Market Conditions in 21403>Question Details

Brian, Home Buyer in Annapolis, MD

Hello I am looking at a house that is 18% below two years ago prices. In the 21403 zip. is that a good deal?

Asked by Brian, Annapolis, MD Sun Aug 3, 2008

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Market prices have stabilized and even improved in the 21401 and 21403 zip codes and most are up an average of 12-14% over this time last year so off hand, yes that sounds like a good deal but of course so much depends on location and condition of the home. My husband is a general contractor and we specialize in, among many things, finding good homes and potential rentals and flips, for investment clients. I'd be happy to take a closer look at the home you found or help you find other good deals in the Annapolis area. Please let me know if I can help.
1 vote Thank Flag Link Mon Jan 13, 2014
I am curious as to how you know it is 18% below...did they advertise it this way? Did you calculate the figure some how? The best thing to do is calculate how much the market has dropped as a whole in the past 2 years, then you can determine whether an 18% reduction is in line for this particular house. If you would like some assistance, please contact me at LDevnew@cbmove.com
Lisa Devnew
1 vote Thank Flag Link Sun Aug 3, 2008
I wouldn't compare it with prices from two years ago. I would compare it with the prices within the last 6 to 8 months. If you can get it for around 10 to 15% below the current sold comparables then I would say it's a deal. Feel free to send me the address and I can send you a free market analysis to show you whether or not it is priced right.

John

John Holmes
Keller Williams Realty
email: jholmes@kwflagship.com
cell: 410-693-1965
web: http://www.MidMarylandHomes.com
1 vote Thank Flag Link Sun Aug 3, 2008
All indications are that the Market is either going up or staying flat.
You have the property, that is being offered at a price of 18% below the market price two years ago, sounds like a great dea.

The question is where are you getting your numbers from?
0 votes Thank Flag Link Thu Jun 28, 2012
Your question seems to imply that property values in zip code 21403 have decreased an average of 9% a year over the past two years. That an interesting vapor to chase, but has no basis in reality.

You need to know what is happening in that community. There is a 40% likelihood your arrows are pointing in the opposite direction of the community values.

Next comes, what established this 2 year ago value? DID it sell? Was it listed? It is important to determine if this value is fact or fiction.

The only truthful answer is what are you willing to offer? Have you made an offer?
What is the owner willing to accept? Have they received your offer?

willing buyer + willing seller = what the property is worth

The best answer the the question as you present is can be found on any aggregate web site. However, when you get serious, you may want to use other tools.
0 votes Thank Flag Link Thu Jun 28, 2012
Any property that drops 18% to 20% is worth buying, but you have to consider the location and price. If you want a private showing call my cell at 301-974-4572 and leave a message. You can also check out my website.
0 votes Thank Flag Link Thu Jun 28, 2012
Brian,
There is overwhelming evidence that the "bottom" of the market has likely passed. If you've looked at a good number of homes, done your research (as it appears you have), then you know the answer. Would it help if you rephrased the question to: Would someone else pay $xxxx for this house, right now, today, as is? If you are certain the answer is YES, then you are getting a "good deal." Regardless of the price 2-years ago.
The consistent answer from all us professional agents tells you that we KNOW that the marketplace is very very efficient. That is, there are enough buyers and sellers doing their homework to firmly establish reasonable prices for property.
My personal advice: If you love the house, can afford the mortgage, then BUY THAT HOUSE, ASAP. If you don't love it enough to write the good-faith deposit, keep looking! It's sort of like finding the love of your life. When it happens, you won't be asking any of us if you've found a good deal. Your heart will tell you!
Good luck.
Curt
0 votes Thank Flag Link Thu Apr 15, 2010
Bryan this info is not enough to tell you if this is a good deal or no, market and the home conditions are different. There is a lot of other items to consider. Call me 90-8-240-7792.t
0 votes Thank Flag Link Wed Apr 14, 2010
Brian,
Your buyer's agent should provide a market analysis for you just as the seller's agent does for them. You will look at what has sold, what is for sale and what did not sell for a specific period of time (usually 3 months when the market is changing rapidly - as it is now).
If you're not already working with an agent please contact me with the address of the property and your contact info. I'll prepare a market analysis for you and we can talk.
Paul
0 votes Thank Flag Link Tue Aug 19, 2008
that is a very good deal. home prices have traditional not dropped that much in annapolis
0 votes Thank Flag Link Mon Aug 11, 2008
I believe that getting an analysis of that particular area, what similar properties have sold for within the last 3-6months coupled with an appraisal should give you an answer you are searching for.
Feel free to call or email me and I will gladly help you.
Ania
Web Reference: http://www.aniamiller.com
0 votes Thank Flag Link Tue Aug 5, 2008
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