Thoughts on Crofton Real Estate? (Baltimore, Frederick: cul-de-sac, real estate market, credit)

[laurenpb]

I would like to sell my townhome this summer (older townhome in the Meadows). For the past several months, I've been watching the Crofton market and it is just FLAT. I'm also watching the market in New Market, Maryland (Frederick County), because that is where we are thinking of moving. Too me, it looks like the Frederick County market is moving pretty well right now, and prices don't seem to be down that much from last year, whereas Crofton is just slow, slow, slow and prices have dropped dramatically. I'm not surprised that prices have dropped in Crofton, but I am surprised that they've dropped so much and the market is so much slower than in Frederick. I just assumed with Crofton being so much closer to DC and Baltimore, and being so close to Ft. Meade and NSA, that our market would be at least as brisk as new market.

Anyone know what's going on? And where are all the BRAC people!??!! lol. There was supposed to be a housing shortage from all of the people being transferred to Maryland.

[bande1102]

I'm in Crofton, too--little further up Reidel. definitely slower than 2005-2006, but I'm seeing movement. In my cul-de-sac, two neighbors have sold their houses in the past couple of years. One sold in 2008 and it took about 4 months--mainly b/c the house was overpriced and quite stylized (not neutral paint/carpet, etc).

My next-door-neighbor just sold his house. He listed in October and closed in December (2010). In both cases, the houses were in good condition and they sold after the price was dropped. THe other thing I noticed was that neither used an agent I'd heard of.

That being said, there a few houses in my neighborhood that are empty and I haven't seen any traffic at all. I've heard that they are in bad condition inside . This despite the fact that they very low-priced. From what I'm seeing, your house has to be priced perfectly and in move-in condition as well as being neutral colors. I want to sell, too and I"m most worried about picking the right agent. Connections & experience are more important now than ever.

There's a local RE blogger at focusoncrofton.com and she has stats and tips. BTW, not an endorsement of her anything.

Unfortunately, I have no idea how crofton compares to frederick.

Good luck!

[laurenpb]

Thanks for the reply! Your comment about currently having houses around you in poor condition is true for me as well. I walked a few of the comps for my house, and several are in poor condition while the few that aren't seem to be overpriced to me. I think you are right, neutral decor and the perfect price are critical right now. We have recently done a lot of renovations--new kitchen, new basement finishing, new windows, new siding. If I had to do it over again, I would skip the siding. It looks like nicer, but I don't think it's going to add to the value.

I was going to call the woman with the focus on crofton blog, but then I had a friend recommend an agent to me. I like him, but I honestly don't know what makes a great agent. He is not one of the big names in the area. I was wondering if I should be calling the Surlis team--see their signs everywhere!

[mwoda]

It's easy to be discouraged about the Crofton real estate market when you look at statistics reported on my blog (FocusOnCrofton) and elsewhere, but there's more to the story... First of all, it's important to remember that last year's numbers were inflated by the home buyer tax credit; second, just because the average or median price of sold homes is flat or down from last year, it doesn't mean that any individual property's value is flat or down - in fact, it may be up. And Crofton homes in good condition are still selling, often quickly and even with multiple offers. It's a good idea to talk with 2 or 3 agents to get a broad perspective on the market and draw your own conclusions. Some people prefer working with mega agents and others with more focused agents - it's a matter of personal preference - but their effectiveness and experience are really all that matter.

[bande1102]

Originally Posted by mwoda

It's easy to be discouraged about the Crofton real estate market when you look at statistics reported on my blog (FocusOnCrofton) and elsewhere, but there's more to the story... First of all, it's important to remember that last year's numbers were inflated by the home buyer tax credit; second, just because the average or median price of sold homes is flat or down from last year, it doesn't mean that any individual property's value is flat or down - in fact, it may be up. And Crofton homes in good condition are still selling, often quickly and even with multiple offers. It's a good idea to talk with 2 or 3 agents to get a broad perspective on the market and draw your own conclusions. Some people prefer working with mega agents and others with more focused agents - it's a matter of personal preference - but their effectiveness and experience are really all that matter.

I appreciate your input--and I always enjoy your blog. I particularly enjoyed your entry on December sales.

I was wondering if you had any advice on which cosmetic improvements make the biggest impact in the Crofton market?

[tgs_bg]

Originally Posted by bande1102

I'm in Crofton, too--little further up Reidel. definitely slower than 2005-2006, but I'm seeing movement. In my cul-de-sac, two neighbors have sold their houses in the past couple of years. One sold in 2008 and it took about 4 months--mainly b/c the house was overpriced and quite stylized (not neutral paint/carpet, etc).

My next-door-neighbor just sold his house. He listed in October and closed in December (2010). In both cases, the houses were in good condition and they sold after the price was dropped. THe other thing I noticed was that neither used an agent I'd heard of.

That being said, there a few houses in my neighborhood that are empty and I haven't seen any traffic at all. I've heard that they are in bad condition inside . This despite the fact that they very low-priced. From what I'm seeing, your house has to be priced perfectly and in move-in condition as well as being neutral colors. I want to sell, too and I"m most worried about picking the right agent. Connections & experience are more important now than ever.

There's a local RE blogger at focusoncrofton.com and she has stats and tips. BTW, not an endorsement of her anything.

Unfortunately, I have no idea how crofton compares to frederick.

Good luck!

Do you know what the prices are in your area? What were they asking for and what did they eventually sell for?