Real estate market flourishes despite pandemic
MARYLAND.- For some, buying a home now may be last on their to-do lists, but real estate experts say it couldn’t be a better time to buy on the shore.
One expert tells me that interest rates are at an historic low and buyers are attracted to the shore due to it being less crowded and surrounded by many places to escape. “If there’s going to be a crisis like a pandemic or something where you’re going to be stuck at home so to speak, it’s much better to do so where you can spread out and go to the beach or parks than be stuck in a city,” said President of Coastal Association of Realtors Maryland Joni Williamson.
The Maryland and Delaware group of Long & Foster Real Estate in Salisbury ranked number one in the company with 749 homes sold in 2020.
The team says one big selling point for buyers is finding ways to keep money in their pockets. “In a lot of cases because those rates are so low, you can actually buy a house for less than you’d pay in rent,” said Team Lead Brandon Brittingham.
Though going strong, I’m told one big challenge the shore’s market has faced is low inventory. “People who have a home to sell aren’t ready to list that home and sell it yet because they’re not sure where they’re going next or what they might be able to buy next. There may not be something out there they want to buy,” said Williamson.
Despite this, some say the market will remain strong throughout 2021, adding this could potentially be a driver for an economic boost on the shore. “In the short term, I think its going to be continue to be a strong real estate market. Which ultimately affects our local economy in a very positive way because so many transactions are tied to just one real estate sale,” said Brittingham.
Experts also want to remind buyers about building equity in their homes, which in turn could make homeowners a profit in the future.