What’s the Best Day of the Week to Search Real Estate Listings?

Summer 2022

Summer means a lot of things to different people. Some love the warm weather – gardening, pool days, and ice cream sundaes. Meanwhile, others would rather sit inside a cool air-conditioned room, enjoying the change of season from the comfort of their home. Regardless of which side of the fence you are on, the warm weather does mean one clear thing – prime moving season has arrived. In fact, according. to the Maryland Association of Realtors, a majority of all real estate sales occurs every year between April and September. And yes, while we are still in the midst of a seller’s market currently, an increase in volume will have an impact on market conditions. With an increase in sales activity and the current market conditions requiring buyers to move swiftly, you are left with one important question – When should I browse for new listings?

Which Day Is Best?

Since we transitioned into a seller’s market, the average number of days on market (DOM) has drastically decreased. Consequently, many listings are tending to go active Thursdays mornings. This frequently allows enough of time for the listing agent to host an open house over the weekend and for buyers’ agents to show the property before best-and-highest offers may be asked to be submitted by Sunday evening or mid-day Monday.

So, What Should I Do?

Now, like many things in life, trending patterns cannot be a hard rules. As a result, buyers should review all listings that meet their criteria as they become available. This may seem overwhelming if you are using a third-party website like Zillow to search through all active listings in a particular area. However, with the assistance of a qualified real estate professional, you can have personalized results tailored to your individual preferences. Instead of torturing yourself by constantly hitting the refresh button, you can have an email delivered to you as soon as a listing hits the market – keeping you one step (or several days) ahead of the competition.

Attn: Maryland Homeowners

On March 10, 2022, The Maryland State Department of Assessments and Taxation (SDAT) announced a simplified ground rent redemption system. The new process is designed with Maryland homeowners who are subject to ground rent in mind.

SDAT Announces Improvements to Ground Rent System
BALTIMORE, MD – The Maryland State Department of Assessments and Taxation (SDAT) today announced a more simplified ground rent redemption system for Maryland homeowners who are subject to ground rent. The new process is designed to reduce the obstacles a homeowner must overcome, as well as the number of documents a homeowner must procure, for them to redeem their ground rent through SDAT.

“Thanks to Governor Hogan’s leadership, SDAT has been able to streamline the process to eliminate residential ground rents here in Maryland,” said SDAT Director Michael Higgs. “This new process will greatly benefit Maryland homeowners who wish to once and for all resolve uncertainty about the status of the ground rent attached to their home’s deed.”

While Baltimore City homeowners will be the most affected by the new ground rent redemption process, Anne Arundel, Baltimore, Carroll, Harford, Howard, Montgomery, Prince George’s, and Worcester Counties also have registered ground rents in their jurisdictions.

Every homeowner that has ground rent is able to redeem their ground rent through SDAT, regardless of whether the homeowner knows who they should be paying their ground rent to. More information can be found on SDAT’s Ground Rent Website.

The Department of Housing and Community Development (DHCD) operates the Maryland Homeowner Assistance Fund, which can help with past-due mortgage payments and other housing costs, including delinquent ground rent, for homeowners who have experienced financial hardship after January 21, 2020. For more information, visit homeownerassistance.maryland.gov.

DHCD also offers an interest-free Ground Rent loan program for homeowners who want to buy out (redeem) ground leases but cannot afford to make a lump sum payment and are not currently delinquent on ground rent payments.

“SDAT Announces Improvements to Ground Rent System.” 10 Mar. 2022, https://dat.maryland.gov/.

Impact on Homeowners

REDEMPTION PROCESS

While the greatest impact will be seen by residents of Baltimore City, any Maryland homeowner that owns a property that is subject to annual ground rent will be able to take advantage of the new redemption process.  Throughout the past decade, SDAT has taken great strides in assisting homeowners with accessing information surrounding registered ground rent. Now, homeowners can redeem ground rent in four simple steps:

1. Complete an Application
2. Mail Application & Application Fee
3. Await Notification of Approval then Mail Certificate of Redepmtion with lump-sum payment
4. Record Certificate of Redemption with your county’s land records office.