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by oceancityrealtor from Ocean City, Md

Last Post 69 days, 14 hours Ago


With Home Inventories High....NOW-
Feb 2, 2007 | 2:07 PM
Category: News
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is the time to buy! This is what the media should be reporting considering rates are about 6.25% for a traditional loan and about 6.5% for a "jumbo"(usually between 415,000 and up) loan. This is still historically low and with all the homes/condos available, there has been no better time to contact a Realtor and get the process going.

And for the sellers out there the industry magazine shows that many Realtors are becoming increasingly "picky" when accepting listing agreements. Many agents are spending a lot of money and resources carrying listings, that are simply overpriced. Now, this may not be the sellers fault, the agent might not have as much experience as others, and produced a flawed competitive market analysis. Or, the sellers still think the home they are selling truly is $20,000 more than an identical property next door? My experience is there is some of both occurring in this market.

The market is turning the corner and savvy buyers see the opportunity, and are jumping back in! I will attempt to contribute monthly market updates from "down on the shore" here in Ocean City, MD.

Thanks and if you want some more info please check out www.awisemove.net or gimme a ring.
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Member Comments Total Comments: 8
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grandillusion read my blog
Feb 2, 2007 | 2:14 PM

Seems like it's always a great time to buy according to the NAR. I don't blame you for trying to keep the dream alive, but if it's always a great time to buy... when is it not a good time? According to the NAR, it never is, which raises the question, in who's best interest is it when these types of advertisements are run?
oceancityrealtor read my blog view my photos
Feb 2, 2007 | 2:33 PM

I don't recall much positive hype during this past run, as it related to sellers GD? Maybe, you can, or if you'd like give me some examples of this promotion during the past four years or so?? I can tell you that what I saw was promotions for "great time to SELL?", and for that it was, that is if you had somthing to sell. At no time have I ever told anyone during a hot sellers market that it was a great time to buy...others may have. I could tell you that when a market starts on a hieghtened selling trend and prices rise accordingly, that whos quess is it to say when it would level out? Yours maybe?
You amaze me with how quick you read these posts...are you the webmaster or just an avid blog reader? Thanks. Jay www.awisemove.net
oceancityrealtor read my blog view my photos
Feb 2, 2007 | 2:35 PM

My mistake in the first sentence please replace "related to sellers" with "related to buyers". Thanks, sorry.
grandillusion read my blog
Feb 2, 2007 | 3:47 PM

Sorry OC - not in the terms of this promotion, however a quick search on David Lereah, chief economist at the National Association of Realtors as issued many statements concerning that this is a favorable time to buy.

As in

"...housing activity will remain healthy for some time to come." - David Lereah, NAR’s chief economist, October 28, 2005

Although not qualified as healthy for whom, one can only deduce a healthy market which means both buyers and sellers.

Besides, I have never heard of anyone talking to an agent about buying a home and hearing a response that now is not a good time to buy. It's always a good time to buy if someone is going to make some cash from it.

You're the SME on this, I'm just an observer but am wondering, have you ever told a perspective client that it would be in their best interest not to enter the market?
oceancityrealtor read my blog view my photos
Feb 2, 2007 | 5:36 PM

Well GD, using deductive reasoning now could (and does) change the entire point of your initial"Seems like it's always a great time to buy according to the NAR" statement? His (Mr. Lareah's) statement, based on your deductive reasoning was in fact not quite on target, seeing that the market started to shift to a "buyers" market soon thereafter. Based on the real time market in Oct '05 the market was a very healthy "sellers" market. I don't see any info from you yet that "when is it not a good time? According to the NAR, it never is," I would still like to see somthing...truthfully? You seem to be quite the researcher, and one that has the time to research ...and I don't have it readily available. But, I would like to see it so I can be even more knowledgeable and , more importantly, provide accurate information to my clients.

To answer your question if I have ever disuaded anyone from buying, I can tell you with great pride that I have. As most ethical Real Estate professionals do. Many a buyer during the past "sellers" market were looking to jump in and try a quick turn around of property (did you ever consider this, or maybe took some ill advised consults?). I in fact told every one of my clients that the resort market can be volatile, and if you should buy a property plan to hold it for at least five years. That wasn't what everyone wanted to hear, but it was my advice.

As your question relates to seller clients. Very recently I have turned down listing opportunities because sellers weren't realistic towards pricing. Believe me somebody will list the property no m
oceancityrealtor read my blog view my photos
Feb 2, 2007 | 5:45 PM

matter the price. I put my resonsibility to my clients first and if you do that, your payday will come through referrals.

I do enjoy your posts and you are certainly educated and conduct some research. I do disagree with your tone on NAR , however. NAR has done many great things for the homebuying public as well as this profession. I think if you research some of the results of NARs lobbying efforts you will see that. Unfortunately, every profession has some bad seeds, we know this...but overall the Realtors I've been priviledged to work with and alongside on deals have been nothing but "stand up" pros. Thanks GD , for bringing up some valid concerns and keep up the great posts.

www.awisemove.net
grandillusion read my blog
Feb 2, 2007 | 8:16 PM

True enough OC. My hook about the NAR provided many opportunities for contention, further was a bit over zealous. The intent of my comment was to point out duality of best interest within the market, as of first read your post appeared more of an advert, but in taking pause it probably is a good time to buy.

In looking at the housing market, it does appear cyclical. As it becomes more expensive to borrow money (interest rates), prices decline to adjust with the average paycheck to paycheck monthly mortgage consumer. When it becomes cheap to borrow money with lower interest rates, it seems the market adjusts again. Because the average Joe can afford more per month, housing prices rise. It seems to me the best time to buy is just after an interest rate spike, when it is very expensive to borrow money, because at that point the market has already adjusted to the historically high interest rates, and through the act of refinancing as rates go down, more value can be realized on the initial purchase.

That’s my opinion anyway, and keep in mind, I haven’t made a dime yet so this isn’t a position of past performance nor experience, just a hunch..

Thanks for being one of the honest ones.
oceancityrealtor read my blog view my photos
Feb 3, 2007 | 5:14 PM

Well thank you GD for bringing up these fantastic points. I admit my original post was a mix between advert and (what I believe) good info. Thanks for making me be a little more focused in my "blogging".
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oceancityrealtor

I am a native of Silver Spring, Md where I attended Montgomery Blair High School and then George Washington University. I spent every summer of my youth in Ocean City at our families beach house. I got "salt in my viens" and decided that the beach life was more appealing than than life on 495...so I made the move permanent in 1992. The best of both worlds in my opinion, I live at the beach, but I am still firmly planted to my roots in the DC area. My brother lives in the city, and I visit often. My career is real estate, specifically Marylands Beautiful Eastern Shore, from the beaches of Ocean City to the rural appeal of Pocomoke and Snow Hill. This I enjoy due to the constant fluidity of the market and the people, and clients that I meet and continually interact with. I look forward to being a source of some valuable, some not so valuable information for any of you Fox5 fans, interested in the Lower Eastern Shore and Ocean City!Jay Wise website www.awisemove.net email me: jay@jaywise.net

Member Since: 9/1/2006


 

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