State of the Market

As we wind down 2011 and head into 2012, I think it is a good idea to give you a few of my thoughts on the market and what to expect in the next year. 2011 was an erratic year for real estate in the Washington area. What looked liked to be shaping up as a decent year this past spring came to a screeching halt when congress got caught up in the budget crisis. The situation never really got better as we passed from one crisis to another. Right now with the uncertain financial situation in Europe the market remains in the doldrums. It is hard to find much in the way of consumer confidence when everybody is worried about the global financial situation. The problem is not being helped by the partisan battles that continue to plague our own congress.

The good news is that there will be a housing recovery and prices are bound to go up. The bad news is that nobody really seems to know when this will happen. Some areas in our regions have felt the pain a lot more than others. The western portion of Montgomery County is doing well and the District seems to be one of the strongest real estate markets in the nation. But the rest of the region is still bothered by low prices, high inventory and an abnormal number of distressed properties that keep prices depressed.

But there is one thing that I do know and feel pretty confident about. Recessions do eventually end and when they do, area property values in this area should rebound and prove to be very healthy. I firmly believe that the Washington area is one of the best places to own property. My 25 plus years in the industry and proved this to me. We are going to be just fine. Just be patient and give it a little time.

B&O Museum in Baltimore.

For my birthday, my lovely wife took me to see the B&O Railroad Museum in downtown Baltimore. I highly recommend this place to every boy who ever loved trains. The museum features an amazing array of rail cars and locomotives dating from the early 1800s to more recent years. The main exhibit hall is the old restored roundhouse which in itself is a sight worth seeing. While you are in Baltimore you can stop in a get a bowl of homemade Maryland crab soup at the Penn Carry out Restaurant located at 663 West Pratt Street.