The snow's effect on real estate
Winter's not a hopping time for the housing market under normal circumstances. So you can imagine what more than 40 inches of snow in February does to buying and selling.
Actually, you don't have to imagine. Here's what real estate agent Jamie Mason shared last Thursday when I asked for stories about the snowstorms' economic impact:
"I have a closing scheduled for next week that is still scheduled to take place, but the seller is having to rent his house back from the buyer because his movers can't get their truck down his block to pack up his belongings," wrote Mason, with Long & Foster's Fells Point office.
"Because many secondary roads in the city still haven't been plowed, buyers and their agents can't get in to tour houses. I have an open house for one listing that we have now rescheduled twice, and I have two more upcoming listings that we've postponed putting on the market because of the inability for buyers to get to them. I had noticed buyer activity picking up in January, but now it's all but nonexistant."
Of course, that was last week. It's a whole new week now. With whole new snow predicted. (At least the National Weather Service downgraded its forecast to four inches or less.)
You can read the full economic-impact story here.
Categories: Housing market experiences, Weather
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Comments
The Real Estate Market is back! We have recovered. There are tremendous deals out there! Don't worry about the weather! Get those low interest loans while you can. When interest rates go up - real estate prices will go up also. It is a great time to buy and get in the same boat as the rest of America. Owe more money on the house than what it is worth! Your real estate agent and loan officer will love you for it!! Go Maryland! Trade up now!!!
Posted by: Bryan Millhouse | February 15, 2010 10:29 AM
We were supposed to tour a house on the weekend of first snow, but had to cancel, naturally. Since then we haven't toured any properties because of the snow. Quite honestly, I still don't feel comfortable driving on local roads because the snow piles are blocking the view on many intersections. And in an unfamiliar area it might be especially dangerous. Also, quite honestly, I'd like to see the yard condition and who knows what's there covered by all the snow.
@Bryan Millhouse - I don't quite get your humor/sarcasm. People need to live somewhere. We're sick and tired of our apartment neighbors and noise. And we have an infant and a cat, so we don't want to rent a house and be at mercy of the homeowner who might decide to sell or whatever an throw us out. The mortgage rates are low, the tax credit is still there and our savings earn very low interest right now. What do you suggest we do? Even if we buy a house and its value drops, we'll at least have a place to live and plant vegetables for survival in the backyard. You don't get these benefits from the stock market, you know.
Posted by: Jelena | February 17, 2010 2:22 PM
Well - since you do have a pet (and an infant) I guess it is OK for you to overpay for a house. But just you! None of the others of you out there.(unless of course you got money to burn like Tom Clancy)
By the way - stock market has been doing great! "banks" are doing some great "investing" with all the money that was printed for them!!
Posted by: Bryan Millhouse | February 19, 2010 11:05 AM