The statistics portraying the real estate market in Havre de Grace actually indicate a clear picture of the overall economy. There has been some major uncertainty in the financial markets, with much of the turmoil being caused by what is happening on an international level. BRAC seems to be a thing of the past, with the effects on the local real estate market being much less significant than expected.
Only 7 homes changed hands in October in Havre de Grace, MD, during October, as compared to the 17 that sold last year during the same time. First, we have to keep in mind that the market was in pitiful condition last year, so when we see a 58% drop off in sales, there is even more cause for concern. The median sold price is down to $200,000 from $305,000 from last year, but I wouldn’t read too much into that since it’s such a small sample. Additionally, despite the fact that only 7 homes sold, it took them an average of 153 days to get someone to sign on the dotted line.
Even though lending standards have gotten high, it’s not as difficult to get a loan as one might think. FHA loans can still be gotten for as little as 3.5% down, and there is a renovation loan program that will assist with the costs to improve a home that might need repairs. There is also the USDA loan that allows buyers to purchase with no money down, and even in those situations, it is possible to have the seller pay some of the closing costs. Some areas of Havre de Grace are actually eligible for this type of loan.
Interest rates are still at record lows, so it is still an opportune time to take advantage of this market. Don’t be scared off by the turmoil that has already passed- let’s move forward and reap the rewards of steady appreciation. Visit my website at www.scottmillerrealestate.com for more information.
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