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Archive for January, 2009
The Grand Canyon can separate buyer and seller expectations
January 31st, 2009 Categories: Buying, Selling
Two very different perspectives
Buyer: The market hasn’t been this bad in 50 years – everything is totally overpriced
Seller: My house is special. My house is unique. My house has a high value. I’m not giving it away.
Right now in Montgomery County, the gap between buyers and sellers can be like the Grand Canyon. Who’s on the right side? The answer is somewhere in the middle.
Good News for Buyers – Our Market is Relatively Strong
How can a strong market be good for buyers? The lower the price the better, right? Read the rest of this entry »
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This Home in Only Two Words: “Oh Mama!”
January 28th, 2009 Categories: North Potomac
If you have ever managed survived a major home renovation, you know how much work it is getting from “inspiration” to “relax-and-enjoy”. With this home, enjoy the fruits without the labor. Hardwood floors have been refinished, premium carpet is in great condition, and — best of all — the kitchen has been completely transformed. The traditional layout flows great and it enjoys a great cul-de-sac location. See tons of big pics, then visit this home’s private web site at www.TurleyCourt.com for all the details. You’ll agree: “Oh Mama!”
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Our job market measures-up pretty well
January 25th, 2009 Categories: Market Updates
First the mortgage meltdown in the fall of 2007. Then, the financial crisis. Now companies are laying off scores of employees driving up the unemployment rate. This last hit can be a killer for a real estate market. You aren’t going to buy a home if you don’t have a job. But all areas in the U.S. are not affected the same way. The Washington D.C. job market is a bright spot in a the national economy. Read the rest of this entry »
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One Level Luxury in King Farm
January 24th, 2009 Categories: Rockville
King Farm is a fantastic planned community in Montgomery County. Everything is just a quick walk away – pools, parks, restaurants, coffee shops, grocery stores and more. With the King Farm shuttle, homeowners are on the Metro Red Line in minutes — no car required! This home has many great features. It’s really big with over 2,300 square feet of living space on the main levels, it features a 1st floor master suite, and – maybe best of all – it’s the former Bozzuto model so it’s loaded with tons of features: amazing kitchen, professional decor and window treatments, fireplace, hardwood floors and more. See tons of big pics, then visit this home’s private web site at www.807Gaither.com for all the details.
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Snapshot of million dollar homes in Montgomery County
January 21st, 2009 Categories: Bethesda, North Potomac, Potomac
Amidst declining home values in Montgomery County, we still have a healthy market for homes in the upper brackets. In 2008, 770 homes priced $950,000 or more sold for a total of $1.1 billion (with a ‘B’). For all price ranges, about 8,500 homes sold for a total of $4.27 billion. So even though 770 homes represents only about 9% of the number of homes sold, this was over 25% of the total sales volume for the year.
Over 80% of all homes in this price range sold in Bethesda, Potomac and Chevy Chase. Of these areas, Chevy Chase has the Read the rest of this entry »
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Distress Sales in Montgomery County – How bad is it?
January 18th, 2009 Categories: Foreclosures, Market Updates
Just about every day passes with another statistic about area foreclosures. News snippets rarely provide a good perspective on our local market, so we took a detailed look at the total number of bank-owned and distress listings on the market in Montgomery County. As posted in December, we saw signs of an improving market with an increase in the number of contracts the 2nd half of 2008 compared to 2007. However, until distress and bank properties are reduced to a smaller percentage of available inventory, Read the rest of this entry »
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Got ghosts? One thing a home seller isn’t required to disclose in Montgomery County
January 13th, 2009 Categories: Buying, Selling
Home sellers in Montgomery County, Maryland have to disclose a lot. They have to tell prospective buyers about any roof issues, plumbing problems, presence of lead, current taxes, estimated taxes, easements located on the property, and more… much more. Starting in 2009, home sellers must also disclose their energy consumption. When energy costs soared and gas hit $4 a gallon (remember those days?), the Montgomery County Council conceived legislation that would require sellers to perform a complete energy audit before listing a home. Given the impracticability of implementing this legislation, the final bill only requires sellers to disclose past energy usage.
Disclosures are a good thing that protect the buyer and the seller. In Montgomery County, the disclosure package is a daunting stack of paperwork that attempts to cover every scenario. Is this new disclosure worthwhile? I believe a buyer should view this information with a critical eye. A home’s energy usage can be a better reflection of the homeowners’ lifestyle than its energy efficiency. The buyer’s home inspector’s assessment on the efficiency of key systems (furnace, A/C, windows, insulation, water heater and appliances) should also be considered when evaluating a home’s energy efficiency.
So what’s this got to do with the presence of paranormal activity in a home? For exasperated home sellers who cry out loud “Could I possibly be required to fill out another form to sell my home?”, take heart. We don’t have a form that requires you to itemize the presence of dead clowns, unspeakable evil or other paranormal entities that reside in your home like in the following video. Still, if you hire us to sell your home, we would really appreciate a “heads-up” so we are adequately prepared to answer any questions from buyer agents who show your property.
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How low do you go when buying in Montgomery County?
January 11th, 2009 Categories: Buying
All purchase offers should be really low. This is the common sentiment with most buyers in Montgomery County. Sellers are discounting homes 10%, 20%, 30% or more, right? Banks are desperate to sell their homes, aren’t they? In such a bad market, sellers are happy to get any offer, so a buyer should always offer way less than asking price…. right?
Well, not necessarily.
Buyers should first understand that a home’s list price has no direct relationship to a home’s current market value. The best way to gauge a home’s value is to look at recent, comparable sales – not the list price. Most sales prices are reduced from asking price. However, you may be surprised that many sellers are getting close to asking price… or more. Read the rest of this entry »
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