With record low interest rates, the surge in home buying in Baltimore is creating a challenging environment for homebuyers. Properties are going under contract before hitting the MLS (multiple listing service, a broker listing syndication system that feeds listings to Zillow, Redfin, etc.) or receiving multiple offers within days of being listed.
This shortage is certainly the case in Greater Baltimore where the Maryland Association of Realtors reports that active inventory is down 60% to 10,117 housing units, driving the average sales price up 16% from this time last year.
Off-market real estate is perhaps more attractive than ever before. Most home buyers think off-market real estate transactions are reserved for professional real estate investors and developers but it's also a great way for primary residence buyers to get a great deal, avoid excessive competition and save money.
There are currently hundreds of off-market properties available for purchase in Baltimore City, Baltimore County, Harford County, Carroll County and Anne Arundel County. One service to find these deals is OfferMarket -- a marketplace for off-market real estate. There are currently over 20 single family houses available on OfferMarket in the Greater Baltimore market.