2024 Baltimore Housing Market Forecast

The in-house article you all have been waiting for is here! This is the 2024 housing market outlook for the Baltimore area based off of our expertise and research! With all that said, we have been through a lot in 2023. Whether it was interest rates soaring to the highest they have been in over 20 years or the extremely limited housing supply, it seemed as though it was never going to get better. However, we started to see rates start to decrease as we approached 2024 and even though the housing market is not going back to pre-COVID conditions anytime soon, things are indeed starting to look slightly better.

Baltimore's Home Buying/Selling Market

Baltimore has a great ratio of people who desire to live there vs cost of an average property in the area. Additionally, despite the spike in interest rates the Baltimore real estate market is always growing. According to the data by Bright MLS, the standout feature of the Baltimore Metro Area market in November was the remarkable surge in prices, marking the fastest growth since May 2022. This significant development underscores the resilience and vitality of the local real estate sector. In fact the median price has increased tremendously over the years and is still increasing on a month-to-month basis. According to Norada Real Estate Investments, the median sold price in November reached an impressive $369,250, reflecting a substantial 8.9% increase compared to the same period a year ago. Additionally, there was a marginal 0.1% uptick in prices from October to November, indicating sustained positive momentum in the market. Despite this increase in home values investors are buying up properties left and right. Similarly to the Philadelphia housing market the inventory of homes available is low while the amount of days those homes stay on the market has decreased as well. According to Norada Real Estate Investments, remarkable efficiency in the selling process, being two days faster than the same period in the previous year (median days being 11) as well as a 1.6% decrease from the previous year and less than half of the inventory available in 2019. Lastly, as with almost all areas in the US, home builder sentiment is down due to the high prices on both materials and homes, so it is no wonder that "flipping" has been preferred in Baltimore over building from the ground up for 2023.

Baltimore's Renters Market

The renter's market is strong in Baltimore, in fact 51% of households in Baltimore are renter occupied, which is higher than the national average of 36% for renter-occupied housing. This indicates that a small majority of the cities population elects to rent instead of buy. Additionally, with the high interest rates, higher than average home prices (The median rent in Baltimore is $1,785 per month), and the average price-to-rent ratio is 17.3 which indicates a market that still prefers renting over buying! As a renter this definitely indicates that currently it makes sense to keep renting, while as a property owner you know that you have a rental property in a strong market.

Baltimore's Housing Market Outlook for 2024

The Baltimore area is filled with tons of businesses, schools, and hospitals and it takes a steady population to make sure everything is running smoothly. That is why it is no surprise that the population has slightly increased over the past years and looks to stay on that trend going forward. Furthermore, according to Real Wealth, Baltimore created 53,900 new jobs, this was a growth rate of 3.98 percent, which was 3.59 percent greater than the national average job growth rate of 3.84 percent.

Buyer's and Seller's Forecast

With Baltimore being primarily a renters market at the moment sellers might want to retain the properties and try to rent them out so you can keep your asset but also make some money off of it. Additionally, as a seller you can still take advantage of the strong market since according to Norada Real Estate Investments, 49.4% of sales surpassed the list price. As a buyer, if you are looking to buy a place to live in it might make sense to wait it out a bit. Since interest rates seem to be going back on the decline its only a matter of time until something that is an ideal fit for you enters the market. However, you should make sure to keep your eyes peeled as inventory will most likely remain limited. If you are buying for the purpose of investment just make sure to plan accordingly to ensure you are still retaining a profit on your investment. According to Norada Real Estate Investments, 29.2% of sales occurred under the list price, which shows there is still an opportunity to buy a fixer-upper that you can either fix and rent or fix and flip. Nevertheless, as a seller we advise that you don't sell unless you absolutely need to or you are going to be very satisfied by your return on investment. As buyers, we advise that you never buy something you cannot afford and to have a budget/plan in place before you even start your home search.

Renter's Forecast

As mentioned above Baltimore has a very strong market for rentals. The growing population as well as all the major establishments throughout the city provide a demand for workers and students that need a place to live, and while Baltimore is a very easy place to commute, there is still a strong demand for housing to accommodate the population that lives there. Moreover, Baltimore is still considered a fairly reasonable place to live when it comes to cost of living so landlords can price their rents competitively while still providing much more affordable options than those that are avaialble in other major cities. Additionally, it is always a safe bet for investors to buy properties near the major universities to supply students with off-campus housing while ensuring that they will pay the rent by having a parent cosign their lease (with that said nothing is ever certain).

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Weatherizing Your Home For The Summer

By Brent Khusid • 30 Apr, 2024

Weatherizing Your Property for a Cool Summer: Tips for Northern Homeowners As the warmth of summer approaches, it’s time for Northern homeowners to prepare their properties for the seasonal shift. While most people associate weatherizing with winter, it’s equally important to ensure your home stays comfortable and energy-efficient during the hot summer months. From sealing air leaks to optimizing insulation, here are some essential tips for weatherizing your property in the North for a cool and pleasant summer. Seal Air Leaks: Air leaks not only let cool air escape but also allow warm, humid air to enter your home, making your cooling system work harder. Inspect windows, doors, and any other openings for cracks and gaps. Caulk or weatherstrip these areas to prevent air leakage and improve energy efficiency. Insulate Attics and Basements: Proper insulation is key to maintaining a comfortable indoor temperature year-round. In the summer, insulation helps keep cool air inside and prevents hot outdoor air from seeping in. Ensure that your attic and basement are adequately insulated to minimize heat transfer. Install Energy-Efficient Windows: Windows are significant contributors to heat gain in homes. Consider upgrading to energy-efficient windows that are designed to reduce heat transfer and block harmful UV rays. Additionally, installing window treatments such as blinds or curtains can further enhance energy efficiency by providing shade and insulation. Use Fans Strategically: Ceiling fans and portable fans are cost-effective ways to improve air circulation and create a cooling breeze indoors. In the summer, set your ceiling fans to rotate counterclockwise to push cool air downward. Use portable fans to direct airflow toward occupied areas, allowing you to raise the thermostat temperature without sacrificing comfort. Maintain Your Cooling System: Before the summer heat sets in, schedule a professional inspection and maintenance service for your air conditioning system. Clean or replace air filters regularly to ensure optimal airflow and efficiency. Consider upgrading to a programmable thermostat to regulate indoor temperatures and save energy when you’re away from home. Shade Your Home’s Exterior: External shading can significantly reduce solar heat gain and lower indoor temperatures. Planting trees strategically around your property can provide natural shade and enhance curb appeal. Installing awnings, pergolas, or trellises over windows and outdoor living spaces can also block direct sunlight and keep your home cooler. Use Reflective Roofing Materials: If you’re due for a roof replacement or renovation, consider opting for reflective roofing materials. Light-colored roofs or those coated with reflective coatings can reflect sunlight away from your home, reducing heat absorption and lowering indoor temperatures. Minimize Heat Sources: Appliances and electronics generate heat when in use, contributing to the overall thermal load in your home. Minimize heat gain by using energy-efficient appliances, turning off unnecessary electronics, and avoiding activities that generate excess heat during the hottest parts of the day. Seal Ductwork: Leaky ducts can result in significant energy losses and reduce the effectiveness of your cooling system. Inspect your ductwork for leaks, gaps, or disconnected joints, and seal them using mastic sealant or metal tape. Properly sealed ducts ensure that cooled air reaches its intended destination efficiently. Schedule a Home Energy Audit: Consider scheduling a professional home energy audit to identify areas for improvement and prioritize energy-saving upgrades. An energy audit can help you pinpoint inefficiencies in your home’s thermal envelope and HVAC system, allowing you to make informed decisions about weatherization and energy conservation measures. By taking proactive steps to weatherize your property for the summer, Northern homeowners can enjoy a cooler, more comfortable indoor environment while reducing energy consumption and utility costs. Whether you’re sealing air leaks, upgrading insulation, or optimizing your cooling system, investing in weatherization now can pay dividends in energy savings and home comfort for years to come. So, gear up for a cool and enjoyable summer by preparing your home to beat the heat!

How to Make Your Rental Stand Out for the Spring and Summer

By Brent Khusid • 29 Mar, 2024

5 Ways to Make Your Property Stand Out as Spring and Summer Approach As the temperatures rise and nature begins to bloom, it’s the perfect time to elevate the appeal of your property. Whether you're preparing to sell, rent, or simply want to enjoy a refreshed atmosphere, spring and summer offer fantastic opportunities to enhance your property's allure. Here are five effective ways to make your property stand out as the vibrant seasons approach: 1. Enhance Curb Appeal The exterior of your property is the first thing visitors notice, so it's crucial to make a stellar first impression. Start by tidying up the landscaping: mow the lawn, trim bushes and hedges, and add fresh mulch to flower beds. Plant colorful flowers that thrive in the warmer weather to add pops of color and charm. Additionally, consider giving your front door a fresh coat of paint or adding stylish house numbers and outdoor lighting fixtures to create an inviting entrance. 2. Create Outdoor Living Spaces Take advantage of the warmer weather by creating outdoor living spaces that encourage relaxation and entertainment. Whether you have a spacious backyard or a cozy balcony, investing in comfortable outdoor furniture, such as lounge chairs, dining sets, or hammocks, can transform your outdoor area into a retreat. Add finishing touches like outdoor rugs, throw pillows, and potted plants to create a welcoming ambiance where residents and guests can unwind and enjoy the sunshine. 3. Add Seasonal Décor Embrace the spirit of the season by incorporating seasonal décor into your property's interior and exterior spaces. Swap out heavy winter textiles for lighter fabrics and bright, cheerful colors that reflect the energy of spring and summer. Consider placing vases of freshly cut flowers throughout your home, displaying vibrant artwork, or updating throw pillows and bedding with floral patterns or tropical motifs. Outside, hang festive banners, string lights, or place potted plants and hanging baskets to add a touch of seasonal charm. 4. Upgrade Outdoor Amenities Make your property a desirable destination by upgrading outdoor amenities that cater to warm-weather activities. Install a barbecue grill or outdoor kitchen area for al fresco dining experiences, set up a fire pit or outdoor fireplace for cozy gatherings on cool evenings, or add a swimming pool or hot tub for refreshing dips and relaxation. Providing these outdoor amenities not only enhances the enjoyment of your property but also increases its appeal to potential buyers or renters seeking a resort-like lifestyle. 5. Highlight Natural Light Maximize the influx of natural light that comes with the longer days of spring and summer by showcasing your property's windows and outdoor views. Remove heavy drapes or curtains and opt for sheer or lightweight window treatments that allow sunlight to filter in while maintaining privacy. Rearrange furniture to capitalize on natural light sources and create bright, airy spaces that feel open and inviting. Additionally, consider adding mirrors strategically to reflect light and make rooms appear larger and more spacious. By implementing these strategies, you can make your property stand out as spring and summer approach, creating an inviting and appealing environment for residents and guests alike. Whether you're looking to sell, rent, or simply enjoy your home to the fullest, embracing the vibrancy of the seasons will enhance the beauty and functionality of your property. So, seize the opportunity to refresh your surroundings and make the most of the warmer months ahead!

Unveiling Pittsburgh's Real Estate Market

By Brent Khusid • 29 Feb, 2024

As Pittsburgh, Pennsylvania, undergoes a renaissance, its real estate market stands as a beacon of opportunity for investors seeking long-term returns and stability. In this article, we delve into the dynamics of Pittsburgh's real estate market and outline the best strategies for investing in this burgeoning city.