Surrounding County Market Updates

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Fannie Mae and Freddie Mac get bailed out along with some other major companies, while we are fighting paycheck to paycheck here on ground level with all the other economic woes.  Maybe the government will bail out our deficit too.  OK, that’s not going to happen.  We will only reap some of the  benefits as these giants get back on track.   But in the mean time we still have to deal with the reality of the market around us.

Today I will show you not only Frederick County numbers on what is going on here but a look at adjoining counties.  Remember this is a snap shot in time and can change moments and days from now.  The true test of numbers will be to see what direction they are going six months from now.  I am positive that most of the inventory will drop between now and the New Year, only because it does every year.  More and more people tend to take their property off the market and wait until spring again.

Also included will be the number of Foreclosures and bank owned properties.  With the latest LIBOR rates adjustment, I am sure we will see some impact to the Short Sales and foreclosure list.

County Housing Market

I am surprised to see the activity just across the line in Pennsylvania.  I haven’t watch much of that market lately.  So this little exercise was eye opening for me also.  It seems they haven’t been plagued by the large number of foreclosures as we have in our area.  It also appears that Allegany county is holding their own also with almost 10% of their inventory selling in the last 30 days.  The inventory in Frederick county is starting to show signs of the season.  The total number of homes is down almost 10% from 2320 from the beginning of the month.  We should probably see this trend continue through the end of the year.  My guess is that we will see our inventory somewhere in the 1800s.  Check back in December to see if I am close.

The lending practices have definitely changed and will only lend money to qualified buyers this time.  Interest rates have been stable (for now) and housing prices have been pretty competitive.  There have been plenty of indicators that the worse is behind us, but we truly won’t know.  You might already be looking in the rear view mirror at the best Buyer’s Market in a very long time.

If you think you are ready, my phone is always on.

Have a great day.

Bob is a licensed Real Estate agent in Maryland and Pennsylvania. You can contact him via email at bob@gotbob4homes.com or call him on his cell phone at 240-285-4918.  He has been the Assistant Manager at the Mt Airy office for the past two years. Not only does he list and sell residential real estate, but can help you with your commercial real estate needs as well. He has been a resident of Frederick County for the past nine years.