Are home sellers in denial?

Now that is a very good question, and everyone has an opinion. I'll bet you've already framed an answer in your own mind, and now you're waiting to hear what I have to say. Well, here's my answer:

Yes, I think that's true. I've talked to a number of sellers, and even agents, who are convinced that their home is worth 10% higher than it's likely to get in today's market. In fact, even the experts are making that same observation. Just today, I was reading an article in MarketWatch by Rex Nutting, and he quoted the Chief Economist for Naroff Advisors as saying that "we still seem to be in the sellers'denial phase of the market and we haven't even hit the buyer's denial portion of the market, when people don't realize that prices are no longer dropping." What's your opinion?

Many REALTORS are true experts who study real estate, the economy, market trends, the home building industry, and local real estate sales statistics because that is what it takes to be "the real estate experts" in our area. These agents really do know more about real estate than most home sellers, buyers and many agents, and THAT is why we bring value to consumers' real estate transactions. It's why we earn the "big bucks!" (And it's the reason we're more valuable than mere real estate licensees who don't do these things.)

When consumers ask a REALTOR a question - even a casual one like "Are home sellers in denial?" -they'll know the REALTOR is more than one of those "here today, gone tomorrow agents" when the REALTOR quotes statistics and the experts, in addition to sharing anecdotes from their own experience.

Use the links below, if you'd like to read the entire article that is the source of each quote.

Joel Naroff, Chief Economist for Naroff Advisors: "We still seem to be in the sellers' denial phase of the market and we haven't even hit the buyers' denial portion, when people don't realize that prices are no longer dropping." U.S. inventory of homes for sale in May rises to 15-year high

Rex Nutting, Washington Bureau Chief of MarketWatch: "Starts of new homes in the United States dropped by 2.1% to a seasonally adjusted annual pace of 1.47 million in May, the softest pace of groundbreaking since January, the Commerce Department estimated Tuesday." U.S. housing starts fall in May to 1.47 million pace, down 2.1%

Patrick McPherron, economist for Moddy's Economy.com: "The bottom of the housing market appears nowhere in sight." Home builders' confidence falls to 16-year low
Lawrence Yun, Senior Economist for NAR: "I think psychological factors are currently the biggest drag on the housing market, in addition to a disruption from tighter credit for subprime borrowers." Existing-Home Sales Show Market is Under Performing.

Office of Federal Housing Enterprise Oversight: "U.S. home prices increased 0.5% in the first quarter, the slowest quarter-to-quarter price gain in 10 years." Home prices rise at slowest pace in 10 years

Mike Englund, Chief Economist for Action Economics: "Inventories of homes on the market rose by 5% to a record 4.43 million, representing an 8.9-month supply at the May sales pace." Dollar stalls after home sales data.

You can keep up with the experts through MarketWatch, as well as NAR press releases. You can even register to receive a MarketWatch Alert any time there is an article related to the Real Estate industry.

Contact Margaret in Maryland for real estate in the D.C.-Baltimore-Annapolis triangle. (Margaret Woda, RE/MAX Vision)

For more information:
http://www.margaretwoda.com/
mwoda@remax.net

Are home sellers in denial?

Copyright 2007. All rights reserved. Margaret Woda

Today's real estate trends, unofifcially speaking...

In the past, I've shared statistics with you from MRIS, the regional multiple listing service, so you would have a realistic picture of real estate activity in Maryland. There's nothing like real data, when it comes to dispelling rumors (and media reports, which tend to be rumors), so that is why I usually go with the facts. Yet there is also a place for informed opinions, and that's what I have to offer you today.

This change of direction was inspired by a phone call yesterday from Andre, one of my blog readers who is relocating from Georgia to Maryland. So here goes:

It is my opinion that home values are relatively safe, at least in my market. They have rarely gone down during my 30+ year career - certainly not in the big picture over any number of years. Home values have gone up pretty consistently, with only a few plateaus. In today's so-called "down" market, we're seeing more of a plateau than a drop in property values, at least in the D.C./Baltimore/Annapolis triangle - UNLESS the property was purchased at the height of the five-year price balloon we saw recently. In those cases, motivated sellers may have to sell their homes for less than they paid... and more than they owe.

Most people own a home for a number of years, however, and property values are likely to be on the rise again for the majority of "balloon" home buyers when they're ready to sell. BRAC is a factor that pretty much guarantees that for local homeowners.

For anyone who doesn't know, BRAC is the Base Realignment and Closing Report, which recommends the consolidation of some government and military services by closing some facilities and expanding others. Maryland is on the receiving end of new jobs in this round of BRAC, and the D.C./Baltimore/Annapolis area is short of housing by tens of thousands for anticipated newcomers. Given the impact of supply and demand on prices, I think that housing is still an excellent investment in this area. The rest of the country may have a very different experience, but Marylanders have good reason to be optimistic - especially those in Anne Arundel, Howard and Harford Counties.

Thanks, Andre, for your phone call yesterday. That report I promised you will be in your email tomorrow. If you have any questions, please don't hesitate to contact me.

Today's real estate trends, unofficially speaking...

Copyright 2007. Margaret Woda. All rights reserved.

Annapolis sales statistics - April 2007 vs. 2006

April was NOT good for home sellers in Annapolis (21401 and 21403). But it was GREAT NEWS FOR BUYERS! Let's take a look at the facts, comparing real estate statistics in April 2007 with April 2006:

21401 zipcode:

• Total Sold Dollar Volume: - 35.17 %
• Average Sold Price: - 12.02 %
• Median Sold Price: - 27.15 %
• Total Units Sold: - 26.32 %
• Average Days on Market: +28.17 %
• Average List Price for Solds: - 10.41 %
• Avg Sale Price as a percentage of Avg List Price: 94.38 % (2007), 96.10 % (2006)

21403 zipcode:

• Total Sold Dollar Volume: - 47.56 %
• Average Sold Price: - 32.14 %
• Median Sold Price: - 18.37 %
• Total Units Sold: - 22.73 %
• Average Days on Market: - 8.18 %
• Average List Price for Solds: - 36.62 %
• Avg Sale Price as a percentage of Avg List Price: 93.87 % (2007), 87.68 % (2006)

MRIS publishes market statistics monthly, and these are just the highlights. For information, contact me at mwoda@remax.net

March Real Estate Sales Statistics

MRIS, the regional multiple listing service for 25 local Associations/Boards of Realtors in Maryland, Virginia, Pennsylvania, D.C. and West Virginia, has just released sales statistics for March 2007. It's not surprising to anyone working in Anne Arundel County, Maryland, to see that everything is down EXCEPT days on market, when compared with last year. What is surprising is the fact that it's barely down - the sales figures are really almost stable. I'm certain that agents in other markets around the country would be very pleased to have numbers like these:

• Total sold dollar volume is down 2.91% from March 2006 to $ 250,453,279
• Average sold price is down 1.08% from March 2006 to $ 395,037
• Median sold price is down 3.96% from March 2006 to $ 326,000
• Total units sold is down .94% from March 2006 to 634
• Average days on market are up 82.26% from March 2006 to 113

Here is some more information that some people will find interesting:

• New listings taken in March 2007: 1316
• New contracts taken in March 2007: 738, including 208 contingent contracts
• Sold/settled units in March 2007: 634

Of the 634 homes settled, the majority (246) had been on the market over 120 days, while 178 sold within the first 30 days of listing. 544 of buyers for the 634 homes settled used Conventional financing and only 35 used VA or FHA loans.

In my specific marketplace, Crofton (zipcode 21114), sales statistics differ slightly from the county-wide numbers:

• Total sold dollar volume is up 9.43% to $ 17,875,623
• Average sold price is up 1/2% to $ 364,809
• Median sold price is down 4.91% to $310,000
• Total units sold is up 8.89% to 49
• Average days on market are up 97.73% to 87

While average days on market in Crofton have increased since March of last year, they are exactly the same as February 2007 and down significantly from January (113). That's good news, in my opinion. Of the 49 homes that sold and settled, almost half (21) had been on the market less than 30 days, while 14 had been on the market for over 120 days.

Again, Conventional financing was the most popular, with 43 settlements, while only 2 buyers used VA or FHA loans. That is good news for home sellers, since sellers' closing costs tend to be lower for Conventional loans than any government loans. It's also somewhat surprising, given Crofton's proximity to Fort Meade, the U.S. Naval Academy and Andrews AFB.

Statistics are published monthly by the Metropolitan Regional Information Systems, Inc. (MRIS) at http://www.mris.com/reports/stats/ if anyone would like to check on another zipcode or obtain greater details. You don't have to be a MRIS member to access this information.

Annapolis Sales Statistics - January

If you did not read last week's article - Top 7 Habits of People With Great Credit Scores - be sure to scroll down and check it out. This is GREAT information!

Now is a GREAT time to buy a home in Annapolis, based upon this snapshot of the market for Annapolis (21401) zipcode during January 2007 (comparing it with January 2006):

• Total Sold Dollar Volume is down 26.27% to $16,035,510
• Average Sold Price is down 12% to $ 517,275
• Median Sold Price is down 6.59% to $425,000
• Total Units Sold is down 16.22% to 31
• Average Days on Market is up 80.33% to 110
• Average List Price for Sold Properties is down 10.34% to $559,300

As I've mentioned before, two statistics that always grab my eye are New Listings and New Sales. I like to see both numbers about the same. In January, however, there were 81 new listings in the 21401 zipcode of Annapolis and only 49 new sales. As inventory grows, supply and demand get further off balance and prices are more vulnerable - NOT good news for home sellers, but GREAT news for home buyers!

To obtain learn about real estate activity in YOUR neighborhood, click on Market Snapshot.

Larry and I are headed out to the RE/MAX International Convention in Atlanta, Georgia, where we expect to meet other RE/MAX pros from around the world and attend education sessions from dawn 'til dusk. In the coming weeks, I promise to share some of the new and innovative real estate solutions that we learn, so be sure to check back. I try to post a new article each weekend.

Feedback and questions:

• www.MargaretWoda.com
• mwoda@remax.net

Annapolis Sales Statistics - January

Source of Data: MRIS

Copyright 2007. All rights reserved. Margaret Woda

21114 Sales Statistics for January 2007

The Metropolitan Regional Information Systems, Inc. (MRIS) released sales statistics for the first month of 2007 this week, and they are not pretty. The first thing I looked at was “Average Days on Market” in the 21114 zipcode, where my own home and office are located. Knowing that the figure for Average Days on Market in December was 86, I was stunned to see that it was 117 in January. Okay, here is the comparison of 21114 sales statistics for January 2007, compared with January 2006:

• Total Sold Volume – DOWN 7% to $14,716,525
• Average sold price – UP 10.13% to $387,277
• Median sold price – UP 9.52% to $339,599
• Total units sold – DOWN 15.56% to 38
• Average Days on Market – UP 160% to 117
• Average List Price for Solds – UP 14.73% to $414,050
• *Average Sale Price as a Percentage of Average List Price – DOWN to 93.3%

*Does not take into account the original list price of properties, only their list price at the time of the sale.

As I mentioned in earlier posts, I like to keep track of whether sales are occurring at the same rate as new listings are coming on the market. Unfortunately, they were not in January: 61 new listings, and 47 properties sold (contingent and non-contingent combined). As the inventory of home grows, the supply and demand balance is getting further and further off kilter. When this happens, prices are driven downward – NOT good news for home sellers, but good for buyers.

I will be happy to post sales statistics for other zipcodes - Just let me know what zipcode you would like to see.

Feedback or Questions:

• www.MargaretWoda.com
• mwoda@remax.net

21114 Sales Statistics for January
Source: MRIS and Margaret Woda

Copyright 2007. All rights reserved. Margaret Woda

Annapolis Sales Statistics

December is the most recent month for which MRIS sales statistics are available for the Annapolis, MD real estate market, comparing 2006 to December 2005:

• Total Sold Dollar Volume is DOWN 22.39% to $28,934,980
• Average Sold price is UP 15.59% to $615,638
• Median Sold Price is DOWN 5.11% to $390,000
• Total Units Sold is DOWN 32.86% to 47
• Average Days on Market UP 130.91% to 127
• Average List Price for Sold UP 22.82% to $684,140
  Properties

In December there were 39 new listings and 38 that received contracts (contingent and non-contingent). In the final analysis, I think this is one of the most important factors to consider: The inventory did not grow markedly – i.e., properties listed and sold at about the same pace.

It is interesting to note that buyers for 39 of the 47 sold properties used Conventional financing. Only 11 of the 47 sold properties were listed for less than 30 days before the sale, and 15 properties were listed for more than 120 days before the sale.

Please note that MRIS statistics do not currently take into account the “original” list price of properties, only the list price at the time of sale. MRIS is currently working towards release of an update that will track both “original price” and “list price at time of sale”. Since I am on the MRIS Subscriber’s Advisory Council, you may hear it from me first when this is available. Keep watching this blog for January sales figures and year-end sales figures when they are released.

If you would like market statistics for another zipcode in the area served by MRIS, please just ask.

Feedback or more information:

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

Annapolis Sales Statistics

Source: Margaret Woda and MRIS

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

More on the Maryland Market

Third Quarter data has been released by the Metropolitan Regional Information System, Inc. (MRIS), the regional multiple listing service (MLS) for 25 local Associations of REALTORS in Washington, D.C., Maryland, Virginia, Delaware, Pennsylvania and West Virginia. Based upon this information, I’m going to provide you with a glimpse of real estate trends in Prince George’s County – a suburb of Washington, D.C. – and, more specifically Bowie, on the eastern edge of the county adjacent to Anne Arundel County.

Before we get started, though, I’d like to refer you again to articles by Ken Fears, David Lereah, and Lawrence Yun which I mentioned in my earlier blog about Second Quarter data for Anne Arundel County and Crofton. I’d also like to point out again that this information was obtained from data released by MRIS, and therefore includes only properties listed on the MLS. It does include all forms of residential property, i.e. single family homes, town homes, condos and co-ops.

In Prince George’s County, as a whole, average sold prices remained steady from the same period last year – $342,200, up from $341,500. In Bowie, the average sold prices for the 3rd quarter were $379,000 in 20715 (-1.33%), $335,500 in 20716 (-.94%), $513,900 in 20720 (+15.17%), $474,900 in 20721 (-.69%), and $320,200 in 20722 (+16.86%).

Countywide, 3,281 homes sold this quarter, down from 3,653 in the 3rd quarter of 2005. In Bowie, the drop in number of sales was more dramatic: 129 in 20715 (-24.56%), 146 in 20715 (-12.57%), 100 in 20720 (-21.88%), 90 in 20721 (-20.35%), and 26 in 20722 (+8.33%).

Days on Market have increased only slightly on a countywide basis – from 32 in the 3rd quarter of last year to 40 this year. I think this is remarkable, given the “buyer’s market” nationwide and even statewide. However, Bowie sales have taken longer: 48 days in 20715, 39 days in 20716, 60 days in 20720, 53 days in 20721, and 44 days in 20722 – a significant increase from last year throughout Bowie.

Home sellers in the Bowie have apparently faced the reality of the market, however, and priced their homes to sell because the ratio of sold price to list price is 99.4% to 100.6%. This may or may not reflect price reductions from the original listing to the time of sale, however – MRIS does not make this distinction in their statistics.

Overall, I’m not finding any surprises here from anecdotal information among my peers - local area REALTORS. It’s always reassuring to have our observations and opinions validated with actual statistics, of course For anyone thinking of selling or buying a home in Bowie, this is valuable information that will help you and your REALTOR make the “right” pricing decision. If you’re interested in similar information for another area served by the MRIS, please feel free to contact me by email.
----------------------------------------
The Washington Area Housing Council
Housing Tracker.net
InstaCompare Report
Prince George’s County

For feedback or more information:

• www.MargaretWoda.com
• mwoda@remax.net

More on the Maryland Market

Copyright 2006. All rights reserved. Margaret Woda

-------------------------------------------------------

Truth about the Crofton real estate market

Don’t be surprised to see a lot of “for sale” signs in Crofton, Maryland. It’s true – those signs are staying up longer because home sales are taking longer. Almost 2 months longer!

Walter Moloney reports that home sales on a national level are expected to remain steady in the coming months. He points to The Pending Homes Sales Index as his source of data, which shows home sales dipped just 1.1% from August of this year. (Yet he says they've dropped 13.6% from September of 2005, and I don't consider that exactly "steady".) David Lereah, Chief Economist for the National Association of REALTORS, says the index indicates that home sales will not be moving much in either direction during the coming months.

But I say, "WHO CARES?!? That may be great information, but I only want to know what's happening in MY neighborhood. That's all I really care about." You probably feel the same - right?

So, let’s limit today's look at the real estate market to Crofton, MD, where I live and work, using the most recent month that statistics are available: September 2006. This information was published by the Metropolitan Regional Information Systems, Inc., the multiple listing service used by member REALTORS in the area.

* The Average List Price in Crofton was $358,085 (compared to $350,524 in 2005).
* The Average Sold Price was $336,255 (compared to $345,909 in 2005).
* The Median Sale Price was $300,000 (compared to just $294,000 in 2005).

In other words, with higher listing prices and lower sold prices, homes in September 2006 are selling at just 93.9% of listing price (compared to 98.68% in 2005). It's important to pay attention to the details - this statistic may be somewhat misleading because home sellers are foolishly listing their properties at prices even higher than last year's sales instead of facing the reality of this year's market. The difference between list and sale price, therefore, is over 5% (especially if you consider that some of these list prices might have been even higher initially and reduced during the listing period); but the average sold prices are down less than 3% from last year. ...And average sold prices are the figure that is most relevant when I make pricing recommendations to clients or consider my own property value.

Differentiating these details is one of the important things that REALTORS can do for consumers to help them with pricing - something that zillow.com and other web resources often don't and can't. (But web resources is a topic for another day.) Frankly, even the "Market Snapshot" and "InstaCompare" reports that website visitors receive from me are very general in nature - computer-generated and based on public records of recent sales in proximity to the subject property - without any "hands-on" analysis of either the subject property or the other properties cited in the report.

While the average sold price may be down less than 3% from September 2005 to September 2006, the days on market are up from 21 days to 76 days. Another telling statistic is that only 52 homes sold in September of this year – 6 fewer than September of last year – and the greatest number of sold homes (22) were condos priced between $200,000 and $300,000. That might be good news for the condo and townhome sellers, but less encouraging for single family home owners. Of course, it could be pure coincidence based upon what was on the market in September. This is something that would be interesting to track over a few months, to see whether or not this is "typical" in the Crofton market.

Market conditions are one of those things that you can’t control when you’re ready to buy or sell a home – along with the economy, politics, weather, season, competition and other factors. Yet they must be considered as you deal with factors you do control: pricing, condition, your choice of agent, and terms, for example. This is more of an art than a science – and that’s where an experienced REALTOR comes into the picture. The ability to balance the factors you cannot control and the ones you do will determine how fast your home sells, and for how much. This competitive edge in buying or selling a home is priceless, so don’t make the mistake of trying it on your own. It’s likely that you’ll lose, if you do.

While you're looking at the qualifications of different real estate agents and agencies, remember that REALTORS belong to a professional organization that dedicates itself to self-policing the industry. With a proliferation of discount real estate brokers in recent years, it's no longer safe for you to assume that all real estate service providers are REALTORS. Once you make that determination, be sure to consider the REALTORS' experience (how long in the business - have they been licensed more than 5 years and therefore worked in a buyer's market before), their professional designations (CRS, GRI, e-PRO), their industry leadership (what leadership roles do they serve in their Local, State and National Association of REALTORS?), and their reputation in the community - not just their fee structure. With real estate agents, as in other things, you usually get what you pay for! (More info on choosing an agent)

‘Want to know the market statistics in another zip code? Contact me today. If I don't have access to the information, I'll refer you to someone who does.

Related links:

• Maryland Housing Statistics (September): 2000 2001 2002 2003 2004 2005 2006
• Appraising Zillow
• Variety of updated national housing and condo sales statistics
• Home Price Analysis for Baltimore-Towson
• For Sale by the Owner's Ego
• Home Price Analysis for Washington-Arlington-Alexandria
• Existing Home Sales Series
• Field Guide to Smart Growth and Growth Management
• Land Use Initiative—analysis from Robinson & Cole LLP
• Real Estate Insights
• Analysis of Economic Indicators
• Current NAR Forecast

Feedback or more information:

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

Truth about the Crofton real estate market

Crofton Maryland Real Estate

Source: Margaret Woda and MRIS

Copyright 2006. All rights reserved. Margaret Woda

Who says the market is "bad" -

Carl Case, in a NEWSWEEK article, talks about the "inevitable downturn" with Daniel McGinn. Alex Tarquino says "JUST when it seemed that real estate funds couldn’t keep clobbering the market, they did it again." Marilyn Lewis reports for MSN that "Home sales cool dramatically and prices begin to fall..." William C. Wheaton reports in THE WASHINGTON POST that "signs point to continued slowing" in housing, and Les Christie, a CNN staff-writer, reports on the "Sharp home price pullback".

Everywhere you turn, the media forecasts are glim for housing and home sellers, in particular. I do not see this in my own real estate circles, however.

Homes in good condition and priced right continue to sell in less than 30 days, often with multiple contracts. Just this past week, a client I referred to another agent in Northern Virginia ended up paying over full price in a feverish bidding war for a detached home in Arlington, VA. - a well-priced home in model home condition that was listed with an experienced (30 years) RE/MAX agent. A recent listing of mine in Crofton, Maryland for a well-priced townhome, again in model home condition, had competing contracts last month and settles in a few days. I have a new listing for a condo in Upper Marlboro, and about a dozen agents have contacted me to show it - I fully expect at least one contract and probably more within the week.

I'm not suggesting that all sellers have the same positive experience in today's market - facts are facts, and there are plenty to support the theory of a declining housing market. We can't control some of the factors that impact housing prices and sales - the economy, politics, and the media for example - but home owners CAN AND SHOULD take control of factors that are within their control - property condition and price and, of course, the choice of real estate agent. Each of the real estate success stories that I cited have these three things in common.

Anyone who is thinking of selling their home can take heart in this. Don't get bogged down by the doomsday forecasters. Take control!

A word to buyers: This is a GREAT time to buy if you're prepared to take on some fix-up after settlement, because a lot of homes are not in good condition, and the owners know it. If YOU are represented by an experienced buyer-broker, you will be in a good position to take advantage of those situations. Of course, if you want a home in good condition that is priced right - you'll still have to pay top dollar for one of those.

Just my opinion... based on 33 years experience.

Feedback or more information:

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

Who says the market is "bad"

Crofton Maryland Real Estate

Copyright 2006. All rights reserved. Margaret Woda

Real Estate Market Trends

August 2006

Look to the experts...

What is the saying... something to the effect of "Opinions are like belly buttons - everybody has one". While that may be true, some opinions are based on greater expertise, and these are the ones that matter to me when I advise my real estate clients:

NAR Economist Predicted Higher Interest Rates Would Slow Market - by Blanche Evans, Realty Times Correspondent

Housing Market Returning to Normal - Margaret Kelly, RE/MAX CEO

Two sides of the Coin - David Lereah, Chief Economist

Real Estate's Battle of the Bulge - Ken Fears, Economist

The Forecast - Lawrence Yun, Senior Research Forecaster

Existing Homes Sales Down with Softening Prices - Walter Moloney, National Association of REALTORS.

Market Conditions - Carla L. Davis, Realty Times Columnist

Far better for you to look to experts like these, than to rely on media reports that interpret the experts with their own "spin" - seldom are such articles accurate! Remember, the media needs to sensationalize every story with the goal of catching the attention of consumers and selling newspapers, NOT accurately informing the public.

While I don't pretend to be an economist or an expert, I do know where to find their reports. I try to keep my website up-to-date with Market Trends, so you can always look there for links to reports like you see here - www.MargaretWoda.com.

Look to the experts for real estate market trends!


Sources for the above reports:
RE/MAX, National Association of REALTORS, Maryland Association of REALTORS, Realty Times, Metropolitan Regional Information Systems, Inc. (MRIS)

Feedback or more information:

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

Real Estate Market Trends

All rights reserved. Margaret Woda