Real Estate Marketing Specialists

Author Archives: Karen Highland

Thankful

Thankful

Thankyou to our clients, friends, neighbors and family for the opportunity to help you with your real estate needs. We’ve been helping families make Frederick and central Maryland home for nearly 25 years, and we are grateful for the opportunity to build our business in this lovely community.

Frederick County Real Estate Market Update October 2016

Frederick County Real Estate Market Update October 2016

Real Estate Market Activity for Frederick County –October 2016

provided by the Highland Group

Real Estate activity in Frederick County has increased over last fall. Here is a snapshot of Frederick County real estate statistics:

Real Estate Statistics in Frederick Md

Average Home Sales Price:  301,362 , up from last year by 14%, and up 2% from last month’s average of $294,596.

  • Average Single-Family Sales Price:  $345,763, up 6% from last year at this time.
  • Average Attached Home Sales Price:  $241,756, up 8% from last year.
  • 196 single-family homes sold, compared to 189, 4% More
  • 146 townhomes and condos sold, compared to 130, 12% More 
  • A total of 342 homes sold in October, 7% more than last year’s number of 319.

Median Home Sales Price:   $270,000 compared to $265,000 last October: up2%

Average Days on Market (DOM) the time it takes to get a contract: 70 days, up slightly from last year (68). This is a direct reflection of Demand in our market.

Number of Homes Sold:  There were 354 new pendings (homes that went under contract) 4% more than last October. The demand is certainly staying steady heading into Fall, pent-up demand.

Total Listings in Frederick Md: 1,147, down 17% from 1,386 last year. The inventory is decreasing, but still close to what is usually considered a normal number for Frederick County. We’re seeing a balanced market, for the most part, with a 3 month absorption rate.

** If demand is still strong for the season and inventory is decreasing, this is a good time to sell!

Keep in mind: In some price ranges, in some areas of the county, there is naturally a higher demand and the market is more competitive for buyers. some neighborhoods, like Urbana, Middletown and several in the city of Frederick, are in high demand, and have lower absorption rates. The communities on the outskirts of Frederick County, Myersville, Thurmont, Woodsboro, are less in demand and homes take a little longer to sell.

Sellers got 97% of list price on average, compared to 94% at this time last year. The fact that this number is higher than last year shows that the demand is still strong, even though it is fall, when the market usually slows down.


See Homes for Sale in Frederick Maryland


What’s Notable:

  • This Fall is turning out to be a good market to sell. If you’ve been waiting for values to rise, this year has been a good, steady year of rising values. If you’re waiting for a market with less competition, this is it. The inventory is pretty low, while the demand is still high.

What’s My Frederick Home Worth?


  • Interest rates have risen just slightly to about 3.7% recently, incredibly low! See today’s rates.
  • The number of sales have continued to be healthy as we enter the Fall months, with a higher demand than last year, we had a higher number of homes go under contract than last year, sometimes “Pending” is a term you may see. The total waiting to close is 671, compared to 629 at this time last year, an increase of 7%.
  • The inventory has decreased going into the Fall, which is usual for the season, and is lower than last year, but with steady demand, we might see more of a seller’s market. Up until now, we’ve seen a balanced market in most communities in the county. We will expect multiple offers on the homes that are in great condition and priced at market… and this will continue to put upward pressure on home prices. Homes that are priced well and in the best condition, and in areas of demand, are sold in weeks or even days.
  • Cash deals were 14% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. 37% of loans were with Conventional financing, out pacing FHA loans, which were 27%. 11% were VA. Interestingly, 11% were “other” financed.
  • **The majority of home sales took place in the $200,000 to $300,000 price range. 34%

National Real Estate Statistics

  • Year-to-date, new home sales are running 13.4% ahead of the number in 2015*
  • The annual survey of recent homebuyers shows that 88% financed their purchase, according to the National Association of Realtors®, up from 86% last year. First–time homebuyers financed 96% of the home price, on average, while repeat buyers typically financed 84%. *
  • The average rate on 30–year fixed–rate mortgages in Freddie Mac’s survey climbed 7 basis points to 3.54% during the week ending November 3.

*NAR Statistics

October 2016 Market Statistics provided by MRIS (Mid-Atlantic Regional Information System)

*MRIS – Metropolitan Regional Information System – These statistics are not guaranteed but are considered accurate. Frederick County Real Estate Market Update for October 2016.

Contact Chris Highland to see homes for sale in Frederick Md.


301-401-5119

How Changes in Maryland Real Estate Laws Will Affect Home Buyers

How Changes in Maryland Real Estate Laws Will Affect Home Buyers

Changes in Maryland Real Estate Agency Laws

If you’ve purchased a home in Maryland any time since 1999, then you should have been made aware of Maryland Agency Laws – who represents whom in a real estate transaction. Maryland has been on the leading edge of consumer advocacy for many years, so the Maryland Real Estate Commission has worked hard to protect the consumer. They’ve created laws to ensure that home buyers, as well as home sellers are aware of the opportunity for representation during the home buying process. Many states in the country still don’t have laws to address to the subject for Buyer Agency.

On October 1, 2016, new laws regarding agency have taken effect, and they will have an impact on home buyers. Here’s what home buyers need to know:

As of October 1st, there will be three types of agency:

  • Agents who represent the seller – including the Seller’s Agent and the Subagent (can assist the buyer in purchasing a property, but his or her duty of loyalty is only to the seller.)
  • Agents who represent the buyer – the Buyer’s Agent
  • Dual Agents – dual agency arises when the buyer’s agent and the seller’s agent both work for the same real estate company

What has changed since the 1999 Agency Laws were put into place? On October 1st, there will no longer be the type of agency called “Presumed Agency”. For the last 15 years, when a buyer met with a real estate agent, and didn’t want to sign a Buyer’s Agency agreement, the agent could continue to help the buyer by providing services as a Presumed Agent. That presumptive representation is no longer recognized in Maryland.

What Does this Mean for A Home Buyer?

Before the advent of Buyer’s Agency Laws in 1999, every agent worked for the seller, and represented the seller’s best interests. The Maryland Real Estate Commission wants to ensure that Home Buyers know their rights and understand that they have Buyer Agency available to them. Consumers need to understand that ALL agents are mandated by law to represent the seller’s best interest when there is no Buyer’s Agency Agreement in place.

Please be aware that all real estate agents are required by law to give “Fair and Honest” real estate services, but without a written buyer’s agency agreement, the law states that the agent represents the seller.

After October 1st, home buyers are now presented with a disclosure which explains the various forms of Agency in Maryland, as well as a Buyer’s Agency Agreement. It is the law. When visiting an open house, a new “Open House Disclosure”, notice will be placed visibly, which explains that the agent conducting the open house represents the seller. Real Estate agents are required to educate buyers and sellers on their rights upon the first meeting.

Agency is More Than Information

Today’s home buyers are well aware that this is the “Information Age”, and are able to obtain vast amounts of information on houses, neighborhoods and lifestyles. But this is the important part about Buyer Agency: Without a written agreement, you cannot get any information that is tailored to your interest. Buyer Agency is designed to give the buyer representation. Immediately upon reading these statements, many home buyers will have questions…

  1. “What if I don’t want to make a commitment, I just want to see a house?” Consider that a real estate agent has expertise that comes from hundreds, if not thousands, of real estate transactions over their career…why not take advantage of that knowledge? Especially appealing should be the fact that the knowledge can be used for your interests.
  2. “What if I don’t like that real estate agent?” All Maryland contracts are required to have a cancellation clause. You can hire a real estate agent for an hour if you really want to.
  3. “I just met the agent 2 minutes ago, I really don’t want to sign something.” That is your right. The law is in place to let buyers know their rights and options. Buyers have the right to enter a home purchase agreement unrepresented.

This is a cursory overview of the changes in Maryland Agency Laws. For a full explanation and view of the documentation, visit the Maryland Real Estate Commission Website:  https://www.dllr.state.md.us/license/mrec/

Frederick County Real Estate Market Update September 2016

Frederick County Real Estate Market Update September 2016

Real Estate Market Activity for Frederick County –September 2016

provided by the Highland Group

Real Estate activity in Frederick County is not slowing down for the Fall. Here is a snapshot of Frederick County real estate statistics:

Real Estate Statistics in Frederick Md

Average Home Sales Price:  294,596 , slightly down from last year by 5%, and down 5% from last month’s average of $313,500.

  • Average Single-Family Sales Price:  $336,134, down 3 1/2% from last year at this time…$348,677.
  • Average Attached Home Sales Price:  $224,861, down 6 1/2% from last year’s $240,546.
  • 230 single-family homes sold, compared to 219, 5% More
  • 137 townhomes and condos sold, compared to 112, 22% More 
  • A total of 367 homes sold in September, 11% more than last year’s number of 331.

Median Home Sales Price:   $270,000 compared to $279,900last September: down 3 1/2%

Average Days on Market (DOM) the time it takes to get a contract: 58 days, down from last year (68). It’s taking a shorter time to sell than previously. This is a direct reflection of Demand in our market.

Number of Homes Sold:  There were 366 new pendings (homes that went under contract) 2% more than last September. The demand is certainly staying steady heading into Fall, pent-up demand is the term we’re seeing a lot.

Total Listings in Frederick Md: 1,172, down 16% from 1,398 last year. The inventory is decreasing, but still close to what is usually considered a normal number for Frederick County. We’re seeing a balanced market, for the most part, with a 3-4 month absorption rate.

** If demand is still strong for the season and inventory is decreasing, this is a good time to sell!

Keep in mind: In some price ranges, in some areas of the county, there is naturally a higher demand and the market is more competitive for buyers. some neighborhoods, like Urbana, Middletown and several in the city of Frederick, are in high demand, and have lower absorption rates. The communities on the outskirts of Frederick County, Myersville, Thurmont, Woodsboro, are less in demand and homes take a little longer to sell.

Sellers got 98% of list price on average, compared to 96% at this time last year. This number has been steadily higher over the last year, illustrating the rise in home values.


See Homes for Sale in Frederick Maryland


What’s Notable:

  • Interest rates have risen just slightly to about 3.7% recently, incredibly low! See today’s rates.
  • The number of sales have continued to be healthy as we enter the Fall months, with a higher demand than last year, we had a higher number of homes go under contract than last year, sometimes “Pending” is a term you may see. The total waiting to close is 726, compared to 647 at this time last year, an increase of 12%.
  • The inventory has decreased going into the Fall, which is usual for the season, and is lower than last year, but with steady demand, we might see more of a seller’s market. Up until now, we’ve seen a balanced market in most communities in the county. We will expect multiple offers on the homes that are in great condition and priced at market… and this will continue to put upward pressure on home prices. Homes that are priced well and in the best condition, and in areas of demand, are sold within a week, or even in days.
  • Cash deals were 14% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. 43% of loans were with Conventional financing, out pacing FHA loans, which were 25%. 10% were VA. Interestingly, 10% were “other” financed.
  • **The majority of home sales took place in the $200,000 to $300,000 price range. 29%

September 2016 Market Statistics provided by MRIS (Mid-Atlantic Regional Information System)

*MRIS – Metropolitan Regional Information System – These statistics are not guaranteed but are considered accurate. Frederick County Real Estate Market Update for August 2016.

Contact Chris Highland to see homes for sale in Frederick Md.


301-401-5119

eXp Realty Partners with Home-Building Non-Profit New Story

eXp Realty Partners with Home-Building Non-Profit New Story

Home Is Essential to Well-Being

As Realtors® we are in the day-in, day-out business of helping people find “home”. We see up close the importance of that nest to every homeowner. The launching pad for all of the activities, relationships and ventures that make a life. Home is so essential to building a life, whether your home is a mansion or a condo, in the city or the country. All security, nurture and sustenance to carry on in this world comes from your home.

kids-jumping2xAs the family is the fundamental building block of society, the home is the security of the family. Imagine if your home was as precarious as a tent. Dirt floors. No door. No clean water. No safety or security. That’s how millions of destitute people live around the world.

We learned recently that in Haiti alone, there are close to 60,000 people still living in temporary tents as a result of the earthquake seven years ago.* Learning about this need really tugged at our heartstrings. Our brokerage, eXp Realty, has chosen to partner with an amazing non-profit, New Story, that is making a real tangible difference, in a way that is so wonderfully aligned with our industry.

New Story Transforms Slums Into Communities

New Story is a 501c3 non-profit that builds homes for $6,000 in impoverished areas. The infrastructure and salaries are underwritten by private organizations, so that the charity is able to put 100% of our donations to work. The homes are built using local workers and local resources, adding an extra layer of contribution to the local people.

And if that wasn’t awesome enough, New Story has built entire communities which include schools and medical clinics. This creates a real sustainable foundation for a better life. With a safe and stable home, families can maintain their health, parents can focus on jobs and employment, and children can go to school. The trajectory for  their life is changed. Check out this short intro video:

Giving Back

Social Enterprise has become more than just a buzzword over the last few years; it is a standard way of doing business today. Many people appreciate doing business with companies that give back to the community in some way, whether the company is a large corporation, or a mom-and-pop company, or an individual.

The strict definition of social enterprise is an organization whose social aims are the primary goal and profits are secondary. The reality of social enterprise in our society is that there are many levels of the philanthropic element. Some businesses add charitable giving to their business plan. On the other end of the continuum, there are organizations that are completely owned and organized by the community.

Regardless of where the business fits into that broad spectrum, being a part of the community is a growing trend for modern business. There is a growing expectation by consumers to do business where they know that their purchase will make a difference in the community. Most of us agree that we’ve been blessed with the means and opportunity to create businesses and work in jobs that provide for a comfortable lifestyle. Giving back is often an integral part of today’s business plan.

Chris and I couldn’t agree more. Giving back to the community is an expression of appreciation for the blessings we have. For many, it is the way to pass on just a bit of the opportunity we have enjoyed. For us, as well as many we know, it is a way to show thankfulness to God.

Why We Love New Story

In an age of internet information and connection, where transparency is available, people have increasingly come to expect it. And we should. When we see that certain established charity organizations have misplaced millions of dollars, or have severely underperformed in their efforts, we have become skeptical of the nonprofit sector. Rightfully so, IMO. An increasing number of people want to know that their dollars are going to do good, not getting absorbed by large salaries and infrastructure, or simply disappearing.

Transparency is a value that is well aligned with the culture at eXp Realty. As an agent-owned brokerage, we are all part of the future of our company. Chris and I are impressed by the transparency of the Board of Directors at eXp Realty and appreciate the agent-centric model. With that in mind, it is a very natural partnership with a non-profit that shares that value. Check out this video from CEO and co-founder of New Story, Brett Hagler:

What Went Wrong: How to Fix Charity

Millennials Turn “Charity” Upside Down

We hear often these days about the problems with Millennials, but not having ever been one to jump on a bandwagon…I think the naysayers have it wrong. Here are some Millennials who are challenging the non-profit establishment and turning it upside down. They’ve reinvented the model and made it into something that really works. Something transparent and inclusive of all of us who want to participate.

When I Give, I KNOW I’m Making A Difference

The ministry that New Story provides really resonates with Chris and I as Realtors®…to see families safely housed so they can pursue a healthy life, so children can go to school, and they can have opportunity. We love that we can, even in a small way, be part of something large and life changing. Something sustainable, measurable, and long-lasting.

*Of the several hundred homes that New Story has built in Haiti, 100% have withstood the devastation of Hurricane Matthew! That’s sustainable!


If you’d like to be involved, you can join our current crowdfunding effort: Help eXp Realty Transform Lives!

gif-kids-running

Or see how to donate, contribute to a family, start a birthday campaign, or start your own Company Campaign: New Story Charity


 

UNDER CONTRACT 8920 Gloria Ave, Middletown MD 21769

UNDER CONTRACT 8920 Gloria Ave, Middletown MD 21769

Single-Family Home for Sale Under Contract in Middletown MD

Enjoy the benefits of living in the tranquil Middletown Valley, watch the beautiful sunsets from your patio. This lovingly maintained ranch home has three bedrooms and two baths with many fine custom touches one would see in a much more expensive home. The owner is a custom cabinet maker, notable by the personal touches throughout, with custom cabinetry to rival homes which cost 3X as much.

8920-gloria-ave-middletown-md-8

The lovely kitchen has fine handmade custom cabinets, beautiful granite countertops, and a stainless steel appliance package. The eat-in space overlooks the backyard.

A spacious great room with sliding glass doors to let in the sunshine… perfect for lounging or entertaining.

The fully finished basement with recreation room features an office with beautiful and highly functional hand-made cabinets.

The owner is a custom cabinet maker, notable by the personal touches throughout, with custom cabinetry to rival homes which cost 3X as much.

See the photos of 8920 Gloria Ave:

Enjoy the high-def walk-through video of 8920 Gloria Ave Middletown:

This lovingly kept single-family home is in the coveted Middletown school district, in a small, friendly neighborhood. With easy access to commuter routes.

Contact Chris Highland 301-401-5119 for a personal tour of this fine home. Broker: 571-969-3971.


eXp Realty Maryland. 137 National Plaza Suite 300 National Harbor MD 20745.

Frederick County Real Estate Market Update August 2016

Frederick County Real Estate Market Update August 2016

Real Estate Market Activity for Frederick County –August 2016

provided by the Highland Group

It’s been a good year for Real Estate activity in Frederick County. It looks like the increased activity will continue into the Fall. Here is a snapshot of Frederick County real estate statistics:

Real Estate Statistics in Frederick Md

Average Home Sales Price:  $313,500, which is up 7% over last year’s August average of $293,500.

  • Average Single-Family Sales Price:  $354,900, up 6% from last year at this time…$334,600.
  • Average Attached Home Sales Price:  $233,900, up 5% from last year’s $223,200.
  • 266 single-family homes sold, compared to 199, 34% More
  • 138 townhomes and condos sold, compared to 116, 19% More
  • A total of 404 homes sold in August, (significant!) 28% more than last year’s number of 315.

Median Home Sales Price:   $286,000 compared to $265,000 last August: up 8%  (This means 1/2 of the homes sold were above $286,000 and half were below that price)

Average Days on Market (DOM) the time it takes to get a contract: 64 days, down from last year (70). It’s taking a shorter time to sell than previously.

Number of Homes Sold:  There were 417 new pendings (homes that went under contract) 2% more than last August. The demand is certainly staying steady heading into Fall, pent-up demand is the term we’re seeing a lot. It’s a good time to sell, because the demand is still strong.

Total Listings in Frederick Md: 1163, down 15% from 1370 last year. The inventory is decreasing, but still close to what is usually considered a normal number for Frederick County. We’re seeing a balanced market, for the most part, with a 3-4 month absorption rate.

Keep in mind: In some price ranges, in some areas of the county, there is naturally a higher demand and the market is more competitive for buyers. some neighborhoods, like Urbana, Middletown and several in the city of Frederick, are in high demand, and have lower absorption rates. The communities on the outskirts of Frederick County, Myersville, Thurmont, Woodsboro, are less in demand and homes take a little longer to sell.

Sellers got 97% of list price on average, compared to 97% at this time last year. This number has been steadily higher over the last year, illustrating the rise in home values.


See Homes for Sale in Frederick Maryland


What’s Notable:

  • Interest rates have been hovering around 3 1/2% recently, incredibly low! See today’s rates.
  • Sales have continued this summer with a higher demand than last year, we had a higher number of homes go under contract than last year, sometimes “Pending” is a term you may see. The total waiting to close is 777, compared to 666 at this time last year.
  • The inventory has decreased at the end of the summer, which is usual for the season, and is lower than last year, but with steady demand, we might see more of a seller’s market. Up until now, we’ve seen a balanced market in most communities in the county. We will expect multiple offers on the homes that are in great condition and priced at market… and this will continue to put upward pressure on home prices. Homes that are priced well and in the best condition, and in areas of demand, are sold within a week, or even in days.
  • Cash deals were 11% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. 42% of loans were with Conventional financing, 25% were FHA. 10% were VA.
  • **The majority of home sales took place in the $200,000 to $300,000 price range. 34% more than 1/3 of sales.

August 2016 Market Statistics provided by MRIS (Mid-Atlantic Regional Information System)

*MRIS – Metropolitan Regional Information System – These statistics are not guaranteed but are considered accurate. Frederick County Real Estate Market Update for August 2016.

Contact Chris Highland to see homes for sale in Frederick Md.


301-401-5119

10337 Church Hill Rd, Myersville 21773

10337 Church Hill Rd, Myersville 21773

10337 Church Hill Rd, Myersville, Md 21773 – Short Sale

This custom 4 bedroom, 3.5 bath home in Myersville boasts some gorgeous views! This spacious single-family home has lots of entertaining room, inside and out. Recently back on the market. This home is a short sale listed at a previously negotiated price of $415,000.

Enjoy the home video of 10337 Church Hill Road, Myersville Md  21773:

A home is sold “short sale” when the seller is negotiating with the lender to sell the home “short” of what they owe on it. The market value of the home in this type of situation is not enough to cover the loan on the home.  Learn more about short sale real estate.

10337 Church Hill Road Features

10337 Church Hill Rd in Myersville, features a gourmet kitchen, with double oven, downdraft stove and granite countertops that would delight any cook. The stainless-steel GE profile appliance package will be a delight.

Photos of 10337 Church Hill Road, Myersville:

Enter the dramatic 2-story foyer, with beautiful hardwoods throughout the first floor.

10337 Church Hill Rd, Myersville, Md 21773

You’ll love the almost 4000 square feet of finished space. The Master Bedroom has an adjoining sitting room, walk-in closet and adjacent master super bath. The coffered ceiling adds architectural appeal.

10337 Church Hill Rd, Myersville, Md 21773

The gourmet kitchen with ample granite counters, double oven and downdraft stove, is a cook’s delight. The neutral colors are a fit for any style, and stainless steel appliances finish the high-end and hard-working kitchen.

10337 Church Hill Rd, Myersville, Md 21773

An abundance of beautiful living space is included in a living room, family room, and bonus room. Entertaining any number is easy and flexible in this home. The views of the valley north of Myersville are stunning! The home is situated on over 1 acre, with privacy and views.

10337 Church Hill Rd, Myersville, Md

Listing Details of 10337 Church Hill Road, Myersville MD:

Slides of 10337 Church Hill Road:

10337 CHURCH HILL RD, Myersville, MD 21773 (MLS # FR9756013)

(all data current as of 2/19/2017)
Price $469,000
Beds 4
Baths 3 full, 1 half
Home size n/a
Lot Size 1.75 ac
Days on Market 170
Status Active
REDUCED! Wake up to the sun rising over stunning views of Myersville. Enjoy the evening sunsets on the valleyfrom the front porch! Almost 4,000 sq ft of fin. space. Hard wood floors, 2 str Foyer, gourmet kit. w/ granite, stainless appliances, dbl oven, dn dft cook top. Huge f/m w, f/p. Mstr ste has jetted corner tub and sitting rm. Search address on You Tube for video. Bank Reviewed Price!

Property Type(s): Residential for Sale, Detached for Sale

Last Updated 1/16/2017 Tract Fair Ariana
Year Built 2004 Community n/a
Garage Spaces n/a County Frederick
Total Parking n/a Walk Score ® 1

Price History

Prior to Dec 18, '16 $415,000
Dec 18, '16 - Today $469,000

Schools

Elementary School MYERSVILLE
Middle School MIDDLETOWN
High School MIDDLETOWN HIGH

Additional Details

Original List Price 415000.0 Fireplaces 2
Stories 3 Year Built 2004
Baths Full 3 Baths Half 1
Living Area 0 Lot Size Area 76230
Zoning Code A Parking Included Y
Subdivision FAIR ARIANA Elementary School MYERSVILLE
Middle School MIDDLETOWN High School MIDDLETOWN HIGH
Election District 16 County FREDERICK
Tax Legal Subdivision FAIR ARIANA Section 1
Total Assessment 534000.0 Assessment Year 2016
County Tax ($) 5741.63 Total Taxes 5741.63
Tax Year 2015

Features

Amenities Attached Master Bathroom, Bathroom(s) - Rough In, Closet - Master Bedroom Walk-in, Countertop(s) - Granite, Master Bathroom - Separate Shower, Master Bathroom - Separate Tub, Master Bedroom - Full Bathroom, Tub - 2 or More Person, Tub - Soaking, Vanities - Double, Wall to Wall Carpeting, Washer / Dryer Hookup, Wet Bar / Bar, Whirlpool Jets, Wood Floors
Appliances Cooktop, Dishwasher, Dryer, Exhaust Fan, Icemaker, Microwave, Oven - Self Cleaning, Oven - Wall, Refrigerator, Washer, Water Heater
Attic Yes
Basement Y
Basement Entrance Connect Stair, Front Entrance, Outside Entrance
Basement Type Connecting Stairway, Front Entrance, Full, Outside Entrance, Rough Bath Plumb, Unfinished, Windows
Cooling Central Air Conditioning
Dining Kitchen Eat-In Kitchen, Kit-Table Space, Sep Dining Rm
Disclosures Prop Disclaimer, Subject to a Potential Short Sale
Exterior Brick and Siding, Siding - Vinyl
Exterior Features Porch-front
Heating Forced Air
Heating Fuel Bottled Gas / Propane
Historic N
HOA N
Hot Water Bottled Gas
Interior Features Floor Plan-Open
Lis Media List Photo
Main Entrance Center Hall, Foyer, Two Story Foyer
Parking Basement Garage, Drvwy/Off Str
Possession Coin w/Sell Sett
Potential Short Sale Yes
Property Type Residential
Roads Black Top, City/County
Roof Shingle - Architectural
Style Colonial
SubSystemLocale MRIS_MAIN
SystemLocale MRIS
Transaction Type Potential Short Sale
Type Detached
ValidationStatus User Entered
Walls Ceilings 2 Story Ceilings, 9'+ Ceilings, Dry Wall, High
Water Well
Windows Doors Double Pane Windows, French Doors, Insulated Door(s), Six Panel Doors

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by EXP Realty, LLC

(view all details for MLS #FR9756013)

Contact Chris Highland for a personal showing of this special home: 301-401-5119

 

Explaining the Difference Between A Buyer’s Market or A Seller’s Real Estate Market

Explaining the Difference Between A Buyer’s Market or A Seller’s Real Estate Market

Buyer’s Market or Seller’s Market In Frederick Md? OR Transitioning Market?

In the Frederick real estate market a three-to-six-month supply of homes is normal. Every market is different, so these statistics might not be true for your market. In NW Washington D.C. for instance, four weeks is considered a long time for a home to be on the market.

We call it a buyer’s market when there is a large inventory of homes, more than there are buyers. A buyer then has many more choices and not a lot of competition. A market with more than a 6 month inventory is a buyer’s market. [meaning that it would take six months to sell the inventory, given no more new listings came on the market] Or, in other words, more than an average DOM, Days on Market, of 180 days.

buyers market or sellers market?
A market with an inventory that is below three months, (fewer than 90 days on market) is what we refer to as a seller’s market, with more buyers in the market than homes available. There are usually competing offers on the most desirable homes and we often see some appreciation, depending on other factors.

A balanced market is usually considered when we have 4-6 months inventory. These are generally accepted numbers. [note: In other markets, the numbers would be different, but the “days on market” statistic is the important number to know.]

A Little Market History

In Frederick Md, a “normal” market has an inventory of about 1200 – 1400 homes to be considered a balanced market. For the 2013 year, we saw a very low inventory, around 600 to 800 homes for most of the year. W saw some appreciation during 2013, about 10-11%. In 2014 the inventory grew to about 1000 – 1100 during most of the year and we saw values increase about 2 – 3%, depending on the neighborhood. In 2015, the inventory grew to an average of 1200 and we’re seeing that inventory gradually tick up to a similar number in 2016. As well, we’re seeing a pent-up demand! [to see current inventory statistics, see our latest entry in the market statistics category]


2016 is turning out to be a Balanced Market


frederick real estate

A Market in Transition

Most of the time we’re seeing the market transition. Just when you get used to a market with low inventory and high demand, then very soon the resulting appreciation changes the dynamics, and you see many more sellers listing their homes…then suddenly the see-saw tips and you are in a buyer’s market. It’s worth mentioning that the term “buyer’s market” and “seller’s market” are usually not very useful at best, and misleading at worst.

All Real Estate is Local…Even Micro-Local

Within your own city, wherever you are, there are differences in the various neighborhoods, communities and zip codes. We often see a “buyer’s market” in one community, and a “seller’s market” in a neighborhood only a few miles away. Local businesses and schools, growth and industry…they all have an affect on the local real estate market. All real estate is local.

  • We might see a particular townhouse neighborhood in demand because the local hospital is expanding. The townhouse development on the other side of town languishes.
  • We can see in certain neighborhoods that were constructed during the height of loose lending practices now have a large number of short sales. This affects the prices in that neighborhood negatively, while just a few blocks away, another neighborhood is showing appreciation.
  • Price ranges play a roll in what kind of market we see. In most of our neighborhoods, we are not seeing appreciation in the higher price ranges (above $500,000). We are seeing a longer time on the market and more price reductions to get a home sold.

So, even within the same city, neighborhood trends can create a hyper-local demand that varies from one to the next, for a lot of reasons. Supply and demand still determines the local market.


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Dealing with Multiple Offers

In an appreciating market with low inventory, we naturally see multiple offers on homes that are well-priced and in good condition. How does a buyer navigate a situation with multiple offers?

A few years ago, a buyer had time to consider a home, but didn’t worry about it if they missed out on a house, because more than likely, another home they liked would come on the market soon. Not so today. When the inventory is tight, but the demand is healthy, buyers often don’t have the luxury of time. They may find themselves in a multiple-offer situation.

When a buyer is in a market like this, there are some things to consider:

  • Buyers need to understand that the days of getting a steal are over. Having that expectation will just assure that they miss out on more homes.
  • Buyers should be flexible. Remember that even though you might win the bid with a higher offer, the home still needs to appraise for that amount.
  • Buyers should consider offering their best offer when they are in competition for a home. Having an experienced agent is a big help in planning your strategy.

Keeping a cool head and being flexible are the keys to a successful home purchase when the market is in transition. Is it A Buyer’s Market or A Seller’s Market? It’s most often a market with some aspect in transition.

At the Highland Group, we’ve been maneuvering through buyers and sellers markets, and transitions for over 24 years. We’re here as buyer’s representatives to help you make the best of this transitional Frederick real estate market. Contact Chris Highland for buyer’s representation on your home purchase.

Is it a buyer’s market or a seller’s market? It’s all about supply and demand.