It’s a buyers market this spring in the Anne Arundel County real estate market.
“This is an opportune moment [for buyers] because the prices are coming down,” said Dorcey Rose, an Annapolis-based Realtor.
With homes staying on the market longer and sellers slashing prices, buyers should seize the opportunity ? but not jump at the wrong offer, Realtors said.
Lenn Hanley, a licensed real estate broker in Maryland and Virginia, said it’s important for “emotional” homebuyers who fall in love with a home to really evaluate how much repair it needs. They should think about how much it will cost to replace the roof, for example.
“Buy it with your eyes wide open,” Hanley said. “It’s an investment.”
Because there are more homes available this spring, buyers have a good bargaining position.
“Buyers right now are waiting to see how low prices are going to go,” she said.
But sellers shouldn’t throw in the towel.
“This is the prime spring selling season,” Rose said. “With the uncertainty of what is going to happen with interest rates, I feel if someone wants to sell, they need to get to the market as soon as possible.”
The key to selling successfully is to be realistic about how much a home can garner now that so many properties are available.
“Sellers are living in la-la land,” Hanley said: They don’t realize how much things have changed since last year.
They shouldn’t balk at low prices, but instead should bargain.
“If a seller walks away from an offer without countering, they are not doing themselves a service ? we always encourage a response to any offer,” Rose said. “Once you begin a negotiation, sometimes you can come to a resolution.”
Good presentation is also vital, and having a “top-notch agent” doesn’t hurt, Rose said.
