Frederick MD Real Estate Market Update

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Schools almost out and we are heading into HOT weather. Soon everyone will be heading to the beach for vacations and weekend get-a-ways. This is not the kiss of death for the Spring market, there is usually plenty of activity throughout the summer. MRIS made some new data available for us to analyze. I think I will also post some local activity on a few communities in Frederick County. And by all means if you would like one of your neighborhood, just contact me and I will send you one.

First let’s take a look at the prices over the last few years. You will notice the average price is still making a climb, a slow one, but still a climb.

Now this is a little contrary on what is actually happening, but I am sure that the trend will follow. Prices are key right now, nothing you have already heard. When you look at how many homes are on the market (2240) That means there is a lot of competition. 10% of the homes sold last month that means 90% didn’t (I know simple math) But the reality of it means that about 2000 homes didn’t. The average home sold 5% less than asking price (at contract date…that doesn’t take in consideration reductions prior to contract date) All first time home buyers are asking for sell concessions….there you can expect about another 3%. I know you want to raise the price in order to make up for all of these exspenses…don’t do it!!! Over pricing your home will keep the serious buyers away. When you look at the average days on market, you don’t want to prolong the agony. My advice, take the hit early, sell now before the neighbors, because they are doing the same thing to get out from their house. Buyers don’t have to wait around until you put it in their price range…remember there were 2000 still out there.

Here are couple neighborhood reports.

Walnut Ridge, Clover Hill and surrounding SFHs.

Deerfield in Walkersville

Galyn Manor in Brunswick.

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2007 - Information deemed reliable, but is not guaranteed.

June 11, 2007 · Filed Under Market Condition, frederick real estate

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Congratulations to Class of 2007 - Let’s Party!!!

It’s that time of the year that many young adults make that madian voyage to adulthood. It’s the beginning of many Graduation ceremonies and parties. If you are reading this you are fortunate that you can remember our days in High School…friends we couldn’t live without and memories that last a life time. How many of your have memories of that late night call, there was an accident? It was the kid down the street, your next door neighbor, or maybe your best friend. They had plans of Collage, scholarships, Sport careers, the call to duty. Not anymore. The only memories now are of what they could of been. The roads are lined with flowers and memrobilia of their short life.

I make this plea as does MADD, DUI Hope and many other organizations. You would think with as many responsible adults and parents out there, that we wouldn’t have as many teenage drunk driving accidents as we do. Do your part. Don’t promote underage drinking! Get the keys the moment you suspect there’s been drinking.

I am sorry to say that we can not influence everyone to stop and think, but only if one, just one…following this story, maybe this weekend or next…the news will show us horrific pictures of the latest statistic in our home town. It’s unfortunate, but they all think they can handle it. That’s their famous last words.

June 7, 2007 · Filed Under Frederick MD Real Estate

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Dog Lovers - need something to do next weekend?

The Walk-n-Wag is at Baker Park next weekend. Great place to network with your neighbors and meet some new friends. This event is seeking donations and your participation for Subsidized Spray/Neuter Programs, Pet Owner Education, Bereavement Counseling, Rabies and Microchip Clinics, and Pet Owner Emergency assistances. You don’t want to use all of the support services they offer, but it’s nice to know that someone is there to help you.

The fun starts at 9 AM on June 9th for those who have not pre-registered for the walk and the actual walk starts at 10 AM. There will be plenty of activities for everyone to enjoy whether you walk or not. Sponsors will have tents surrounding the grounds, please thank them for thier support. As with any benefit, gracious sponsors are a key element to it’s success.

There will be prizes for dog contest like; Silliest Pet Trick, Best tail wag, Doggie Musical Chairs, best beggar and my favorite Owner/Dog Look-A-Like contest.

You not gonna want to miss Flying Disk Championship demonstration. Those dogs are amazing!!!

See you there…

June 3, 2007 · Filed Under Fun, Fundraiser

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In-Law Suites or basement apartments - Is this right for you?

I was called today the Frederick News Post. The reporter was looking for information about housing trends in the area pertaining to In-Law Suites and apartment like setting in the home. I am actually working with a few buyers that are looking for this type of layout for various reasons. A young couple tired of paying rent want to follow the American Dream of Home Ownership. It’s tough in Frederick for a First Time Home Buyer to find affordable housing. So, one option we are entertaining is to locate a property that already has an In-Law suite or apartment. This way they don’t have any additional expenses. Some couples already share their homes with friends to offset the housing expense by renting bedrooms and sharing common areas, but this couple wants their roommate to have a seperate location. Ideally we want a house with a finished lower level that offers a kitchenette and a bathroom. Something like this can trim off approximately $800 from their month mortgage, but the down side is that renters aren’t steady. The new homeowners have to have the ability to maintain the full mortgage with out the help of a renter. (for extended amounts of time)

Now the other scenario is extended families. We are starting to see grandparents becoming a more prominent part of the nuclear family. While everyone loves the convenience of care providers (now that’s both ways childhood and elderly) but everyone still wants their personal space. This also helps with the financial responsibilities. Combining families under one roof allows the the older generation the ability to still have the freedom and don’t have to concern themself with the rising cost of property taxes and utilities. Some of the convenience for the children, they don’t have two houses to maintain. How many of you are in this situation? This can be trying if you and your spouse have careers.

These are some ideas to help you get into the next house, whether renting or need to help take care of mom. Call you local contractor for ideas on how much it would cost you to convert your basement in to an In-Law Suite…it adds value to your home.

Have a great weekend.

photo courtesy of Jason Casey of his grandmother.

June 2, 2007 · Filed Under frederick real estate

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