Wicomico County - August 2009 Housing Report
As you can see listings are down over 8% from August 2008. For the year to date total we are down about 10%. These are positive signs that will eventually lead to a market correction, unfortunately, most of these homes are coming off the market because of short sales and foreclosures. We’ve only broken the ice with foreclosures, as rates will continue to soar through 2010.
The big gains this month were the settlements. 45.7% increase in sales compared to August 2008! Great news for the county and goes to show that many buyers are taking advantage of the $8,000 tax credit and the lowest interest rates in years! I haven’t seen a month like this in years!
95% of the market is under $300,000. But the houses that were listed in the $400,000’s and $500,000’s are now more affordable then ever and are coming below that $300,000 threshold. The move up market is very lucrative right now – you just have to know the ins and outs of selling for profit in this market.
Ocean City Condos:
Ocean City - August 2009 Condo Report
While Wicomico County’s yearly figures are way down compared to a year ago – the Ocean City Condo market it hot! All positive signs to the market on a rebound. Great time to buy a second home or for investors to cash in. Listings are down, settlements are up! It is harder to get a loan for a second home but if you have 20% down you are in the drivers seat!
Condos like The Gateway Grand, Ocean City MD and others have reduced 30%, 40% and even over 50% just to get the bad debt off the books. But once some of these bad investments are sold – prices will begin to rise again.
Now, is the perfect time to buy…there are only 83 days left for the 1st time home buyer tax credit! To learn more about the tax credit visit http://www.theroopgroup.com/ or email Adam Roop at TheRoops@TheRoopGroup.com
10 comments:
Sorry, wouldnt touch them with a ten foot pole.
get off the crack...housing market is horrendous
oooooo....zing!
Exit Reality. Nice name cause smart people are exiting Salisbury cause of all the crime.
This kid is crazy! Alright Adam lets examine this puff piece. First off this kid is in his early twenties and has not lived long enough to work through a cyclical recession business cycle. Second OC has been over built for years and years. It will take years of a strong economy for the glut of properties to sell. Third do not ever listen to a realtor tell you it is time to buy! According to them it is always time to buy.
Hes a Punk.
Who IS Exit Realty?Are they local?I ask because I have seem alot of their signs recently.
Adam is full of crap. Get your head out of the sand. Inventory in wico county for single family homes has been flat since DECEMBER 08, holding at about 800 homes. Our inventory is going NOWHERE fast, its going to be a long time before it drops too...until our inventory comes down significantly this market is in the tank, tax credit or no tax credit...get over yourself!
I would not trust those people. First they were century 21 then jumped to the roop group, and then jumped to martin and moore now jumped and are exit reality? These guys keep trying to reinvent themselves. I would not trust someone who has changed their name and affiliation 4 times in 3 years.
roop flew the coop
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