Buying or selling a home is an exciting, yet often confusing process. The world of real estate is forever changing. House prices escalate, then they drop. Trends are always shifting, so a prudent buyer or seller should always be aware of what to watch for in this interesting industry. In Maryland this year, home prices are expected to decelerate slightly, but not so much as to cause any undue angst among sellers; that should make it comfortable for prospective purchasers.
Instead of declining inventory, the market is seeing an increase of properties for sale. More baby boomers are making the decision to downsize. Not only is the choice escalating, but so are mortgage rates. By the end of the year, expects predict rates hovering at around 5 percent, so those in the market now might not want to wait to purchase.
With increased mortgage rates comes less affordability. What affects buyers also affects sellers, so those thinking of listing their homes might also want to do so sooner rather than later. On a not-so-nice note, wire fraud is also on the rise, so those who need to wire money to escrow or title companies should notify those involved in the transaction once they have email instructions for sending funds just to verify the information that has been sent.
So, there’s lots happening in the real estate world in Maryland this year. Whether on the buying or selling end, it can all seem rather confusing at times and a lawyer might be able to make it less so. A savvy attorney can offer sage advice when it comes to any contractual agreements, possibly saving both selling and buying clients possible financial angst.