September 2020 Housing Market Update in Ocean City, Maryland
Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, provides a market update leading into September
Low inventory and high demand means home prices have consistently moved higher. We’re currently facing less than 2 months supply of inventory in Ocean City and less than one month supply in Ocean Pines, the lowest we’ve seen in years. Many of our sellers are receiving multiple offers more than ever.
With current favorable mortgage rates, those shopping for a new home can afford 10% more home than they could have just one year ago. This roughly translates to an average of $32,000 more buying power. The last time housing was this affordable in Maryland was prior to 1995.
A sellers market doesn’t mean buyers can’t benefit
With supply and demand moving in opposite directions, sellers are gaining the upper hand. However, just because prices are increasing doesn’t mean a buyer can’t find the perfect home. If buyers keep an eye on the market, have their financing/proof of funds available, and work with a great real estate agent who can help navigate and negotiate todays market, buyers can benefit greatly from extremely low interest rates and increased affordability.
For more information about buying or selling, call us at 410.524.0919 and we’ll be happy to help.