I can tell you that Crofton REALTORS® are trying to figure out what’s going on with the real estate market in the last two months. No, we don’t always have the answers. After a great start to the year, the market seems to have stalled, especially when viewed by the declining market in August and September sales in zip code 21114.
With interest rates still very low for qualified buyers, and prices in Crofton now at an affordable rate, throw sellers willing to negotiate into the mix, and you’ll understand why the market activity numbers are puzzling. September was down -33% from September of last year, and down 24% over August 2011. What’s going on?
If I had to put my finger on it, I would say that buyers are fearful of the economy in general. Buying a house is going to be one of the largest financial transaction they’re going to make in their lifetime, and the general economic malaise that has been suffocating the country is still here. Crofton, MD, and several other communities, are being affected by larger economic issues. Those too will pass.
One positive indicator is pending contracts. While they aren’t trending up, they aren’t trending down either. From the looks of it, we’ll be sliding sideways in market activity as we go into the Fall and Winter months.
As you know, when sales goes down, other indicators take a hit as well. The median price is down slightly, and the average days on the market has jumped. These indicators generally track pretty closely with sales.
Buyers, I hope you can see an opportunity to get into a great Crofton, MD house before competing buyers make the connection.
With interest rates still very low for qualified buyers, and prices in Crofton now at an affordable rate, throw sellers willing to negotiate into the mix, and you’ll understand why the market activity numbers are puzzling. September was down -33% from September of last year, and down 24% over August 2011. What’s going on?
If I had to put my finger on it, I would say that buyers are fearful of the economy in general. Buying a house is going to be one of the largest financial transaction they’re going to make in their lifetime, and the general economic malaise that has been suffocating the country is still here. Crofton, MD, and several other communities, are being affected by larger economic issues. Those too will pass.
One positive indicator is pending contracts. While they aren’t trending up, they aren’t trending down either. From the looks of it, we’ll be sliding sideways in market activity as we go into the Fall and Winter months.
As you know, when sales goes down, other indicators take a hit as well. The median price is down slightly, and the average days on the market has jumped. These indicators generally track pretty closely with sales.
Buyers, I hope you can see an opportunity to get into a great Crofton, MD house before competing buyers make the connection.
If you’re not working with an agent, and would like to get into a great Crofton, MD home...call Rich at 443-995-9595.
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