What is the housing market like in Odenton, New Homes, Land and trans into D C?

Asked by John Lund, Sun Jan 20, 2008

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John Holmes, Agent, Millersville, MD
Sat Jan 26, 2008
The most important thing I tell buyers who are looking for primary homes is only buy if you plan on staying in the home more than 3 or 4 years. This way you will still make a good investment. Remember real estate over the long term has always been a good investment. Look up the average property values in AA county this year compared to last year, I bet you will find in increase, yes an increase in value. AA county consistantly has an above average(when compared to the national average) job growth which in turn has a direct effect on the housing market.

Look for short sales, foreclosures, or sellers who seem desperate to sell. You can take advantage of these situations and get really great deals. I had a client last month who found a seller who had to sell so bad they paid to lower my clients rate two points (she ended up with a 30yr. fixed at 3.5%), repaired everything in the home, and accepted an offer that was 90% of list price. At settlement we even had money that the seller agreed to give as closing assistance left over and they wrote my client a check for the difference. She was actually paid $2500 to buy the house. These types of transactions are happening every month. You just need an agent who recognizes these situations and knows how to approach the sellers correctly without offending them. I can actually search the MLS for these types of properties. I currently have one set up for myself as I am in the market looking to move up.

Another important thing to do is have your agent track the areas you like and monitor the prices. If it seems the prices keep dropping it may be best to wait. If they seem to be staying steady or increasing then you should act swiftly if you really like the area. Remember, all it takes is one short sale, foreclosure or desperate seller to sway the average price in any neighborhood. Ask your agent to do a search for you on these types of properties, you will be suprised at how many are out there.

Be patient and look for the deals.
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bonbon, Home Owner, Edgewater, MD
Sat Jan 26, 2008
I heard similar things about Edgewater. It seems other areas in AA Co. are doing better. I made an offer on a house a few days ago. I offered about 90% of the asking price, and was countered at about 95%. The owner was not willing to go lower than that. The house has been on the market for a very, very long time (if I say how long it would be easy for Mansur and co. to identify the house). I don't know what the owners are thinking. The market won't improve so quickly.
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Qualified Bu…, Home Buyer, Edgewater, MD
Sat Jan 26, 2008
Edgewater Maryland... I have been talking with several agents who are telling me the same thing about price reductions and high inventories in AA county. I also counted the number of deed transfers at the records office last week and was surprised how few houses have sold.A lot of refinancing . Two other people I know looking told me this morning they are going to hold off for several months. We are not even close to seeing the bottom of this market. I saw a house listed for 375,000. sell for 205,000. last week in edgewater.
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bonbon, Home Owner, Edgewater, MD
Mon Jan 21, 2008
Mansur and others:
what trends are you seeing in Anne Arundel County? I keep hearing how things are still well. Yet, I just talked with a realtor and he's told me his company hasn't sold a single home last month. Also, I have several of homes on my shortlist that have seen 10-20% price reduction in the last several months. There's also a number of listings that were withdrawn, most likely due to lack of interest or lack of serious buyers. I moved to the Annapolis area about a year and a half ago. At that time, you could hardly see a single family home below 375k. Now, there are quite a few properties in the 300-350k range. In other words, while we hear how everything is fine and dandy, there are numerous examples one can cite in order to prove that there's been a significant drop in prices in AA County.
Finally, do you see this trend reversing any time soon? I know that nobody has a crystal ball, but you can make an educated guess based on various data. All this makes many of us, the potential buyers, quite wary to enter the market, as we hear and see contradictory data and advices.
Thank you!
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Melissa Bish…, , Anne Arundel County, MD
Sun Jan 20, 2008
The Odenton market is a great place to invest your buying dollar at this point in time due to the base realignment coming into the area in just a couple of years. The market is slow county wide at this point in time which makes it a great time to be a buyer and get more concessions from sellers. The availability of raw land in Odenton is pretty slim. There are a few communities currently permitted to be built but they are all 55+ age frame properties. The biggest problem, other than the lack of raw land to obtain, is that schools are running at capacity at this point in time which prevents new construction from being able to be permitted. This is why we are seeing so much 55+ building going on at this time around the area. The transportation to DC from Odenton is convenient with the Marc station being located right off of 175. The commute is pretty quick on the MARC. Now is a great time to come in to the market as a buyer and get closing help and other concessions from the seller as well as buying at a lower price than has been being seen in the last couple of years. Check out my website to see whats available in the area. http://www.MelissasHomes.com
Web Reference:  http://www.MelissasHomes.com
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John Holmes, Agent, Millersville, MD
Sun Jan 20, 2008
The Odenton Market has remained steady with the anticipation of BRAC coming to Ft. Meade. I have already worked with several military transfers coming to the area. With the bulk of the people yet to come property values are still low as the demand is still slightly below average for the county. New homes are being built in some parts but most of odenton is already developed so land is hard to find. Odenton is also a great place because of the location, the MARC train stops in Odenton and makes a great commute to DC. You are also close to the Balt./Wash Parkway and other major roads to give you options for the commute. Feel free to check out my website http://www.HolmeSweetHomes.com or http://www.CroftonAreaNeighbors.com for more information as well as current properties for sale.
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