Did you catch todays article in the Baltimore Sun about the horrendous real estate market in the Baltimore, MD area?
For Sale, For less By Jamie Smith Hopkins (Sun Reporter) Normally I believe Ms Hopkins to be on the mark but it seems in this article she is buying into all of the negative hype that I think is distorted in the media today. I cannot, of course, disagree with her figures as numbers don't lie-it is the interpretation of those numbers that I take offense. Let me state again that I have been interviewed by Ms Hopkins in the past and believe that she is a fine reporter for the Sun and truly gets facts from the proper sources to generate her articles.
According to the map statistics-Avg change in prices 2006 vs 2007 there are 161 zip codes in the State of Maryland. The "Red" Zips are housing price GAINS of 5% or more(32), while the pastel purple represents Housing price gains of 0-5%(39). These two areas showing positive price growth account for 71 or 44.1% of the total zip codes.
Check the annual national market anytime before 2000-or look at overall growth for the last 100 years-and you will find an average market being a growth rate of 2-4% per year. Of course this will vary by region or area-but on average I believe the market to be very stable if it is showing postive growth.
The light blue map color is for zip codes that show a decrease in sales price of 0 to -5%. There are 46 of those zip codes added to the 71 zip codes above(117) that accounts for 72.6% of the State.
In my years both as a Realtor and Investor-I have negotiated a 5% price reduction for a seller or a buyer in all kinds of markets. With the buyers market that we are currently in, what is 5%-almost meaningless to the seller that is ready to sell or relocate.
I will agree strongly with one statement from the article "The most expensive counties-Howard, Anne Arundel, and Carroll-had the biggest share of zip codes where average sales prices fell"
The Blue collar neighborhoods that we live in are still holding strong. If you live in or are selling in Dundalk(21222), Essex(21221), Middle River(21220) or the surrounding areas-your current outlook is very good. There are two MAJOR factors to selling your home quickly:
1) It must be move in ready-do not skimp on those small repairs that could add dollars to your bottom line or subtract amount of time on market.
2) Be sure that the property is priced right! Priced right means priced to sell for the area, square feet, lot size etc.
If you are thinking about selling now in the Baltimore area-don't be affraid! Just make sure that you have the right representation. Marketing your home in this economy is important and should be handled by a competent professional. Call your Realtor of choice then call me-Let's talk.
Stephen Luckett
LuckNet Real Estate Group
443-384-6000 office 443-912-4866 cell
Baltimore County Real Estate, Nottingham Real Estate, Perry Hall Real Estate, White Marsh Real Estate, Parkville Real Estate, Dundalk Real Estate, Sparrows Point Real Estate, Miller's Island Real Estate, Middle River Real Estate, Essex Real Estate, Rosedale Real Estate, Baltimore City Real Estate, Harford County Real Estate, Fallston Real Estate, Bel Air Real Estate, Anne Arundel County Real Estate, Real Estate Investor, Real Estate Settlement, REO/Foreclosure, Real Estate Agents, Short Sales
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