Insights from a top real estate agent in Baltimore, MD
While I cannot speak to the science behind this Covid-19 or what impact the virus had, and continues to have, on stock markets and other industries, I can speak to the Maryland real estate market that I am activity involved in.
March is historically the very beginning of the spring market in Maryland real estate. This is typically the busiest season/quarter of the year. At the beginning of COVID, my real estate business continued per usual – sellers were listing and buyers were out looking. Towards the end of March and the beginning of April, the governor initiated restrictions impacting a majority of the state’s population. “Essential” became a buzz word, with Maryland Governor Hogan declaring Realtors “essential workers.” However, this gray area left many real estate agents across Maryland unclear of what we could do and not do. Could MD buyer clients view homes in person? Do “high risk” MD sellers take their homes off the market?
Maryland Real Estate Agent’s Response to Covid
What did real estate agents across Maryland do? All of the above. Some agents suggested sellers pull their listings. Some agents limited showings to “virtual tours.” Some agents felt it was unsafe to show their buyer-client properties. Some suggested to hold off until we knew more about the pandemic.
It’s important to acknowledge every real estate agent’s situation is different, and that needs to be taken into consideration. I reached out to other Realtors that I respect within the industry to get their thoughts and help weigh the options I was considering. Following these conversations and taking into consideration my personal situation – healthy, single individual with no children or elderly living in my personal residence, I then educated myself on recommendations outlined by the public health experts and decided what was best for me and my clients.
After deciding what I was comfortable with, I reached out to each of my clients to see how they wanted to proceed. Not one client hesitated with my direction. Not one seller wanted to pull their listing or minded potential buyers seeing the properties in person. Not one buyer wanted to do virtual tours vs in-person showings. Not one buyer was concerned about lending. For these reasons, I continued servimng my clients like I always have, while adhereing to protocols from health officials and scientists.
The official 2nd quarter of 2020, April 1st – June 30th , has been a straight hustle! It is truly a seller’s market because inventory is so low. Most buyers entered into competing contracts and houses didn’t sit on the market. By June 30th I will have closed 12 homes since April 1st. No transaction is alike and contracts during COVID was no different.
My gut feeling is that inventory will soon be on the rise. I’ve decided to keep track of ACTIVE listings by county. I’ve focused on Anne Arundel, Baltimore City, Baltimore County, Carroll, Harford and Howards Counties. I’ll be posting a bi-monthly blog base on my findings so that you can see for yourself.
The bases of this blog…LIST YOUR HOME! Give me a call at (410) 336-2569.
Just a few fun pics of lisitng appointments and showings during COVID
The Federal Hill neighborhood is one of the most popular in Baltimore City. The access to 95 and 83 without paying the tolls make the location preferable. But the close proximity to the harbor, the bars and restaurants, and short walk to downtown make it an even more desired neighborhood. Within Federal Hill, there are so many tight knit communities. 113 E Gittings Street sits in on of these close communities.
When most home buyers are looking for houses in the Federal Hill area, there check list is usually:
2+ full bathrooms
3+ finished levels
A roof deck
I think it’s a safe assumption that if you are renting, you’re probably spending $1500+. As a renter you don’t get any real estate tax deductions but most of all, that money is spent doesn’t go toward anything for yourself in the end. So many times I talk with renters and then end up helping them become Maryland First Time Home Buyers!
Take a look at Glen Burnie. So many people like this area because of the location near 695, convenience to Fort Meade, area shopping centers, and the affordability. If you look up the 21061 Glen Burnie zip code, there are only FIVE detached homes with 3+ bedrooms under $250,000.00.
[stats pulled May 21, 2020 @11:44am]
Let’s take 349 Thelma Ave, Glen Burnie, MD 21061 for example. This property just hit the market. It’s a split level detached home. On the upper level there are 3 bedrooms, an updated full bath, and an updated kitchen. On the lower level there’s a large family room, laundry room, half bath, and additional room that could be used as a 4th bedroom. The backyard is large and flat! Check out the some photos below.
So what would this cost? This house is on the market for $230,000. If you do an FHA loan, you’d need to put down 3.5% of the purchase price. At $230,000 your money down would be $8,050. I called my preferred lender Jon Vitak of Coastal Lending Group to run some numbers based off:
Purchase price: $230,000
Interest Rate: 3%
The estimated monthly payment with principle, interest and taxes is about $1300.00
This is exactly what I was thinking. So many are paying over $1500 a month in rent and they could own for even less! If you want more information on the home buying process or want a personal tour of 349 Thelma Ave in Glen Burnie, contact Suzie Coronel!
9 Russet Ct, Baltimore, MD 21221 checks all the boxes. Convenient for your daily commute and close to shopping centers but tucked in the popular Baltimore neighborhood of Goldentree. Imagine just having to move in and decorate, as this home has just had an extensive update from top to bottom and tastefully done in the popular light gray palate. This detached home gives great space for families in or out of quarantine! The 3 finished levels offer divided private space. The upper floor gives parents the security of having everyone’s bedrooms on the same level. The main level has an open floor plan, great for entertaining. Sliders off the dining room is the entrance to a bonus screened-in porch. The lower level is wide open with a wood burning stove, a storage room and an outside exit.
Want to see the brand new finishes… take a look at the photos below. There’s also a virtual tour so you can get an even better feel of the home.
9 Russet Ct, located in Goldentree
3 finished levels
Detached split level
Do you like what you see?? If you’d like an in-person tour, please contact Suzie Coronel. Stay safe and be healthy!
Some Maryland first time homebuyers prefer homes that are fixer uppers. Some just want to move in and decorate. Which do you prefer? Take 4603 Mary Ave, Baltimore, MD 21206 for example. This house had been updated from top to bottom from the kitchen, to the baths, to the flooring, and more, there is not anything left for a homebuyer to do. This home has the finishes that most people are looking for…granite countertops, stainless steel appliances, new LVT and push carpet flooring throughout, tiled baths, and 3 finished levels of living. In addition to all the upgrades this house has 2 full baths! I always try to get my buyers in the Baltimore area at least 2 full baths.
Check out the virtual tour below. Tell me what you think.
4603 Mary Ave, Baltimore, MD 21206
2 full baths
3 finished levels
detached home w/ large yard
Do you like what you see and want an in person tour? Contact Suzie Coronel so that she can set that up!