Even if you’re not currently thinking about buying or selling a home, you’ve probably heard about the current state of the real estate market across the United States.
With demand high and supply low and interest rates at an attractive level, the real estate market has become quite the circus with house selling in under an hour and buyers offering well above asking price.
We reached out to our Chamber members in the residential real estate industry to get their input on how things are looking right here in Frederick.
Here’s what they want you to know about the Frederick real estate market and buying or selling your home.
What Frederick Real Estate Agents Want You to Know About Buying & Selling in Frederick Right Now
What should people know about the Frederick real estate market right now?
Allison Zerr, Realtor with Compass Frederick: “Homes are selling in a matter of hours in some cases. Most homes that are in good condition and appropriately priced are selling for over list price with multiple offers. Buyers are finding creative ways to get their offer noticed-waiving home inspections, appraisals, allowing sellers to stay in the house after settlement for no additional cost and paying the seller’s settlement costs.”
Georgette Calomeris, L.P. Calomeris Realty, LLC: “Inventory continues to remain low and if a buyer or seller was ever on the fence, now is a great time to decide whether to buy or sell. The pandemic will also play a factor in where people live and work with more buyers moving towards suburban areas.”
What are your best tips for buyers in Frederick?
Peter Murray, A Murray & Co Real Estate: “My #1 tip for buyers in today’s market is to make sure you are shopping at a price point you are comfortable with and do what makes sense for your particular financial situation. The housing supply is low and demand is so strong that many buyers are cashing out their retirement funds to either pay for the entire purchase or cover the difference between the appraisal price and contract price with cash funds. If this means you need to shop at a lower price point to stay competitive and be comfortable, make sure you are working with an agent and brokerage that respects that decision.”
Cara Via, Charis Realty Group: “Be prepared to make a swift decision on a property. However, before you do – talk openly with your real estate agent, make sure all of your financing is in order, strategize and know ahead of time exactly what concessions you are willing to make. You don’t want to be making those important decisions in the heat of a bidding war!”
What are your best tips for sellers in Frederick?
Steve McIntyre, Troyce Gatewood & Partners: Even in this “Sellers” market, homes still need to be attractive – working with the right representation will allow your home to stand out against others, ensuring a more predictable/quicker sale, with vastly greater results. If not executed well, you could still be leaving large amounts of profit on the table or receiving very unfavorable terms in the offers you are considering.
Jim Bass, Jim Bass Group of Real Estate Teams: “If you are thinking about selling in the next year or two….the time is NOW! CASH OUT! Also, getting a contract on a property is the easy part….getting it to settlement is the hard part and you need a Expert Negotiator to navigate through addendums, contingencies and appraisal issues. Sometimes the highest price isn’t the best choice.”
What do you see happening with the Frederick real estate market in the next few months and years?
Brian Duncan, Tyler Duncan Realty Partners: “With the limited number of lots in Frederick, expect the prices of existing houses to go up for two to three more years at the current rate. At that point inflation and the lack of lots will begin to impact the market in a negative way. Real estate will still be a great investment for most!”
Jennifer Grove, Bach Real Estate in Frederick: “I believe there will be a gradual increase in interest rates which will cut buying power and will move buyers to lower price brackets, likely having the biggest impact on first time buyers.”
Looking to buy or sell a home in Frederick? Visit our listing of Frederick real estate agents members to find someone who can help you along the journey.
Frederick Chamber Insights is a news outlet of the Frederick County Chamber of Commerce. For more information about membership, programs and initiatives, please visit our website.