Deale Appraiser Anne Arundel County Home Values
This statistic is in-line with data reported by Housing IntelligencePro that Nationally, bank-owned real estate closings accounted for almost 32% of all settlements in the first quarter
Deale Appraiser
However, on the brighter side, the total number of sales was up slightly at 2.3%.
Please email me and I will send you the report.
Email John Marcinik
Deale Appraiser 1/22/2011
Out for 2011
* Expensive bathroom spa bathtubs
* Large rear yards
* Formal Living Rooms and dark wasted space hallways
* Expensive to heat McMansions
* Granite kitchen Counters
In for 2011
* Large two people Showers
* Small yards, but room for composite decks and conversation fire pits.
* Open floorplans, great rooms, country kitchens.
* Larger TV & computer space in Kitchen, tankless hot water heaters, passive solar.
* Quartz and concrete kitchen counter tops
Deale Appraiser Property Values Update October 1, 2010
The number of sales remained stable with 79 home sales in the last 9 months compared with 80 for same 9 month time period 1 year ago. The median sale price has declined in the time period from $316,700 to $305,000, a drop of 3.7%.
The median marketing time has also declined from 112 days to 93 days.
There are currently 107 active listings for sale in this marketing area. Based on the absorption rate for this time period, this reflects over a 12 month supply of homes.
Obama's Health Care will kill Real Estate values. 12/21/2009.
I sort of laughed when a local mortgage broker was suggesting we should pull all the equity we could out of out houses last fall while there was still time, unfortunately he was right. With the new Obama health care plan, most people will have 10-12% less income to qualify for mortgages and home ownership. This translates into less home purchasing power.
Home values will track based on the demand placed on them. If there is less money to purchase, home prices will decline to a new balance of buyers and sellers. I expect a drop in home prices of 10-15% next year and 25% for the next three years of the health care implementation.
Why the continued drop in the following years? Look at the Reagan Tax reform of 1986. What we learned with that exercise that non-similar real estate may affect other types of real estate. The decline in multi-family home prices adversely affected single family homes. Even the current slide in home values from the 2006 peaks began with a decline in vacation rentals and second homes. With the loss of purchasing power, kiss the starter market goodbye again. In 2006, a starter home was about $300K in Maryland Metro area. Now it's $200K or less, expect it to drop to $150K in the next 2 years.
If you don't have equity in the starter homes, how can to buy up to a larger home?
What can you do? Nothing, pull your equity and buy gold appears to be the only bunker methodology left. Either that or get zero percent on your T-bills.
The big problem with this health care bill is not if it is good or bad as far as saving money or stopping the rise in health care costs. It's the quick implementation of this huge social program.
It will shock the real estate market. Uncertainty of what will happen will create fear, and fear in the real estate market is like yelling fire in a crowded movie theater.
The Deale Appraiser Refi now and lose $450 October 25, 2009
With this new government policy for many loans, you or your loan officer can not choose the best appraiser to appraise your property. The loan officer must hire a go-between Appraisal Management Company (AMC) to select an appraiser. Just ask any Realtor of the horror stories of this new system. Homewowners have called me saying that a Baltimore appraiser just appraised their home for $400K less than they paid for it 8 months ago.
Where do you lose the $450? In many cases that is the cost of the Appraisal process. The AMC may get $250 of that amount and the appraiser may get $200. Previously, an appraisal may have cost $350 which all went to the appraiser. So the cost has gone up and the service has gone down. When your loan is not approved because of a poorly performed appraisal, you have lost your $450.
How many times does this happen? The majority of the time. In my interviews with several large company loan officers, a successful refi completion rate was only about 15-20% of the time.
Need advice? call me at John Marcinik @ 301-261-9325
South County Home Values (07/28/2008)
Here are the results.
For the first half of 2008 there were 72 homes sales in the $200K-$700K price range with and average sales price of $377K
For the last half of 2007 for the same price range there were 104 homes sales with an average sales price of $399K.
For the same 6 month period last year there were 114 sales with a $406K average price.
Facts noted:
The average home price (in this price range) has dropped in this area an average of 5.5% in the last six months.
The average home price (in this price range) has dropped in this area an average of 7% since last year.
Deale Appraiser
The history of home sales
in Deale, MD. 7/11/2008
1999 | 2000 | 2001 |
2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008
36 36 40 36 33 50
51 29 36
12*
Deale Appraiser
Deale, MD Home sales the latest 4/08/2008
Tantallon Homes Values 4/08/2008
Tantallon Home sales April 08, 2008
Email John Marcinik