The statisitcs are in. Prices are down on average 7.63 % from the same time last year according to MRIS data. The irony here is that the consistent bad news about the real estate market over the last several years can work out well in the favor of serious, well qualified, buyers.
I was talking to a real estate agent that I have known for over ten years. We were discussing our recent experiences in the marketplace. She let me know that she had recenlty listed and sold a property for a third party relocation company. The property started off at $615,000. After a short period of time, the relocation company took a proactive approach and dropped the property to $550,000, which was nearly $75,000 less than some of the recnt comparable sales. In the end they sold the home for $501,000. That was roughly 81% of the original asking price. Will that happen every time? Undoubtedly, no. But, there are deals to be had. I recently found a beautiful four bedroom townhome with loads of updates for a client, in an excellent school district in Gaithersburg. Two years ago, the same home would have easily been over $400,000. They purchased the home for $342,000. According to the calculation, that's nearly 15% savings.
Of course, the difference in today's market is that you actually have to qualify for a loan. What? That's right. You need to have a verifiable income, assets, down payment and a satisfactory credit history. If you do, don't worry, you can get a loan with favorable terms.
I have been selling homes for twenty years. Without a doubt, the current market conditions have been the most harsh that any homesellers have seen in many years. But, if you have owned your home long enough, you will still see huge gains. If you purchased a home ten years ago and haven't drained your equity with lines of credit, you might be poised to take advantage of a great deal.
As the saying goes, "Buy when others are selling and sell when others are buying", and if it doesn't go that way it should. Warren Buffett just bought five billion dollars worth of Goldman Sachs. I know that's a little, okay, a lot different, but he knows something about markets and the real estate market too--historically rebounds.
So, there is good news out there, you just have to look at it from a different perspective. I heard Donald Trump just bought an $160,000,000 property in New Jersey for pennies on the dollar. Once again, it's highly unlikely you'll ever see a deal like that, but if you set your sights, you will find a good deal in this market. I promise!
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The table below compares Montgomery County Maryland real estate sales data for the month of July 2007 compared to July 2008 in the most important measurable categories. This information comes from the Metropolitan Regional Information Systems, Inc. compiled data.
2008 2007 % Change
| Total Sold Dollar Volume: | $ 460,552,815 | $ 611,024,814 | - 24.63 % |
| Average Sold Price: | $ 531,203 | $ 601,995 | - 11.76 % |
| Median Sold Price: | $ 408,000 | $ 490,000 | - 16.73 % |
| Total Units Sold: | 867 | 1,015 | - 14.58 % |
| Detach/Attach Average Sold: | $ 685,265 | $ 338,621 | $ 754,233 | $ 427,025 | - 9.14 % | - 20.70 % |
| Average Days on Market: | 92 | 68 | 35.29 % |
| Average List Price for Solds: | $ 579,936 | $ 631,522 | - 8.17 % |
| Avg Sale Price as a percentage of Avg List Price: |
91.60 % | 95.32 % |
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| 2008 | 2007 | % Change | |
|---|---|---|---|
| Total Sold Dollar Volume: | $ 4,114,850 | $ 2,467,000 | 66.80 % |
| Average Sold Price: | $ 685,808 | $ 616,750 | 11.20 % |
| Median Sold Price: | $ 695,000 | $ 637,500 | 9.02 % |
| Total Units Sold: | 6 | 4 | 50.00 % |
| Average Days on Market: | 91 | 251 | - 63.75 % |
| Average List Price for Solds: | $ 728,967 | $ 649,973 | 12.15 % |
| Avg Sale Price as a percentage of Avg List Price: | 94.08 % | 94.89 % |
Boyds Sales Statistics For March 2008
The above chart shows the settled statistics for homes sold in Boyds, in March based on MRIS data. There were 6 homes sold which is actually 50% more than the same time last year and the average sale price was up by 11.2 % from the same time last year. That's good news if you live in Boyds.
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Maryland REALTOR blogs about the current real estate market in Montgomery County Maryland.
Wow, it's been about nineteen years since I began my career in real estate at 19 years old. I have literally a "lifetime" of experience since. I was just a scrawny, hungry kid that needed to support himself. By knocking on doors, cold calling and working until all hours of the night I managed to get people to give me a chance. Nearly 20 years later I am still here. Not so scrawny anymore, but wiser, more patient and really well prepared.
Over the years I learned that real estate is a people oriented, service business. It's not an assembly line where each client or property can be treated the same. I know that making sure that buyers and sellers needs are met is the key to success. I also know that a quality presentation both online and on paper helps sell a well priced, well staged home in any market.
There are numerous variables in a real estate transaction that can affect the outcome. Knowing what to look for and how to react from either side of the transaction is critical to having a smooth transaction. I don't use gimmicks to attract clients. My business is mainly referral because I have an honest, consultative approach that allows my clients to make the proper decisions. You know, every client has a different perspective about what works for them and finding that formula is my key to helping people.
I like to establish a working relationship with my clients to fit their needs, lifestyle and schedule. If it makes it easier for them then I do my best to make it happen that way. I will back up any advice I give using quantifiable market data, years of experience and a common sense approach. I have established excellent working relationships with other real estate experts including attorneys, inspectors, accountants, insurance providers and others that I can refer to in the event that my clients need specialty advice. I think you can have fun finding a home and I think selling a home doesn't have to be that stressful. With the proper planning, strategy and attitude it can actually be pleasurable.
Check out more information on Maryland real estate.
My Specialty
I am an expert at service first and foremost. My professional policy is open and frequent, truthful communication. I work with very nearly the same amount of buyers and sellers each year, so I have an excellent perspective from both sides of the transaction.
I am an Accredited Home Staging Professional which works out very well for my sellers and their buyers. It's important to me to make sure that my clients know that I am available for them when they need me. A large percentage of my clients are upscale buyers and sellers. They are typically successful individuals who have their own careers and need a flexible agent to work around their schedule. Most of my clients buy and sell homes between $600,000 and $2,000,0000; however I am just as comfortable helping first time purchasers. I embrace technology and have the latest and greatest tools at my disposal. All of my web tours are professionally prepared. I will only use well-lit photographs of staged property in any of my tours. All of my brochures and mailers are professionally prepared using full-bleed, high quality printing and glossy card stock.
My clients benefit from my thorough knowledge of Montgomery County, Maryland. Primarily my clients buy or sell in the Bethesda, Potomac, North Potomac, Rockville, Germantown and Boyds areas of Montgomery County. To find Maryland real estate in any of these areas go to Maryland real estate listings.
Testimonials
When I received the first offer for my house from the other agent I was sure was glad you told me to wait. You really lived up to your word when you brought me an offer from someone else for nearly thirty thousand more! Thanks Meyer for helping me get top dollar. It really helped with the purchase on the new house, which I also love. I would highly recommend you to anyone and everyone. Oh, I already have!
Teresa R.
Thanks for all the hard work. I didn't know how much really went into the process but watching you stage my home made me realize that you are a hard worker who knows what to do to make a house sell!
Thanks to the best REALTOR in the WORLD! We really appreciate your help! When it comes time to sell we will call you without a doubt!
Jeff and Angela L.
I really want to thank you for doing an amazing job! Even in a tough market you were able to do what you promised. I was definitely worried about getting my condo sold in time to move into the new place and you made it happen and we got top dollar. I would have never guessed it would hav sold in less thatn 2 weeks! I will pass your name to anyone interested in selling or buying a home!
Kevin G.
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