Maryland Maintains Healthy Real Estate Market
The state of Maryland in the U.S. is enjoying a vibrant economy benefiting not only the local residents but even the numerous companies and organizations that have set up their business there. On the business side, the state continues to gain from the presence of more than 350 biotechnology companies with a low unemployment rate, way below the country’s average. In terms of household income, the U.S. Census Bureau confirms Maryland has the highest median income.
The Maryland real estate market is one of the sectors in good shape. Factors that contribute to this are the state’s low overhanging housing inventory and vacant lots.
Data from the Maryland Association of Realtors showed that spring this year saw the successful sale of existing homes. The figure rose by almost 10 percent reaching 5,600 from the month of April alone. In comparison to the previous years, the number of homes in Maryland sold for the month of May this year also jumped by 30 percent from the 2009 figures and 31 percent from the 2008 figures.
In another area of the Maryland real estate market, the production of new homes also showed an increase. For the first quarter of 2010, the rate was up by 13 percent compared to the 2009 figures. This rise in the construction of new homes followed the same positive development in the previous quarter.
People targeting the state as a possible place to live and work are in for some great deals particularly those looking to purchase a new home. It’s a buyer’s market in the Maryland real estate sector and short sales have gone up.
Those interested to buy a residential property can take advantage of short sales. This type of property for sale can be bought at a low price but it may take a lot of patience and convincing particularly on the part of the lender. The reason behind this is that the lending company which granted the mortgage loan for the property may not easily approve of the short sale because the selling price is not enough to pay off the existing mortgage.
Home sizes in Maryland vary greatly from the flat medium sized ones to the large two-storey houses. The flat homes are ideal for those with old family members who are no longer fit to climb up and down the stairs and families with small children.
In terms of style, what you can find in the state are those that have basement foundations and multi-level types. The Colonial style normally has two levels and four bedrooms with two to three bathrooms and two garages.
Another type is the Ranch or Rambler or the one-level home common around Maryland and Virginia. This type of home can also have the raised version which is usually constructed on a hill and features the so-called walk-out basement.
If you’re planning to buy a home in Maryland for your family or even just for investment purposes but don’t have any idea where to start, then it would be best to consult with a real estate agent who knows the area you prefer. This way, you get the right information on the current market condition of the state’s real estate industry.
