BRAC and Howard County, Maryland – How will it affect you?
I recently conducted a scientific survey of THE EFFECT OF BRAC on REAL ESTATE in HOWARD COUNTY (Well, not really scientific. I spoke with some experienced agents and lenders in my office). Anyway, they pretty much confirmed what most of us have been asking: “What the heck is going on with BRAC in Howard County?” (BRAC – Base Realignment and Closure).
Years back we heard of stories of massive traffic jams, over populated neighborhoods, and overcrowded schools. I was ready to go out and stock up on the toilet paper, milk and eggs to prepare for the onslaught. To be honest, we haven’t really experienced the changes the alarmists warned about that BRAC promised to bring…yet. We do have a great case study of sorts just up north. Let’s look at Harford County for instance. 5 years ago, the construction of commercial property was going at a frantic pace. Homes sales started to pick up all with a promise of great days to follow. Today, commercial property is leasing at a premium, all the while, residential homes are decreasing in value. What gives? See the SUN article here.
One answer lies in the people moving into Aberdeen Proving Gounds, the base that benefited from BRAC. Many employees that moved to Harford County that were affected by the base closures decided to rent before they buy for several reasons: Job security, housing costs, etc., Many real estate agents are experiencing the same in Howard County. Howard County is still on the tip of feeling the effects of BRAC, however; analysts agree that we won’t see the job growth in earnest until 2015. “As more development comes online with the growth of the U.S. Cyber Command headquarters, they said, heavy traffic congestion and clogged local roads are likely to become more common in the region, especially if the state’s transportation budget doesn’t receive a shot in the arm this legislative session.” Howard County Times article, dated 1/11/2012.
Michael Davidson of Embrace Home Loans provided this observation: “Many of the people that have received orders to move into Maryland were contract workers as well as military. These contract workers have deeper roots to where they currently live and are the most reluctant to move to Maryland. If these workers did accept the new employment, they decided to rent locally near the new job and commute over the weekends back home.”
I believe that home values in the Howard County area will rise slightly better due to the impact of BRAC than it did in Harford County. A snapshot of Harford County homes today shows 1,190 homes listed on the MLS for sale with the average price just a bit over $309,000. Howard County has 1079 homes listed with an average price of $515,000. Demand drives pricing as they say. Let me know what you think.
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Chris Weymouth, Director, Certified Luxury Home Marketing Specialist, CLHMS and Debbie Luber Weymouth, Manager, have marketed and sold over 4000 homes in Maryland since 1983. Expertly trained and award winning agents, they are leaders for The Weymouth Group at Keller Williams that has been recognized by their peers as one of the best in the business. Chris Weymouth is ranked in the top 1% at Keller Williams Select Realtors, top 1% in Howard County and Maryland among Realtors. Serving Central Maryland and all our friends and family for almost 60 years. Need a Luxury Home Marketing and Buyer Specialist in Howard County (Ellicott City, Woodstock, Clarksville, Marriottsville, Fulton, Laurel, West Friendship, Glenelg, Columbia, Elkridge, Dayton, Mt. Airy, Woodbine and more), Carroll County (Elkridge & Sykesville), Baltimore County (Catonsville, Woodstock, Owings Mills, Pikesville and Reisterstown), Anne Arundel County (Pasadena, Severna Park, Hanover, Severn, Glen Burnie, Annapolis and Odenton), Prince Georges County (Bowie & Laurel), Montgomery County (Silver Spring, Olney, Bethesda and Sandy Spring) or Harford County? We Know This Market! Then call Chris at 443-280-1922 or email firstname.lastname@example.org