Crofton homeowners are looking forward to an improved real estate market in the new year.  Will they get their wish?

I’ll restrain from commenting on the ups and downs of the past decade that will impact real estate in the future because you'll be hearing and reading about that online and in the media from now through New Year's Day.  Instead, I'll go straight to the subject at hand.

My Top Five Predictions for Crofton Maryland Real Estate in 2010:

1. 2010 will continue to be a buyer’s market – i.e., buyers will have the edge in any real estate negotiations because supply will outweigh demand.
2. Prices will remain relatively stable, with seasonal ups and downs throughout the year.  In other words, I’m expecting curves on any graph showing prices from month to month in Crofton, not sharp peaks and valleys. 
3. Foreclosures and short sales will continue to be lower in Crofton than other areas because so many Crofton homeowners are long-time residents with plenty of equity.
4. Interest rates will rise.  Really, how long can they stay below 5% for a 30–year fixed rate mortgage?  
5. Average days on market will remain in the 3–4 month range, but well-priced homes in good condition will still sell in less than 30 days.

Certainly no one has a perfectly focused crystal ball… not even the economists and certainly not the politicians who will dominate the cable channels and print media over the next few days with their predictions about real estate in 2010.  There are just too many variables that we cannot control!

A prediction is nothing more than someone’s “best guess” – and I certainly don’t have a crystal ball.  Yet I do have 4 decades of real estate experience in Crofton, so my guess is probably as good as (or better than) the next guy.

Remember, real estate is kinda like the weather… it is LOCAL.  (Just because it's raining in Philadelphia, it doesn't mean you'll need your umbrella in Crofton!)  You’ve seen in my real estate market updates throughout the year that the real estate market varies widely even from Crofton to Bowie, or Odenton to Davidsonville.  That's why I have to clarify that these predictions are for Crofton only, and not the greater Crofton area.

If you own property nearby, but outside the 21114 zipcode, contact me directly for my predictions on the real estate market in your community.