Even though this winter has been very mild with hardly any snow fall, Severna Park real estate sales remain cool. Just take a look at the link above to see the anemic sales activity for the month of January. Click on the detailed report to the left of the bar graph for a complete breakdown. With interest rates at the lowest possible level this just may be the year to make your move.
With more foreclosures on the way and short sale activities increasing there will be plenty of bargains in 2012. For example I am working with a young couple who continues to rent vs. buy even with secure employment.
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Now they want to save for a 20% down payment before they buy. My opinion was that they are better off buying because of the perfect storm that exists today. Depending on how long it takes them to accumulate cash, prices and rates could change for the worst making it harder to buy than it is today.
HUD/FHA still offers a 3.5% down payment program with reasonable underwriting guidelines. Also, the down payment can be a gift from relatives like a rich uncle or grandparent.
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So why wait I ask? For the last four years local realtors have been waiting for BRAC to be the turbo charger for home sales and increased values. So the million dollar question is... what will it take to get this real estate market moving again here in The Park?