What are the advantages of investing in Baltimore property?
There is a steady surge of new renters entering the Baltimore marketplace. These newcomers look for real estate in Baltimore that offers them easy access to the amenities that only downtown can offer, but they may not be making sound financial decisions by renting properties in the area.
A recent real estate report found that it takes homeowners in Greater Baltimore an average of 2.8 years to break even on their investments. This means that, instead of submitting monthly payments to a landlord, residents could wind up owning their own homes in a short period of time if they took the appropriate steps to invest in property.
However, it may not be this affordable to purchase a home in Baltimore for much longer. Home prices in the Greater Baltimore-Towson metro area recently jumped by 1.7 percent in June 2012 and 2 percent in May 2012, The Baltimore Business Journal reports.
Additionally, the latest numbers from CoreLogic, which include statistics from distressed sales, show that prices nationwide rose 2.5 percent in June from a year earlier. While Baltimore saw a lower uptick, the metric still indicates a reviving marketplace, and new buyers may be able to benefit if they act fast.
Whether relocating to Baltimore for professional purposes or moving to the city to begin a family, you want to make sure you will see a lucrative return on your investment. With homeowners seeing a full return in less than three years of purchasing, it may be worthwhile to avoid the rising costs of renting property in one of America's growing cities.
"At the halfway point, 2012 is increasingly looking like the year that the residential housing market may have turned the corner," said CoreLogic CEO Anand Nallathambi. "We see encouraging signs that modest price gains are supportable across the country in the second-half of 2012."
When you begin your search for a new community to call home, consider the great city of Baltimore. With real estate on the verge of recovery, you might find the metro area has a lot to offer families, young professionals and newlyweds. However, you might want to act fast, as many buyers have also discovered the benefits of investing in the future of Baltimore, and for-sale properties may dwindle in the coming months.