After a few years of correction from a challenging market, property values in Maryland are rebounding. When you hear statistics in the evening news you always have to consider the geographic. There are wide swings in values based upon varying markets and this even holds true from county to county within our state of Maryland. Actually as we know property values in Maryland can differ from neighborhood to neighborhood for a host of reasons. Cutting right to the chase, values seem to be rising and doing so pretty consistently.
Take a look at the attached report from the Maryland Association of Realtors which provides year over year statistics county by county. Recently I heard on a business news channel that a personally owned residence is one of the best means of saving. Consider this… do you put a certain amount of money into a savings account each month for a nest egg? Well, if you own property you potentially have two means of accomplishing that.
One, with each monthly payment you are curtailing your outstanding mortgage and building equity. Secondly, if the value of your property is appreciating (and per the attached report in most cases it appears to be doing so) then you are getting a return on your investment.
Is it time to buy or sell? Maybe so!