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“Stock Market Ends ANOTHER Roller Coaster Ride, While Home Prices Continue to Rise In DC Suburbs…”
By Sherman Ragland | November 9, 2007
While the stock market closed down (Again) for another week, home prices have begun to stabilize across many parts of the country, and are actually on the rise in my back yard – The Suburbs of Washington, DC…
The following is from today’s Baltimore Business Journal…
“… There is still reason for buyers to be optimistic, according to Greater Baltimore Board of Realtors President Cathy Werner — average sold prices are showing some improvement, there is plenty of inventory on the market, and incentives are available for qualified buyers to take advantage of.
“[I]t’s an excellent time to buy a home given that a home buyer has good credit and a stable job,” Werner said. “The buyer really does have a choice, and they can get an excellent home.”
According to MRIS, average selling prices across the region are still up from last year. For the region, the average home price for October was $315,765, up nearly 2.8 percent from last year and about nearly a half-percent higher than in September.
Howard County (a suburb of Washington, DC and home of Columbia, MD), where the average home price increased 10 percent to $458,725 over last October, showed the largest increase. Baltimore City, where the average sale price increased 9.5 percent to $188,830, showed the second largest increase.”
It appears that in many ways the SUB-PRIME Mortgage Meltdown MESS is like the proverbial RAT going through the SNAKE…
First it impacted the Mortgage Lending Business, then the Home Building Business, and now it is Wreaking Havoc on Wall Street.
HOWEVER, the curtailment of supply is now making it easier for home values to start ticking back up in markets where there is strong job growth (such as Washington, DC and its suburbs) an increase in DEMAND and a decrease in SUPPLY.
For “REAL INVESTORS”, there has never been a better time to be buying, in the right place(s), under the right terms. Sellers are still scared, mortgage money is tight, supply is being capped and PRICES ARE HEADING BACK UP! If you are fortunate enough to be an investor in the DC Region, now is the time to get smart about how to “BUY RIGHT” and GET BUSY…
Like all GREAT OPPORTUNITIES, it will not last forever.
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Tags: baltimore business journal, curtailment, greater baltimore board, mris, realtors president, sherman ragland, stable job, stock market closed, sub prime mortgage, washington dc, wreaking havoc
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