It has been quit the year in the Baltimore City real estate market during COVID. The supply of available homes is been down, interest rates are so low, and people are looking to buy homes!
It has been my experience that when dealing with buyers in the Baltimore City market there are a few different types:
1. There are buyers that are $450k+ looking for all the bells and whistles, brand new renovation, CHAP credits, fabulous finishes throughout, etc.
2. There are buyers that need to stay in the 300k’s. These homes where full renovations at some point but just not recently. They are slightly dated but still offer the features that have always been high on the list of Baltimore City home buyers.
3. There are investors that look for the most dilapidated homes they can find typically well under 200k.
4. But there is another buyer out there. This buyer is immensely popular but has not had much luck this year. This buyer is looking for a house that is completely livable, could use some small updates but not necessarily right away. They all want 2 full baths, 3 finished levels, and parking! These buyers are usually needing to stay under 300k but would be thrilled at 250k.
610 S Eaton Street, Baltimore, MD 21224 is located just east of Canton, in the Baltimore City neighborhood of Brewers Hill. Brewers Hill is popular because it sits south of Eastern Ave and is typically more affordable than true Canton.
610 S Eaton St is the perfect house for the type #4 buyer!
– Hardwood floors throughout.
– Home is just over 13′ wide.
– 2 bedrooms upstairs w/ 2 full baths.
– Front bedroom is a true master with a connecting private full bath.
– Kitchen is large and has a ton of cabinet/storage, stainless appliances,
and granite counters.
– Kitchen has space for a table the sellers has a lovely island that she preferred
for that space since there is also a true dining area.
– Basement is partially finished with bedroom in the front with large
– Basement as a “flush”, laundry and storage as well as a back door
Priced at $279,900 this cold very well be the best bang for your buck in the area. Check out the photos and vitual tour below.
If you are in the market for an affordable home with great space, nicely done kitchen, 3 bedrooms, 2 full baths, and PARKING…let me give you a private tour! Contact Suzie Coronel.
If you are looking in the Federal Hill area for real estate, chances are you enjoy all the bars and restaurants local to the area. You like the walkable town from the harbor’s edge to Fort McHenry. And you definitely like avoiding the tolls!
In Federal Hill, livable homes range from about 225k up over 1 million. No matter what your price range is, when looking to purchase a home in the popular Baltimore City markets, most every buyer wants 2 full baths, a finished basement, a roof deck, and PARKING!
1417 Patapsco St, Baltimore, MD 21230 is listed at 299k and checks all the boxes for most first-time homebuyers. The house is about 2 city blocks from the newly renovated Cross Street Market.
This property offers city views from the roof deck. You will park with ease in the wide parking pad. This home has hardwood floors on the main and upper level. Exposed brick in the living room shows off the open floor plan with space for a separate dining area, a large kitchen, 1/2 bath and laundry on main level. Upstairs has 2 large bedrooms and a full bath. The 2nd level also has access to a two-tier deck that goes onto the roof. The completely finished basement can also be a 3rd bedroom or great office space. It’s complete with a 2nd full bath. And there’s PARKING! With the wide open alley way pulling into this parking pad is a breeze! Home was just professionally cleaned and painted from top to bottom.
Since this house has 3 finished levels of space, it’s great for roommates or a couple that has to work from home together. Check out a few of the highlights:
***OPEN HOUSE*** This Saturday 10/24 from 12-2pm
Sitting one block from the 137-acre Patterson Park, on the corner of Fleet Street is 602 S Potomac Street. This is Canton’s newest full CHAP tax credit renovation. The renovation features all the amenities and finishes most buyers are looking for. The home is wide, and the floor plan is open. The hardwood floors go all the way thru and the exposed brick turned out lovely.
If you are looking for more info or would like a private tour, please contact Suzie Coronel
***UPDATED November 17, 2020***
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Yes, the COVID-19 epidemic is still upon us. Face masks are still mandatory in most places. Clorox-brand disinfectant wipes are tough to come by. Restaurants are still seating outside. AND the number of active homes for sale is still down.
Previously, Part 1 of this Covid-19 blog series detailed COVID’s early impact on the Maryland real estate market and how agents adjusted operations as essential workers in the new environment. Part 2 of the COVID real estate impact blog series, highlighted new obstacles involved in the transactions for both buyers and sellers. This piece focuses sharply on the ever-important supply side of the Maryland real estate market, and the subsequent pull this is having on the demand side.
The Maryland residential real estate market is still very active. While inventory is tight, it is being met with one of the most robust and active buyer sets I’ve seen. Take it from me, if you speak to a Realtor, chances are they have never worked harder and around the clock. It seems that no matter where you are looking, city or county, everyone is dealing with multiple offer situations.
Don’t take my word for it, the details are in the data. Below you will find six graphs of the Maryland counties that I work most frequently (alphabetically ordered):
Anne Arundel County, Baltimore City, Baltimore County, Carroll County, Harford County, and Howard County.
Each graph depicts the number of active homes on the market for a given month in 2020 compared to the same period in 2019. The gold bars represent the number of active homes in 2019 and the blue represents 2020’s numbers.
*example: There were 2,245 active listings in Anne Arundel County August 2019. In August 2020 there were 934 active listings!
These graphs are a powerful visual of the epidemic’s impact to supply of available real estate throughout Maryland. What these numbers also demonstrate is, while the world is starting to open back up, the supply is still lagging far behind the amount of activity from the same period last year.
The September numbers are in and the trend of a low supply and high demand market is still on-going. According to the MLS, the number of active listings in the Mid-Atlantic Region of Maryland from September 2019 was 67,882. The number of active listings in September 2020 was 35,915! To keep the focus in Anne Arundel, Baltimore City, Baltimore, Carroll, Harford and Howard Counties, see the updated graph below. You will find that in most of these counties the supply is down more than 50%.
As we head into the holiday months and the elections are behinds us, the October numbers are in and the trend of a low supply and high demand market is still on-going. According to the MLS, the number of active listings in the Mid-Atlantic Region of Maryland from October 2019 was 65,914. The number of active listings in October 2020 was 36,683! To keep the focus in Anne Arundel, Baltimore City, Baltimore, Carroll, Harford and Howard Counties, see the updated graph below. You will find that in most of these counties the supply is down more than 50%.
Maryland Real Estate Market in Covid-19
People always ask me, “What is it like? Is this a good market?” The resounding answer right now is yes, the market is fantastic for sellers. Sellers are getting great money for their homes. But what about the buyers? I am closing deals this summer when my buyers are locking in 2.25%-2.5% interest rates, 30-year fixed!
I hope you found this as fasinating as I did. If you are looking to sell or purchase, let me work this complex, yet rewarding real estate market for you! Feel confident with a full time Maryland Realtor that understands this markete, contact Suzie Coronel.
In my previous blog post, I provided insights on COVID’s impact on the MD real estate market. In follow-up piece, I will briefly explain the new and ongoing issues associated with real estate transactions, as well as new developments happening in the MD real estate market due to COVID.
It is clear that no one can predict the end of COVID. As the year progresses, Realtors are constantly tweaking typical practices. Below you will find 2 properties that were listed by agents for almost 150 days BEFORE COVID hit. I took the listings and got them under contract, quickly, and during COVID. This is a proof that not all agents are equal. The second quarter officially ended June 30, 2020 and will go down as one all of us full-time Realtors will never forget.
Visitors to my website can find the typical selling process and the typical buying process; which is where I deirect most of my new clients. However, sellers and buyers will always be in different situations, so from there I conform a plan to fit each situation. The image on this post highlights my transactions that started at the beginning of COVID, April 2020, and closed by June 2020. Not one transaction was “typical”. Below you will see a quick review of the obstacles each transaction had.
- Detached home in Essex, Balt County, DOM (Days On Market) 7
– The previous agent had this listing on 10/30/2019. She had it listed for 146 days. I was hired to take on the listing 4/25/2020 and put it under contract in 7 days.
– Buyer’s agent didn’t feel comfortable showing homes to buyers during COVID, so I showed it to them for her. Buyers were from NYC during the height of COVID.
– Home appraised for $5000 under the purchase price. Appraiser used comps from 2019 and said that our market was no different from last year. I argued the appraisal. I lost. I filed a competency complaint to the commission.
- Row Home in Patterson Park, Balti City, DOM 66
– Seller occupied the home, some buyers and Realtors weren’t wanting to go into an occupied house because of COVID
– Buyer was a (FTHB) first time homebuyer with a very protective father.
– Buyer’s agent was fairly new.
- Condo in New Market, Frederick County, DOM 24
– Sellers bought this in Dec 2019, new construction. Life happens and we listed it not even 3 months into them owning it.
– It was attracting older buyers looking to downsize. I was sure to market that the condo was in fact clean and vacant to help buyers feel more comfortable seeing properties during COVID
- Row Home in Patterson Park, Balt City, DOM 1
– Home appraised for $5000 under the purchase price. Appraiser used comps from 2019 with completely different amenities and said that our market was “in balance” in reference to supply and demand. I argued the appraisal. I lost. Competency complaint is in the works.
– The buyer, the buyer’s agent, and the lender backed my argument. A great example of working with great professionals.
- Row Home in Canton, Balt City, DOM 23
– Seller was moving out of state for a new position in the medical field.
– Buyer was furloughed but starting back to work Aug 1st. (lending nightmare)
- Detached home in Glen Burine, Anne Arundel County, DOM 4
– We 70 showings in 2 days.
– Since COVID, Realtors can’t book showings that overlap other showings. Trying get everyone through without overlapping was tough.
- Row Home in Federal Hill, Balt City, DOM 10
– Probably one of the smoothest settlements of the quarter!
– Great agent, buy, and seller
- Row Home in Canton, Balt City, DOM 8
– Home had been vandalized while under contract. That contract was released.
– The new buyer is gutting it for a CHAP renovation.
- Row Home in Canton, Balt City, DOM 39
– Buyers came from out of state. Their agent used FaceTime to show them the house. The day of settlement was the first the buyers had seen the house.
– Contract was contingent on the buyers selling a home in Denver, CO
– So much could have gone wrong, but with strong agents on all sides (even in CO), all went as planned.
- Detached Home in Bel Air, Harford County, DOM 15
– Home went under contract within the first week. Buyer’s backed out.
– Home goes back on the market and under contract within a week.
– Part of the appraisal required a power line to be removed. BGE went out and labeled whose line was who’s. Comcast was also quick on going out. But Verizon…. which was the line that need to go, wouldn’t go out because of COVID. Nightmare!
There should have been 2 more properties highlighted but both settlements got pushed into July.
Pushed settlement #1` – Detached Home in Overlea, Balt City, DOM 25
–The previous agent had this listing on 11/01/2019. She had it listed for 148 days. I was hired to take on the listing 4/25/2020 and put it under contract in 25 days.
– VA financing
– Buyer isn’t able to sign or send docs online
– Buyer’s agent isn’t full time
– This settled in July (3rd quarter)
Pushed settlement #2` – Detached Home in Glen Burnie, Anne Arundel County, DOM 8
– VA financing w/ Navy Federal, never again will I suggest a seller take a contract with Navy Federal financing.
– Buyer is ACTIVE military and transfer to MD was hauled due to COVID
– This was supposed to settle in April! This settled 7/13/2020 (3rd quarter)
Whether you are a BUYER or a SELLER, choose a Realtor that is getting results.