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Carlyn Lowery - Annapolis Real Estate and Anne Arundel County Maryland Homes

Anne Arundel County Maryland Real Estate Market Update - November 2008

The National Association of REALTORS (NAR) reported in October that existing home sales increased over 5 and a half percent -- a sign of improved housing affordability. The estimated annual volume has been revised upwards from of 4.91 million to 5.18 million units for 2008, representing a 1.4 percent increase over the previous year. The combination of lower prices, higher inventory and low mortgage rates have all contributed to the increase in sales.

"This is the first time since November 2005 that home sales have been above year-ago levels," said NAR president, Richard Gaylord. "Credit tightened at the end of September, but the improvement demonstrates that buyers who have been on the sidelines want to get into the market to make a long-term investment in their future."

Freddie Mac is reporting a recent drop in interest rates for the 30-year, conventional, fixed rate mortgage, averaging 6.04 percent in September, down from 6.48 percent in August. Despite the lower rates, speculative investors have not yet returned to the market, according to Lawrence Yun, NAR chief economist. Yun reports, "80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms."

Average (Mean) Sales Price of Existing Homes by Region

Date 

U.S.

Northeast

Midwest

South

West

2006

268,200

299,700

205,300

230,000

371,300

2007

266,000

307,100

200,500

225,600

365,900

           

07/08

253,300

307,100

196,900

221,100

322,400

08/08

245,400

300,600

196,400

220,400

294,500

09/08

234,700

284,100

180,100

207,600

298,400

Statistics from the National Association of REALTORS®

Total housing inventories were down 1.6 percent for the month of September, marking two consecutive monthly declines since inventory levels peaked in July.

Anne Arundel County figures for October 2008 are shown below.

     2008    2007    % Change
Total Sold Dollar Volume: $ 132,330,760 $ 168,161,351 - 21.31 %
Average Sold Price: $ 380,261 $ 419,355 - 9.32 %
Median Sold Price: $ 320,000 $ 329,900 - 3.00 %
Total Units Sold: 348 401 - 13.22 %
Average Days on Market: 152 123 23.58 %
Average List Price for Solds: $ 426,461 $ 454,159 - 6.10 %
Avg Sale Price as a
percentage of Avg List Price:
89.17 % 92.34 %
Total Number of NEW listings
taken for the month: 771

Total Number of Properties   
marked Contract for the month: 242
Total Number of Properties   
marked Contingent for the month: 83

Total Number of NEW pendings        
(CONTRACTS + CONTINGENTS): 325

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Information deemed reliable, but is not guaranteed.

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+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors

+ Direct 410/268.0160 Central Office 410/972.4000 x4032

+ Free no-pressure search at http://www.AnnapolisMultipleListing.com

+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com

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The Tao of Annapolis Real Estate

When will the local real estate market hit bottom and values resume their upward climb?  What will be the impact of the federal bailout?  Whose opinion should you listen to?  Said Lao Tzu, "Those who have knowledge, don't predict. Those who predict, don't have knowledge."

While we may not know when the market will turn, we do know that today offers tremendous buying opportunities - low interest rates, lots of inventory, and motivated sellers.  And we live in a great place to own real estate, near our nation’s capital, paradise by the Chesapeake Bay.

If your long-term financial plan includes acquiring more real estate, observe the yin and yang - the dark chaos is accompanied by tremendous opportunity.  Are you focused on the gloom or present to the opportunity? 

Don't miss the moment.



Some of our clients are now negotiating great deals to acquire properties with 100% owner financing and with lease-options, some are leverage existing assets to create down payments and getting great rates with bank financing.  And many are waiting.

“When the highest type of men hear Tao,
They diligently practice it.
When the average type of men hear Tao,
They half believe in it.
When the lowest type of men hear Tao,
They laugh heartily at it.
Without the laugh, there is no Tao.”

   - Lao-tzu, The Way of Lao-tzu

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+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors

+ Direct 410/268.0160 Central Office 410/972.4000 x4032

+ Free no-pressure search at http://www.AnnapolisMultipleListing.com

+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com

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Anne Arundel Real Estate Market Update - October 2008

The National Association of REALTORS reported in late September that recent sales for existing homes declined slightly, to an estimated annual volume of 4.91 million units for 2008. Recent tightening in mortgage lending has created challenges for some of today's home buyers. According to Freddie Mac, the thirty year fixed rate mortgage hovered around 6.5 percent during the month of August, up slightly from the month before.

Officials are hoping that recent actions taken by the Federal government will create stability in the housing market. Lawrence Yun, chief economist for the National Association of REALTORS, says, "With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability."

Average (Mean) Sales Price of Existing Homes by Region

Date 

U.S.

Northeast

Midwest

South

West

2006

268,200

299,700

205,300

230,000

371,300

2007

266,000

307,100

200,500

225,600

365,900

           

05/08

252,600

309,100

190,700

219,000

326,700

06/08

257,900

298,700

201,900

230,500

328,500

07/08

253,300

307,100

196,900

221,100

322,400

08/08

245,400

300,600

196,400

220,400

294,500

Statistics from the National Association of REALTORS®

Anne Arundel County figures for September 2008 are shown below.

     2008    2007    % Change
Total Sold Dollar Volume: $ 156,630,704 $ 199,884,468 - 21.64 %
Average Sold Price: $ 403,687 $ 441,246 - 8.51 %
Median Sold Price: $ 320,000 $ 345,000 - 7.25 %
Total Units Sold: 388 453 - 14.35 %
Average Days on Market: 136 114 19.30 %
Average List Price for Solds: $ 466,403 $ 480,279 - 2.89 %
Avg Sale Price as a
percentage of Avg List Price:
86.55 % 91.87 %
Total Number of NEW listings
taken for the month: 887

Total Number of Properties   
marked Contract for the month: 326
Total Number of Properties   
marked Contingent for the month: 106

Total Number of NEW pendings        
(CONTRACTS + CONTINGENTS): 432

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2008 - Information deemed reliable, but is not guaranteed.

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+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors

+ Direct 410/268.0160 Central Office 410/972.4000 x4032

+ Free no-pressure search at http://www.AnnapolisMultipleListing.com

+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com

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Good News for Veterans

On September 11, the House of Representatives passed the Veterans Construction and Extension Act of 2008, which helps Veterans achieve their dreams of home ownership. The legislation provides assistance for veterans who need to refinance their Sub prime or adjustable rate loans into a safer, more affordable loan backed by the US Department of Veterans Affairs. The bill has been passed on to the Senate for finalization. If you're in the market for a home, contact us for information on FHA, VA, and other mortgage programs that might be right for you.

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+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors

+ Direct 410/268.0160 Central Office 410/972.4000 x4032

+ Free no-pressure search at http://www.AnnapolisMultipleListing.com

+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com

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How On Earth Can I Sell My House in Maryland Today?

With the national and global financial markets in chaos, and consumer uncertainty at a record-high level, lots of people are wondering how they can make the move they want to make, especially if they have a house to sell.  Such times call for creativity - for making deals and designing transactions to meet the needs of the people involved, taking into consideration their positions and their objectives, rather than requiring people to fit into standard molds.  This can be tricky to do when people are under pressure; it takes patience, flexibility, and a skilled team.

For a creative real estate deal that we recently structured, we were featured in the September 2008 issue of What's Up? Annapolis. Click here to read the article.

As I mentioned last month, now is the time to find motivated sellers and acquire properties at great prices with excellent financing, and to structure deals that work for everyone.

We are increasing our services to investors, so if you want to buy more rental property in Maryland, and you want to work with someone who understands your vision, let us know.  And of course, if you know someone who needs to sell today, please call us right away.

We're building a new web site at http://www.IntentionalInvestor.com

Check it out and let us know your thoughts and suggestions.

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+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors

+ Direct 410/268.0160 Central Office 410/972.4000 x4032

+ Free no-pressure search at http://www.AnnapolisMultipleListing.com

+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com

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