Has the Annapolis Real Estate Market Stabilized?
August 11th, 2009 Categories: Buyers, Sellers
That All Depends On the Data You Read, How You Interpret It, and How Much – Frankly – You Really Want to Move
That’s the question everyone wants to know the answer to: has the market stabilized? Realtors hear it all the time, but any Realtor who pretends to know the answer is probably telling you something you want to hear.
Which is not to say there’s no reason for optimism both nationally and locally.
The Case-Shiller Home Price Indices released on July 28th showed home values up in 15 of its 20 tracked US markets – the first period of broad growth in home prices in 34 months. (Though on a year-over-year basis, home prices nationally are still down 17%.)
By comparison, the average home sale price in Anne Arundel County during the last 12 months is down 10.82%. That stings, but it’s a far sight better than the national average. And more good news: compared to July of ’08, July ’09 saw 491 homes sold in our county – an increase of nearly 20%.
People without jobs or in fear of losing one don’t typically buy homes. Here in Anne Arundel County we’ve seen a jobless rate increase of 2.8% since June of last year. But at 6.9% we are still below the national unemployment rate of 9.4% – yet another plus for the Annapolis real estate market.
So, has the Annapolis real estate market stabilized?
I think we can be guardedly encouraged by the data, so long as we don’t forget that all real estate markets are local – often down to the micro (street) level…and that home values will always reflect that.
Too, we have to accept the fact that it’s impossible to predict how events that play out on the national and world stage will impact our local market.
Data, market trends, statistics – these are important tools we use to guide buyers and sellers who work with us at The Moss Haedrich Team, to help them make good decisions.
For Most of Us, Real Estate Transactions Engage Not Just the Head, But the Heart, Too
“Waiting for the market to stabilize” makes sense, but trying to time the real estate market – like trying to time any market – is risky and may come with a price.
Sure, you don’t have to make that move to San Diego. But what have you gained if you wait 5 years to sell, hoping for the market to recover, only to miss the first 5 years of your grandchild’s life? Or – what if you wait to buy a home until prices slide a little lower, only to find yourself able to afford less home because interest rates have taken a jump?
These are all pieces of the real estate puzzle that need to be factored in when you’re considering a move.
If you’re confused about whether or not this is a good time to make a real estate move, give us a call. We’ll sit down with you, listen to your story and help you to sort things out so you can decide what makes sense for you. No pressure, no obligation. I can be reached at 410-507-7222 or by email at KenHaedrich@gmail.com.
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