maryland: Home Price Indexes Continues Decline - 10/03/08 02:25 AM
The S&P/Case-Shiller Home Price Indexes were released on Tuesday, September 30th. According to the data prices the Washington DC metro area fell 15.8% in July 2008 from the same period last year while only falling 1.1% from June 2008. In Anne Arundel County the home price index for July 2008 was down 5.1% from June 2007 but the index was down only 0.1% in July from June. In Annapolis the home-price index was up 1.6% in July 2008 over one year ago and the index was up 1.3% in July over June.
Although the Washington DC metro area S&P/Case-Shiller Home Price … (0 comments)

maryland: Real Estate Market Assessment - 09/16/08 11:16 AM
While summer turns fall without fail, there is no sign of change in the local real estate market. Although outdoor temperatures are not nearly as chilly as sellers think, buyers have rarely enjoyed a better climate. Buyers have the upper hand with little competition, lots of inventory to choose from, and government sponsored incentives to name just a few.
In Anne Arundel County in August the total sold volume was down 30.8% from August 2007. The average sold price was down 5.0% from last year. The number of homes sold was 27.1% from last year. The average days on market was … (0 comments)

maryland: Case-Shiller Home Price Index Continues to Decline - 08/29/08 02:05 AM
The S&P/Case-Shiller Home Price Indexes were released on Tuesday.  Prices in the Metro-Washington DC area fell 15.7% in June 2008 versus the same period last year while only falling 0.9% from May 2008.  In Anne Arundel County the home price index (caluclated using a similar methodology to the Case-Shiller index) for June 2008 was down 2.3% was down from June 2007 and the index was up 3.0% in June from May.  In Annapolis the home-price index (again, caluclated using a similar methodology to the Case-Shiller index) was up 6.8% in June 2008 over one year ago while the the index was up 11.0% … (0 comments)

maryland: Real Estate Market Assessment - 08/19/08 11:49 PM
For the fourth month in a row, inventory levels were above the 4,500 level. In July the number of active units in Anne Arundel County trended down 0.6% but was up 9.1% from last year. The average sold price dropped below $400,000 and was down 8.5% from last year. The pending transaction to active listings ratio was 9.8% - about the same as last month but down 30.8% from last year. So, how much worse will it get? Well, that's anyone's guess.
In Anne Arundel County in July the total sold volume was down 20.0% from June. The average sold price … (0 comments)

maryland: Housing Stimulus Bill Passed on 7/30 - 08/04/08 01:10 AM
On July 30th the President signed into effect the "Housing and Economic Recovery Act of 2008" without much fanfare from the Whitehouse or the Press. I don't even remember hearing anything about it on CNN or any other network news shows. So, what's the big deal? Well, maybe there is no big deal for homeowners or elected officials. What provisions of the Housing Stimulus Bill might impact you whether selling or buying?
First there is GSE (Government Sponsored Enterprises like Fannie Mae and Freddie Mac) and FHA Reform making permanent conforming loan limits up to $417,000 or 115% local area median … (0 comments)

maryland: Real Estate Market Assessment - Annapolis, Maryland - 07/15/08 06:08 AM
The buyers' market continues with no cooling in sight. Sellers, now facing the dog days of summer, are likely to see the inventory level reach new highs and falling prices hit new lows with no relief in sight.
In Anne Arundel County in June the total sold volume was down 31.8% from June 2007. The average sold price was down a modest 3.3%. The number of homes sold was down 29.4% and the average days on market was up 28.5%.
There were 477 units sold in Anne Arundel County in June 2008, up from 407 units sold in May. The number … (0 comments)

maryland: Real Estate Market Assessment - 07/02/08 07:57 AM
More of the Same for 12 to 18 More Months
The current real estate market is likely to continue to remain the same for the next six to twelve months. After the upcoming election it may take six to twelve months for the new President to implement policies that will have an impact and stopping the recession if we haven't plummeted into a depression before then. After the election, consumer confidence may return, but, not until oil prices ease (which are a large component of everything we purchase, from food to fuel). It is difficult to imagine that conditions are going … (0 comments)

maryland: Real Estate Market Assessment - 06/17/08 03:06 AM
Active inventory continues to increase, while new listings continue to decrease and pending sales also decline. The trend established more than two years ago continues. Pending sales declined 22.6% from this time last year. While new listings declined 23.8% from last year and active listings were up 4.3% over May 2007. In May 2008, the ratio of active listings to pending sales was 11.0%, only a slight change from April when the ratio was 11.1%. The ratio was 14.8% in May 2007, 20.7% in May 2006, and 67.3% in May 2005. The declining ratio indicates that buyers perceive the real estate … (0 comments)

maryland: Timing the Market or When to Sell? - 05/28/08 03:49 AM
Now is the time to sell. If this was the stock market you would execute a stop loss order and lock in your profit before the price per share fell further. But this is the real estate market and not the stock market so it is not as simple as calling your stock broker or going online and placing the order to sell. Besides, if you could sell your home as fast as you can sell your shares of IBM online, where would you move? Furthermore, perhaps you should have sold in mid-2005 when the real estate market was up because … (0 comments)

maryland: Real Estate Market Assessment - 05/18/08 03:08 AM
In April 2005 in Anne Arundel County the ratio of pending sales to active listings was 65.8%. In April 2007 the ratio was 11.1%. This ratio has been on the decline for the past three years. However, it appears that the ratio has bottomed out and is now nearly level for six out of the last nine months. So, we may be at the bottom of the real estate market. What has to happen before this ratio will start to improve? Prices will have to come down to the tipping point where buyers once again see value in the real estate … (0 comments)

maryland: Current Conditions - Declining Market - 05/03/08 03:27 AM
We need a new way of thinking about real estate. You see, our homes are a commodity - not a product. When the seller establishes the selling price it's a product, but when the buyer sets the selling price it's a commodity. And, the price of the commodity moves up or down as a function of supply and demand. In the real estate market, we call this appreciation or depreciation. Right now we have more homes on the market now than we did this time last year and more than the year before. So you see, we've been in a depreciating … (0 comments)

maryland: Real Estate Market Assessment - 04/15/08 09:02 AM
April showers may bring May flowers but is the real estate market is ready to bloom? While negative news coverage of the real estate market dominates the headlines well positioned sellers and ready willing and able buyers are making deals. Although the inventory of active units is up, the average sold price in Anne Arundel County is off a mere 0.8% from this time last year while Annapolis is off 14.4% form March of 2007. Pending sales - the best predictor of future closed transactions - are up modestly. Sold units this past month across the county were up in March … (0 comments)

maryland: The Buyer’s Market Maintains Momentum - 04/04/08 01:40 AM
The trend is clear. It remains a buyer's market and home sales continue to be sluggish. While current economic conditions continue to deteriorate throughout the country, the metro Washington-Baltimore area - which has been relatively recession proof in years past - is suffering from lagging home sales, declining prices, and increasing inventory levels.
March, April and May are the months when many sellers bring their property to market and sales peak in June about 90 days after the inventory level peaks. While sellers can expect this trend to repeat itself again this year, the number of buyers remains fewer than the … (0 comments)

maryland: Real Estate Market Assessment - 02/16/08 07:28 AM
While sellers wait for the housing market to thaw, buyers remain in hibernation. Will the spring market ever arrive? The housing slump isn't over yet and prices are likely to continue to tumble for the foreseeable future. However, market indicators are promising. Inquiries are up. Showings are up. Units Sold are down. Pending Sales are down. While these are only anecdotal observations, they are excellent predictors of next month's sales. While the Average Sold Price is up across Anne Arundel County and Annapolis by nearly five percent, Units Sold is off thirty-five and forty-two percent respectively from last month! Supply and … (0 comments)

maryland: The Economy and Market Indicators - 02/03/08 01:41 AM
Despite what Washington or the media says, all signs point to the fact that we are in a recession. The 2008 Presidential candidates claim we're in economic trouble. Recent bold moves by the President, the Congress and the Federal Reserve are aimed at halting further economic decline.
In an emergency session on Tuesday, January 22nd, the Federal Reserve cut the prime rate three-quarters of a point. A week later on Wednesday, January 30th, they dropped the rate another astonishing half point. The Feds' key rate now resides at 3 percent and there are signals that they are prepared to go lower … (0 comments)

maryland: Real Estate Market Assessment - January 2008 - 01/16/08 11:51 PM
Are we already in a recession? The news commentators, politicians, and economic pundits won't say so until after the fact. News about the upcoming 2008 election continues to eclipse most news including economic news. A recession, no matter how weak or strong, is not likely to be openly discussed until the Democratic and Republican candidates are chosen. Home prices may trend downward. Homes will still sell but prices will be softer. Sellers that can price competitively and below direct and indirect competition should get their homes sold first and the quickest. January, February and March are often slow months and sales … (0 comments)

maryland: Real Estate Market Assessment - 12/12/07 12:11 AM
REAL ESTATE MARKET ASSESSMENT
Last week during the season's first snow temperatures plummeted and we had our first taste of winter. And it was chilly. But the cold snap was short lived unlike the current real estate market which appears to have frozen solid. While sellers wonder if the market will ever thaw, buyers seem to have gone into hibernation. With the holidays just around the corner, perhaps buyers are distracted. With all the negative press, perhaps buyers don't think that there are mortgage products available to them or that they will not qualify. However, there are very serious buyers who are … (0 comments)

maryland: Anne Arundel County Housing Affordability Index Rises 2.1% - 12/10/07 06:36 AM
Maryland Housing Economics
Anne Arundel County Housing Affordability Index Rises 2.1%
December 10, 2007 - The Anne Arundel County Housing Affordability Index rose 2.1% in November 2007 to 61.1 - up slightly from 59.9 in October 2007.  In November 2007 the Average Sold Price of a home in Anne Arundel County was $415,771 - up from $419,355 in October 2007 as reported by the Metropolitan Regional Information Systems, Inc. ("MRIS", http://www.mris.com/).  Assuming industry accepted qualifying ratios (28%) for conventional 30-year fixed mortgages with an 80% loan-to-value ratio and 6.5% annual interest rate, buyers needed approximately $108,024 in household income to purchase a home … (0 comments)

maryland: Real Estate Market Assessment - 12/05/07 07:22 PM
Real Estate Market Assessment
The seasonal slump in the real estate market may already be upon us. As it does each year, home sales slow in late November and don't pick back up until January or February. And, it is likely to be slower this winter than in years past. Why? Well, there is still a lot of negative press about the real estate market and mortgages and it's the year before the election. Why just this morning there was a segment on the morning news "Foreclosure Corner". The anchor was discussing how to avoid foreclosure with a Prince Georges County judge … (0 comments)

maryland: What is Affordable in Today's Market? - 12/05/07 07:19 PM
What is Affordable in Today's Market?
What is affordable in today's real estate market? Using the classic definition affordable means the ability to purchase a home with a 20% down payment while qualifying for a conventional 30-year fixed rate mortgage under traditional lender guidelines where the borrower's mortgage payment does not exceed 28% of total household income.
Since 2000 home prices have risen and the Anne Arundel County Housing Affordability Index has fallen. Throughout most of 2001 housing was quite affordable. When the index is at or above 100, the typical borrower whose household income exceeds the median income level for that period … (0 comments)

 
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