Baltimore County 3.0 Months of Inventory
*Please note these are counties of the State of Maryland
So with this information you maybe thinking wow now is the time to sell and you are correct. Some people think let's wait until Spring, but everyone is waiting until then. So what happens, more competition from other people selling their house, possibly a lower offer.
As a buyer you may thing now is not the time to buy, but actual it is a great time to buy. Rates for FHA and VA are still below 4%, which means you will get a great deal. At the same time you have to have a team that can act quick. That when you send in an offer for a house they you want to be your future home, the mortgage company can get it done in less then 30 days, that can make a huge difference.
So if you have any questions please feel free to contact us at
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