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The Inventory of Homes in The Broadneck Peninsula Remains Virtually Unchanged

Understanding the local real estate market means subscribing to listening to local news and real estate updates.

There are currently 167 homes on the market in the 21012 and 21409 zip codes versus 173 during the same time last year.  

What dictates whether prices go up, go down or stay flat? Supply and demand.  

When there are more buyers in the market than homes on the market, prices go up.  When there are more homes on the market than buyers to buy them, prices go down.

One of the things that confuse the buyers and sellers in our local market is when they listen to the global news and try to apply it to our local market.  

I try to explain it this way.... when you are planning a trip to Florida, you don't watch the weather forecast for the west coast.  You have to narrow your search by going to weather.com and putting in the zipcode for Tampa, Florida.  This search is now a relevant search and can be used to start packing your bags.

Just like the weather forecast, real estate is the same way.  You have to disregard what the real estate market is doing in Phoenix,  AZ and do your research using a real estate site and your local zipcode.  The easiest way to determine what is going on in the Broadneck real estate market, is to contact a local Realtor and ask him to pull comparables of your home and give you a competitive market analysis.

Live well.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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