In Calvert County, the average price of homes on the market in the 3rd quarter of 2007 was $411,900. In the 4th quarter it dropped slightly to $399,200. It is expected to rise in this upcoming 2008 quarter.
The number of homes on the market went from 1,381 in the 3rd quarter of 2007 to 1,315 in the 4th quarter. We expect that this upcoming quarter will show the number of homes to be between those two numbers.
However, the number of homes sold dropped in Calvert County from 237 in the 3rd quarter of 2007 to 197 in the 4th quarter. We expect it to drop this upcoming year, yielding a larger inventory of homes.
The number of new homes built dropped from 65 to 44 last year, and we expect it to drop this year as well. There are still plenty of lots available from builders for sale, the market for new homes has just dropped.
In 2007, the average days on the market increased an average of 9 days. We expect the number of days to increase this year, again, giving us a larger inventory of homes for sale.
Most Calvert County towns received between 85-125% of their original asking price! It may take longer to find that perfect buyer, but sellers in this county are still seeing sizable profits on the whole from the sale of their home.
Friday, March 7, 2008
Why the Real Estate Market Scare??
Surmised article by Ken Fears (Manager, MRIS Regional Economics), "Jekyll and Hyde...A Market with Two Faces"
"Buyers have been bombarded with horror stories lately. Sales have fallen sharply, foreclosures have risen, inventories are near record levels, and homes are sitting on the market longer. Finally, out right price declines are being reported at the national level and in many local markets. But isn't this a good thing for buyers? Yes, and they are beginning to take note.
For months now, the media has been portraying the downside of the transition of this housing market from a sellers' to a buyers market. But for every loser there is a winner and now it's the buyers' time to reap the benefits.
Despite what many pundits have argued for a year or more, it has not been a buyers' market. Home sales slowed and days on market rose, but buyers were not buying...and they shouldn't have. Prices were flat or rising in the face of mortgage rates that were climbing. Consequently, many would-be buyers chose to forgo buying rather than get stuck with risky loans. "
Now, however, loans are at historical lows. It seems that it is the perfect time to buy--but why aren't they?
Article surmised from Lawrence Yun, NAR Chief Economist, "Spinning the Wheels"
"A lack of buyers pushes up inventory. High inventory depresses home price. Falling home prices raises foreclosures. Higher foreclosures lead to further pessimism among potential buyers. The cycle starts again.
This situation is driven by lack of buyer confidence. Why are buyers hesitant? Anticipated lower home prices are holding back many people from buying a home now. Anticipating lower interest rates are also restraining potential buyers. Risky subprime lending has virtually disappeared since August, 2007. It had comprised about 20% of all mortgage originations. We now have a stricter and sounder regulatory environment, with proper pricing of risk. "
In the nation:
National economic and housing market statistics show that in 2007 the existing single-family sales (in thousands) was 5,652. It is projected that it will continue to tall to 5,380 in 2008, but rise again in 2009 to 5,595. To show you this drastic fall, the existing-home price changes from the previous year was -12.8% in 2007. However, only a -4.8% drop is expected in 2008, and another -4.0% in 2009.
What does this mean? With home prices dropping and financing rates at historic lows, NOW is the time to buy.
"Buyers have been bombarded with horror stories lately. Sales have fallen sharply, foreclosures have risen, inventories are near record levels, and homes are sitting on the market longer. Finally, out right price declines are being reported at the national level and in many local markets. But isn't this a good thing for buyers? Yes, and they are beginning to take note.
For months now, the media has been portraying the downside of the transition of this housing market from a sellers' to a buyers market. But for every loser there is a winner and now it's the buyers' time to reap the benefits.
Despite what many pundits have argued for a year or more, it has not been a buyers' market. Home sales slowed and days on market rose, but buyers were not buying...and they shouldn't have. Prices were flat or rising in the face of mortgage rates that were climbing. Consequently, many would-be buyers chose to forgo buying rather than get stuck with risky loans. "
Now, however, loans are at historical lows. It seems that it is the perfect time to buy--but why aren't they?
Article surmised from Lawrence Yun, NAR Chief Economist, "Spinning the Wheels"
"A lack of buyers pushes up inventory. High inventory depresses home price. Falling home prices raises foreclosures. Higher foreclosures lead to further pessimism among potential buyers. The cycle starts again.
This situation is driven by lack of buyer confidence. Why are buyers hesitant? Anticipated lower home prices are holding back many people from buying a home now. Anticipating lower interest rates are also restraining potential buyers. Risky subprime lending has virtually disappeared since August, 2007. It had comprised about 20% of all mortgage originations. We now have a stricter and sounder regulatory environment, with proper pricing of risk. "
In the nation:
National economic and housing market statistics show that in 2007 the existing single-family sales (in thousands) was 5,652. It is projected that it will continue to tall to 5,380 in 2008, but rise again in 2009 to 5,595. To show you this drastic fall, the existing-home price changes from the previous year was -12.8% in 2007. However, only a -4.8% drop is expected in 2008, and another -4.0% in 2009.
What does this mean? With home prices dropping and financing rates at historic lows, NOW is the time to buy.
Wednesday, March 5, 2008
Quality Service and Experience Is Not Expensive... It's Priceless!
VISIT WWW.KEELYTOLLEY.COM
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During my years helping buyers with their real estate needs, I've found that the best agents are always excellent negotiators. I've also found that, once an offer has been accepted, they very methodically take care of all the details that go into closing the sale, thereby ensuring that every deal is a done deal.
That said, with all the emotion and stress that accompany nearly every sale, I pride myself as a top producing RE/MAX® agent on making sure I do everything I can to make the experience enjoyable for my clients.
So when you decide to buy a new home, please call or email me. Having a buyer agent help you find a home and represent your best interests during the negotiation process doesn't cost you anything, and will save you time, money and energy. So what's not to like? Thanks again.
That said, with all the emotion and stress that accompany nearly every sale, I pride myself as a top producing RE/MAX® agent on making sure I do everything I can to make the experience enjoyable for my clients.
So when you decide to buy a new home, please call or email me. Having a buyer agent help you find a home and represent your best interests during the negotiation process doesn't cost you anything, and will save you time, money and energy. So what's not to like? Thanks again.
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