Real Estate Market Conditions

April 2012 Easton Real Estate Market Conditions

May 7, 2012

What an incredible start to 2012! Buyers are contacting agents, walking into offices, writing offers, and houses that have been on the market for two to three years are selling. Of course, prices have dropped to just about as low as they can go and it is making a difference! In Talbot County, April sales were up 58% over last year and the highest since 2010 with a total of 38 sales. The median price jumped to $465,000 up 94.5% over April 2011. Total inventory is 556, down from 674 in 2010 with average days on market at 226 for April sold homes. So all in all, you can see that the logjam has been busted wide open! Waterfront buyers are looking and waterfront inventory is flying off the shelf compared to last year. Pent-up demand, low interest rates, and good inventory all make for an ideal buyer's market. We have seen multiple offers on properties in all price categories. Advice to the seller: price it to sell and it will! You may even see multiple offers. This is a great time to sell and a great time to buy!

December 2011 Easton Real Estate Market Conditions

January 25, 2012

The Eastern Shore is experiencing an upswing in buyer activity for the last few months. In a year where there were very few multi-million dollar sales, the big buyers are out and making offers! The number of pending sales for December 2011 is up 31% in Talbot County over last year. The average sale price has increased by 18%,which is a positive sign for sellers. However, this does not mean you can over price your house and expect someone to buy it! Buyers are shopping on the internet and keeping a close eye on prices and interest rates. They WILL NOT overpay for a property! The good news is that interest rates are at an all time low, property prices have dropped dramatically, and motivated sellers are moving the market along nicely. Once some of the inventory sells, we will start to see a stabilization in prices, but that is still a few years away. Keep your eyes peeled for good deals and take advantage of the buyer's market!

September 2011 Easton Real Estate Market Conditions

September 15, 2011

BUYING FORECLOSURES CAN BE FUN AND EXCITING!

Interest rates are at an all-time low, and house prices have dropped markedly, so there are opportunities galore for someone looking for a bargain! Short sales are not the best way to find a bargain, as it may take many months for the lender to respond and then you still may not come to an agreement. Foreclosures are the best opportunity to buy at an awesome price, the bank already owns it and the mass of paper work has been done, so you can close rather quickly on these deals. Cash is king, but you can still purchase a foreclosure with financing, just have your pre-approval letter in hand to submit with the offer. Make your offer as clean as possible, understanding the property is being sold “as is” but you can still have inspections. If a house is a real bargain, there may be multiple offers on the property so give it your best shot at the beginning, there are no escalation clauses or opportunities to raise your offer once it has been submitted. Cash, clean and quick is the key to getting a house for a real bargain! Your agent will have limited access to information on the property, so you must understand it is at your risk when you buy a foreclosed property. However, it can pay off in the long run! Happy house hunting!

June 6 Easton Real Estate Market Conditions

June 8, 2011

ST. MICHAELS NAMED BEST SMALLTOWN FOR RETIREMENT!

Money Magazine and the Today Show named St. Michaels as being one of five of the best small towns in which to retire! It is charming, located on the Miles River, with great shops and restaurants and the famous Inn at Perry Cabin. The Chesapeake Bay Maritime Museum is a huge draw with many exciting events throughout the year such as the Antique and Classic Boat Show, Crab Days, Small Craft Festival, and more! Boaters love staying at the St. Michaels Marina, so the harbor is bustling with activity. There is always something going on in St. Michaels! The real estate market in St. Michaels is booming again! Many smaller cottage style homes in the lower price ranges are flying off the shelf! We are still looking for buyers in the mid to upper range and the waterfront market. Prices have dropped as much as 30% on waterfront property, so now is the ideal time to take advantage of prices and create a future investment opportunity, plus have a great waterfront home and enjoy all the Chesapeake Bay has to offer - fishing, crabbing, boating, jet ski, sailing, etc. There is more to do than you can imagine! Come visit the Land of Pleasant Living!