Baltimore is an attractive city for potential homebuyers
Looking for a new home can take time and research. Potential homebuyers have to make sure their finances and personal lives are in order for the change, and also must check out the market to determine if now is a good time. Well, for buyers currently considering the homes for sale in Baltimore, the present real estate market could be a draw.
Low mortgage rates, fantastic amenities and affordable home values can all be found in Baltimore.
Baltimore ranks as 29th best city in America
Bloomberg BusinessWeek rated Baltimore as the 29th best city in the United States – just barely missing the top 25 due to a slightly high unemployment rate. However, despite a few less-than-ideal characteristics, the Charm City keeps attracting people who are looking for a fun, vibrant metro to call home.
The city contains 243 bars, 1,590 restaurants, 45 museums, 36 libraries and 11 colleges, which all contribute to the active night life a resident can experience. In addition, people who are fans of pro sports can follow two teams - the Baltimore Ravens or the Baltimore Orioles.
Low mortgage rates increase affordability
According to the most recent Primary Mortgage Market Survey released by Freddie Mac, fixed mortgage rates are continuing to decline, which could be increasing home affordability for many potential buyers. Individuals interested in the homes for sale in Baltimore could find the average 30-year fixed-rate mortgage of 3.4 percent an impressive draw. The week ending on September 27, 2012 featured lower-than-average mortgage rates.
A 15-year fixed-rate mortgage averaged 2.73 percent for the same week – down .6 from the previous week.
"Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve's purchases of mortgage securities, and should support an already improving housing market. For instance, the S&P/Case-Shiller 20-city home price index rose 1.2 percent over the 12 months ending in July, reflecting the largest annual increase since August 2010," said Frank Nothaft, vice president and chief economist at Freddie Mac.
Potential homebuyers could find the improving housing market in Baltimore a draw. Consult the MLS listings in Baltimore to find the right home in the right neighborhood.