June Housing Market Report for Frederick County
July 15, 2009 by Bob Carney
Filed under Market Conditions, Real Estate Topics
The market has definitely made a turn. This is the fourth month in a row that the sales were above last year sales for the same time. Again, prices have not completely stop from declining, however the price ranges have moved into the higher price bracket. What I mean by that is that more homes are selling at a higher price range now. For the longest time homes under $250,000 was the magic number. First time home buyers were eating them up (with a few real estate investors.) Investors are having a tough time at purchasing Condos for investments. Banks have raised fees and implemented strict application guidelines. Which is fine for the First Time Home Buyers so they can buy affordable homes before the $8000 tax credit runs out (12/1/09.)
The majority used to be in the red and yellow areas, but has definitely grown to the green (and just a little bit in the light blue. This tells me that finally that the “move up” home owners are finally making their move. I am sure they are not make money hands over fist, but what is really happening (and if you think about it in any market) they are just getting a much better deal on the new house.
Seriously, think about it. No matter what “market” you are in the home you are selling is the same predicament as the one you are going to buy. Yes, if you are going to make tons of money by selling your house in a “sellers” market, you are going to pay a lot more for your replacement home. Obviously, it is quite the opposite in the “buyers” market. If you are going to lose on your house, you just negotiate to pay less in the next house at a bigger discount that what you are losing now. Capiche?
The changes in the market is not fully wide spread across the county, but in pockets. Urbana is still on fire. A few weeks ago I reported that there were 19 under contract and only a few resales left on the market. Well, now there are 25 under contract and 10 available townhomes for sale. The average days on the market for the sold townhomes are 29 days. So, if you want to purchase in the Villages of Urbana, you need to act quick. Brand new town homes are on fire as well. Advantage Homes sold out of the first phase of their inventory within the first couple weeks of opening. (They have more, but weren’t planning on them moving that quick.) They have outstanding features for their standard homes (granite and stainless steel appliances.) All of the builders have great products out there. (NV homes and Main Street Homes as well.) Also, if you didn’t know it, you should take your REALTOR with you to visit new home sales. As I was told by one of my clients that ventured in alone said, “Boy, does their demeanor change when your around.” Nothing against the hard working salesman at the sales office, but I believe there is a sense of “I am the only expert in the housing market here” and they feel this gives them the upper hand when they are discussing things with you. It doesn’t cost you anything to have a REALTOR® with you and no they are not going to get you a better deal because you don’t have one with you.
While the prices are still declining the increase in activity will help them recover soon. I don’t expect them to bounce back quickly as the economy is still in turmoil, but I suspect the bleeding will come to a slow halt soon. You can see the whole report on our association website at FCAR.org. You can just click here for the June Housing report.
Have a great day. Don’t forget where you found this information and please feel free to share it. If you need help finding a house or selling your current one, give me a call.
Frederick, what is going on in this market?
June 17, 2009 by Bob Carney
Filed under Market Conditions, Real Estate Topics
It has been pretty busy last couple weeks for me, showing property around Frederick County and around Gettysburg. I haven’t had the chance to pull very many numbers, until now. WOW is all I have to say. We are not climbing out of this market slowly. There are some leaps and bounds being made in a few neighborhoods. I have talked to a few agents and managers around the DC area. Manassas, Va was ground zero for the distressed homes in our area. They are currently up 200% over this time last year in units sold. Simply amazing!!! It is not uncommon in today’s market for homes to receive multiple offers. Price, condition and location are still major factors in real estate (and always will be regardless of market conditions.) Here is a snapshot of the town homes in The Villages of Urbana and the Urbana Highlands. Seven of the 16 Active homes are actually New Homes offered by Advantage Homes, NV Homes and Main Street Homes. Those listings usually never leave until they sale all the homes in the neighborhood. They are seeing more business as well. Client almost missed out on their dream home by one hours. They had put a hold on the property and another buyer returned after thinking about it only to find out it was going…YAY for my buyers.
What that means is that only nine town homes are left as resales (or available now.) You have total of 19 homes under some form of contract. This used to be flipped and a much wider gap only six months ago. This means there will be a shortage in homes and we will be back to fighting over listings as a buyer. For the longest time we had too many homes on the market. It is the old adage of “Supply in Demand” Too much supply and not enough demand means lower prices and longer time on the market for the sellers. Too little supply and all this pent up demand means arm wrestling for homes. Prices are still low but if this continues we might see the decline stop. Previously (last couple months) I have noticed increase and activity and low prices where buyers were offering lower than asking…this market might have a different outcome.
Couple things affecting the total number of active listings; Sellers are getting serious about their homes sales (no longer just testing the market,) People are able to stay in their homes (refinancing for lower monthly payments,) and of course, more are selling than last year. You can see the latest report from FCAR.org by clicking this link. You will notice sales trends have been up for the past three months…another good sign that we should have the horrible market behind us. Now, let’s not get drunk and disorderly like the early parts of the 2000s. Stay within your means!
Crime maps and information for Frederick County
June 15, 2009 by Bob Carney
Filed under Featured, Real Estate Topics
One of the things a REALTOR® is always asked, “Is this a safe neighborhood?“ It is one of a few questions that we are really not able to answer. If you think about it, what I consider safe might just be waaaaay off of what you think is safe. Real estate agents don’t want to find themselves in a quagmire about the question. The best thing we can do is provide you with resources to help you make that decision for yourself. Technology always helps making the search easier. But nothing beats just driving through the future neighborhood at various times and see for yourself if it is something that is conducive to your lifestyle. It is your decision that matters, not mine.
The Frederick County Sheriffs office has a monthly updated mapping program that illustrates the various crimes in the area. Frederick County Crime Map.
You can get up-to-date info on the latest website at CrimeReports for Frederick City. This was just opened up to the police records in Frederick City. You have the ability to sign up for a email alert to notify you of recent crimes (police calls) in the area. All other departments/towns in Frederick County have not come on board yet. You will have to rely on Frederick County Sheriff (above) to provide you with the surrounding area info. This is very useful in Montgomery County, Howard and Anne Arundel as well by the looks of the map.
A couple other places I always recommend to do some research is the Family Watch Dog.
You can never be too cautious about where you buy your next home. Hopefully this has provide you with enough information to help you make an educated decision.
I also must add that I don’t make any claims to the accuracy or inaccuracy of the information these site provide. Surf at your own risk.
Project Access Fundraiser tonight at Glory Days
June 10, 2009 by Bob Carney
Filed under Real Estate Topics
Frederick County Association of REALTORS®
WHAT: A Great-Tasting Fundraising Event!
WHEN: June 10th 2009
WHERE: Glory Days Grill in Frederick off 7th Street.
WHY:
When you dine at a Glory Days Grill on your designated nights, the restaurant will contribute 10% of your total food purchases to the Frederick County Association of REALTORS. Bring your neighbors, friends, and relatives, because the 10% applies to the total food bill. Simply ask your server for a copy of your guest check (not credit card receipt), and give it to me or get it our office at FCAR on 529 W. South Street, Frederick, MD 21701. Questions? Call Bob Carney at 240-285-4918.
Not combinable with any other promotions, offers or discounts. This 10% donation cannot apply to sales tax, alcoholic beverages, or to any guest check that receives any other type of discount, coupon, offer or promotion. See Fundraiser Rules for full details.
We have identified a new family in Thurmont that needs our help, so we need your money. So go out to eat. If not today, anytime soon will work. Glory Days will donate a portion of your bill to us as long as you give us your duplicate reciept.
Thanks Bob
Bob Carney
