Prices went up too fast and too high. This is a natural and HEALTHY "pullback." Ocean Pines remains a super strong investment because it is unique and it is in a great location relative to the beach.
Simple supply & demand has driven prices down. Buyers have been taking a wait-and-see approach (low demand) and so as people have decided to sell over time (for their own varied reasons) has driven up supply. Sellers have to price their homes aggressively to nab the limited supply of buyers. But, buyer activity is definitely picking up.
No one can predict exactly where the "bottom" is, but I think if you want something for summer of 2009 you will probably not regret buying it now. If you want to wait, then August-September-October could turn out to be a "post summer sale" or it could be that even waiting that long will "miss the bottom."
I recommend e-mail alerts to notify you the same day of price changes, new listing, settlements (so you can see what they sold for), etc.
If you e-mail me at todd@SellingBeachToBay.com I would be happy to set up your e-mail address in our automated system to send you such alerts. It is a lot of fun watching the market evolve that way and whether you buy now or later you WILL BE in touch with the market by following events this way.
Atlantix Real Estate
Serving: Ocean City, Ocean Pines, Berlin, and Salisbury
If I can be of any assistance, please do not hesitate to call or email.
Home prices have adjusted to a more realistic value compared to just a few years ago, when prices were soaring in a sellers' market. Conditions have changed dramatically, making this the best opportunity for buyers in several years. I feel we are near the bottom of the "trough" in the real estate market and there are some compelling opportunities in Ocean Pines and other nearby areas. With interest rates at unbelievably low levels, it makes great sense to be a buyer of real estate right now. If you have high credit scores and can document your income, you have possibly a once in a lifetime opportunity to make a great investment in real estate at historically low interest rates, which will likely rise in the not-to-distant future. I would be most pleased to assist you in your search for an Ocean Pines home. I would love to share more with you. Feel free to contact me at 410-977-2519 or at firstname.lastname@example.org.
Licensed in MD & DE
ResortQuest Real Estate
302-541-8892 Office Direct