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Sharon's Market Update

Sharon's Market Update

DID YOU KNOW…

There is a product to help benefit today’s borrowers in achieving fantastic deals and REALTORS® to achieve quick closings? Fannie Mae has a program for borrowers purchasing a REO (bank-owned) property directly from Fannie Mae. The products benefits are below: • No appraisal required. • No mortgage insurance required • Available to both owner-occupiers (primary and second homes) and investors • High maximum LTVs are allowed-95% primary homes & 90% second homes & investments • Up to 6% expanded interested party contribution. • 30 year fixed Rates as low as 4.875% • Up to 10 financed properties allowed. If you want more information, let me know and I will refer you to a local lender.


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Ocean Pines Market Update

As of August 23, 2009 we currently have 324 single family, townhomes and condos on the market for sale in Ocean Pines. So far to date in 2009, we have had 119 properties go to settlement. There are currently 35 properties pending settlement. Here are the sales results by quarter. Q1 = 28; Q2 = 62; Q3 = 29. That is about 15 sales per month for a little over 21 mos of inventory. We are starting to see multiple offers on the properties that are in good condition and priced property. Don't forget to go to my website to search for all available properties in the area so you can take advantage of the great prices too! P.S. Hileman Real Estate is currently the No. 1 Broker for YTD Sales Volume in Ocean Pines!


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Ocean City Market Update

Now here is what's happening at the beach? There are currently 1769 homes/condos for sale in Ocean City. So far in 2009 our MLS indicates that 532 properties have settled and 169 properties are currently pending. Based on this information, there is about 27 months of inventory. Keep in mind however that not all available units in Ocean City are listed in the local MLS. Sales per quarter are as follows: Q1 = 161; Q2 = 228; Q3 = 143. The REO market is still pretty active at the beach. Give me a call if you are looking for a bank-owned property.


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Captain's Cove Update

And finally, Captain's Cove has had some activity this year as well. YTD we have seen 13 home and 21 lot settlements occur. There are 36 homes on the market and 252 lots available, so inventory is still high creating downward pressure on current sales prices. Also there are 5 homes and 7 lots pending settlement. Some of the builders have been seeing an increase in contracts for clients building on their own lots which is good news. So with prices still down you can buy a lot to build your next home at a reasonable price. Give me a call and I will be happy to send you an updated list.

Ocean Pines Maryland Real Estate Trends

Here is what's been happening in the Ocean Pines, MD real estate market since the beginning of the year.

OCEAN PINES MARKET TRENDS
SFH Units
Active 270
Sold 58
Pending 35
New 165
Withdrawn 101
Expired 22

Avg List Price $261,359
Avg Sale Price $242,472
Avg DOM 163
List to Sell Ratio 92.77%


Based upon a review of the information as reported in the local multiple listing service, you can see that the inventory is starting to level off to about 24 months of inventory on the market. In the Ocean Pines area, we do have a seasonal increase in the number of new listings coming on the market as well as the number of sales increasing during the summer months since that is when we have more visitors coming into the area.

Most of the sales are in the under $250,000 price range and prices are becoming more affordable for the first-time home buyers as well as those wanting to purchase a 2nd home. There are definitely some good buys to be had and we are encouraged that those buyers who have been waiting on the side lines have good reason to purchase now before the interest rates begin to rise.

Did you know that according to a recent article for the mortgage lenders, a 1% increase in mortgage rates will offset any savings you might get be getting a home at a 10% discount? So waiting to purchase could back fire on you.

Why not work with an Accredited Buyer's Agent and negotiate based on how much you feel the market may continue to decline. Keep in mind, each home is priced differently and the seller's motivation to sell will play an important role on how much you can expect to get off the list price.

When you hire me to represent you, I will do a complete market evaluation to ensure that know all the facts before making the decision to purchase. Visit my website www.sharoncurtiss.com for FREE Buyer Service reports and search for local property for sale.

Ocean Pines Real Estate Market Update - Dec

Ocean Pines, MD Single Family Home Sales Year to Year Comparison

As of 12/22/07, based on the information found in the Coastal Association of REALTORS® Multiple Listing Service (dpol), the Ocean Pines single family home market is down 49 units settled from the same period in 2006. There are currently 277 single family homes on the market with 14 sales pending.

The average sale price is actually up a little over 1% from the same period last year to $349,852. The list to sell ratio is down however to 95.41% from 97.04% in 2006.

There are some good buys to be found with quite a few homes on the market listed under $200,000. While interest rates are still at historic low rates, buyers with good credit can still get some attractive financing.

Go to my website to search for all the areas listings.