Real Estate
AUGUST 2017
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
It’s cheaper to buy than rent in Md. Study finds mortgage cost, associated expenses less than average rent payment
Tawes Crab and Clam Bake The Coastal Association of Realtors sponsored its annual Real Estate Hospitality Tent at the 2017 J. Millard Tawes Crab & Clam Bak on July 19. Participating, from left, are Nina Littleton of Long & Foster Real Estate, CAR Executive Vice President Page Browning, CAR President Don Bailey of Coldwell Banker Residential Brokerage, CAR President-elect Joel Maher of Coldwell Banker Residential Brokerage, CAR Treasurer Joni Martin Williamson of ERA Martin & Associates, CAR Director Brandon Johnson of ERA Martin & Associates, CAR Director Joe Wilson of Condominium Realty, Del. Mary Beth Carozza, CAR Immediate Past President Linda Moran of Berkshire Hathaway HomeServices PenFed Realty, Renee Winter of Wells Fargo Home Mortgage, Ken Lee of Wells Fargo Home Mortgage, and Rebecca Ward of Long & Foster Real Estate.
New contract signings rise with temperatures
contracts decreased by 50 percent. Settlements were largely down in the tri-county area by 7.5 percent. Individually, single-family home settlements decreased by 13.7 percent in (Lower Eastern Shore, Md.) The Worcester County and by 13.6 perofficial start of the summer season on cent in Wicomico County. They reMaryland’s Lower Eastern Shore saw mained the same in Somerset County. increased contract starts, according Condominium settlements deto the latest numbers from the creased by 1.8 percent in Worcester Coastal Association of Realtors County. They increased by 37.5 per(CAR). cent in Wicomico County and by 200 June 2017 saw a 23.5 percent percent in Somerset County. overall increase in sinListings were gle-family home and down overall by 5.5 ‘That nice bump in condominium conpercent. Individutract starts compared contract starts means our ally, single-family to the same time last members are busy working home listings were year in Somerset, down by 13.5 perwith the their clients to Wicomico and start the buying process.’ cent in Worcester Worcester counties. by .8 perCAR President Don Bailey County, Individually, sincent in Wicomico gle-family home conCounty, and by 17.1 tracts increased by percent in Somerset 21.4 percent in Worcester County, by County. 11.5 percent in Wicomico County and Condominium listings were up by by 5 percent in Somerset County. 2.9 percent in Worcester County. Condominium contracts increased They were down by 23.1 percent in by 39.4 percent in Worcester County Wicomico County and by 100 percent and by 83.3 percent in Wicomico in Somerset County. County. Days on market was up overall by Contined on page 4 Somerset County condominium
Home, condo contracts go up by 23.5 percent in June, according to MLS statistics
(Maryland) Traditionally, owning a home is touted as a smarter financial move than renting one. But with demand increasing and the supply of houses for sale falling, home prices have been rising nationally, according to real estate marketplace Zillow. So, you might be wondering: Is it better to rent or buy a home? To find out where it makes more sense to rent or buy a home, GOBankingRates surveyed the cost of renting versus owning a home in all 50 states and the District of Columbia. Since conducting a similar survey in 2016, it found that the number of places where it’s more expensive to own than rent has increased from nine to 11 — this includes a few states where Contined on page 4