The Waiting Game
Today, I’m going to tell you that right now is the time to buy. Many people regularly peruse the popular real estate apps, such as Trulia or Zillow. Nobody wants to miss the listing of their dream home! A large number of these folks are simply “browsing”, with hesitations to admit they are actually in the market.
Recent local market trends are showing numbers increasing. Average list and sale prices are up 23-24%, according to the Coastal Association of Realtors. Pending sales, or homes under contract, and settlements during October 2015 are also up from October 2014.
Median home sales prices for our area last month: Wicomico: $130,750 Berlin: $234,500 Ocean City: $240,000
It’s only a matter of time before median prices and absorption rates begin to reflect the strong buyer demand. Now would be a great time for prospective buyers to “get serious”, to take advantage of these conditions. A very active market will continue to drive prices. This makes for a seller’s market. Be sure to buy your dream home while it’s still at a buyers advantage.