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Market Conditions in Frederick : Real Estate Advice

  • All121
  • Local Info11
  • Home Buying37
  • Home Selling8
  • Market Conditions4

Activity 10
Thu Jul 30, 2015
Mooie Shok asked:
This question was asked from http://www.trulia.com/property/3206350474-459-Arwell-Ct-Frederick-MD-21703
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Mon Apr 13, 2015
Kelly Putz answered:
Trulia and the MRIS (our local MLS system) ended their relationship in 2013, so local Realtors have to manually upload listings into the system, if they want them to appear on Trulia.


Unless a site is Realtor based (Realtor.com, local real estate company websites, etc) the llisting information is almost ALWAYS out of date. The two worst ones are Zillow (sometimes 2 years out-of-date) and Redfin (often months out-of-date).

I often have clients call and ask to see homes they have found on one of these sites only to look it up on our MLS and discover that the home had been sold months before.

If you'd like to sign up for the most accurate listings locally, please go to my website at www.kellyputz.com.

:)
Kelly Putz
Realtor in MD, DC & VA
Barcroft Realty Group
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Tue Jun 10, 2014
Kathryn Tucker answered:
I live here in Ballenger Creek. I would be glad to gather statistics that would be helpful in making that decision. My email is KathyTucker@MRIS.com.
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Tue Mar 25, 2014
Robert Krop answered:
Some agents don't pay attention to all of the sites they use to market properties unfortunately. For the most up to date listings I recommend Remax.com or the local mls website: homesdatabase.com. ... more
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Mon Dec 9, 2013
George Makrides answered:
Dearbought is a top subdivision. Values are good and resale's have been historically strong. How high of a mortgage are you Pre-Qualified for? The monthly condo fee is substantial is an issue you need to evaluate. Have you weighed other purchase options ? Feel free to call me to determine your best financial path for your home purchase. ... more
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Fri Nov 22, 2013
Jennifer Coates-Wang answered:
Hello Jim,

Determining the value of your home is very specific. Is this for Refinance, for Listing for Sale or to justify the Tax Rate? Often Home Owners want a different number based on which reason this is used. You can use sites such as Zillow and Trulia for ranges although until an agent sees it in person, it would be a estimate. Call a Licensed REALTOR® to get a Competitive Market Analysis which would help you price your home vs the market. Although what you would really need to "Value" your home is an appraisal. I strongly recommend Wayne Six of Six and Associates. Some agents are offering to pay for an Appraisal for there Sellers at Closing when a Seller does a formal Appraisal to price the property correctly.

Jennifer Wang, REALTOR®, Buyer Specialist
The Landmark Group at Real Estate Teams, LLC
http://TheLandmarkGroup.us
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Mon Jun 17, 2013
Greg Salley answered:
Good job answering the questions. I was in settlement so I would have said the same!
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Tue Apr 14, 2009
Cathy Chapman answered:
Hi Chi,

Housing prices will most certainly stabilize in the future and they will go up again and they will go back down again. History has shown that real estate runs in cycles. I doubt seriously, however, we are ever going to witness the frenzy that we saw in 2003-2006 that brought us to this place in our history.

It'd be wonderful if we all had a crystal ball to know where we'll be in 5 years in this real estate market. Yes, location is critical, but price is also critical so don't get yourself upside down as others have. I don't foresee any more major drops in values but I'd still be careful not to overpay for a property.

My recommendation is that in our current market, I would not pay more than the most recent sales in a community. Although a recent sale may be low due to a Short Sale situation, it still remains a comparable that appraisers are going to look at and they will continue to bring down values, unfortunately.

I hope this helps!

Good luck!

Cathy Chapman, Broker
Signature Home Sales, LLC
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0 votes 10 answers Share Flag
Fri Jan 23, 2009
Kevin O'Neill answered:
Martin,

The answer to this question is very dependent upon what time frame you are asking about and the type of home you are talking about. For example the downtown Frederick historic district was seeing appreciation while the residential market was depreciating! Also the price range in which you are interested in may be seeing different increases or declines than other price brackets!!

If you respond back with a few more specifics about the time range and details I will be better able to answer your question. The market here in Frederick appreciated very rapidly from 2003 - 2005 and has, like most of the rest of the country, depreciated since then. The rate of depreciation or appreciation simply depends on the details!

If you will share the details... I promise to get back to you with an answer!
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Fri Jan 23, 2009
Kevin O'Neill answered:
Hi John,

The market stats shared in the previous post are indicative of what is happening in the Frederick county area and Jennifer did a great job in sharing them with you

There are 2 key things that you may also want to consider...

1. Those stats are generalized to the area and certain subdivisions, locations, and types of properties within a broad area can see very different types of numbers when it comes to things such as List vs. Sales price, appreciation or depreciation, etc. So if you are just looking to get a feel of what is happening in a broad area then those numbers should suffice to answer your question. Of course you would need to be more specific if you want to know what is going on in a certain neighborhood, certain house, or any other type of subset of the broader Frederick County or New Market area.

2. The average list vs. sales price is just that... an average. This does not factor in the most important thing to consider- if you are thinking of making an offer or if you are thinking of selling a home. The factor I mention is above is this... How well is the subject property priced compared to the rest of the market. IF the property is priced well the List vs. Sales price will be tighter and if improperly priced it will be looser! The big question is...Did the agent do a thorough and complete CMA when conuseling the seller on setting the list price, and did the Seller listen!!! This could dramatically affect what a buyer would or should pay and therefore List vs. Sales price percentages will be majorly different for homes that were priced well!

John, you may have just been looking for general info and I hope that the info provided in the Jennifers post has taken care of you in that regard. If on the other hand you are thinking of buying or selling make sure that your agent does their homework- in detail and based on the neighborhood in question- before counseling you on making any buying or selling decisions

Hope you have a great day! If I can be of further service please don't hesitate to ask! If you'd like to get the market details for a specifc neighborhood just let me know and I will send them to you by email!
... more
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