Waiting for home sales
Statistics on November home sales and pending deals in the Baltimore metro area are due out today, so we'll see which trend had the upper hand -- the annual slowdown around the holidays, or the $8,000 and $6,500 incentives to buy buy buy.
I recently asked you in a Wonk poll whether you had plans to be in the housing market this winter. Two thirds of you said yes, which might be a bellwether of a busier-than-usual season or just a sign that you only put up with my wonkishness when you're in the market. So who knows. But here's how the poll breaks down:
Forty-one percent of you say you hope to buy.
Thirteen percent of you hope to sell.
Twelve percent hope to buy and sell.
Thirty percent have no plans to be in the market this winter.
None of you said you're in the market for a new apartment.
And four of you wrote in your own answers:
"hope to get approved and ready for early spring""Interested, but uncertain"
"Waiting for the post-incentive re-crash"
And "Not until home prices fall an additional 20%."
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Comments
Baltimore County's average price is now back to the November 2004 level.
Posted by: John | December 10, 2009 10:29 AM
Thanks, John. I just checked the Baltimore metro area as a whole and found the same thing.
Posted by: Jamie Smith Hopkins | December 10, 2009 10:32 AM
Jamie:
In BALTAREA, sales in November 2004 (3,716) were 65% higher than November 2009 (2,247).
Interest rates in November 2004 were about 5.25% (bankrate.com), and of course, in November 2004 there was no homebuyer credit, either.
Posted by: John | December 10, 2009 10:59 AM
"Not until home prices fall an additional 20%." haha, guess you'll be renting for a while.
I'm in the "would like to move, but need to sell first" category. Personally, i don't see prices going where I need them for a while. I have a ~20% down payment and know where I want to go, but I know I can't sell now. May have to turn into a landlord!
Posted by: M | December 10, 2009 3:35 PM