If you are thinking about buying or selling a home in Towson MD, it is important that you know about the current home values. Understanding the market and home values will help you determine if this is the best market for you and how to price your property. You can also determine if you should buy now or wait for the market to turn in your favor.
The Median Home Value
The current median home value in Towson is just over $350,000. This means that the average house in the city will cost this amount, but property could be listed higher or lower than this median value. The median value of houses in Towson has increased in the past year and experts do expect the price to increase in the next year. It is important that you take the median home value into account when you look at buying or selling a property in the city.
While it is important to know what the median home value is in the city, you should also look at the price per square foot. Towson currently has a median list price per square foot of $195 which is actually higher than the Baltimore Metro average. If you are looking to buy or sell a larger home, you will need to take this figure into account when you look at the pricing.
The Housing Market
The current housing market is considered cool for sellers. This means that the property market of Towson is currently a buyer’s market with more houses listed for sale than buyers looking at them. This is very important to consider when buying or selling property in the city. It may have something to do with the current divorce rate, however, this is only speculation. http://mallon-jurisprudence.com/
If you are buying property, you will have more homes to choose from and this could result in you getting a better deal. Of course, you will also need to carefully consider the properties on the market to determine if they are priced in line with the median value of the homes. However, if you are trying to sell a property, you will have to compete with many other sellers. In a buyer’s market, you will need to make your property stand out either by offering more than the competition or lowering your price.
Dangers For The Market
Understanding the current state of the market and the forecast home values is important, but you also need to consider the dangers of the market. Foreclosures are low in Towson and it is below the Baltimore Metro value. The value is also lower than the national average.
Mortgage delinquency which is the first step in the foreclosure process will give an indication to whether or not foreclosures will increase. The rate of mortgage delinquency in Towson is lower than the national average, but this percentage does increase when looking at the number of homeowners who owe more than their home is worth. Negative equity could become a problem in the future for the market and it is important to consider this when looking at property.