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Baltimore Area Real Estate Is Seeing Steady Rise In Values
The new home construction business is still recovering from the recession and new homes built are at historic lows nationwide. Because of these and other reasons supply is down.
Buyers must act quickly, be pre-qualified and make strong offers, to have a good chance of winning the contract on the most desirable homes. Contracts are coming in quickly with the average days on market now down to less than 30 days for the better condition properties, and a quarter of homes are on the market less than 10 days. The average home under contract is seeing offers at 95% of list price, A strong offer these days is an offer possibly over list price depending on the quality of the property.
While there is a large supply of REO (bank owned) properties out there, the relatively lower prices of these homes draws attention, but they often need more work than the average home-buyer wants to deal with. Even with a large supply of foreclosures the prices are still trending upwards in most counties in Maryland. Prince Georges being an exception because of the wave of older foreclosures just being released from a stall in the process because of court rulings.