ARTICLE INDEX
The Benefits Of Using Just One Agent
Don't Forget To Prepare For Your Move
How Important Is A Roof Inspection?
Important Terms Concerning Representation
Understanding Key Elements of Buyer Representation
Understanding Key Elements of the Sales Contract
Understanding Key Elements of Seller Representation
Understanding Maryland's Property Disclosure Law
Understanding Maryland's Required Agency Disclosure
What Questions Should You Ask An Agent?
What's More Important - The Price My House Sells For Or My Sellers Net?
The Market for the Second Half of 2007
The real estate market in Maryland has changed over the past two years. Things are a little bit slower than they were in previous years, but overall, things are still going well. Most homeowners can still expect to make a profit in the resale of their property, but in most of the state prices are not skyrocketing like they were a couple of years ago.
Many sellers may have their expectations set too high because the market in recent years has been so strong. This means that pricing a home for sale requires a careful analysis of the market in each individual neighborhood. Pricing a property far above the market in hopes getting a higher offer is much more likely to cost a seller money. Buyers still expect that homes will sell in a certain amount of time. If the home sits on the market longer than what buyers expect, they will assume something is wrong with the house, and will either put in a lower offer or move onto another house altogether.
Buyers can expect to have a few more options than in recent years as the number of available homes increases. It will still be in a person's best interest to act quickly if they are considering the purchase of new home. While prices are no longer skyrocketing in most areas, they are increasing somewhat, and interest rates are gradually rising, so a buyer can save money by acting sooner, rather than later.
Parties that are both selling and buying at the same time can come out ahead with careful advice on how to use the market to their advantage. If a seller is moving to a more expensive house, they could end up saving more money on the new purchase than they lose on the sale of their current house. The one group of sellers that may be hurt financially consists of those who bought their house in the last few years and paid an amount far above the listing price. People who paid 20,000 or 30,000 dollars over the asking price on a house in the last few years, may find that the house isn't worth as much as they would hope in a slower market.
© Copyright 2007
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Doug
Barry
LONG & FOSTER REAL ESTATE, INC.
Direct
410-207-4751
Office 410-823-8111
Doug@RealtyComplete.com