nellie.myers, Other/Just Looking in Baltimore, MD

What is the outlook for this area, do you expect prices to rise slower or on pace with housing market .If you are under waer would you stay or leave??

Asked by nellie.myers, Baltimore, MD Tue May 29, 2012

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You are wrong. Home prices have not always gone up. That is why people are underwater

"Akil Walker, Agent, Bowie, MD
Hello Nellie,

We are seeing some good economic indictators i.e. increases in sales price compared to last year of course, each city and subdivision is different.

Rearding being underwater, I think that is indvidual decision. Keep in mind housing prices have always gone up. Keep in mind that it may take years to return to getting "above water"

Good luck
Web Reference: http://www.akilsellshomes.com"
0 votes Thank Flag Link Mon Aug 27, 2012
home prices have gone down from 2006 to 2012. What makes you think they would go up soon?
0 votes Thank Flag Link Mon Aug 27, 2012
Hello Nellie,

We are seeing some good economic indictators i.e. increases in sales price compared to last year of course, each city and subdivision is different.

Rearding being underwater, I think that is indvidual decision. Keep in mind housing prices have always gone up. Keep in mind that it may take years to return to getting "above water"

Good luck
0 votes Thank Flag Link Tue May 29, 2012
Overall in the industry we have seen an increase in home sales and an increase in home prices over this time last year.
Currently in the Evergreen Lawn area there are 7 active listings, 3 properties are under contract going to settlement and there have been 3 settlements since January 1, 2012. The average sales price for this period is $60,667 - low $22000, high $120,000. The average days on the market is 172 currently.
For the same period last year there were 10 sales, average sales price was $48,330, low price $8000 and high price of $144,700. he average days on the market for this time frame was 147 days.
Overall the trend is upward and the average sales price in this neighborhood has increased over the same time frame from last year.
This is a very specific report for a very small area.
If I can be of any further assistance please don't hesitate to ask me.
June Piper-Brandon, ePro, CIAS, CDPE
Associate Broker
Century 21 New Millennium
410-292-0100 (Direct)
june.piperbrandon@c21nm.com
0 votes Thank Flag Link Tue May 29, 2012
The industry estimated that 25-30% of all homeowners are underwater in their mortgages. The question of staying or leaving has more to do with why you want to leave--you are relocating; you can't afford your mortgage; you want to downsize, you want to upsize?

If you are underwater and having financial difficulty, you may be able to qualify for a loan modification, or your bank may approve of a short sale contract at a price less than what is owed, if you qualify under their guidelines. There are many resources available to help you sort out your options at http://www.mdhope.dhcd.maryland.gov.

As much as I would like to predict the future of the market, that is above my pay grade. However, market conditions in the Baltimore Region improved on a year over year basis in the Baltimore Region, with median prices increasing approximately 10% between April 2011 and April 2012, based on Metropolitan Regional Information Systems (MLS) data. The region includes Baltimore City, Baltimore County, Harford County, Anne Arundel, Carrol and Howard Counties. However, market conditions vary by neighborhood, so what may be happening in the neighborhood down the street may not reflect what is happening in your neighborhood. To get a better sense of what is going on in your neighborhood, feel free to email me jlondon11@comcast.net

If you want to get out of a bad financial situation as a strategic financial move, you should discuss this with a income tax professional and/or an attorney, as there are potential tax and legal consequences to "walking away" from a home if a lender is unwilling to approve a short sale, or it determines you are not eligible for a short sale.
0 votes Thank Flag Link Tue May 29, 2012
According to the top Housing indicators Baltimore is forecasted to lose another -4% in value this year. That's less of a drop than the past 2years which were closer to -9%(!), but thats still a decline in prices.

Home -sales- in Baltimore have risen, meaning the market is still moving, but only as prices further decline.. indicating that the bottom of the market has some time to go yet before it arrives.

However, the inventory of properties listed on the market is dropping and homes are taking less time to sell, which are good signs. Lower prices and near record low mortgage rates are helping homes sell more quickly.

The bottom line is until major market forces come into play (as Edith mentioned --employment numbers-- growing) we are going to continue to see lower prices than last year. This would be true from any year over the past 6+ years from 2006 forward. Meaning if you sold last year you would get more than you would this year. To put it another way, if you sell next year it will be less than you could this year.

I work with ILM, Maryland's Premier Short Sale Experts and have had a successful settlement with every transaction they have handled. You need to find out your options as soon as possible to give yourself the best chance at mitigating your loss. I'm here if'd like to talk. Our Short sale process will cost you nothing out of pocket.

Martin Tippet
Execuhome Realty
888-801-1123
0 votes Thank Flag Link Tue May 29, 2012
Hi Nellie, the outlook for this area is very Promising. Due the economic stability of the northeast we have not been hit as hard as many area of the country. We have seen early signs of a turn around for a while now. If I were underwater and could still afford my mortgage payment I would stay put. Contact your mortgage company if you are struggling to see if they will restructure or refi your current mortgage. If not contact Andy.brotman@prosperitymortgage.com or 410-931-6300 . He will be glad to work with you on a refi.
0 votes Thank Flag Link Tue May 29, 2012
Not sure about your exact area, but I would connect with an experienced area Realtor and explore all my options..... Chances are until the economy and the employment numbers go up and change to the positive side, the housing market will not change drastically. Remember there are still short sales, foreclosures and distressed home onwers, some on the market and some not yet still coming.

So there will have to be several years to be considered before the market changes....

But everyone's situation is different, when did you buy, how much do you owe, what could you potentially sell your home for, is a short sale an option or not.....

Work with an experienced area Realtor and if you need a recommendation get back to us....
Do not make this decision on your own.

EdithSellsHomes@gmail.com
YourRealtor4Life! Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike. Covering for @Properties the city of Chicago, all N and NW suburbs of N. Illinois and the fine Homes of the Northshore.
@Properties NorthShore 30 GreenBay Rd. Winnetka Illinois 60093 for real est. questions just e-mail me and receive free info and advice
0 votes Thank Flag Link Tue May 29, 2012
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