DAVIDSONVILLE, ANNAPOLIS, EDGEWATER, ARNOLD AND SEVERNA PARK REAL ESTATE
Last Friday morning, Annapolis residents who had braced themselves for the dismal details of an unprecedented surge in national unemployment heard some astounding news instead. The greatest surge in hiring for a single month left the commentators scrambling to explain how it was possible that all of them could be so far off (some by as much as 10 million jobs). For homeowners who had been watching from the sidelines, delaying the decision about whether the months-long cloud over U.S. businesses would hamper their own Annapolis real estate prospects, the news provided a totally unexpected burst of sunlight. The ramifications for Annapolis’s real estate prospects weren’t hard to guess. Realtor.com immediately posted a news article headlining the likelihood of “Higher Home Prices” and “More Bidding Wars.” They’d already observed signs that the economic reversal “is already having a positive effect on the housing market.” They reported that more buyers had been showing up than in the previous year. Housingwire.com agreed, headlining, “Here Come the Homebuyers.” They explained that this spring’s pandemic restrictions had made many house-bound renters “antsy”—and “looking to buy a home this summer.” They quoted LendingTree research that found 53% of respondents more likely to buy a home in the coming year. Realtytimes.com reported that brokers nationwide had already been reporting brisk business, “with most homes drawing multiple offers.” That meant “selling for more than their asking price.” Friday’s news shock may have lifted any dark clouds that had been darkening Annapolis real estate prospects, but CNBC managed to find more lurking over the horizon in the form of mortgage interest rates. Immediately, they quoted Mortgage News Daily’s COO, “It’s going to be ugly.” He reportedly foresaw rate increases of as much as 0.375% for borrowers with weak scores. That was the instant reaction, yet, by noon, MND’s outlook had apparently changed: “It was and still is perfectly valid to believe rates have an equal chance of pecking away at all-time lows.” All in all, it’s hard to see why Friday’s news is anything other than positive for Annapolis home sellers—especially as people feel more comfortable about getting out and about. Meantime, the ticking clock of mortgage rates might further incent Annapolis home buyers—at least for those heeding msn.com’s “Money”: “If you’ve been hoping to score a record-low rate to buy a home, you might want to get moving.” I would put it more concretely: give me a call!
DEBORAH LAGGINI, Long and Foster Real Estate, Annapolis, MD 21403
CELL 410.991.6560
EMAIL [email protected]
REALTOR, Annapolis, Davidsonville, Edgewater, and Surrounding Communities