Making the jump from renting to homeownership on the shore

SALISBURY, Md. — Housing continues to be a concern for many Marylanders as rent prices rise, making homeownership feel out of reach for some.

Marco Smith, a realtor with The Maryland and Delaware Group of EXP Realty, said the median sale price for a home in Salisbury is $260,000, while the average income is $60,000. He added that homebuyers should budget and save for a move and also consult a professional to understand income ratios and potential costs.

“You want to talk with lenders. You want to see what that’s going to look like. Nine times out of 10, there are typically programs available that can make that jump a lot smoother, whether it’s covering your closing costs or providing different interest rate incentives that make your monthly payments easier,” Smith said.

He also emphasized that the mortgage is only one part of the equation; buyers should carefully evaluate the property itself.

“You want to make sure you’re buying a very stable home — something with a new roof and a new HVAC system. Those costs are known upfront. What you don’t know is what it will cost to replace your AC or other systems down the line. It’s not just about the monthly mortgage; you want to look at the house as a whole and make an educated decision, since most real estate is a good investment,” Smith said.

Smith also noted that for first-time buyers or those considering a move, now is an opportune time, as more homes are on the market this season.