So, How’s the Real Estate Biz?? UNBELIEVABLE!!!

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Yep…unbelievable!!! Can you believe the number of houses on the market? Nope. Can you believe how long it’s taking to sell a house? Nope. Can you believe the cost of gasoline? Nope. Can you believe what you hear on the news media about Real Estate? Nope….ah well some of it. All right, all of you that have bought houses back in the eighties…raise your hands! What was your mortgage interest rate? And you still bought the house?!!? Why… your payments had to be horrible…what? You wanted a place to live and call your own? (Yeah, I know the prices were no where near what they are today) Let’s face it…nothing cost as little now as it did back then. So what is happen with today’s market? Did everyone decide that they would wait it out so see if the prices come down. (historically in this area they never have) Maybe a few that were way over priced in the first place will come down.

This market is normallizing. We just have been drunk and disorderly with the market. Home Owners have made mega bucks in the last few years…So they made a lot of money on their investment. AH, see the word investment…that’s the key. People jumped in and out of Real Estate the last few years to get a good return on their investment… well in a normal market you live in your home, your castle, your little piece of the pie, live the American Dream. It’s not your 401K, which is ran by the Stock Market. In a normal market your home is your long term low risk investment, not short term high risk investment. That is exactly what a lot of people are finding out…high risk. If you didn’t refinance or sell… you are at risk of losing your home. Keep your eyes open…you’ll start to see them. The first step of the interest only loans will be showing thier ugly faces…let’s hope most people did not buy the biggest house they could afford on interest only… hopefully they had room for increasing taxes, increases in interests rates… not Like they say in Texas Hold’em… All-in!!! Lets hope not.

But back to the lurkers, waiting for the market to crash, the bubble to burst… what are you waiting for? I still haven’t figured that one out. OK, you are waiting for that deal of a life time or the house you have had your eye on for sometime to drop $10,000 to $20,0000. Whats the hurry right? It has been on the market for more than 70 days. Lets see now. The interest rates have climbed over the last few months and some prices have dropped. If you wait too long the climbing interest rates will off set the “deal of a lifetime” with higher payments on a lower priced house. Of course, if we had a crystal ball, we would all be rich and live in big homes with no mortgage payments. But, the reality of it is, we need to make a decision and live with it. No time like the present.

Here are some of the numbers on Frederick County.

Total homes ………………………………..1832
New listings in the last 2 days……….. 45
Under contract in the last 7 days…… 77
(of which have been on the market for an average of 70 days)

Now go to one of my earlier post and see what the numbers were a few months ago

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