Hello From Sunny Ocean City Maryland!
We hope you are enjoying the change in seasons. Here at the beach the traffic on Coastal Hwy as thinned out, and the leaves are starting to show their colors! The real estate market has continued to show signs of improvement! In September the number of New contracts written was up 45 percent over September of 2008. The number of Settlements for September was up 20 percent over that of 2008. Year to date, the inventory is down 9.4 Percent with 1,400 condos for sale in the 10 mile strip of beach.
If you have been thinking of buying a beach home, whether it be your first time, or you are looking to upgrade to a larger beach property, Now is the time to do it! Once again, Now Is The Time To Buy!! Interest rates for a second home are below 5 percent, that's right! Below 5 percent, when compared to last year at this time they 6.25 percent! This Fall and Early Winter will be the historically best time to make a purchase, not just because of the low prices, but when combined with the extremely low interest rates, makes the affordability factor the best ever!!
One aspect of the market that continues to draw a lot of interest is Ocean City Bank Owned Foreclosures. The Bank Owned properties are still a very small percentage of the overall market. Right now there are only 19 Bank Owned properties for sale in all of Ocean City, out of the 1,400 properties currently for sale. What I will say is these properties sell quickly, and in many cases for more than the list price, with multiple offers. If you are interested in Bank Owned properties, I have an Free Link to a list of all the Foreclosures on my home page entitled "Ocean City Foreclosures"! When you get a chance take a look! I have also enclosed the Link to the list below!
As always It would be my pleasure to answer any questions you may have regarding the second home buying process! In the meantime I invite you to visit our website and search the entire Ocean City MLS for free!
Click below to see all The Ocean City Foreclosures!
http://www.arismlsdpol.com/mls/mailgrid.asp?id=84012
http://www.RyanHaley.com
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Ryan Haley
Associate Broker
443-614-4370
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