seller decisions...

Sometimes in today's Real Estate market, your only offer is your best offer. Problem is that we don't have a crystal ball to see into the future. Take for example a (fictional) house that in Sept was listed for $325k and had an offer for $310k. Too low for the sellers. Now, in Feb it's getting offers for $285k... So, we'll wait for the market to come back, sellers say...

Now I'm not an expert but the research I can find on the Internet says that since the 1890's real estate has appreciated at roughly 3%-4% per year. There have been decades where appreciation has been 8%-10% and decades where it has had negative growth. So, assume 4% a year. It will take the seller above ~5-6 years to get back to where they were a few months ago.

With another wave of foreclosures looming, a tough job market, fears of higher interest rates and inflation I don't think prices are going to go up soon.

Tough decisions for any seller...

Seems like we are finally digging out of the snow! Good thing too (real estate wise) because there is a lot of pent up demand, lots of good incentives to buy and the banks are helping (go figure, low rates...)

Anyway, the IRS tax credit for first time home buyers ($8,000) and repeat buyers ($6,500) is expiring in April. You can get it if you have a house under contract by April 30, 2010. There are other rules (see www.irs.gov) but that is the main one.

It's open house season too! Some agents don't like them but I LOVE 'em.

Come see 1616 Brimfield Ct Eldersburg MD 21784 (4br, 2.5ba, colonial, .3 acres, backs to woods, sweet, $323,500) on Sat Feb 20 from noon to 2

Come see 808 Weeping Cherry Ct Eldersburg MD 21784 (5br, 3.5ba, huge 5,000sqft colonial, .25acres, amazing! $600,000) on Sunday Feb 21 from noon to 2.

Mark Davis, over and out!