Ijamsville and Holly Hills Market Conditions

If you’re looking for market reports about homes in Ijamsville and Holly Hills, you have come to the right spot. We are closing in on another month. This is usually one of the last peaks in our cyclic industry before the holidays. Real Estate in the Frederick Area is just like everywhere else, it has its good times and it has its bad times. Don’t get me wrong homes still sell around the holidays…but the traffic usually slows down. Don’t be discouraged, these buyers are serious…no more tire kickers. You tend to find a lot of relocation buyers this time of year. Large corporations like Bechtel, BP Solar, Fort Detrick and National Cancer Institute relocate employees year round, but you still see a higher amount this time of year with retirements, new positions…they want to be settled before the new year starts.

So don’t be discouraged by the lack of traffic…they are serious

A quick snap shot of what is going on in the neighborhood…

You can see that every home had a reduction…On average 7%. If you price your home agressively it will sell. You are in competition with everyone else in your neighborhood. It comes down to a couple things…who needs to sell and who has the best looking product for the price. In a market like this, you definitely need to have your home in tip top shape or you will have large reductions and longer days on market. (*DOM means Days on Market.) The average DOM for Ijamsville and Holly Hills is 133 which is about the average for the county right now.

Unfortunately, you have to be serious to sell in this market and if you just recently bought your home (2005), you bought in the peak of the market. It really is best for you to stay put unless you have to move.

If you want a personalized Competitive Market Analysis of your home, feel free to contact me.

What is your definition of a bad housing market?

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 —

Looking for Mortgage Lender in Mt Airy

I want to introduce you to a new member of my list of Preferred Lenders, Kevin Carey of Prosperity Mortgages. Kevin not only takes care of his clients mortgage needs, but also manages multiple offices. He has loan officers in Frederick, Hagerstown, and even in Cumberland Maryland. (if you are looking to finance your vacation home) Kevin Carey always answers his phone, don’t believe me call him now on his cell phone (301) 370-4169 and tell him you found him on FocusOnFrederick.com. Whether you are looking for a conventional 30 year fixed, an Interest Only ARM or even a Reverse Mortgage, Kevin of Prosperity Mortgage will get you the loan that is right for you. In today’s market you want someone to lead you in the right direction. Kevin will make sure you know what loan you getting. Prosperity Mortgage and Long & Foster have been helping people get into homes for a long time. They are industry leaders in this area.

List of Lenders that have provided excellant service.

• Bank of America
  • Tom McLister
  • Office – 301-698-6040
  • Thomas.B.McLister(at)bankofamerica.com
• Chevy Chase Bank
  • Bob Bodell
  • Office – 301-695-4498
  • RMBodell(at)chevychasebank.net
• Free State Mortgage
  • Daniel Eckenrode
  • Office – 866-829-9142
  • DEckenrode(at)freestatemortgage.com
  • www.FreeStateMortgage.com
• Prosperity Mortgage
  • Kevin Carey
  • Office – 301-831-7500
  • Kevin(at)ProsperityMortgage.com
  • www.FinancewithKevinCarey.com

Listed in Alphabetical order only.

Market Conditions in Frederick County

Here’s a little closer look at the numbers break down for the Market Conditions in Frederick County.  You can see the average days on market are still increasing.  The average price looks inline with a few years ago.  Now remember even though we are seeing a decline in prices, we experienced an unheard of appreciation rate of almost 27% a year in early parts of 2000s.   

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