Market Moving, Bye Bye Bottom!

The market indicators have been turning over like the fruit in a casino gambling machine over the past two years and with interest rates arguably the lowest ever and properties having contracts on them within weeks of being listed, I think we are seeing the jackpot in that the market meets the criteria to be labelled a "sellers' market" in many areas now.  Prices are the lowest they have been in ages, many are in reasonably good or great shape and banks are lending to qualified buyers.  Cash buyers have been about a quarter of all buyers nationally for most of the past year dodging the banks altogether.  I have called the last twelve months of the "soggy bottom" because while many people have continued to complain about the poor market, others have been rushing around finding their own private funding and buying up all the propertues they could afford.  Some of those investors don't want to advertise the great deeals they have been getting so they continue to moan about the state of the economy, but prices are stabilizing and consumers who would like to become homeowners for the first time are realizing that they are paying more in rent then they would pay if they bought a place.  The inportant question is whether they know they will remain in one area or if they will be able to manage it as an investment if they move out of the area.  Prices are not expected to rise suddenly or dramatically, but they are beginning to not fall and you will observe over the next year that prices will begin to rise in your neighborhoods if they have not already because a lot of those short sales and foreclosures were bought by people who had the money and the skills to improve those vacant or run down properties in your neighborhoods. Some buyers can buy now and build real sweat equity.  It is a win/win. 

I have a lovely 2 bedroom , 2 1/2 bath, upper level townhouse condo listing overlooking a cove on Wilde Lake in Columbia, Maryland, that needs a little updating but has a brand new gas furnace, new air conditioning system, new carpet and fresh paint, 2 balconies, original oak cabinetry, bathroom tile and parquet floors for the low discount price of $210,000, As-Is, No closing help if you can close by the end of November this year.  Otherwise, next year's price will include updates made over the holidays. 

The Market is moving!  The Soggy Bottom will be solid soon.

Best wishes,
Linda