Home Shopping Reality Check: What the Numbers Tell Us About The Annapolis Area Real Estate Market
October 22nd, 2008 Categories: Buyers, Neighborhood Sales & Stats, Sellers
Anne Arundel County Saw 388 Homes Sold Last Month. That’s Down 14% From Last September. But The Sky Isn’t Really Falling Around Us…
I’ve been talking to a lot of you lately. Our entire team has. Each and every day, The Moss Haedrich Team calls 20, 30, 40 or more of you to see how you’re feeling about the real estate market, calm your jittery nerves, and ask how we can help. Here’s what we’re hearing from you…
…nobody is buying anything….nobody can get a mortgage now…homes aren’t selling…sellers are giving homes away…homes are taking forever to sell…and, in short, the sky is falling and we’re all doomed.
Well, we understand the sentiments. The uncertain economy does have everyone on edge and listening to the evening news only amplifies our concerns. But if you look at the statistics you’ll see that the current market – while sluggish – is anything but dead. It’s not all gloom and doom.
Those 388 homes that sold in Anne Arundel County last month? True, that’s less than last September’s figure of 453 – but it’s far from nothing. On average, those sold homes took 22 days longer to sell than they did last September – but 3 weeks is not the eternity you might suspect if you draw your conclusions from the national media reporting.
October sales for Anne Arundel County are looking okay: in the first 21 days of the month, 211 homes have sold.
Who’s Buying Those Homes?
Note that 130 of those 211 homes sold for $350,000 or less. There’s no way to prove this, but those numbers suggest that first time homebuyers and investors are busy shopping, as they should be: the smart money is out there right now finding great deals, bargaining, and doing very well, thank you. They know those great deals won’t be around forever.
Which brings us to the subject of mortgages. Every lender we talk to says the same thing: despite what you’re hearing, there are plenty of loan programs available for anyone with respectable credit. Expect to put some money down. Expect you’ll be required to provide documentation for income and assets – the freewheelin’ days of ”no documentation loans” are a thing of the past.
Just don’t expect the sky to fall anytime soon on the Annapolis real estate market.
If you’re wondering if this is a good time to buy, or sell, just email me at kenhaedrich@kw.com and tell me about your circumstances. I’ll call, or email back, and help you sort out your situation. Please: there’s no reason to step into this market on your own when you can have the benefit of an experienced real estate team on your side.
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Hello Ken (and fellow KW agent)…great post! It was easy to read and comprehend and I like the graphic, too…good job!
Thank you, Swawna – I appreciate the kind comments and hope you stop back often. Keep us posted about how the market is doing in your area.