How’s the Market ? – Beware of Generalizations. As a Realtor, the one question that I am most often asked by friends and people I meet - foremost in people’s minds - is “How’s the Market?”. Well, that question is one that I can always answer with some specifics about the Calvert and St. Mary’s counties real estate markets.
Calvert County median sales price YTD(August)
$280,000 vs. $278,000 in 2011, +.7%
St. Mary's County median sales price YTD(August)
$269,900 vs. $255,000 in 2011, +5.8%
However, that discussion evolves beyond the local markets as I feel that people need to understand more – where this market fits in the neighboring DC metro market as well as other national real estate markets.
So many people comment – “Well things are getting better aren’t they”? or, on the flip side, "But the market is so bad, isn't it?" Well, the numbers are improving in some markets, but not all. There are some real estate markets that are decidedly better, but many that are not. The statistics are a starting point for making real estate decisions – very useful, but need to be specifically applied when deciding to sell or purchase a home and how to position oneself in the market.
Sellers - the one thing that is very important for homeowners to understand is to go beyond generalizations and to look at how their property fits into the local market. The Calvert and St. Mary’s counties real estate market statistics are averages and medians representing a generalized picture of the local market. I feel that it is important for homeowners to look very specifically at their property and to have an understanding of the typical buyers that are purchasing in their market - the price points and types of properties that are selling. My job as a Realtor is to provide information that is meaningful to my clients’ situations - to help my clients sort through generalizations .
Buyers – “Well, it is much harder to get financing now?” That, again, is a generalization often heard that is preventing many from moving forward. I feel that it is important for buyers to take the step –get with a lender (a Realtor can recommend several) - find out what you really can do. Generalizations can mean missed opportunities. Yes, there are specific financing requirements – but that doesn’t mean buyers can’t get financing. It shouldn’t be assumed that financing can’t be obtained – find out what is available specific to your situation.
Don’t let generalizations keep you from moving forward - take the step to get the information you need that is specific to your specific situation.
Please contact me for more information on Calvert County real estate and Saint Mary's County real estate.
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