The pandemic has brought about changes to the housing market across our nation and we have definitely felt it locally. For the month of July, the change in the number of units sold in Frederick
A Concise Crazy History Of Frederick County Home Buying
Dated: April 16 2019
Did you know that average home sales today are about the same as in 2004? What is the reason behind it? Remember the stock market crash of 2008, caused by the subprime mortgage crisis? Local realtors were recently informed by veteran appraiser Wayne Six, as he graphically painted the facts behind the past 15 years. The story picks up in June 2001. Home prices started rising, and over the next 4 to 5 years, values accelerated about a total of 80%! According to Wayne Six, the market peaked from about June 2005 to June 2006. At that time, home inventory was very low, equaling about 390 homes for sale average per month. The market was declining by about 35% from June 2006 until December 2010, depending on the year and location of properties. In 2010 nearly half of all listings were either foreclosures or short sales. Finally, after a flat market from December 2010 until April 2014, home values began to rise modestly. Houses valued up to $500,000 were appreciating at 4% a year. But homes over $500,000 were still flat, being somewhat affected by the departure of big companies, Bechtel and State Farm. What’s the takeaway? We can be grateful for a more robust market again. The market has increased by 20% since 2014. Now (Spring 2019) is the time to think about buying or selling!
Roger has been a resident of Maryland for over 30 years. He brings a solid background in sales and customer service along with an expert knowledge of Frederick County and the local community. He is pa....