ok. we get it. we really do. the economy is bad- says every media outlet available. baltimore has certainly not made it unscathed. maryland’s growth in home sales compared with last year is ranked as one of the lowest in the country. according to the NAR, home sales in maryland over the summer are up 10% from a year before- but still the 7th lowest state in the nation.
homebuyers: it’s still the perfect market for you– if you are buying for the right reasons. just be aware and make sure you are doing the right thing for YOU and know that you should consider a home a long term investment. in this market buyers tend to over-inflate what the value of their home will be worth in a few years. so, this means some buyers buy with the over-inflation in mind in a time in which renting could be a better option for them long term.
so who exactly is this time good for!? investors! investors that flip those row homes and turn them into rental properties. baltimore attracts the young and old alike for it’s culture, night life, waterfront activities, restaurants and great neighborhoods. there is always a large pool of college students and retirees looking for a great rental. in a good economy there tons of folks looking for rentals and even in bad economies like we are in right now. simply put– more people are afraid to buy so they are renting. and now when buying those homes to flip are so cheap– investors for rentals are finding their niche in this economy.