Marketing, Branding, and Baltimore Real Estate Market With Kelly Schuit and James Weiskerger
According to various available data, Baltimore has been a growing real estate spot for the past few years. For instance, NeighborhoodScout shows that Baltimore has witnessed an 11.02% appreciation rate over the last year.
Baltimore has over 50% more appreciation than other towns and cities in Maryland, making it perfect for real estate investors desiring an affordable real estate market.
Real estate investors or people looking to relocate to Maryland choose Baltimore for several reasons, including new work and investment opportunities and a low cost of living.
Although inventory keeps rising in the Baltimore area presently while demand falls, experts predict slowly increasing home prices in the coming months, so now will be the best time to grab a piece of the Baltimore real estate market.
Stay up-to-date with current happenings in the Baltimore, MD, real estate market by following and listening to top real estate professionals, like James Weiskerger and Kelly Schuit of W Home Group.
W Home Group is the leading real estate team in Baltimore, Maryland, with a focus on helping both Baltimore homeowners and buyers achieve their real estate dream through top-notch marketing strategy, staging, and accurate pricing.
James Weiskerger and Kelly Schuit sat with the host of the leading real estate podcast, Icons of Real Estate, to talk about marketing, branding, and the Baltimore real estate market trends.
If you're considering entering the Baltimore real estate market, listen to the podcast after reading this article to gain more valuable insights.
Baltimore Real Estate Market 2022-2023 Forecast
Baltimore has, over time, proven to be one of the best spots for long-term real estate investments. According to the Zillow Home Value Index, the Baltimore County typical home value has increased by 8.0% since last year, with the average house on the market at $332,235.
It's a sellers' market, meaning buyers have price negotiation advantages over sellers. Take advantage of the low prices to become a homeowner before the market flips.
Why Invest in Baltimore
If you're wondering if Baltimore is a great place to buy real estate, you aren't alone. Many real estate investors have these reservations too.
However, understanding the local trends in 2022 and 2023 will help you decide if a Baltimore real estate investment is best for you. Baltimore offers many unique opportunities for real estate investors.
Whether you're looking to buy a property you'll sell or move into, you'll find one with the right real estate agent in Baltimore.
Properties like homes converted to apartments, single-family detached homes, duplexes, and large apartment complexes are some of the housing types you'll find in Baltimore.
The following are some of the reasons most real estate investors are rushing to grab a piece of the Baltimore real estate market:
Baltimore is home to various types of affordable real estate properties
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Affordable Entry for Investors
Baltimore County is one affordable metro area you'll want to snag a real estate property. For instance, the median sale price of properties in Baltimore City is $205,000.
Howard County, the most expensive Baltimore suburb, has a median home sale price of $487K, meaning you can purchase luxury properties in Baltimore with less money than fixer-uppers in most hot markets.
Work with a knowledgeable local Baltimore real estate agent serving Baltimore to find the best property at affordable prices. The agent can also help connect you to a mortgage lender to facilitate a quick real estate transaction.
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A High Working-Class Renters Population
Most Baltimore homeowners don't own a vehicle, so houses near train and bus stops have higher prices. Since most residents' rents and property prices are low, real estate investors can enjoy a high return on investment in their Baltimore investment properties.
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Baltimore’s Foreclosure Laws
Due to Baltimore's foreclosure process, people periodically lose their homes over unpaid utility bills or property taxes. For instance, a $350 water bill delinquency in Baltimore is enough for the water authority to start foreclosure.
Also, the city has a low threshold for property foreclosure due to delinquent property taxes. Baltimore can hold a tax sale for properties with a $750 property tax delinquency.
A property owner might even face a tax sale in some neighborhoods due to a $250 property tax delinquency. Therefore, the Baltimore real estate market is full of large, significantly discounted foreclosure properties.
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Booming Student Market
Baltimore is a perfect target if you prefer buying investment properties near a school to target student renters. John Hopkins University and the University of Maryland are colleges where you can find many students in Baltimore.
However, you'll find other colleges like Morgan State University with about 6000 students and Coppin State University's 4000 students. The University of Baltimore, different from the University of Maryland Baltimore campus, also has a similar student size.
For John Hopkins, you can find up to 20,000 students, the same as the Towson University student population. The Baltimore student housing market extends beyond the neighborhoods around big schools like Loyola, with its 6000 students, and Notre Dame of Maryland, with about 5000 students.
You can buy real estate investment properties around Sojourner-Douglass College, Goucher College, and Maryland Institute College of Art. The housing market around John Hopkins also profits from the hospital, seeing as the John Hopkins hospital is one of the largest labor employers in the city.
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High Job Availability
One primary reason people are moving to Baltimore to settle is the high number of jobs in the city. Besides Amazon's many fulfillment centers, Baltimore's harbor, transportation links, and affordable real estate are part of the attraction.
Baltimore links to other parts of the Northeast, helping to promote commercial exchanges. Each of the Amazon fulfillment centers also provides over a thousand jobs, making the housing market in that location a hot spot with people moving in droves to the area searching for work.
The new industrial parks built for Amazon will cause a boom in the Baltimore housing market because Amazon itself and its suppliers will create more jobs, and the workers will prefer living close to work.
Houses in Baltimore easily appreciate due to low inventory
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Steady Appreciation Due to Limited Housing Inventory
The current home inventory in the Baltimore real estate market can't meet demand, especially in the metro area. With the available single-family homes for sale lower than demand, the median sale price of properties in January was $318K, a 6% increase from 2021.
While the market is currently witnessing a downturn, experts predict the property asking price will go up soon and continue into 2023. The Baltimore real estate market fluctuation shows now is the best time to become a homeowner. Compared to high demand, the limited active listings will increase home prices over time.
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Renewal Efforts
The Baltimore City Council earmarked some neighborhoods for renewal, especially in East Baltimore. Through this revitalization project, Baltimore has witnessed new infrastructure, including dedicated bus lanes and enhanced bus stops.
You'll also find road and rail improvements. The city is tearing down old and abandoned industrial buildings to create big construction sites, with new constructions enjoying breaks from paying Baltimore County real estate taxes.
Conclusion
Buying a real estate property in Baltimore is a great investment decision due to the steady property appreciation rate. Before going ahead with the transaction process, determine whether you prefer living in it and selling it sometime in the future, or if it'll strictly serve as a rental property.
Although the Baltimore real estate market has been underperforming in the past, the town has witnessed a turnaround, with investors enjoying significant returns.
Many factors are responsible for these improved market conditions, including the high number of jobs available, steady property appreciation due to low inventory, and a large student market.
If you're interested in learning more about the current real estate market trends in Baltimore or how to grow your real estate business in the county, listen to James Weiskerger and Kelly Schuit speak at the Icons of Real Estate podcast.
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