The Active Rain Realtor Nationwide Survey about Maryland.

The Active Rain Realtor Nationwide Survey about Maryland.

I COULD HAVE SHOULD HAVE BOUGHT In 2010

My market area is Baltimore Maryland and it is moderate for this time of year.

My Current Housing Market Conditions... Our sellers are reducing prices and buyers are buying.

Buyers are still calling but seem to be afraid to move quickly. Homes priced well below the market are getting more showings. Sales are occurring but at a slower rate.

Our condo market prices are down and there are some excellent buys. One reason ...homes are not selling at the same rate as a few years ago. Most of our condos have always been purchased with cash by sellers when downsizing. The proceeds from the big home goes for the purchase. For the first time buyer, it is more difficult, sometimes possible to get financing on these buildings.

For the first time I have two short sales in my inventory.

The calls from buyers are picking again after the " frenzy" prior to the tax incentive expiration. Sellers are having to be aggressive with their price in order to get more showings. We no longer can to do the three "Ps" (put a sign up, put in MLS, Pray) but have to think outside the box to expose listings so they stand out from the rest. Good internet coverage including blogging, unusual open houses and individual websites are a must for today's listings... as well as media advertising. Homes must be "seen" so they can be sold. My May and June have 6 transactions for settlement and I am negotiating a contract as I write .

With good inventory that is well priced, very low interest rates, it is time to buy in Maryland.

I think many people will be looking back saying I COULD HAVE SHOULD HAVE BOUGHT In 2010

The Active Rain Realtor Nationwide Survey about Maryland.

Don't Believe the Gloom and Doom!

You can't get away from them – the "experts" who are eager to declare the worst. Yesterday's Baltimore Sun included this charming statement from an economist: "The existing-homes market is now in free-fall." But I also saw an article that appeared in the online Ventura County Star in late September, and it has one of the best discussions I've seen of the immense gap between the stories of real estate market meltdown that seem to be everywhere, and the reality you see when you step back a bit and take a calm look.

The article talks about what they are seeing in Ventura County which is in Southern California along the coast between Santa Barbara County and Los Angeles County. But much of what is true there is true elsewhere in the country, including my area of Maryland.

The gist of it can be summed up in a paraphrasing of Mark Twain's famous quip: "Don't worry, reports of the industry's impending doom are highly exaggerated. Buyers are still buying and sellers are still selling."

Sure, the market isn’t what it was a few years ago, but there are many in the real estate business who believe the market was due for a correction, just as the stock market often drops when Wall Street believes that stocks are overvalued. The thing is, there are many positives in the market now. Mortgages are still available at historically low rates, and the economy is sound. There are still special programs for first-time buyers as well as safe and creative financing for other buyers.

Like averages (which we know are meaningless!), headlines tell only a small part of any story. Certainly getting a good price for your home in a sale is important, or getting a great deal if you are buying. As the article points out, "People need to look at their own housing needs and not listen to others. You don't buy a home to make money, you do it as a place to raise your family, to put down roots, to feel secure."

Housing markets go through cycles. The down markets follow up markets which follow down markets. People who have been in the industry long enough recognize they are as natural as the seasons. And the real estate professionals who have built their careers on service and value will find the ups just as exciting as everyone else, and the downs not nearly so deep.