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.

Mold in the home

Here is a link to a recent debate about buyer agency and mold in a home when there is a purchase contract. There are two lessons to be learned here. One is that it really is best for the buyers in a home purchase transaction to have their own representation. The seller's agent has an obligation to treat buyers fairly but whenever an agent is wearing "two hats" in a transaction there is always a greater potential for conflict. The second lesson is that if you are looking at a home and see mold, the a little red flag should go up in your head. Mold in itself is not necessarily a dangerous issue but if it is present in a home, then you need to be aware that the lender usually is going to have problems with it if the problem is not remediated before settlement.

Sweet home in Capitol View Park

Hi all,

I just put this home on the market in Captiol View Park. It is one of the nicest listings that I have had over the years. I really do love the older ones.

Market update for Maryland

Here is a great site where you can stay in touch with the Maryland and Regional Markets.

It is called rbintel

Cool old bungalow.

I have driven by this house on Randolph Rd. in Glenmont for the past 45 years. I always though it was "so cool' It is a 1920s style bungalow built in the shape of a parallelogram. Unfortunately some fool "modernized it with cheap vinyl siding and ugly replacement windows. It used to be a lovely example of the period and could be again with a little work.

I don't ever think I have seen another house built in this irregular pattern.

Spring in Hillandale

This is a great time of year in my community. My wife and I have the job of going through the neighborhood and selecting the winners of the Hillandale Home and Garden Awards-which we do three times a year. We are assisted by some able judges who are all long term residents of Hillandale. We find it fun to do as the neighborhood is full of azaleas and flowering trees. Everything just looks beautiful this time of year. Old Hillandale is the show piece and is well worth a drive through but the rest of the neighborhood looks lovely as well. There is a lot of pride of ownership in Hillandale and spring brings out the best.