Whether today is a good one in real estate depends entirely on your perspective. Are you a Gambrills home seller or buyer? These renters are thinking "buy now" (while home sellers are pretty depressed):
A few years ago, the press couldn't say enough about what a great real estate market it was. That was true for sellers, but NOT for home buyers. Now the shoe is on the other foot, as the saying goes. The press is moaning about what a terrible market it is (and most home sellers would agree), BUT IT'S A GREAT MARKET FOR HOME BUYER!
DOWN:
The total number of Gambrills homes sold is down 28.57% from February 2007 to this year, and the total sold dollar volume is down 43.38% - from $3,514,000 to $1,813,800.
That reduced dollar volume comes from more than a reduction in units sold, however; it's also the result of a significant drop in the price of Gambrills real estate: 27.74% in the average sold price and 13.16% in the median sold price.
While we're on the topic of money, the average list price for sold properties also dropped - 23.22% from 2007 to 2008. That being said, it's much higher than it was in 2005 (not shown here) - $385,214.
UP:
Meanwhile, the average # of days that sold homes have remained on the market has gone up a whopping 137.38%
since February 2007.
Whether you're a home buyer or seller, I just have one thing to say:
You have a right to be represented by a REALTOR. Anything you say can and will be used against you in negotiations.
Regardless of anything else you read about working with a REALTOR or doing it on your own, THIS is probably the most important thing to consider. If in doubt, ask me to tell you some of my real estate stories! It's my job to make buying or selling a home LOOK and FEEL easy to my clients - but make no mistake. There is no substitute for experience, when it comes to real estate.
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Margaret, love the cartoon! Good market report too for Gambrills. How large an area is Gambrills since there's not that large a volume of sales?
Margaret,
Great report! That is some change for average price from last year to this year. WOW.
Margaret - I couldn't agree more. When I heard someone on the radio say "the worst market in 25 years" I thought "the best opportunities in 25 years!"
Margaret I love your cartoon! How was your Blogging seminar today? Details...please. I love the power point you used.
Yet another great post that should really hit home with buyers.
Margaret I really like the cartoon. I see that you use istockphoto. I haven't heard of it before but I might have to check that out. So creative with the cartoon. Spideman comics doesn't have nothing on you Great post.