According to the Baltimore Sun Maryland home prices declined more in the first quarter than in all but seven other states, the federal government said yesterday.Home sale prices in the state fell 4.8 percent in the first three months of the year from the corresponding period in 2007, according to the Office of Federal Housing Enterprise Oversight.
So as a home owner, buyer or seller how are you to take this news?
Well if you are an owner with no intention of moving anytime soon sit tight. While it is true your home may have lost value in the past few years that fact should not bother you unless you intend to sell soon or take out some equity.
If you are buying a home this news could mean that you're shopping at the right time. There are bargains to be had right now and as the old
adage goes: buy low and sell high.
Selling a home? Well in order to make that happen you need to be realistic. It's a competitive market with
alot of inventory. Good news is buyers abound. The national news media would have you believe no one is buying homes. In fact 4.89 million homes sold in America in April. While that's 1.04 million less than sold in April of 2007 it's still
indiciative of the fact that people are buying.
Sellers need to seriously consider price. If you are looking for top dollar chances are you may be
dissapointed. In order to sell that home you will have to stay mindful of the simple law of supply and demand which dictates that when supplies increase prices fall. Another alternative is to sight tight and wait it out if you can afford to. If you're not in a situation where you need to relocate it may be advantageous to wait this market out and sell when prices rise a bit.