CHANGING MARKET - It's not as bad as you imagine!

One of my website visitors recently commented that “homes just aren’t selling now”, and I assured him that they are selling in his zipcode – at a slightly lower sale price and longer timeframe than a year ago, but they definitely ARE selling.

It occurs to me that the pace of home sales could be a concern for many of you, so let me share with you the statistics for December (the most recent month for which they are available):

December 2006 vs. December 2005 in Crofton, MD (21114)

Contact me for statistics in any other zipcode served by the Metropolitan Regional Information Systems, Inc., the regional multiple listing service for parts of Maryland, Virginia, Delaware, Pennsylvania and Washington , D.C.

• The average “sold” price is UP 1.32% – $363,155
• The median “sold” price is DOWN 4.32% – $330,000
• Total units sold is up 18.38 % – 38
• Average days on market more than doubled – 86
• Total new listings – 27
• Total new sales – 38

I think it’s a very good thing to see that there were more sales than new listings in December. “Days on market” is still less than the 4-6 months that has often been the norm in Crofton over the years. And prices in Crofton are not nearly as low as the media would have you believe. So take heart!

And make your plans accordingly, if you're thinking of selling. First, sell your home BEFORE you contract to buy a new one in order to decrease your stress and increase your negotiating power for the next home. Second, start trying to sell about four-six months BEFORE you want to move. By the time your home is on the market for about 90 days and it gets to settlement, you could be looking at that much lead-time. Be prepared, however, to make a two-step move because you will want to accept any strong offer you receive – even if it comes in the first week. A quick sale like that may not fit your schedule if you list six months before you plan to move, and you may have to make temporary arrangements for a few weeks or months.

In a buyer’s market, it is critical that you find an experienced real estate professional who has worked in a buyer’s market before and knows how to handle it. Don’t underestimate the importance of this advice. This choice will impact whether your home sells, for how much, and how long it takes.

Again, if you would like to see similar statistics for any other zip code served by the MRIS, please contact me directly for the information.

Feedback or more information:

• Email: mwoda@remax.net
• Website: www.MargaretWoda.com
• Crofton Real Estate

CHANGING MARKET – It’s not as bad as you imagine!
Source: Margaret Woda and MRIS