Farewell to 2007 Housing Market in Frederick

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Today is the last day of 2007. We say goodbye to a year that has brought us joy, pain, and all of the other roller coaster analogies you can think of… We have watched the prices drop almost 1-1.5% a month in the housing market. We have watched interest rates have some fluctuation, but still remain at all time low.

The only time mortgages were cheaper than they are now was four years ago, when 30-year rates briefly bottomed out at an average 5.28% — the lowest they’ve been since Interest.com (and its print predecessors) began its weekly survey of major lenders in 1985. (ref: Baltimore Sun)

We have had a gamut of predictions for 2007 and will continue to see them for 2008 from the NAR Chief Economist Lawerence Yun (remind you he is on the payroll to keep the rank and file enthused about the industry.)

“The improvement in the Northeast reaffirms a trend apparent for some months now that shows signs of recovery, noteworthy because that was the first region to slump, and the gain in the West indicates some easing of interest rates for jumbo loans,” Yun said. “Lawmakers need to understand that raising the loan limits on FHA and GSE-backed conventional loans will markedly improve mortgage availability.”

There will always be a debate on the creditability of the predictions, but it is just that a prediction.

Thank goodness for local real estate blogs to provide cogent, pertinent analysis. The credibility of the NAR’s economist is whittled away every day by himself and real analyses. Here is the most recent “forecast.”

The weather man predict the weather everyday, with a little more accuracy, but you get my drift. I prefer to stick my finger out the window to see if it’s raining. Real estate will always be local… (Kinda like what Jim said above.) One of the reasons blogging has become so popular, local REALTOR®, local information and not a pre-empted positive spin. I don’t want to mislead anyone…just calling it like I see it. You may not like what I have to tell you, but you can guarantee it will be what is going on in the neighborhood.

Today, I am not going to stand on a soapbox and make my Real Estate predictions…Because they have been made all year in a previous posts and still stands true today. I especially stand behind this one used from my good friend in Eastern Connecticut, Linda Davis -

Supply Exceeds Demand

I will say that the holidays have helped lower the inventory just a little, but I imagine that all the sellers that pulled out late this fall will try it again in the Spring. Stay tuned for another increase in the inventory. Here are a few tips that still stand true for 2008:

Sellers need to get serious about selling their home. To coin a phrase from another local real estate agent in Bonita Springs - Chris Griffith “You can’t sell a $100 bill for $125!” Pricing is everything. Foreclosures are becoming ramped compared to what we have been used to…this will be affecting your appraisal and what the buyers mortgage will be. Buyers are now more qualified than ever, but they are running scared. Remember this is not day trading, you are buying a home for the long haul. Homes have appreciated for the last 5-10 years. It is only recent homes that were purchased around 2004-2006 that have depreciated when they were sold. Think about it…they unfortunately purchased at the peak of the market…they could have never predicted this quick decline, nor have none they needed to sell so quickly. To create a successful sale, the buyers still need to get off the fence…

Sounds simple enough?

Have a safe New Year Eve and I will catch you back here next year.

Happy New Year

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December 31, 2007 · Filed Under Frederick MD Real Estate, Frederick Market Conditions

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Friday Fotos returning to Frederick

OK, I am back. I enjoyed some time off back in Pittsburgh and didn’t turn on the Laptop. I have some catching up to do.

Here’s a little something from our trip back from Picksburgh…

The wife likes to drive and I forgot my inverter for the laptop…soo I busted out my camera and decided to catch some vanity tags… I always enjoy vanity plates…can never understand some of them, but that’s OK. I only hope the owner does. Here are some of the ones I was able to capture.

I PAVE

IRN CITY

4R LABZ

BLKLAB5

SUV2SLO

2NU2BHI (huh?)

It appears that dogs and children influence most vanity plates… a couple that I couldn’t capture. 4rboyz, 3coolbyz, socrcab.

Have you seen any funny vanity plates?

Have a great weekend

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December 28, 2007 · Filed Under Frederick Misc, Friday, Fun

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Friday Fun Films

OK, as a request of my very good friend Kevin Lynott(a meteorologist with NOAA out in Wyoming) , today’s Fun topic is what is your favorite ~~Christmas~~ Holiday Season Movie. I have a few favorites that are always a must. Absolutely, National Lampoon’s ~~Christmas~~ Holiday Vacation is top of my list. ~~Christmas~~ Holidays with the Kranks (Ok, I’ll stop with the PC,) Elf, A Christmas Story…I like the newer movies if you couldn’t tell. Maybe your favorite is on this list from before 1991. Maybe it was one of the original Christmas Carols? I almost forgot about Emmet Otters Jug Band Christmas. (thanks Heather)

I created a poll for everyone to vote on…stop back and check out the results later.

Also, while writing this today…at Panera Breads on route 85...The staff entertained the regulars with their “3D” aprons. Love it…absolutely loved it.

Christmas Wrapping

I will leave you with some Christmas Carols by Larry the Cable Guy. (warning he is not politically correct.)

[youtube]http://www.youtube.com/watch?v=zXkSEcCwU8A[/youtube]

Merry Christmas!

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December 21, 2007 · Filed Under Frederick Misc, Friday, Fun, video

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Sign up for Amber Alerts on Your Cell Phone

Amber Alerts have been around for a while. It really came to the surface when George Bush call for action to appoint an AMBER Alert Coordinator in 2002. There have been more than 350 children recovered since the beginning of the AMBER Alert program (90% of them since 2002.) Even if it is only one child…that child could be yours. Wouldn’t you be glad that someone knew right away?

Awareness is always the best tool. The more people looking for one person, the better the chance of finding that person. Children are our future…how many times have you heard that. Unfortunately we have predators to thank for all of the public service programs we have like Missing and Exploited Children and AMBER Alerts.

Now through the efforts of Syniverse Technologies and the Wireless Foundation, you can receive AMBER Alerts via your cell phone. All you have to do is go to the website and sign up for alerts.My carrier is Verizon, so when I plugged my phone number in there it sent me to my carriers page to finish the set up. I was able to set up alerts for multiple areas. The only thing I am not sure about if it is absolutely critical to add all zip codes. If any alerts are sent for a surrounding area, will it alert me? That I will need to research. But don’t let that hold you up from signing up.

The first three hours of the incident are critical in a successful recovery…do your part sign up and spread the word. I have installed the a widget that constantly updates with missing children information on the right sidebar. You can get yours on Website AMBER Alert.com (they are not affiliated or associated with the official AMBER Alert program)

Start now by signing up to receive your AMBER Alert on your cell phone.