Bernstein & Feldman, P.A.

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The current dilemma in the real estate market

People who are wanting to sell their homes in Maryland are facing a bit of a dilemma. While real estate agents indicate they believe now is a great time to sell a residence, many also think that now is a bad time to purchase one.

Some people who are thinking about putting their homes on the market are concerned because of how competitive the market is at the moment. While 89 percent of real estate agents surveyed said that now is a good time to sell, only 34 percent said the same about purchasing a new one. Potential sellers may be worried they will have a hard time finding a new home to replace the one that they sell, thus leading them to wait.

The survey was conducted by a real estate brokerage firm and involved more than 800 real estate agents around the country. Of the respondents, 45 percent reported sellers were nervous about selling their homes for fear of not finding a new one to purchase, and 16 percent responded that sellers were waiting for prices to go higher. For potential buyers who are unable to pay cash for a home, 47 percent of the agents said they may have an offer accepted if they are willing to waive contingencies. Another 26 percent said being prequalified for a mortgage would make offer acceptance likelier.

Having an offer for a home accepted is only the first step in the real estate transaction process. There is much that is involved before the closing happens. People may want to have legal assistance with title reviews and other pre-closing work in order to best protect their interests.

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