Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, provides a market update leading into September
With low inventory and high demand, prices are increasing in Ocean City. Many of our listings are receiving multiple offers as soon as they hit the market.
Although we’re seeing prices increase, affordability is incredibly strong. 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.
What This Means for Buyers and Sellers
Very low inventory, high demand, and increasing prices means we’re pointing toward a sellers market. However, just because prices are increasing doesn’t mean a buyer can’t find their next beach 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.