Over the past few years the Ocean City Maryland real estate market has slowed significantly, along with those of most areas nationwide. Properties are selling for less. Some sellers are reducing their list prices to below that of comparable properties to encourage a quicker sale. We have also seen a rise in listings for bank owned properties. Here too, some properties are listed at a less than average price while others remain similar.
Due to this slow down, a significant increase of inventory of properties in all price, type and locations have been noted thus creating an opportunity known as a “Buyers Market”. Favoring the buyer over the seller allows many to be able to purchase a property at significantly less than original or the last price paid for the property, sometimes as much as 10% to 15%. Concurrently, many both “new construction” and recently constructed projects in our area are offered for less and many may include appealing incentives.
As you are probably aware, due to the current economy, the mortgage industry has also been severely impacted, causing the Federal government to step in and reduce the cost of money – thus keeping mortgage rates at historical lows. Yet, although rates are low the mortgage application and approval process has become a bit more burdensome with new procedures sometimes causing delays. However, I believe the overall loan approval rate remains about the same. If you have good credit and meet the other requirements loans are obtainable with few, if any, complications.
Combined, current favorable mortgage rates with high inventory and reduced property pricing has created this exceptional opportunity, the “Buyer’s Market” … And it seems that NOW may be the best time to begin looking for your Ocean City Maryland resort property. If you have any questions and/or are ready to begin your search, please contact me. I can be reached at firstname.lastname@example.org or toll free at 888-524-6041.
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