Current real estate scenario in Baltimore

One of the biggest cities in the USA, Baltimore has many things going for it. It’s considered to be one of the best cities for tech start-ups, and also has a prominent presence in steel processing, health care, shipping, and higher education. Moreover, it is a short distance away from the capital city of Washington D.C., and that offers plenty of weekend getaway opportunities.

What’s the current real estate scenario of Baltimore? It’s been a rough few years, but it looks like Baltimore is confidently headed towards a resurgent real estate market. This is good news for the buyer and the seller. The buyer who has been waiting for a decent price and attractive interest rates and the seller who has been waiting to make good on their investment can both rejoice in the current real estate scenario in Baltimore. But here’s a small secret- the sellers have more to be excited about- they might be able to call the shots.

This is nothing short of surprising. Baltimore prices aren’t as high as the national average rate of appreciation, and yet the market price for homes hovers around $256000. That’s not bad at all! In fact, Frankford prices are about $111810 and Canton is about $350000. And there’s more good news- it’s expected that Baltimore will see even further increase in prices in time to come.

So what’s behind these improvements? The labor force and a slight dip in the unemployment rate- a 6.5% rate.

Most houses spend a little over two months on the market before they are sold. Baltimore is perhaps the ideal city to sell a home- there is a whopping 94.1 % gross return on investment, on average. The market too is one of the most inexpensive in the market. It’s not just the big homes, but the starter homes too that have made things more comfortable. You can buy a house a lot more easily now, than a year or two ago.

But it’s not all good news. Foreclosures have increased quite a bit and owners of properties such as these may get in trouble with anything from repos to auctions. It’s not just about the buyer and the seller. The renter in Baltimore will also find that rents are steeper this time around. It’s assumed that close to 35% of income earned needs to be put away for rent.

Foreclosures and properties where the owners are unable to pay off loans can go for a lower price than other buildings. This has helped the sector to a large extent. In fact, the sales are on the up and up over the last year. Agents who get 100 commission real estate are also instrumental in filling the real estate market with money. Seeing how competitive this particular market is, sellers and buyers can look forward to great deals for whatever their properties are residential or commercial. The trend is on the rise and is looking at 83% by the end of next year. It seems like a massive number and only time will tell if it comes true or not.