If you’re thinking about moving up to new home, there has never been a better time! The real estate market conditions are perfect for selling a home under $400,000 and ‘moving up’ to a larger home! Why?
Real estate sales in Anne Arundel County during the month of July, 2016 were up 2.45% over July, 2015, 835 closes sales vs. 815 sales in 2015. The average sales price in the county was also up 5.57% during the same time frame from $363,005 in 2015 to $383,213 last month.
The price range under $400,000 continues to dominate the market with over 67% of the July sales falling into this sector. This is a result of the first time buyers flooding the market with historically low interest rates still in place and rent prices continuing to rise in the area. Because of the demand in this market segment, housing inventory is extremely low in the county. It continues to be a Seller’s Market in this price point with just 2.5 months of inventory available.
What Does It All Mean?
Bottom Line: If you own a home in this price range and have been considering a larger home there has never been a better time. If priced and staged correctly, the market conditions are ripe for your home to sell quickly. And, moving up to a larger home with today’s historically low interest rates means you can really increase your buying power when purchasing a larger home.
If you have been thinking about moving up, the experienced agents at The Donnelly Group can provide you a no obligation market analysis. Contact The Donnelly Group at 443-308-4918 or ClientCare@TDGMoves.com.
If you’re not looking to move, but have been in your home for more than 4 years this may also be a great time to refinance! If you are interested in refinancing, please contact us and we will put you in touch with one of our wonderful lender partners. The Donnelly Group is devoted to improving lives one home at a time.