November Market Condition Reports
December 10, 2007 by Bob Carney
Filed under frederick real estate, Market Conditions
The totals are in for November. Not a surprise as we get ready to close in on another year on the Frederick MD real estate market. Looks like we will finish up with around a 30% decrease in sales over last year. (which was down 20% from 2005) You can see the total number of listings are starting to decline as well. This is due to the Holidays. It is truly unfortunate for the sellers, because the winter months have some of the more serious buyers out and about. Corporate Relocations always happen throughout the year but are more likely to occur at the end of the year and in the beginning of the year. It seems like most REALTORS® are closing down shop around this time. Some of my busiest months have been in December…just sayin’.
The prices are still coming down over last year as the average days on market increase to 153 days. The prices are going to continue to decline as we see the impact of the foreclosures and bank owned properties increase. The economist don’t have a true idea of the impact as most of their models can’t predict this market yet. It’s purely speculation.
November 2007 Market Totals
| 2007 | 2006 | % Change | |
|---|---|---|---|
| Total Sold Dollar Volume: | $51,875,314 | $86,846,551 | -40.27% |
| Average Sold Price: | $341,285 | $347,386 | -1.76% |
| Median Sold Price: | $299,700 | $311,950 | -3.93% |
| Total Units Sold: | 152 | 250 | -39.20% |
| Average Days on Market: | 153 | 96 | 59.38% |
| Average List Price for Solds: | $374,652 | $367,970 | 1.82% |
| Avg Sale Price as a | 91.09% | 94.41% | |
| percentage of Avg List Price: | |||
You can see we are approaching 2004 prices in the housing market.
Click to enlarge.
If you are selling in today’s market, it is imperative to price your home correctly. This is not a time to test the market at a higher price. If you would like a personalize Competitive Market Analysis (aka CMA) of your home, just contact me and I will have it for you in a few days.
Market Conditions for Condos in Frederick County
December 3, 2007 by Bob Carney
Filed under frederick real estate, Market Conditions, Real Estate Topics
Condos seem to have been the litmus test of the real estate industry. As the sales increase so do the rest of the market. I guess it’s a matter of where either one starts or one finishes their home buying process. First Time home buyers find the price of condos to be an attractive place to start their real estate portfolio. Condos are usually the right size, more luxurious than their previous apartment, definitely better looking than their room at Mom and Dad’s and most cases maintenance free. So condos are usually an excellent choice for getting a start on your homeownership.
On the other end of the spectrum, you have the “empty nesters” down sizing. Couples that have raised their family, had the big house with the picket fence and are now tired of cutting the grass, raking leaves, cleaning all those empty rooms and end up heading over to the condominium purchase. The Active Adult communities are made up of condominium association with features and amenities conducive to the lifestyles of the 55 and older crowd. You find this demographic prefers something more on the luxurious side. They want the finer things in life as they spend (and prepare for) their retirement. Condos allow them security, community, and maintenance free living.
Condo Market 12/03/07
| Condo Assoc. | Active | Contract | Sold in last 90 Days | Price Range |
|---|---|---|---|---|
| Ambertowne | 12 | 1 | 1 | 115,000-162,500 |
| 8th St Mews | 9 | O | 1 | 189,900-219,900 |
| Creekside Plaza | 9 | O | O | 397,900-1,180,000 |
| Jefferson Chase | 10 | O | O | 159,900-234,500 |
| Mill Crossing | 12 | 1 | O | 209,900-249,900 |
| Maxwell Place | 4 | O | 1 | 345,000-673,750 |
| Monacacy Overlook | 4 | O | O | 190,000-205,000 |
| Old Farm Station | 11 | 2 | 3 | 155,000-239,000 |
| Ridgeview II | 6 | 3 | 4 | 215,000-260,000 |
| Springridge | 4 | 1 | 2 | 229,900-245,000 |
| Wormans Mill | 6 | 1 | 1 | 264,900-369,900 |
| All Frederick County | 158 | 16 | 42 | 115,000-1,180,000 |
If you are interest in more information about any of the condos in Frederick, feel free to contact me. I will gladly find you the information that you need.
Edit: Market Conditions provided for Freda
Looking to buy real estate – Need to know the glossary
November 14, 2007 by Bob Carney
Filed under frederick real estate, Real Estate Topics
Buying and selling real estate can be confusing. That is one reason you should always hire a trained professional… a REALTOR®. While this might be your first or fifth transaction. REALTOR® will guide you through the sea of paperwork and keep you informed of your options. If you are looking to buy or sell real estate in Frederick County, you need a local expert. I don’t need to tell you that “I are one” You can see that I am very involved with functions and events in Frederick MD. I enjoy being part of this community and I would enjoy helping you settle down in this area.
I traditionally like to write something educational about real estate on Wednesdays… So here’s my tidbit of knowledge for you today.
Glossary of Real Estate Terms
| Term | Definition |
|---|---|
| Closing | The final procedure in which documents are signed and recorded, and the property is transferred. |
| Closing costs | Expenses incidental to the sale of real estate, including loan, title and appraisal fees. |
| Closing statement | A document which details the final financial settlement between a buyer and seller and the costs paid by each party. |
| Contingency | A condition specified in a purchase contract, such as a satisfactory home inspection |
| Contract to purchase | A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale. |
| Credit history | A record of an individual’s current and past debt payments. |
| Credit report | A credit bureau report that shows a loan applicant’s history of payments made on previous debts. Several companies issue credit reports, but the three largest are Trans Union Corp., Equifax and Experian (formerly TRW ). |
| Deposit | Money given by the buyer with an offer to purchase property. Also called earnest money |
| Earnest money | Money a buyer gives with an offer to purchase a property. Also called a deposit. |
| As-is condition | The purchase or sale of a property in its existing condition |
| Gift | A cash gift a buyer receives from a relative or other source. Lenders usually require a “gift letter” stating that the money will not have to be repaid. |
| Good-faith estimate | An estimate from an institutional lender that shows the costs a borrower will incur, including loan-processing charges and inspection fees. |
| Gross income | The total income of a household before taxes or expenses are subtracted |
| HUD-1 Uniform Settlement Statement | A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing |
| Home inspection | An examination of a homes construction, condition and internal systems by an inspector or contractor prior to purchase. |
| Home warranty | A type of insurance that covers repairs to certain parts of a house and some fixtures. |
| Homeowners association | A group that governs a modern subdivision or planned community. An association collects monthly fees from all owners to pay for maintenance of common areas, handle legal and safety issues, and enforces the covenants, conditions and restrictions set by the developer. |
| Homeowners insurance | This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage. |
| Homeowners warranty | Special insurance policies that cover certain home repairs for a specified amount of time. |
| Inspection report | An examination of a homes exterior, foundation, framing, plumbing, electrical system, heating, air conditioning, fireplace, kitchen, bathroom, roofing and interior. |
| Latent defect | An invisible problem in a piece of property such as bad wiring, termite damage or lead paint. |
| Mortgage insurance | Required by lenders in some loans to protect them from a possible default. All conventional loans with less than a 20 percent down payment require private mortgage insurance, or PMI. |
| PITI (Principal, Interest, Taxes, Insurance) | When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrower’s actual monthly mortgage-related |
| Radon | A ground-generated radioactive gas that seeps into some homes through sump pumps, cracks in the foundation and other inlets. A leading cause of lung cancer, radon is found in mostly the northern half of the country. |
Have a great day. And remember, it’s always a great day to buy.
What is your definition of a bad housing market?
October 22, 2007 by Bob Carney
Filed under frederick real estate, Real Estate Topics
I sit here and watch the national media and the local media tell everyone we are in the worse housing slump ever. The market is horrible…the sky is falling! Falling for WHO?
I continue to get search engine hits like; “How bad is the Housing Slump in Frederick” “Are prices declining in New Market” “What is the average days on the market in Brunswick” “How to save from going to foreclosure” People are concerned, but still sitting on the fence, because the media telling everyone it’s the worse time to buy.
Early 2000s…houses were selling like crazy, buyers were backed up at the door writing contracts on the hood of the agent’s car, interest rates were low, lenders were writing loans in their sleep…We were in a “great housing” market? For WHO?
Frederick County has more than 2300 homes on the market, Washington County has almost 1500 homes, Montgomery County has more than 5900 homes, Howard county has more than 2000 homes, and Carroll Countyhas more than 1200 homes. That is almost 13,000 homes with in 35 mile circle of the Frederick Area.
It’s not bad for the media. Real Estate magazines are fatter than they have every been, there are more are more ads in a Saturday and Sunday edition of the Frederick News Post and the Thursday edition of the Gazette. There are signs on every corner on the weekends saying “Look at ME!!!” “Look at ME!!!” So really who is this market bad for?
Definitely not the Buyers…First time home buyers and those that are looking for a second home or even a vacation property. Sure, it maybe a little tougher getting a loan today, but here again tougher that what? You have to do more that just breath to get a loan today. And you know what, once you sign the papers on this loan, you shouldn’t have a worry in the back of your mind that you can’t actually afford it. Lenders have tightened up their requirements after the debacle that we living through right now. There isn’t anything called “Creative Financing” anymore. It’s more like this: Good Credit + Real Income + (optional) Down Payment = Loan to Dream House.
Again who is it bad for? Home owners that have bought their home in the last couple years and are trying to sell now. Home owners that have fallen victim to bad loan advice and have not corrected it. It’s bad for investors that are dumping their properties to get out of them. (We are not dealing with the Stock Market) It’s really bad for those that have to get out of their home quickly due to financial burdens.
My advice…buy now! But only buy, if you plan on living in your home for the normal time of 3-7 years. Your home is a long term investment, not a short term high risk investment. Buy the house because your family will grow up loving the area. Prices are low, inventory is high…you have choices and homes are being presented in the best shape they have ever been in…why? They want to sell to you. Go Shopping!!!
Related posts;
- Buying A House in Frederick MD What do you need to know?
- Buying a house in Frederick Part two
- Buying a Home in Frederick – Home inspections Part III —
Bob Carney
