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December 13, 2008
Ok, its not the very first snowfall in Laurel MD. However, it is the first snowfall that wasn’t there when we went to sleep, but was there when we woke up. Even though I am an adult married man with a family it is still a bit of a thrill to see snow on the ground.
I have a busy weekend. Last night my granddaughter slept over for the first time. Her mother and father live just up the street from us on Bond Mill Rd in Laurel Md. This morning I go to a church on Route 197 (Laurel-Bowie Road) to rehearse for the King Sing. The King Sing will be performing in Laurel Md in February. If you want more info, please email me.
After the rehearsal its off to Silver Spring Md to show property. Then to end the night, I am chaperoning a dance at my church First United Methodist on Main Street in Laurel Md. I will probably end this day around 11 p.m.
Then I get up tomorrow for an equally full day again. More on that tomorrow.
For information on Maryland real estate, visit Maryland homes for sale.
December 12, 2008
| 2008 |
2007 |
% Change |
| Total Sold Dollar Volume: |
$ 2,885,000 |
$ 3,566,950 |
- 19.12 % |
| Average Sold Price: |
$ 288,500 |
$ 324,268 |
- 11.03 % |
| Median Sold Price: |
$ 295,000 |
$ 355,000 |
- 16.90 % |
| Total Units Sold: |
10 |
11 |
- 9.09 % |
| Average Days on Market: |
126 |
108 |
16.67 % |
| Average List Price for Solds: |
$ 337,159 |
$ 354,427 |
- 4.87 % |
Avg Sale Price as a
percentage of Avg List Price: |
85.57 % |
91.49 % |
Above are the home sales for November 2008 as compared to November 2007 in Laurel MD 20708. The above statistics reflect the continued market correction that is being felt through most of Maryland real estate. Both Average Sold Price and Median Sold Price dropped over ten percent.
The Average Sale Price as a percentage of Average List Price was a very low 85.57%. That means, in Laurel Md 20708, a property listed at $300,000 would actually sell for about $257,000. That is still amazing.
It is a great time to buy.
For more information, visit Maryland real estate
December 11, 2008
| 2008 |
2007 |
% Change |
| Total Sold Dollar Volume: |
$ 3,665,900 |
$ 3,741,700 |
- 2.03 % |
| Average Sold Price: |
$ 281,992 |
$ 267,264 |
5.51 % |
| Median Sold Price: |
$ 220,000 |
$ 245,000 |
- 10.20 % |
| Total Units Sold: |
13 |
14 |
- 7.14 % |
| Average Days on Market: |
144 |
94 |
53.19 % |
| Average List Price for Solds: |
$ 326,162 |
$ 298,536 |
9.25 % |
Avg Sale Price as a
percentage of Avg List Price: |
86.46 % |
89.52 % |
Above are the home sales for November of this year as compared to November of last year, for home sales in Laurel Md zip code 20707. The first striking statistic is the increase in the average sale price this November over last November. Last November in Laurel MD zip code 20707 the average sale price was $267,264. This November the average sales price was just under $282K, that is an increase of over five percent.
While the median sold price still decreased almost ten percent from last November. Also, the days on market increased by over 50 percent. However, the total volumn sold this November as compared to last November was relativley unchanged in Laurel Md 20707.
For more information about homes sales in Maryland, visit Maryland real estate.
December 9, 2008
Those of us who own Laurel real estate and are Washington Redskin Fans, don’t feel good about our Redskins. The Redskins lost to the Baltimore Ravens on Sunday night. For us Laurel MD Redskin fans it was a little more difficult to deal with due to our proximity to Baltimore MD. Laurel MD is equal distance between the Ravens stadium and FEDEX Field.
After starting off the season with six wins and only two losses, the Redskins record now stands at 7-6. Our playoff hopes are about to vanish. Even if we win our next three games, we may not make the playoffs. I am going to look for improvement of the team from here on out. I am not expecting to make it to the post season, but I will root for my team.
Lets hope they get better.
For information about home sales in Redskin territory, visit Maryland real estate.
December 8, 2008
More homes sold in Laurel MD this third quarter as compared to the same quarter last year. Laurel MD zip code 20707 sold over 17% more homes this third quarter over third quarter 2007. Eightynine homes were sold this third quarter, about 30 per month.
In Laurel MD zip code 20708, 37 homes were sold for significant increase of 54% over the third quarter of 2007.
Even neighboring Beltsville zip code 20705 is up over 29% this third quarter over last years third quarter.
These numbers are an indication that home prices are becoming more affordable for first time home buyers. It is also thought that banks are getting a better handle on how to deal with the massive amounts of foreclosures and short sales.
For more information, visit Maryland real estate.
December 7, 2008
There seems to be a lot of Laurel MD real estate for sale. Unless you are living in a cave somewhere, you pobably know there is a huge inventory of homes on the market. Well, how long would it take to sell all these homes if no one else listed their homes for sale?
I am not sure, but we can look at some numbers in Montgomery County Maryland and Prince Georges County Maryland to get some idea.
In Montgomery County Maryland, currently there are 2610 detached homes active for sale. In addition there are another 610 detached homes marked under contract. So if we do some simple math and divide the 610 pending sales into the 2610 active homes we come up with 4.3. Using this formula, I would say in Montgomery County, we have just over four months supply of homes.
Well that was easy.
Lets try it again, but this time in Prince Geroges County Maryland. In Prince Georges County there are currently 5122 active detached homes for sale. Also, there are currently 714 detached homes marked under contract. We divide the under contract homes into the active homes and we come up with 7.17 or just over seven months of supply of homes.
One obvious result you can draw is that it takes longer to sell a home in Prince Georges County than in Montgmery County. This may indicate better deals for buyers in Prince Georges County. Laurel MD proper is located in Prince Georges County and its schools have a good reputation. This makes Laurel MD one of the better deals in real estate.
For more information visit, Maryland homes for sale.
December 6, 2008
I was reviewing the number of homes that have sold in the Laurel real estate area over the last thirty days. I found some interesting numbers. Of the twentyone sales in Laurel MD, ten of them were distress sales. By distress, I mean either a foreclosure or a short-sale.
That is almost half the sales in Prince Georges County Laurel MD. What does that mean for buyers? It means buyers will have a 50-50 chance of buying a distressed property in Laurel. Distress sales are not as easy as the normal buyer-seller transaction.
Buyers will have to exercise patience in dealing with banks. Deals make take longer and have more bumps in them. Make sure your agent is staying on top of the transaction and the other agent. Not all distress sales are the same. You can get some excellent deals out there. Banks seem more willing than in the past to unload properties.
For more informaion, visit Maryland real estate.
December 5, 2008
As you know, Laurel real estate is located in four different zip codes. Today, I want to talk about Laurel MD zip code 20708.
A couple of post ago, I discussed the Sales price as a percentage of List price ratio in zip code 20707. Briefly, this number reflects the difference between the price the home was listed at and what it actually sold for. For example, a home is listed at $100K, but sells for $80K. Since the home sold for 80% of list price the Sales price to list price ratio is 80%.
In Laurel MD zip code 20708 the Sales price to list price ratio is just over 90%. So if you have a home listed at $250K, it would on average, sell for about $225K. This number is almost the same as last Octobers 91%. The number is also higher than Laurel MD zip code 20707 by 3%.
One reason for this October’s numbers being close to last October’s numbers, is that sellers are pricing their homes closer to what the market says they are worth. Home prices this October are down about 22% from last October.
For more information please visit Maryland real estate
December 4, 2008
Montgomery Village, Maryland is located about 20 minutes from Laurel, Maryland. I have a client who wrote an offer on a foreclosure and it looks like we will be closing next week. As noted in some of my earlier post, foreclosures can be tricky and full of booby traps.
How is this foreclosure making it to settlement?
This foreclosure deal is going to work because everyone wants it to work.
First, the home is priced very competively in the neighborhood. This home is priced at about twenty thousand less than the last foreclosure sale in this neighborhood. Secondly, though the home needs work, it is not in that bad of shape. By the time my buyer saw it, the bank had already put in new windows, new carpet and fresh paint.
The third thing was the buyer. I presented the buyer with ample information that the property was priced extemely well. The buyer wrote a very fair offer on the property. In addition, the buyer knew the property would have issues, but was still a great deal at that price.
The fourth ingredient was the bank that owned the foreclosure. The bank accepted the buyers’ offer provided, the buyer used the bank that owned the property. The bank promptly provided a Good Faith Estimate on a FHA 30 year fixed loan. Following my advice, the buyer accepted the terms from the banks lender.
And lastly, a couple of other significant points. The listing agent responded promptly to all communication. The bank was willing to provide a one year home owner warranty, a new stove, and a new refrigerator.
This foreclosure sale worked, because everyone in the transaction wanted it to work.
For more information visit Maryland real estate
December 3, 2008
Sometimes, I sit down with people who want to sell their Laurel real estate and ask them how much they think their home should sell for. On numerous occassions, the potential seller will start to state the list price of homes around them.
The list price is not the sales price.
The sales price is actually what the home sold for. A home may be listed at a sales price of $350K, but it sells for $290K. The difference between the list price and the sales price is referred to as the sale price to list price ratio. In the preceeding example, one would say the sales price of $290K is 83% of list price $350K. The seller sold his home at 17% below what he was listed at.
Currently, in Laurel Maryland zip code 20707 the Average Sale Price as a percentage of Average List Price is at 87%. That means if you list your house at $300K, your final sale (sold) price would be approxiametly $261K. In todays information age, buyers are usually aware of these numbers.
That concludes today’s lesson. For more information visit Maryland real estate.
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Contact Us
Brien Berard
RE/MAX
13994 Baltimore Ave.
Laurel, MD 20707
Phone: (301) 604-0198
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