deVismes P. Sharp, Talbot County Maryland Realtor

If you are a First-Time Home Buyer should you buy?

In the past it has been hard for first-time buyers to purchase a home. Prices rose so quickly that many first-time home buyers were unable to compete in the housing market. But with home prices falling, interest rates staying low, and many foreclosures it is a good time to buy! In some areas there is a large inventory to pick from. The banks are ready to get rid of all the bank-owned properties!

But before you start looking to buy a home you should consider a few factors.

1. Know the market! Make sure you are buying in a good location, with economic growth. This should be a long- term investment, not a short-term investment. The housing market is not the same as it was a few years ago when you could flip a house and make a profit. It is recommended that you stay for 7-10 years.

2. Make sure you know what you can afford! Talk to a lender before going to open houses or contacting a Realtor. The rules have changed when it comes to borrowing money! The lenders have up their standards. Infact these days you have to have a higher credit score and you are required to make a bigger down payment.

3. Make sure you and your Realtor are making a reasonable offer. Do Not Over Pay! Make sure you and your Realtor do their homework. You do not want get yourself into a bad situation like a lot of Americans did in the past.

If you think you are ready to buy then answer the above question honestly, otherwise Rent!

It must be Spring Time!

Why do I say that? The Oxford Bellevue Ferry is back up and running for the 2008 season! What a pleasant sound to hear this afternoon when I was leaving the office - Lacaze Meredith Real Estate, A Long and Foster Co.

Have you ever ridden on the oldest privately owned ferry? Well if not you should make a trip to Oxford, MD and ride the Ferry. Not only will you enjoy the ferry ride, but you will enjoy the town of Oxford!

It is only a 7 minute ride across the Tred Avon River to Bellevue, MD but from there you can go and tour the town of St. Michaels, Maryland, "The Town that fooled the British"

So now that Spring has arrived jump in your car and drive to Maryland's Eastern Shore!

Starting on Thursday April 24th, 2008 the 6th Annual St. Michaels Food and Wine Festival will take place on the grounds of the Chesapeake Bay Maritime Museum. Many wine and food festivities will take place over the four day weekend. Start the weekend off by coming to the VIP Charity Reception held on Thursday night from 7-10, followed by a weekend full of Food and Wine Events. For more information Call 443-205-2185 or contact them @ info@stmichaelsfoodandwinefestival.com

If you can not make a trip to St. Michaels, Maryland that particular weekend make sure to come visit another time. Other areas of interest are Easton, Oxford, Tilghman and much, much more.

The Eastern Shore of Maryland is a wonderful place to visit!

In February 2008 the Housing Statistics in Talbot County are as follows:

Units Sold: 27 (In 2007 there were 33 units which means we are down -18.2% compared to last year)

Average Price $544,000 (In 2007 the average price was $612,000)

Median Price $350,000 (In 2007 the median price was $425,000)

Units Under Contract: 33 (In Feb 07 there were 45 units under contract waiting to settle)

# of Units on the Market : 645 (In Feb 07 there were 585 houses for sale in Talbot County)

As you can see by these numbers, In February 2008, the real estate market was down in Talbot County. Once I have March Statistics I will post them.

If you are a buyer looking to move to the area please do not hesitate to contact me, deVismes P. Sharp!

If you are thinking of selling your home please do not hesitate to contact me!

With the housing market and the mortgage market in a crisis those that are thinking of building a new home must be asking themselves TO BUILD OR NOT TO BUILD, that is the question? In all reality it is a GOOD TIME to build a new home! Why, you might be asking?

The actual cost of building your dream home is coming down!

The price of building material are coming down. Construction materials, such as lumber is around 18% cheaper than a year and a half ago. Drywall is selling for around 40% less! Besides materials, land is becoming cheaper. In some areas those developers that over extended themselves are selling off land cheap! They are motivated to sell.

Contractors themselves are looking for jobs. They are looking to build those new homes! There has been a 34% decline in new-home building. Subcontractors, who use to take months to get, are now waiting in the wings.

It is still a big decision to build your dream home. It takes a lot of planning and time to build a new home, BUT it really is a good time to build that new dream home!