I am sure everyone is hearing the new of the recovering economy, right? I see articles written on a daily basis stating that "Housing prices on the rise!", or "Housing market rebounding!". So where is all the evidence of the improvement in the housing market? Well, here is just one article that actually gives some statistics. There have been some encouraging signs of a potential improvement, but what constitutes a "recovery"? Are increasing prices the only thing that indicate a recovery? Here is a sample of the performance in Baltimore County. The numbers are encouraging, but like the early season success of the Baltimore Orioles, I am optomistically cautious to say that the clouds are lifting and the sun is once again shining on the real estate market in Maryland.
If you would like complete statistics for all areas of Maryland, visit my website, www.allhomes4me.com, or follow my Facebook page, www.facebook.com/timmontoyarealtor.
Showing posts with label homes. Show all posts
Showing posts with label homes. Show all posts
Tuesday, May 15, 2012
Tuesday, March 30, 2010
Another Real Estate Slump?
Well, we're on the cusp of the Home Buyer's Tax Credit Expiration, again. Last year when the 1st expiration date approached, market activity slowed and slumped for roughly 2 months. Was this just because buyer's we're throwing in the towel and giving up on the tax credit or was this due to other factors( weather, time of year...)?
This time around, interest rates are poised to rise slightly and FHA has decided now is a good time to increase the cost of buying a home (MIP increase). Will this mean another slump or will the annual spring warm-up keep us from creeping to a halt?
I think this is a time of opportunity. As a seller, you have buyers who are nervous to miss out on the potential $8,000/$6,500 credit and they are feverishly searching for a home, now is the time to strike a deal. Also, as a buyer you have a slight pyscological advantage. Sellers are worried that after April 30th, buyers will give up searching and pack in their efforts to find a home.
As with any real estate market, there are chances to capitalize. Both for buyers and sellers, now is as good a time as any in recent history. I am experiencing increased optomism in both buyers and sellers and overall activity is up over this time last year. With the ample supply of short sale listings, REO properties, foreclosed homes and traditional resale listings, buyers have more than enough to choose from and property owners are vying for your business.
Overall, this real estate market takes knowing your surroundings. Know what you are looking for and what you can look for. If you need to take possession within 45 days, then a short sale may not be your best option. If you can't make repairs, then an REO or foreclosed home may not be a smart choice. If you do find yourself open to looking for a distressed property, make sure you choose a Realtor with sufficent experience/training to walk you through the process.
If you have questions or need my help advice for your real estate questions, feel free to visit my website http://www.allhomes4me.com/ or contact me.
This time around, interest rates are poised to rise slightly and FHA has decided now is a good time to increase the cost of buying a home (MIP increase). Will this mean another slump or will the annual spring warm-up keep us from creeping to a halt?
I think this is a time of opportunity. As a seller, you have buyers who are nervous to miss out on the potential $8,000/$6,500 credit and they are feverishly searching for a home, now is the time to strike a deal. Also, as a buyer you have a slight pyscological advantage. Sellers are worried that after April 30th, buyers will give up searching and pack in their efforts to find a home.
As with any real estate market, there are chances to capitalize. Both for buyers and sellers, now is as good a time as any in recent history. I am experiencing increased optomism in both buyers and sellers and overall activity is up over this time last year. With the ample supply of short sale listings, REO properties, foreclosed homes and traditional resale listings, buyers have more than enough to choose from and property owners are vying for your business.
Overall, this real estate market takes knowing your surroundings. Know what you are looking for and what you can look for. If you need to take possession within 45 days, then a short sale may not be your best option. If you can't make repairs, then an REO or foreclosed home may not be a smart choice. If you do find yourself open to looking for a distressed property, make sure you choose a Realtor with sufficent experience/training to walk you through the process.
If you have questions or need my help advice for your real estate questions, feel free to visit my website http://www.allhomes4me.com/ or contact me.
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