It took the press several months to change its tune after the real estate market started the downturn, and while I have been saying that it’s a great time to buy real estate in this soft market, the news media has been full of gloom. Now the sentiment seems to be changing. MSNBC reports today, “Bad Economy Great Deals; Housing Crisis Presents Significant Buying Opportunities.” The Wall Street Journal has the following headlines, “Today’s bidding wars; Buyers flock to condo auction, ready to snap up bargains” and “U.S. homes now undervalued, economists say.”
It’s hard to know if this change in attitude has been driven by the dramatic stock market declines, which have created plenty of doom and gloom headlines of their own. Certainly real estate looks a lot better by comparison! People need to invest their money somewhere, and it seems like this is the market that, two or three years from now, people are gonna look back and say, “Oh my gosh, I wish I had bought then.”
If you miss this opportunity, don’t blame me! I’ve been giving you the heads up that you can take advantage of this market, and that Washington DC area real estate and Annapolis Maryland real estate offers solid value. If you are tempted to take action in the real estate market in the next few months, it’s time to get started now.
P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland
Anne Arundel County Maryland Real Estate Market Statistics – November 2008
The National Association of REALTORS (NAR) reported in October that existing home sales increased over 5 and a half percent — a sign of improved housing affordability. The estimated annual volume has been revised upwards from of 4.91 million to 5.18 million units for 2008, representing a 1.4 percent increase over the previous year. The combination of lower prices, higher inventory and low mortgage rates have all contributed to the increase in sales.
“This is the first time since November 2005 that home sales have been above year-ago levels,” said NAR president, Richard Gaylord. “Credit tightened at the end of September, but the improvement demonstrates that buyers who have been on the sidelines want to get into the market to make a long-term investment in their future.”
Freddie Mac is reporting a recent drop in interest rates for the 30-year, conventional, fixed rate mortgage, averaging 6.04 percent in September, down from 6.48 percent in August. Despite the lower rates, speculative investors have not yet returned to the market, according to Lawrence Yun, NAR chief economist. Yun reports, “80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms.”
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Total housing inventories were down 1.6 percent for the month of September, marking two consecutive monthly declines since inventory levels peaked in July.
Anne Arundel County figures for October 2008 are shown below.
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Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Information is deemed reliable, but is not guaranteed.
P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland
The Tao of Annapolis Real Estate
When will the local real estate market hit bottom and values resume their upward climb? What will be the impact of the federal bailout? Whose opinion should you listen to? Said Lao Tzu, “Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.”
While we may not know when the market will turn, we do know that today offers tremendous buying opportunities – low interest rates, lots of inventory, and motivated sellers. And we live in a great place to own real estate, near our nation’s capital, paradise by the Chesapeake Bay.
If your long-term financial plan includes acquiring more real estate, observe the yin and yang – the dark chaos is accompanied by tremendous opportunity. Are you focused on the gloom or present to the opportunity?
Don’t miss the moment.
Some of our clients are now negotiating great deals to acquire properties with 100% owner financing and with lease-options, some are leverage existing assets to create down payments and getting great rates with bank financing. And many are waiting.
“When the highest type of men hear Tao,
They diligently practice it.
When the average type of men hear Tao,
They half believe in it.
When the lowest type of men hear Tao,
They laugh heartily at it.
Without the laugh, there is no Tao.”
– Lao-tzu, The Way of Lao-tzu
They diligently practice it.
When the average type of men hear Tao,
They half believe in it.
When the lowest type of men hear Tao,
They laugh heartily at it.
Without the laugh, there is no Tao.”
– Lao-tzu, The Way of Lao-tzu
P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland
SOLD! 2009 Bell Point Court, Odenton, Maryland 21113- A Beautiful Home with a Perfect Price
2009 Bell Point Court, Odenton, Maryland 21113 is a beautiful home with a perfect price. Just listed, and a great buy particularly for a first-time homebuyer or investor. It’s always a good time to buy a good piece of real estate, so if you know someone who is renting and would like to own their own home, or an investor who would like to expand their portfolio, please let them know about this opportunity.
2009 Bell Point Court, Odenton, MD 21113
Click here for further details.
P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland
Free Money for Annapolis Non-Profits – Act Now – They’re Giving it Away!
The end of the fiscal year often results in last-minute dashes, and I just learned about a great opportunity through a colleague in the Rotary Club of Annapolis. Commerce Bank is expanding to the Annapolis area, and as part of their commitment to actively supporting our community, they offer grants, sponsorships, and community development and service programs.
According to Commerce Bank’s Annapolis Manager and Assistant Vice President Jen Simon, the bank’s funds for this year are not fully allocated, and these programs are not yet well-known locally, so we have a great window of opportunity for funding projects that benefit local residents. As are result of Jen Simon’s recent efforts to get the word out, many of our local non-profits are now busy writing grant applications – which are due this week!
More information and an on-line application are available at http://www.commerceonline.com/communityrelations/overview.cfm
Let me know if you’d like more details, as I’ll be learning more over the next few days. We’re putting together an application for the Rotary Club of Annapolis, and I’d love to come up with a project to support affordable housing, a growing issue in Annapolis and Anne Arundel County, especially as federal backing for 100% financing is vanishing. And it would be a pleasure if this news is of benefit to you, or a non-profit that you support, so let me know!
P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland
