BRAC invasion, are you ready?
If you are a resident of the State of Maryland and live any where near Anne Arundel, Howard, Baltimore, Prince Georges, Montgomery or Harford counties, you have doubtless heard a lot about BRAC. BRAC (Base Realignment and Closure) the “Maryland Realtor” reports that BRAC will account for the largest single employment growth in Maryland since World War II. State sources agree there will be 15,000 direct jobs, 40,000-60,000 indirect jobs and influx of about 25,000 new households”. The “Maryland Realtor” further reports that “A recent survey of personnel expected to arrive at Aberdeen Proving Grounds indicates the average salary is $109,000″ and “this group is preparing for home prices in the $400,000.00 range”. This is great news for a struggling real estate market which has been hard hit by an onslaught of foreclosure properties hitting the market and just as many homes in pre-foreclosure. Some analysts have even gone so far as to predict an actual housing shortage will occur due to this sudden increased demand.
A recent report on the Baltimore region from Delta Associates also gives the Baltimore region a “thumbs-up” due to continued job growth and a decline in the unemployment rate.
So what does this mean to you? As a Maryland homeowner, hold onto your home, if the housing demand increases, the value of your home will increase too! If you are a potential homebuyer and are sitting on the fence, don’t wait too long. That home you’ve had your eye on waiting for the price to go down, well, if you wait too long, it might just go up!
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