August 2026 Real Estate Guide

THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/OC Today-Dispatch

Real Estate

THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors - OC Today-Dispatch

Published by OC Today-Dispatch for the Coastal Association of Realtors. Advertising in this publication is limited to members and affiliated members of the Association.

The COASTAL ASSOCIATION OF REALTORS® (CAR) is a trade organization for real estate professionals in Wicomico, Worcester and Somerset Counties on the Eastern Shore of Maryland. Its membership consists of more than 1,000 REALTORs® and affiliate members serving the home-buying and homeselling needs of the public since 1957.

The term REALTOR® is a registered collective membership mark, which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.

The COASTAL ASSOCIATION OF REALTORS is located at 314 Franklin Avenue, Suite 106 • Berlin, MD 21811. Phone: 410-641-4409. On the Web: www.coastalrealtor.org

OC TODAY-DISPATCH is the leading newspaper publisher on the Maryland coast, with OC Today-Dispatch publishing weekly on Friday, Bayside Gazette and Ocean City Digest publishing on Thursdays and Real Estate, the Coastal Real Estate Resource publishing key weekends throughout the year. On the Web: www.octodaydispatch.com

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When it's advantageous to rent rather than buy a home

Rising home costs have garnered considerable attention in recent years. While that might leave some people feeling priced out of the real estate market, there are many instances when it's advantageous to rent.

Renting has long been characterized as a short-term solution, but there are situations when it's advantageous to sign a lease. Early- and mid-career workers are finding the prospect of purchasing a home out of reach. While the percentage of 18- to 44-year-olds living with their parents has risen by nearly 3% in the last decade, scores of young professionals are looking to renting as well.

Not only is buying a home is more expensive than ever, but the cost of homeownership extends beyond the mortgage. Mortgage calculators are useful tools when estimating a monthly mortgage payment, but that only paints part of the picture in relation to the costs of owning a home.

If the monthly mortgage payment itself is stretching your budget, then that budget is likely to be busted by utility bills, property taxes and the predictable and less predictable maintenance expenditures associated with homeownership.

Single-family homes tend to be larger than rented apartments, and that extra space means higher utility bills, which have jumped 8% nationwide in the last two years.

While many suspected the real estate market would become more affordable after prices skyrocketed in the early 2020s, that has not happened.

According to the National Association of Home Builders, house prices across the United States increased by 55 percent between the first quarter of 2020 and the third quarter of 2025. Even if that increase levels off rather than rises in the coming years, early- to mid-career workers may not benefit by trying to wait out the market.

While landlords have the right to increase rent at the end of each lease, historically rents do not increase by all that much year-to-year. Studies show rents after the pandemic skyrocketed by as much as 70% in some markets.Renting also makes sense when early- and midcareer professionals are presented with career opportunities in new locales. Even professionals who have been saving up in the hopes of buying a home in their current towns or cities may find it financially advantageous, and professionally fulfilling, to pursue new professional opportunities elsewhere.

A higher salary can certainly help to bridge the gap between wages and higher home costs, and a relocation to a more affordable rental and ownership market may help professionals save more and build a bigger nest egg to buy their own home down the road.

Coastal Association gives $4,750 in grants

The Coastal Realtors Foundation has awarded $4,750 in grants to five local nonprofit organizations dedicated to improving the quality of life throughout Somerset, Wicomico, and Worcester counties.

The grants were presented during a ceremony celebrating the organizations and the Realtor members who nominated them.

The 2026 grant recipients are:

• United Way of the Lower Eastern Shore –Funding will support the organization's Secret Santa Program, which provides holiday gifts and breakfast baskets to children and families in need across the Lower Eastern Shore.

• Habitat for Humanity of Wicomico County –Grant funding will help bridge construction costs for two new affordable homes, giving local families the opportunity to achieve safe, stable homeownership.

• New Dimensions Family Ministries – Funding will support the organization's free annual Vacation Bible School, providing educational activities, meals, transportation assistance, mentorship, and family fellowship for children and families.

• Surfers Healing OC Association – The grant will help fund permits, insurance, meals, commemorative T-shirts, and other essential expenses for the organization's surf camp, creating unforgettable experiences for children and young adults on the autism spectrum.

• The Atlantic Club – Funding will support recovery programs, peer support services, wellness activities, family events, and other resources that help individuals and families impacted by addiction.

"The Coastal Realtors Foundation exists because our members care deeply about the communities where they live and work," said Joni Williamson, chair of the foundation and Major Fundraising Committee.

"These grants are a reflection of Realtors investing in organizations that create lasting, positive change across Maryland's Lower Eastern Shore."

The Foundation also recognized the Realtors who submitted grant applications on behalf of the recipient organizations: David Leiderman, Don Bailey, Ashley Collins, Bonnie Flinn, Donna Frankowski. Their volunteerism and advocacy helped connect deserving nonprofits with funding that will directly benefit local residents.

The Coastal Realtors Foundation also extended its sincere appreciation to the members of the Coastal Foundation & Major Fundraising Committee, whose dedication and thoughtful review of each application ensures Foundation resources are in-

vested where they can have the greatest community impact.

The Foundation's ability to award grants is made possible through the generosity of Coastal Realtors members, sponsors, and community supporters. Annual fundraising efforts—including the Spring Fling and the upcoming Coastal Realtors Foundation Golf Tournament—provide the resources that allow the Foundation to continue supporting local charitable organizations.

"Every sponsorship, registration, donation, and volunteer hour contributes to something much larger than a single event," said Terrence McGowan, association president. "Together, our members are demonstrating that Realtors don't just help people find homes—they help build stronger communities."

Best of Luck 53 rd Annual White Marlin Tournament Anglers!

Local Realtors advocate for policy changes

Seven members of the Coastal Association of Realtors traveled to Washington, D.C., for the 2026 Realtors Legislative Meetings in June to meet with Maryland members of Congress and their staffs to advocate for policies that increase housing supply, build stronger communities, and support self-employed professionals.

During meetings on Capitol Hill, members and staff of the association urged support for “The More Homes on the Market Act,” which would update the tax exclusion on the sale of a primary residence and incentivize more long-term owners to sell their homes. Updating America’s tax law

is a key pathway to more supply.

The also endorsed the 21st Century ROAD to Housing Act to increase housing production, improve affordability, and reduce barriers to development.

The CAR representatives also called for the passage of the Revitalizing Downtowns and Main Streets Act, to encourage the conversion of underutilized commercial properties into housing and mixed-use developments.

Also on the group’s endorsement list:

• More federal investments in fair housing, housing counseling and homebuyer education programs that expand

housing opportunities and strengthen communities.

• The Association Health Plans Act, which would expand access to affordable, high-quality health insurance for Realtors and other independent contractors.

• Affordable workplace housing, housing and flood insurance costs and obtainability on the lower Eastern Shore.

“America has a shortage of more than 4 million homes, and the solution starts with smart policy,” said Coastal Association CEO, Bernie Flax. “The meetings on Capitol Hill gave President Terrence McGowan a chance to bring that message

directly to lawmakers and make the case for concrete legislation that will get inventory moving and open the door for more Americans to buy a home.”

NAR, Maryland Realtors and Coastal Association of Realtors are championing a suite of federal, state and local policies designed to boost housing supply, reduce development barriers and make homeownership more attainable.

From converting vacant commercial buildings into new housing to updating outdated tax laws keeping homes off the market, these efforts aim to ease the affordability crisis affecting the nation.

Job gains and wage growth support June housing market

Data pulled in June shows that existing-home sales decreased by 2.4% month-over-month and increased 2.8% year-over-year, according to the National Association of Realtor ExistingHome Sales report.

The report provides the real estate ecosystem—including agents, homebuyers and sellers—with data on the level of home sales, price, and inventory.

Month-over-month sales increased in the Northeast, and declined in the Midwest, South and West. Year-over-year sales rose in the Midwest, South and West and were flat in the Northeast.

“The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions,” said NAR Chief Economist Lawrence Yun. “However, job gains—more than half a million since the beginning of the year—will continue to provide support for the housing market.”

“The median home price has reached an all-time high. Even so, affordability is better than a year ago because wage growth is outpacing home price growth,” Yun continued.

“However, progress on long-term housing affordability could be hampered if inventory growth continues to stall.”

Total Existing-Home Sales for June saw a 2.4% decrease in existing-home

sales month-over-month, and a 2.8% increase in existing-home sales year-overyear to a seasonally adjusted annual rate of 4.09 million.

Inventory in June showed 1.56 million units, with total housing inventory down 0.6% from May and up 1.3% from June 2025. The 4.6-month supply of unsold inventory is up from 4.5 months last month and unchanged from 4.6 months one year ago.

The median sales price in June, however, was $440,600 for all housing types. That’s an increase of 1.8% increase from one year ago ($432,700)—the 36th consecutive month of year-over-year price increases.

The Housing Affordability Index registered at 102.3, up from 95.5 a year ago. Year-over-year, affordability improved across all regions. Northeast +4.5%; Midwest +6.2%; South +8.3%; West +8.9%

Single-Family Homes in June — 2.4% decrease in sales month-overmonth to a seasonally adjusted annual rate of 3.73 million, up 3.3% from June 2025. Median home price, $446,400, up 1.8% from last year.

Condominiums and Co-ops in June: 2.7% decrease in sales month-overmonth with a seasonally adjusted annual rate of 360,000; 2.7% decrease from last year; $380,000: Median price, up 1.6% from June 2025.

Coastal Association Affiliate Members

A2Z

Goosehead

Summer 2026 might be the time to refinance your home

Refinancing a home may be on the minds of many as mortgage interest rates continue to drop from the heights they reached just a short while ago. Data from the Freddie Mac Primary Mortgage Market Survey showed average 30-year fixed mortgage rates hovering around 6.51% as of late May 2026. The rates are a notable step down from the almost 8% peaks in late 2023.

Norada Real Estate Investments says traditional advice on refinancing is to wait for a full 2% drop in interest rates. However, modern market dynamics may require a far less rigid approach. Homeowners who bought homes with peak rates during the post-pandemic surge are recognizing that small shifts are now opening opportunities to refinance and save money. Consideration of various factors can help homeowners determine if now is the time to refinance.

The need to refinance. Before determining if it's the right time to refinance, homeowners should assess why they want to. First Savings Mortgage Corporation says people refinance for various reasons. For some, they want to shorten the loan term to save on overall interest. Others need access to cash and use a cash-out refinance to tap into their home equity. Someone who has an adjustablerate mortgage may want to refinance to switch to a fixed-rate one. People who

need relatively fast access to cash may be looking to refinance more quickly than those who are doing so to switch a mortgage type or shorten terms.

An interest rate reduction of just 1% is often enough to justify a refinance. On a $400,000 loan balance, dropping the rate from 7.5% to 6.5% can cut roughly $260 off the monthly principal and interest payment. So, even though rates aren't historically low, if they are lower than when the original loan was initiated, it may be prudent to refinance.

Refinancing comes with certain costs that homeowners will have to pay. Data from Rocket Mortgage indicates that closing costs typically range between 3% and 6% of the total loan amount, and include title searches, property appraisals, loan origination, and underwriting. Timing a refinance should occur at the break-even point, or the exact month when the homeowner's accumulated monthly savings surpasses the upfront costs of securing the new loan.

Private mortgage insurance is added to the mortgage when a borrower presents a down payment that is less than 20% of the loan's value. Conventional borrowers will have PMI removed once they have reached 20% equity, but others may want to refinance to have the PMI removed sooner if the home's value has risen significantly since purchase.

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