How are Owings Mills mortgage rates affected by the national and local real estate market? How does the local real estate market effect my financing options as a buyer?
As an Owings Mills mortgage lender, I pride myself on helping my clients discover the answers to these and numerous other questions. I believe that accurate, relevant information is essential, especially when you are making such an important financial decision.
In some cases, the answers to these questions may vary based on your individual financial situation. In general, though, the real estate market has a profound effect on the prices of the homes you will be searching through, which can affect loan amounts and sometimes even Owings Mills mortgage rates.
As I mentioned before, I am dedicated to my clients and enjoy providing information that could be beneficial to them as they move through the mortgage process, get pre-approved for their loan and begin the search for their dream home.
According to a few reputable real estate websites, the median listing price for homes in the Owings Mills area in April of this year was $279,700.
While sellers have been asking for prices pushing upwards to $300,000, the median sales price is now actually closer to $245,000. This median sales price, which is $34,700 lower than the median listing price, has increased only 2.8% over the last year and is expected to increase less than 2% more before this time next year.
Even with this relative stability in prices, the number of sales in the Owings Mills area has continued to drop over the past few months. This drop from around 165 sales in February 2017 to only around 115 in May 2017 has kept the local market cool, making now the perfect time to buy your dream home!
If you are in the market to purchase a home in the area and have questions about Owings Mills mortgage rates and options, or about the mortgage and lending process in general, give me a call today! I would love to help you finance the perfect home for you and your family!