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Real Estate has been in the national news again. Maryland ’s own Governor O’Malley has called a special meeting with lenders to see what can be done to stem the tide of recent foreclosures.
This is not a doom and gloom report but a reality check. It certainly is no secret that the real estate market nationwide is in a slow or declining market. It is also no secret that foreclosures are up across the board. Many foreclosures are due to sub-prime loans that were so popular a few years ago. Regardless of how the real estate market got to where it is, it is a reality that must be addressed. Calvert County and Southern Maryland have seen a strong market and increasing prices in the past few years but the market has turned, foreclosures are up and our market is now in the “Buyer’s Market” stage.
A real estate reality is that markets tend to go from Flat markets (neither buyer or seller has the advantage) to Seller’s Markets to Buyer’s Markets and back to Flat markets. This is the cycle of real estate. Unless there are strong economic factors like industries closing down in an area real estate values usually recoup.
What does this mean to you.
If you are a buyer now is the time to be looking for a home that suits your needs. Prices are decreasing somewhat but remember the market will change again to the seller’s favor and if history repeats itself prices will recoup and surpass what they were a few years ago. Will Rogers once said “buy land, God isn’t making any more”, this is truer than ever. J. Paul Getty said “when everyone is selling – buy and when everyone is buying – sell”. These are wise words for the real estate buyer.
If you are a seller, there is only one question “Why”. Now is the time you want to weigh your reasons for selling. If it is a job move, medical or financial reasons then you most likely will need to sell. The next word for you is evaluate what you can do. If you are considering a move-up purchase this may or may not be the best time for you depending on your circumstances and the equity that you have in your home. Location is always an important factor when marketing your home as well as the property condition. Now is the time for you to get expert advice on the probability of selling you home in today’s market and how to get the best price.
If you are considering a sale or purchase you will want to get advice from an expert in the real estate market, a Realtor©. If you are in or moving to the Southern Maryland, Calvert County area I would be pleased to discuss your real estate needs with you, clearly, concisely, and honestly. Buyer or Seller we can form a plan of action together.
