We get a lot of questions about a Buyer’s market versus a Seller’s market and what the demarcation line is for the Ocean City real estate market.  In this article we will explain Buyer’s and Seller’s markets, how they are established and what to expect in each one. Absorption rate will be referenced several times in this article.  Absorption rate is the time it would take to sell all of the Ocean City homes currently for sale on the market at the current sales pace.  The current sales pace is the average monthly sales for the most recent twelve month period. Sellers Market A sel ..read more

Getting the deal from contract to closing is where a real estate agent can provide a lot of value.  Ocean City real estate transactions involve a lot of information, people and steps to manage.  A good agent should have a plan in place to ensure you have a seamless transaction from start to finish and be able to handle any complexity that arises.  Below you will find an overview of the typical steps that are involved in most Ocean City real estate transactions and how we manage them. RATIFIED CONTRACT Our transaction coordinators will distribute the ratified contract a ..read more

Home inspections are an important contingency in Ocean City real estate contracts.  There are several different home inspection contingencies you can choose to include in your real estate contract, which you will find outlined below.   AS-IS WITHOUT INSPECTIONS Under this scenario you are purchasing the home or condo in its current condition without performing any type of property inspections.  Purchasing a property "As-Is" provides the least amount of protection and the highest risk for the Buyer, but is the most attractive scenario for the Seller.  Purchasing a prope ..read more

There is currently a considerable lack of inventory in the real estate markets of Ocean City and the surrounding areas, which is leading to multiple offer situations on most new homes and condos listed for sale.  Many of these offers are written higher than the listing price, which is necessary in a lot of situations in order to secure a deal. There are several ways to structure deals in multiple offer situations, but the most effective way is with an escalation clause.  An escalation clause is a way to automatically increase your offer in a multiple offer situation without ..read more

There are hundreds of Realtors serving the Ocean City real estate market.  You owe it to yourself to do your due diligence before choosing an Ocean City Realtor to assist you.  The agent you choose to work with will have an impact on the value you get and the overall transaction. 1.  Experience There are few ways that a Realtor can gain experience other than by working with Buyers and Sellers to get deals done.  While time in the real estate business helps, it doesn't necessarily equate to adequate experience.  A real estate agent that has been in the business for fift ..read more

You made an offer to purchase real estate in Ocean City or the surrounding areas, the Seller accepted your offer and now you are under contract … what is next?  Below is an overview of what you can expect as a Buyer as you work the escrow phase of the contract towards the property's settlement: Mortgage Application If you are financing your purchase the first step is to make official loan application with the mortgage lender you will be working with.  Once you have made application the mortgage company will gather all of the required financial and supporting documentation from you, o ..read more

Once people find a property they want to purchase the next question is "How long will the process take?"  The time it will take to get the property you are purchasing from accepted contract to closing will depend on a few factors, which I have outlined below. Cash Purchases If you are paying cash for your Ocean City real estate purchase the typical settlement timeframe will be around thirty days.  This allows ample time to complete the property inspections, review the condominium association documents, coordinate the closing funds and have all of the necessary title work completed.&n ..read more

We are currently in a fast paced real estate market in Ocean City.  Good inventory is low and well priced properties that are in good condition are selling withing a few days of hitting the market.  If you are currently in the market to buy real estate in Ocean City there are a few things you can do to put yourself in a favorable position to capitalize on a good opportunity. New Listing Alerts In the current market you have to be aware of the new listings and price adjustments for properties that match your specifications as soon as they become available, otherwise they may be gone b ..read more

As you have been searching online for Ocean City real estate you have probably noticed the condominium fees that are noted on each listing. A majority of the Ocean City condos for sale have monthly condominium fees associated with them and there tends to be a lot of confusion surrounding them.  This article will explain what they are and outline what they cover. Condominium fees cover the operation, general maintenance and up-keep of the particular building the property is a part of. Basic condo fees cover building insurance, common area maintenance, professional property management, amen ..read more

When you sell real estate in Ocean City and are not a resident of the state of Maryland you need to be aware of the non-resident withholding tax. In 2003 the State of MD enacted code that provided for income tax withholding on the sale of real estate in Maryland by non-resident individuals or entities. Many non-residents of Maryland were selling real estate in Maryland and never reporting the gain as they are required to do via a Maryland tax return. As a result the state of Maryland was losing out on substantial tax revenue.  This was obviously not acceptable to the State of Maryland and ..read more