This blog is designed to cheer buyers up and "lure them out of the bushes" and into the Baltimore real estate market. Not withstanding all of the bad news reports, there is reason for optomism, particularly for buyers, armed with good information and ready to start their real estate hunt.
We are in one of the best buyers' markets ever. Interest rates are at historic lows, tax credits are available and may be expanded, the Federal government is developing additional incentives through the newest stimulus program and many down payment assistance programs remain, motivated sellers are everywhere and bank owned real estate inventory is at an all time high. Therefore those qualified buyers willing to "jump into the pool" can be in a very strong negotiating position.
So, to convince would be buyers that despite what the press would have you believe, the "sky is not falling everywhere", I examined sales data broken down by zip code for Baltimore City for the 3rd Quarter of 2008. (3rd Quarterly Report Issued by the Metropolitan Regional Information System). The report shows prices changes between the 3rd quarter of 2008 and the 3rd quarter of 2007 and guess what!! The number of zip codes showing price declines, was almost equal to the number showing price increases. Now where do you read that in the news?
Variations in price fluctuations were "huge", ranging between a negative 29.47% for 21202 (12 transactions), to a +42.32% increase in 21218, (with 65 transactions). (Source: 3rd Quarter 2008 Report, MRIS). While most of the zip codes had moderate changes, these data show that market averages may not reflect the market dynamics of any particular neighborhood.
The 4th quarter Report has not been released yet, so stay tuned to the next "Good News Report" and get moving this spring! You can link to a list of motivated sellers at www.remarkableprop.com. Click under "hot sheet" in the Listing Menu button to find sellers with homes on the market over 180 days, REO properties, renovated properties, bank owned properties, foreclosures and properties subject to short-sale approval. If you need assistance in checking any of these properties out. Give a call.
Judy London Murray, Broker 410 668 2828 x 1
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