Today is Monday
Sep 08, 2008
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Things are looking up for home buyers and sellers |
| | Posted on Wednesday, April 09, 2008 | | | By Danielle Rexrode THE ERICKSON TRIBUNE
According to figures released in January by the U.S. Commerce Department, new single-family home sales fell 4.7% in December 2007. This trend is expected to continue throughout 2008 as builders bring fewer new homes on the market. Couple that with mortgage rates on 30-year loans at their lowest level in nearly 4 years, and it looks like existing home sellers may finally get the break they’ve been looking for.
Right time to buy, right time to sell
“As far as I am concerned, now is the right time to purchase a home,” says James M. Weichert, president and founder of Weichert, Realtors, one of the nation’s largest privately held real estate companies. “I have been in the real estate business for a long time, and one thing that remains consistent is the factors that drive the housing market: mortgage rates are low, there is a healthy supply of homes to choose from, and sound financing remains available to qualified buyers.”
The National Association of Realtors is also predicting that sales in 2008 will increase due to a slowdown in new home construction. And with the new home market cooling off, the value of existing homes is sure to be headed in a positive direction. All this is encouraging news for older home owners who have been putting off selling their homes because of fears they would have a hard time selling.
In with the old…homes
“One of the benefits of buying an existing home on the market is that the cost of building materials for new construction is constantly going up,” says Realtor Penny Noval of Coldwell Banker, Timonium/Hunt Valley. “New construction is coming in at the highest price levels as far as bricks, concrete, siding, roofing materials, etc., whereas a comparable existing home built a few years ago may be more affordable for buyers.” | |
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Noval has been working in real estate for more than 25 years and is one of Coldwell Banker’s International President’s Elite sales associates. “Another thing is that older homeowners typically do a good job of keeping up with the maintenance on their homes. They’re good about replacing the windows, water heaters, and repairing or replacing things like the roof if they need it,” says Noval. “So for the most part, the houses they are selling are in good condition. There just may be some cosmetic things that need to be updated.”
Maryland: state of quick turnover
Despite the rough housing market nationwide, Maryland communities like Charlestown and Oak Crest report business as usual with not much of a slowdown in sales.
“The slow real estate market has really not hindered us here at Oak Crest,” says Retirement Counselor JoAnn Huebler. “I think part of the reason for that is we’re fortunate to live close to Washington, D.C., and northern Virginia—there’s a constant influx of home buyers relocating to this area for jobs.”
Help is on the way
Charlestown and Oak Crest both feature a new program called Erickson Realty and Moving Services (ERMS) designed to help potential residents simplify every aspect of the move-in process, including consultative home visits; professional real estate advice; and marketing, staging, downsizing, packing, moving, and other services that connect homeowners with the resources they need to get moving.
“The ERMS program has really proven to be worth its weight in gold,” says Charlestown Retirement Counselor Steffany Byers. “I think people are relieved to know that they have all of these wonderful resources at their fingertips. It really makes their move go more smoothly and takes a lot of the stress away when it comes to selling their house.”
So what advice does Noval give her clients looking to sell their houses in the next few months?
“My advice is to be realistic. It’s true that the real estate market isn’t what it was a few years back, but houses priced right are selling,” she says. “We were spoiled for a few years, but now we’re back in a ‘normal’ housing market. And in a normal market, it’s not unusual to have a house up for sale for an average of 60 or 90 days. As long as your house is clean, maintained, and priced appropriately, it’s going to sell.”
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| Ann's Choice - Warminster, PA | | Brooksby Village - Peabody, MA | | Cedar Crest - Pompton Plains, NJ | | Charlestown - Catonsville, MD | | Eagle's Trace - Houston, TX | | Fox Run - Novi, MI | | Greenspring - Springfield, VA | | Henry Ford Village - Dearborn, MI | | Hickory Chase - Hilliard, OH | | Highland Springs - Dallas, TX | | Linden Ponds - Hingham, MA | | Maris Grove - Concord, PA | | Monarch Landing - Naperville, IL | | Oak Crest - Parkville, MD | | Riderwood - Silver Spring, MD | | Seabrook - Tinton Falls, NJ | | Sedgebrook - Lincolnshire, IL | | Tallgrass Creek - Overland Park, KS | | Wind Crest - Denver, CO |
| Windsor Run - Charlotte, NC |
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