May 2024 Real Estate Guide

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.oceancitytoday.com

Editor......................................................................... Stewart Dobson

Executive Editor................................................................ Steve Green

Account Managers....................... Mary Cooper, Renée Kelly, Terri French

Classifieds/Legals ........................................................... Taylor Sloan

Art Director....................................................................... Cole Gibson

Senior Page Designer....................................................... Susan Parks

Senior Ad Designer............................................................ Kelly Brown

Publisher..................................................................... Christine Brown

Administrative Asistant.......................................................... Gini Tufts

INDEX OF ADVERTISERS

Some vacationers willing to go in debt to pay for trip

Six in 10 people who don’t

NEW YORK — With Memorial Day and the unofficial start of the summer travel season just a month away, more than a third of those planning to take a summer vacation this year say they will take on debt to fund their travels (36%), according to a new survey from Bankrate.

That includes 26% who say they will pay with a credit card and carry the balance over multiple billing cycles, as well as buy now, pay later services (8%), borrowing from friends or family (6%), or a personal loan (5%).

Credit cards are summer travelers’ preferred payment method, with 62% indicating that they will use a credit card to fund at least some of their trip expenses. Generationally speaking, millennials (ages 28-43) are more likely than any other generation to incur credit card debt from their summer travels (30%).

In comparison, 1 in 4 (25% each) of both Gen Zers (ages 18-27) and Gen Xers (ages 44-59) say they will do so, while only 21% of baby

boomers (ages 60-78) are planning to take on debt for their summer travel.

“I don’t want to tell people they can’t have any fun, but I do worry about taking on debt for discretionary purchases such as vacations, especially with credit card balances and rates at record highs,” said Bankrate Senior Industry Analyst Ted Rossman. “There are plenty of ways to have fun this summer without busting your budget. For example, there’s still time to accumulate a summer vacation fund by setting money aside from every paycheck.”

Just over half of U.S. adults (53%) plan to take a summer vacation this year. This includes 36% who plan to travel domestically, 15% who are planning an international trip, and 12% who are opting for a staycation (i.e. a home-based vacation), while 18% don’t know or are not sure of their plans yet.

For those who have firmly decided not to take a summer vacation this year, the top explanation is that they cannot afford it (65%). Other reasons include health or age (13%), too much of a hassle (11%), not being able to take time off work (10%), too many family obligations (10%), or they are

REALTOR EXPO

The CAR Realtor Fair took place at the Roland E. Powell Convention Center on April 24. The event began with a general membership meeting followed by guest speaker Dr. Lisa

a

economist for Bright MLS. The Realtor Fair opened at noon with exhibitor booths, door prizes, games and prizes. OC Today-Dispatch Account Manager Renee Kelly talks with REMAX Advantage Realty Realtor Anne-Marie Bouse at the newspaper’s booth.

Vacation survey breaks it down

Continued from Page 3

planning a vacation for another time (4%).

Additionally, nearly 1 in 4 (24%) of those not planning a summer vacation say they are not interested in taking any vacations currently, and 9% cited something else.

“Consider taking advantage of any

credit card rewards, airline miles, and hotel points you’ve socked away,” added Rossman. “Or maybe even sign up for a new credit card with a generous sign-up bonus that you can put toward your getaway. Finally, if going somewhere isn’t feasible this year, at least take some time off to relax and recharge close to home.”

March existing home sales decline

WASHINGTON — Existing-home sales slipped in March, according to the National Association of Realtors. Among the four major U.S. regions, sales slid in the Midwest, South and West, but rose in the Northeast for the first time since November 2023. Yearover-year, sales decreased in all regions.

Total existing-home sales – completed transactions that include singlefamily homes, townhomes, condominiums and co-ops – receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year-over-year, sales waned

3.7% (down from 4.35 million in March 2023).

"Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves," said NAR Chief Economist Lawrence Yun. "There are nearly six million more jobs now compared to pre-covid highs, which suggests more aspiring home buyers exist in the market."

Total housing inventory registered at the end of March was 1.11 million units, up 4.7% from February and 14.4% from one year ago (970,000). Unsold inven-

tory sits at a 3.2-month supply at the current sales pace, up from 2.9 months in February and 2.7 months in March 2023.

"More inventory is always welcomed in the current environment," Yun added. "Frankly, it's a great time to list with ongoing multiple offers on midpriced properties and, overall, home prices continuing to rise."

The median existing-home price for all housing types in March was $393,500, an increase of 4.8% from the previous year ($375,300). All four U.S. regions registered price gains.

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