Throughout the course of the pandemic, the real estate market has become a strong seller’s market. With low inventory of listings, sellers are able to get top dollar for their homes. Since March of 2020, 30-year fixed mortgage interest rates have rapidly decreased and have become the lowest in years. As a result of these low interest rates, the desire to buy a home has dramatically increased at all price points. Buyers are more willing to spend more on their home because their interest payments are significantly lower. Within just a year, there has been a dramatic difference in the amount of homes on the market, as well as the median price sold in the Anne Arundel County area. According to the Anne Arundel Association of Realtors, in August of 2020 there were 934 active listings, with 1,848 pending, whereas in August of 2019 there were 2,245 active listings with only 1,497 pending. There was a 23.45% increase in pending sales in a year.
Overall, median house prices, average price sold, and number of units sold is higher than it was last year. Right now is a great opportunity for those looking to sell!
For more information, make sure to check out:
August 2020 Housing Statistics via AACAR :https://aacar.com/aachousingstatistics/
Mortgage Rate Information : https://www.washingtonpost.com/business/2020/09/10/fixed-mortgage-rates-tumble-lowest-levels-history/
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