Community Corner
Severna Park Real Estate Market:The Real Deal
National statistics and local opinion say things are looking up. Is it the right time to buy that new home?
Looking to buy or sell your Severna Park home? Or are you just curious about the fickle world of local real estate? Articles online and in area papers point to the fact that buyer and seller frustration levels are high these days. But the good news is, things are looking up.
According to The S&P/Case-Shiller Home Price Indices latest press release, there has been a monthly increase in home prices through April of this year for the first time in eight months. Good news for the seller, but what about the buyer?
Buying or selling?
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You may have heard “It’s a buyer’s market,” but is it? What’s really happening in the realty world may not be that cut and dried. As a buyer, you may be waiting for prices to go down, yet anxious not to miss out on current low mortgage rates.
If you are a seller, you may be tempted to hold off listing your home, concerned you will be “giving it away.” You, too, may be tempted to wait out the unknown, hoping to list or sell for a higher price down the road.
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It’s a tough call for both “sides.”
The Experts Weigh in
According to ' real estate agent Julia Mann, “There are lots of people who want to sell and cannot.” Banks have made it harder and harder to get those down payments lined up, leaving buyers, no matter how eager, in the lurch.
For a while now, according to Glenn Kelman CEO of Redfin.com (Redfin is the industry's first online brokerage for buying and selling homes): “The market looks more like a middle-school dance, with buyers and sellers waiting one another out on either side of a large, dusty gym. It's always hard to say when the hormones will kick in; maybe in three months, maybe in three years.”
Fortunately, the Severna Park-area market is active and competitive. “Homes with a good location, that are well priced and well-maintained, will sell," contends Mann.
Correct pricing, creative financing and patience are key to the good real estate deal these days. Our community is “a valued commodity,” Mann feels, and rightly so. Severna Park real estate sales this past month reflect this and include:
June 7: 7 Giddings Avenue sold for $750,000
June 11: 200 Bolden Court sold for $525,000
June 17: 836 Dividing Road sold for $450,000
June 20: 434 Rivendell Lane sold for $965,000
June 20: 4 Beach Road sold for $2,100,000
June 30: 103 Boone Trail sold for: $1,155,000
July 1: 468 Arundel Beach Road sold for $865,000