Monday Market update

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Supply exceeds demand period

(Still recovering from Relay for Life…)

However we still have more homes than buyers. Next week I will break down the County Absorption Rate again to see if there are any improvements.

May 19, 2008 · Filed Under Frederick Market Conditions, Market Condition

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Monday morning Market update

The sales continue to show a decrease over last year, however, on a more positive side, the decrease seems to be getting smaller. Are we finally seeing signs of the bottom of the market? A recent article in the Wall Street Journal seems to see other signs that point to a more normal market. This process didn’t happen over night so the repair is not going to happen over night.

Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.

I remember almost to the day when this started, I started to see signs the following weekend after the 4th of July. The showings on properties came to a screeching halt. Honestly it was like someone just flipped a switch. I had a very eager seller, and no explanation on why we went from 4-6 showings on a weekend to almost none. (his house sold almost year later for $50,000 less than what was expected.)

The county housing reports are out for April. If you have the time take a look that past reports and you will see a what I am talking about above.

If you need a closer look at a community around you, contact me for a Market Analysis.

May 12, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions, Market Condition

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Monday Market updates

It’s Open Mic night on Focus On Frederick…I am taking request. Where do you want to see the next weeks market update? What neighborhood? Anyone anyone at all? Just comment or send me an email. I will dig up the numbers for the community.

As for today, here is just a snap shot of the county…

Total Active Homes - 2225
New in the last 2 days - 17
Under Contract last 7 days - 40
Ave DOM for Contract Listings - 116 days
# of Listings with Various Keywords
- Short sale - 122
- Foreclosure - 15
- Bank Owned - 24
- Approval - 133
# listed as Vacant - 338

As for the keywords in the internet remarks, some of the “Short sale” listings said “THIS IS NOT A SHORT SALE” Which makes a big difference if you are buying in a hurry.

Have a great day… and stay dry.

April 21, 2008 · Filed Under Frederick MD Real Estate, Market Condition

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The Market Update for Rentals in Frederick County

As the housing market sits in some turmoil the rental market always seems to grow legs. With the unfortunate increase in foreclosures, families still have to live somewhere.

The average time a single family home has been on the market in Frederick County is 65 days with an average price of $1900. The average time for a non detached home (i.e. Town House, or Condo) has been a little short at 44 days and with an average price of $1420 a month. This information does not reflect homes that have been listed and rented through property management companies. During the sad time in the housing market the rental prices usually increase until you get to a saturation point. This is where the common renter says they have enough!!!

Below is a chart on what you could possibly purchase with the equivalent rental payment. This chart does not take in considerations for property taxes or insurance. Use it only as a gauge…see your lender for more personalized numbers. Times are good for buyer that has good credit, income and nothing to sell.

Rent vs Loan Amount

5% 6% 7% 8% 9%

$1,000 $186,282 $166,792 $150,308 $136,283 $124,282

$1,100 $204,910 $183,471 $165,338 $149,912 $136,710

$1,200 $223,538 $200,150 $180,369 $163,540 $149,138

$1,300 $242,166 $216,829 $195,400 $177,169 $161,566

$1,400 $260,794 $233,508 $210,431 $190,797 $173,995

$1,500 $279,422 $250,187 $225,461 $204,425 $186,423

$1,600 $298,051 $266,867 $240,492 $218,054 $198,851

$1,700 $316,679 $283,546 $255,523 $231,682 $211,279

$1,800 $335,307 $300,225 $270,554 $245,310 $223,707

$1,900 $353,935 $316,904 $285,584 $258,939 $236,136

$2,000 $372,563 $333,583 $300,615 $272,567 $248,564

Across the top is the interest rates and down the left side is the payment. In the middle is the POTENTIAL loan amount. Normal house payments include Principal, Interest, Taxes and Insurance. (PITI) Calculations based on a 30 year fixed loan.

	5%	6%	7%	8%	9%
$1,000	$186,282	$166,792	$150,308	$136,283	$124,282
$1,100	$204,910	$183,471	$165,338	$149,912	$136,710
$1,200	$223,538	$200,150	$180,369	$163,540	$149,138
$1,300	$242,166	$216,829	$195,400	$177,169	$161,566
$1,400	$260,794	$233,508	$210,431	$190,797	$173,995
$1,500	$279,422	$250,187	$225,461	$204,425	$186,423
$1,600	$298,051	$266,867	$240,492	$218,054	$198,851
$1,700	$316,679	$283,546	$255,523	$231,682	$211,279
$1,800	$335,307	$300,225	$270,554	$245,310	$223,707
$1,900	$353,935	$316,904	$285,584	$258,939	$236,136
$2,000	$372,563	$333,583	$300,615	$272,567	$248,564