Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

Breaking News: Dramatic Decrease in Home Sales Spells Double Dip in Home Prices

Wednesday, June 1, 2011
by Don DeHanas, Associate Broker

 

The most recent statistics by the National Association of Realtors will make any current home seller and real estate professional very jittery!

If you were a holding out from joining the real estate double dip club…this new data will 1000% convince you.

* Contracts signed to buy existing homes dropped off a cliff down month over month by 11.6%.  This means that the number of homes expected to close..the best predictor of the future health of the real estate market…are showing very dire signs.

* Year over Year (April 2010 vs April 2011) pending home sales are down 26.5%.

* No surprise with the huge decrease in pending home sales…Fannie Mae backed nearly 20 Billion dollars in few mortgages. Again, fewer home sales…fewer mortgages needed.

* HFA Mortgages delinquencies hit an all time high of 7.5%. That isn’t a huge surprised because most of their loans were originated during the boom.

A number of economists had predicted a double dip in home sales, and now the data supports those predictions.  The forecast is for the double dip in home values to run its course through 2011.  We are expected to see a break from this bad news in the Spring of 2012.

What does this mean for the real estate market?  We will continue to see short sales and bank foreclosures dominate the market, which of course translates into great deals for investors and home buyers.  In Southern Maryland, where there is an inventory shortage of available rental properties, the market is hot to scoop up homes that have mortgages significantly lower than what the same home rents for.

If you or someone you know is thinking about buying or selling a home, or if you are just looking for more information about the current real estate market, call us at 301-870-1717 or e-mail [email protected].

Add Comment

Montly Market Update Report for April 2009

Tuesday, May 12, 2009
by Rachel DeHanas, Broker

While some news sources are reporting an increase in consumer optimism for the Washington DC region, the recent publication of housing statistics remains grim.  During the first quarter, home values in Charles County had dropped into the single digits of decline, indicating signs that we were approaching a flattening of home values, but a huge spike in April’s statistics pushed the decline back into double digits.  Year-to-date median prices fell from – 8.6% over last year to – 12.1% as we saw a 20% decline of median sale prices during the month of April over last years data.

While there were 145 contracts written last month in Charles County, only 59% of them, or 86, actually settled.  Arguably, there are some longer-term contracts which will offset future statistics in this area, however, you should note that there is a percentage of contracts that never make it to settlement.  While the level of inventory remained consistent to the previous month, the fewer amount of sold properties increased the overall supply of inventory vs. demand ratio, which currently represents 14.3 months of inventory supply, up from 13 months supply during March.  Further indications are that the inventory supply continues to rise ahead of demand by about 1% per month.   There is a steady flow of Bank-owned inventory as well as preforeclosures hitting the market.  According to Realtytrac, there are currently 256 homes in Charles County in preforeclosure status.  During the month of April another 144 homes in the county went into default.

Another noteworthy statistic is the average sales price as a percentage of the average list price, which currently sits at 87.3%.  This percentage remains comparable to the previous month. For prospective purposes, a home is listed at $400,000. Market statistics tell us that a buyer will end up paying $349,200, which is 12.7% below the original list price.

Many buyer programs are still available, including the $8,000 tax credit for first time home buyers, and loan programs such as a rural development loan.  Many of my sellers will notice that we have begun advertising some of our homes with “100% Financing Available”. Any of our properties that qualify for the rural development loan have this banner in our ads. 

Details were expected last month from the Charles County Commissioners on the money allocated to Charles County from the Governments Housing Relief Program.  The Southern Maryland Board of Realtors is contacting the Commissioners weekly for updates, and have been told that the commissioners are still ironing out details of the program, and are making changes to it.  Currently there is no estimated time for which this program will be in effect.  The $5.1 million allocated to Charles and St Mary’s Counties is expected to assist buyers with closing help and offer incentives to purchase Bank-owned homes.

 

Add Comment

Charles County Commissioners Propose Increase in Environmental Impact Fee

Wednesday, April 4, 2007
by Don DeHanas, Broker

As reported to me by the Southern Maryland Association of Realtors, the Charles County Commissioners, during a recent budget meeting have preposed to increase the environmental impact fee, which will show up in your property tax bill.

What is an environmental service fee?  Its a fee for the County's recycling and stormwater management maintenance programs and is included on the homeowners' property tax bill.  It is shown on the bill with the designation ESF.  The fee is currently $62.00 per year.

After many questions of staff and a great deal of healthy discussion at the Commissioners' FY08 budget worksession held on Tuesday, the Commissioners agreed to take forward to the public hearing on the FY08 Budget a proposed increase of this fee to $65.00 per year.

Homeowners can find their property tax bills on-line by visiting the Charles County website at:

http://www.charlescounty.org/treas/taxes/index.html#realproperty

Click on property tax inquiry, and follow the instructions given to search for the tax bill.  A detailed breakdown of a property tax bill in a given year may be found by clicking on the year.

SEARCH FOR HOMES

Add Comment

Displaying blog entries 1-3 of 3

Syndication

Categories

Archives

Contact Information

Photo of The DeHanas Team Real Estate
The DeHanas Team
DeHanas Real Estate Services
601 Post Office Road, Suite 2D
Waldorf MD 20602
Office: 301-870-1717
1-800-842-0190
Fax: 240-754-7867
Send an Email

Servicing all Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro areas of Maryland, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County real estate advertised in this website are subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise any preference, limitation, or discrimination based on race, color, religion, sex, handicap and familial status, or national origin, or any intention to make any such preference, limitation or discrimination. DeHanas Real Estate Services will not knowingly accept any listing agreement for real estate sales in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas which are in violation of the law. Our clients and customers are informed that all dwellings advertised on our website in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas are available on an equal opportunity basis. All prices and finance claims appearing in this site are subject to change without notice.