Enough is enough
Today I talked to a potential buyer, or the agent of one anyway. They are now looking in this area she said. They sold their home in Northern Virginia a bit more than a year ago. And they are still looking for their perfect new home.
In today's market, it is not an unfamiliar story. Some buyers,[Read more...]
Hurricanes and Annapolis Real Estate
So I sit down at the end of the day and turn on the tube to check the weather. It is windier than it has been in a while but it is not raining. The station my wife left the TV on was showing the McCain speech. It reminded me again that the Democratic Party is much more the party of big business while the Republicans play much more to the small business base of America.
Not that that has anything to do with Real Estate.[Read more...]
Should I buy now?
It is always amazing to me. Everybody knows the secret to making money is to buy low and sell high. Everybody knows that in a seller's market prices are high and that in a buyer's market prices are low. Everybody knows that it is a buyer's market right now. So...that means it is time to buy.
There are other signs that now is a great time to buy.[Read more...]
Fall is here
Last Saturday was the first Navy Football game. Last week was the first week of public school. Next month is the Boat Show. The O's have started their annual fall swoon. The Ravens and Redskins are looking forward to better years. And what is Annapolis Area real estate doing?
[Read more...]
When to buy
Most of the homes that have sold in recent months have been discounted. The sellers either tried the market first or then cut their price, or they simply undercut the market in the first place so they could sell without the headaches of a long sales process.
So which strategy is the best for you? Do you wait until the sellers recently cut their price?[Read more...]
The sign is encouraging
According to David Wyss, chief economist for Standard & Poor's, "Right now the sign is encouraging, not that it's over, but you're starting to see a bottom...Prices have come down more than we have expected, but sales and starts have actually held up better. That may be a sign of realism out there, that people have accepted the fact they can't get as much for the house as they thought they could."
He is of course summing up the national situation. However, his summary is actually very accurate for Annapolis area Real Estate. [Read more...]
What can you do to improve your re-sale value?
With the Annapolis Area Real Estate Market moving slower than it has in years, some owners who would now be looking at moving are instead looking at improving their home. Now is a great time to do it. The remodeling market has shifted to favor homeowners. Builders have cut back on new builds and contractors are still trying to keep their crews busy. So now might be a good time to check Angie's List and contact some contractors.
But before you sign the bottom line on a contract, some things you might want to consider include:[Read more...]
Pre-pay your mortgage
Pre-pay your mortgage
It has long been known that if you have enough in the bank to cover emergencies, one of the best investment strategies is to pay off your mortgage early. It is a guaranteed return on investment-a 6 or 7 percent guaranteed is not bad.
But of course, it is not really 6 or 7 percent. Assuming you itemize deductions and many Americans, who should, financially speaking, do not, the mortgage interest is tax deductible. This means that:[Read more...]
Local Government Economics
This last week was the Maryland Association of Counties summer conference, a shindig where the bigwigs of all the Maryland counties get together and talk over mutual problems solutions goals etc.
The big topic was how badly the budgets have been restricted this year and prognostications for next year look even worse. They also heard that the state, which sends 40% of its money to the counties might cost cut by not sending so much to the counties creating further problems for local governments throughout the state.
What does all of this have to do with Annapolis Area Real Estate?[Read more...]
Short Sales
Last week I met with a realtor who currently specializes in short sales.
Short sales are growing across the nation, in Anne Arundel County, and to a lesser extent in the Annapolis area. Short sales numbers generally track foreclosure numbers fairly closely. This is to say that as the number of foreclosures go up, the number of people seeking to avoid them goes up and that means that the number of people and banks who will consider short sales goes up too.
What is a short sale?[Read more...]