Tag Archives: Market Update

The Maryland Real Estate Market is Busy!

But I caution that this traffic is not going to last forever. We believe sellers have a window of opportunity for the next 90-120 days in which to sell their homes for maximum price. We have seen a great increase in activity starting in late April, and early May. We’ve sold 35 houses in under 30 days since May 1st.

Getting settled into a new home before the next school year starts creates a huge sense of urgency for summer buyers! The other opportunity for sellers is coming from job relocation. This home buyer typically comes into town once or twice and buys. Sometimes they are in corporate housing for a short period of time but that seems to be less common now than in the past.

We are truly dedicated to helping you get the sales price you deserve by supplying all the tools and resources you need to be seen by the maximum number of buyers in today’s marketplace! Request a no-obligation market analysis now!

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How’s the market?

Everywhere I go, people ask me, “How’s the market?” I’m happy to say, April was fantastic! Our team sold 121 homes in the month of April. That’s great news, not just for us as a team, but also for you, our clients! We are starting to see an increase in activity. Homes that are priced well, and in good condition, are selling quickly. We are seeing homes sell in under a week and in a few cases, multiple offers. 119 of our listings have sold in under 30 days since the beginning of the year. 43 of those listings have sold in 10 days!

The condition of the home is certainly dictating how quickly it’s selling. That’s why we focus so much on staging your home properly. We are proud to announce we have two new Home Marketing Consultants on our team, Debra White and Dervon Hampton. They bring an incredible amount of experience and savvy design know-how to the table, and are already receiving rave reviews from our sellers. According to stagedhomes.com, 94.6% of staged homes sell on average in 33 days or less!

We are all pleased to see signs of recovery in this region and we are hopeful this trend continues during the summer selling season.

Interested in a no-obligation market analysis?

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Creig Northrop Featured in The Baltimore Business Journal

A Realtor reflects: Market is ‘going in the right direction’
By: Rachel Bernstein (Baltimore Business Journal Staff)

Even in a down economy, Creig Northrop’s name and face remain ubiquitous in local real estate, appearing in all the usual advertising platforms and some new ones, including a sponsorship of a new youth soccer complex in Ellicott City.

Northrop runs four offices in Howard, Carroll and Montgomery counties and has been in the business for more than 20 years. Northrop, 42, learned from his mother, also a real estate agent, while working for her in the 1990s, taking cues from her traditional style while also developing his own marketing ideas.

After selling 838 homes in 2007, Northop’s team sold 757 homes in deals totaling $415.5 million in 2008. This year, the group looks to surpass those numbers. He chatted with the Baltimore Business Journal on a variety of topics, including the success of the first-time homebuyers’ tax credit — part of the federal government’s efforts to revive sputtering home sales and the economy — and what his dream home is missing.

On fluctuations in the real estate market … Ultimately, what I see, real estate is going in the right direction, which means [homes are] selling. I think we’re on a good timetable selling properties. That’s the positive end of it. It’ll be another year to see [home value] appreciation, any noticeable appreciation. But for the first time, in the past 30 days, inventory’s been down, which certainly helps raise prices, having that limited inventory.

One of the things that helped for the past 60-day surge was the first-time homebuyer tax credit. It’s been a real plus. And what happens after that, the person that sells that townhome ends up buying a single-family [home], then a mid-range house, then high-end. It helps the whole economy. That market eases up, prices become reasonable, so first-time buyers right now are seeing a very heated-up market. And if you were debating on selling, now’s the time.

On what the first-time homebuyer tax credit has meant for business … I’ll quantify to give you a sense of it. We’ve sold over the past three to four months over 300 homes. Ultimately, what that tells you, sales prices are lower and [sales have] been the best for a couple years, since 2005. Things are selling again, but it’s not about raising the values yet, they’ve been stabilizing.

On curb appeal and other selling strengths … In the first ten seconds, a potential buyer’s going to determine whether they’ll buy [a house] or not. I certainly spot location right away. Then appearance from the front — whether the door needs to be painted, if it’s cracked in the foundation. You’re going to look for other things when you see it going in and if it’s worth the full price on a first impression.

How it sits on the lot, too, and any determining factors, resale values. We just had a client buy a single-family for under $400,000, at a 4.5 percent interest rate, and the seller paid all closing costs. He got the $8,000 tax credit, so it was a great buy. It’s building equity for the future. And after 2011, you’ll see a lot more appreciation [in home values].

On marketing to the three classes of buyer … In total, we’ve got 60 employees, 40 full-time agents, 20 administrative employees, who work on creating virtual tours [of homes online], marketing, our Web site.

The way I see it, there are three sets of buyers: old school, new school and eco-boomers.

A lot of them don’t know how to use the Internet in the first set, and my mom falls in that class. She doesn’t know how to turn the VCR on. So news and print are still valid for them. It’s still important.

In the second set, it’s about having good Internet presence, so we drive everything back to our [Web] site. For the eco-boomers, they don’t leave messages, they’re about texting. All of the information comes right to your phone when you send a text to us.

On the down economy … It’s affected everyone, not just sellers. In terms of real estate, it divided who was professional. Some who were in it as a hobby, or part-time, got out. Sellers have become more aware of values. So now they’re pricing property correctly.

On what his dream home is missing … Your dream home changes over time, as you go through different ages. If I had to say something I still want in a house, it’d be a tennis court. To be able to have it right in my backyard.

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Is the Real Estate Market Recovering?

Last week The Northrop Team announced we sold 122 homes for the month of June, and it was also announced that new home sales increased for the third straight month, along with an increase in existing home sales. The Metropolitan Regional Information System (MRIS, the local MLS) has just released their Mid-Year ’09 Trends in Housing Report which outlines several trends in both the residential and commercial real estate markets.

Below is a video highlighting the noteworthy points of the report.

Download the full Trends Report

Considering the purchase of a new home? Start your home search.

Interested in a no-obligation market analysis? Tell us about your home.

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Record High Home Sales for the Month of June!

The Creig Northrop Team of Long & Foster Real Estate, Inc completed the month of June with a record high, selling 122 homes – making it our best June in three years.

On a national level, existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.6 percent to a seasonally adjusted annual rate of 4.89 million units in June.

The National Association of Realtors said about 31% of last month’s sales were distressed homes, down from the 45-50% last month. Approximately 29% of the June buyers were first-time buyers, up nearly 12 percentage points since June 2008.

“What’s even more amazing, comments Creig Northrop, “is on a local level.” The number of homes sold in Maryland rose 10 percent in June 2009 compared to June 2008. “That’s a huge jump” he adds.

In June of 2009 there were 5,082 units sold in Maryland compared to 4,621 in 2008.

One of the largest increases was seen in Montgomery County – which saw a 20.9 percent increase in units sold over last year. Howard County saw a 3.7 percent increase. Carroll County was up 5.20 percent.

“We recognize this is as a very positive sign in the market,” says Creig Northrop. “Certainly we face the challenges of the market but through knowledge, market experience, and dedication to our clients we are able to stay ahead. It’s great to  see signs that the housing market is finally bouncing back.”

New Construction Sales were also up in June. The government says new US home sales rose by 11 percent – the largest amount in nearly nine years last month.

To find out “Why This is the Year to Buy a House” or “Why Your House Isn’t Selling” sign up for our August webinars at www.northropteam.com/events

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Home Values Soar!

A recent study release by the Federal Housing Finance Agency shows that home values for the Baltimore Metropolitan region rose over 60% in the past five years!

According to the third-quarter survey released by the Federal Housing Finance Agency, out of 292 metropolitan markets, 273 showed positive net home values in the last five years. Only 19 percent were negative.

Curious about you home’s value? View the local real estate trends in your neighborhood now!

Source: The Washington Post Writers Group, Kenneth R. Harney, (12/06/08)

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