Surprising Effects of Coronavirus on Maryland’s Housing MarketJune 18, 2020
All eyes are on the Maryland housing market to gauge the impact of COVID-19. The good news is that the market will probably sail through the crisis unscathed. President Trump has voiced the hope that the virus might vanish miraculously. Let’s hope he’s right.
Here’s the Scoop So Far
The stock market has become volatile in response to virus-related uncertainty, so it’s not the best time to buy or sell stock. However, since interest rates have hit an all-time low, the Maryland real estate market is a good place to turn a profit. Inventory is low and demand is high.
Some buyers are holding out in case the virus slows things down enough to make deals more lucrative. However, these buyers are not reducing their offers or exiting the market.
Concern about the potentially negative effects of coronavirus hasn’t dampened buyer enthusiasm. Long-term confidence in local real estate markets seems to carry more weight than COVID-19. Buyers are eagerly snapping up the best deals before other buyers beat them to it.
What to Expect Going Forward
Industry speculation is unreliable. There are well-researched opinions that an economic recession is imminent. There are equally well-supported arguments that the future holds unprecedented growth. With this market, there are no guarantees. Do your own research, consult reliable sources and follow your heart.
Danielle Hale, chief economist for Realtor.com, describes today’s home-buying market as the most competitive on record. When you throw in coronavirus, there’s no telling what could happen.
If the virus triggers a minor recession or causes a prolonged shutdown, it will probably decrease demand without affecting prices. Instead of causing prices to drop, it would keep prices from rising so fast. It could even benefit sellers in especially competitive markets.
Maryland’s housing market offers tremendous opportunities. If you’re in the market to buy or sell a home, this is an opportune time to do it.
Meet Lakeside Title
Now that you know the scoop on Maryland market trends, it’s time to learn how to protect yourself and your clients from other unnecessary risks. Lakeside Title is a title agency that has been clarifying legal and financial risk for its clients for over a decade. We perform on-site search and retrieval of a variety of documents including bankruptcy, civil records, UCC, judgments, and recorded/unrecorded liens. We specialize in all real estate transactions including but not limited to purchases, refinances and commercial transfers.
Visit our homepage to learn more!
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