The spring housing market has arrived and as home sales across the country heat up, CNN Money reports that some homeowners want to sell their house but are fearful of doing so. In their article “I’m Too Afraid To Sell My Home”, they report that there is a proportion of homeowners who are felling stuck knowing they can get top dollar for their current home but fear they will be unable to find another home to purchase once their current home sells.
The article gives extreme examples of the shortage of homes for sale in San Francisco, Los Angeles and Boston, while making a brief mention of Washington DC. However, the inventory of homes for sale increased slightly in Maryland. The Maryland Association of Realtors reported in their April 2014 statistics that the active inventory (homes for sale) increased from a 4.6 months of supply to a 5.6 months of supply (April 2013 as compared to April 2014). Months of inventory measures the supply side of the market. It is based on the number of homes currently listed for sale, converted to a number of months that measures how long current inventory can support current demand. Housing experts consider a 6 month supply to be a good balance for the active inventory. Of the 23 Maryland Counties, 13 counties have 6 months or more of active inventory.
If you are thinking of selling your home or just need to know the value of your home for any other reason, get your home’s value and comprehensive report in less than a minute, which includes local comparable sales at www.marylandhomevalue.net