BEST ANSWER
The really important question is not as much what the prices are, but what the Absorption Rate is. In other words, how long it will take to sell off all the inventory. If the Absorption Rate is 6 months, then we have a balanced market. If less than 6 it's a seller's market and if more than 6 it's a buyer's market. Currently the Absorption Rate in Owings, Maryland is at 14 months to sell off all the inventory. Today there are 44 homes listed for sale in Owings. That will change. However, a more accurate absorption rate can be calculated with more details about a home. For instance, is it a Colonial? Number of bedrooms, etc. You can focus down to small details and get an absorption rate for your particular property. The other question that needs to be asked is, "What are the odds of selling my home?" In general there is a 50-60% chance of selling any home that comes into the market. Presently, the odds of selling in Owings are 11%. If you are contemplating selling your home, you need a professional that can increase those odds, with the right Market syntax - packaging, pricing and promoting - all in that order.
If you're waiting until the prices of the last boom come back, I can tell you, it won't happen again anytime soon. Too many factors caused it that will not be allowed to happen again. However, if you are thinking of moving, now could be the best time to sell as the rates are great and while you may not get as much for your present house as you think it's worth, you can make up the difference on the other end and get a great deal on a house that if you waited for your value to come back, you'll pay more for the next house.
I hope this helps. Feel free to contact me if you wish a more accurate Absorption Rate based on your particular property.
Wed Apr 1 2009, 04:09
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