Active listings continued to grow through May and the beginning of June. INVENTORY
Not surprisingly, a primary driver of this inventory is the increase in activity for coastal vacation and resort properties being listed for sale as we enter summer. HOW ARE BUYERS PAYING FOR THEIR HOME?
CONVENTIONAL IS KING
Across all five counties this year, exactly half of buyers purchased their home with a Conventional loan. Over 1/3 of purchases were Cash, and as we will see below, the coastal and second home markets influence this heavily. Government-backed loans (i.e. FHA, VA, USDA) make up just 12% of total loans. That doesn’t mean it’s a deal-breaker if that is the best fit for your situation. With some of the recent changes to FHA rules, FHA loans have seen some fee reductions and favorable interest rates, so be sure to consider all options with your lender.
WICOMICO COUNTY
WORCHESTER COUNTY Worcester is a different market with condos making up about half of the sales. And 95% of condo sales are cash or conventional. And FHA loans are only 2% compared to 22% in Wicomico.
In Wicomico, where the bulk of sales are for primary residences, government- backed loans, especially FHA, are much more common. Cash is still used in 1 out of 4 sales.
Thanks for reading this month's Market Insights. As always, my inbox is open for questions! Any real estate market question is welcome - Reach me at 443-614-4327 or email me Ryan.payneteam@gmail.com
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