Gary H. Ditto's Mid Year Sold Report

Dear Neighbors:

Recently it seems that every conversation I have begins with the question "How bad is it out there in the real estate market?" Typically, the questioner expects my response to be more dire than it turns out to be. Most of us are informed about this market by reading newspapers and watching the T.V. news. When you witness the magnitude of the problems in states like Florida, Arizona, Nevada, California and many others, it can be a sobering experience. A major difference between Maryland and other states is that we have a substantial and growing job market that is anchored by the Federal Government. This results in an inflow of highly educated professionals who are in need of housing. It is true that properties in lower Montgomery County are experiencing a slower sales pace and, in some cases, modestly reduced property values. However, the overall market remains strong. Please review the accompanying graphs for confirmation of these facts. Property values in our surrounding communities have many variables that impact the eventual sales price of a home. Many neighborhoods have experienced virtually no or minor loss of value, while other areas experience just the opposite. Part of my job is to position each property for sale correctly and also to ensure that potential purchasers are aware of the important elements that add value to a particular house in a specific neighborhood. What price a property will sell for is an issue that gets resolved in the "give and take" between the buyer and seller. The current real estate market is characterized by few purchasers and significant negotiations between interested parties. My 30 years of experience as a real estate agent, in both good and difficult markets, provides me with the wisdom and proficiency to successfully navigate the choppy waters of today's market. Like most things in life real estate has its ups and downs. Sellers in recent years experienced an unexpected and welcomed run up in value. Now we are on the other side of that curve. However, home buyers continue to have faith that residential real estate in our area not only provides shelter but it is also an excellent generator of long term wealth. If you would like to discuss the value of your property with me or "brainstorm" alternatives to selling, please feel free to use me as a resource. Also,if you ever need a reference for an electrician, plumber, yard person or any home maintenance jobplease call me. I have a list of contractors that I have worked with over the years and I also have access to a vendor group established by Long & Foster Realtors.

Gary H. Ditto