Sunfest is over and appeared to be a grand success since no weather showed up to hamper activities this year. Entertainment was as good as it gets and the venders all had big smiles on their faces. This week on Capitol Hill had Congress in special sessions trying to get firm answers on how the proposed $700 Billion Dollar Bailout would be spent-and if this was the total amount needed to get the results intended. This being the first time ever anyone has had to react to a financial problem this huge- it is very hard to develop an exact budget, the Feds want to throw whatever monies it will take at whatever spot is the hotest at the moment, and hope that all of the money will not be used. Its a very tough road to go down, and an equally hard sale to make since Paulson will be gone after the Elections.
The Real Estate market is reacting to all of this uncertainty by going on hold. There is plenty of interest here in Ocean City, but I think most Buyers are looking for some sort of a resolve before proceeding with a purchase. After we get some direction on this matter, buyers will return to the market.
Wednesday, September 24, 2008
Saturday, September 13, 2008
Enjoying the Second Season in Ocean City
Hello from Long and Foster Real Estate,
Well here we are again-the end of a glorious summer. Labor day marked the end of the First season, and the start of our Second season which runs up to and including the Holidays. Events such as the Wine fest on the beach and the Sunfest at the inlet, and the Winterfest of Lights keep the town the place to visit and live. This week we saw a drop in Mortgage interest rates as a result of the Freddie Mac and Fannie Mae issue, and since the prices for properties in Ocean City have already show reductions- the coming weeks should present a brisk buyers market. If you would like to share the dream of owning at the Beach, I will help you to realize that dream. Visit my Website at: www.josephmyles.lnfre.com and please check my Blog. E-mail: joemyles@l&f.com
Thank you, Joe Myles, Realtor 410-520-2778
Well here we are again-the end of a glorious summer. Labor day marked the end of the First season, and the start of our Second season which runs up to and including the Holidays. Events such as the Wine fest on the beach and the Sunfest at the inlet, and the Winterfest of Lights keep the town the place to visit and live. This week we saw a drop in Mortgage interest rates as a result of the Freddie Mac and Fannie Mae issue, and since the prices for properties in Ocean City have already show reductions- the coming weeks should present a brisk buyers market. If you would like to share the dream of owning at the Beach, I will help you to realize that dream. Visit my Website at: www.josephmyles.lnfre.com and please check my Blog. E-mail: joemyles@l&f.com
Thank you, Joe Myles, Realtor 410-520-2778
Enjoying the Second Season
Hello from Long and Foster Real Estate,
Well here we are again-the end of a glorious summer. Labor day marked the end of the First season, and the start of our Second season which runs up to and including the Holidays. Events such as the Wine fest on the beach and the Sunfest at the inlet, and the Winterfest of Lights keep the town the place to visit and live. This week we saw a drop in Mortgage interest rates as a result of the Freddie Mac and Fannie Mae issue, and since the prices for properties in Ocean City have already show reductions- the coming weeks should present a brisk buyers market. If you would like to share the dream of owning at the Beach, I will help you to realize that dream. Visit my Website at: www.josephmyles.lnfre.com and please check my Blog. E-mail: joemyles@l&f.com
Thank you, Joe Myles, Realtor 410-520-2778
Well here we are again-the end of a glorious summer. Labor day marked the end of the First season, and the start of our Second season which runs up to and including the Holidays. Events such as the Wine fest on the beach and the Sunfest at the inlet, and the Winterfest of Lights keep the town the place to visit and live. This week we saw a drop in Mortgage interest rates as a result of the Freddie Mac and Fannie Mae issue, and since the prices for properties in Ocean City have already show reductions- the coming weeks should present a brisk buyers market. If you would like to share the dream of owning at the Beach, I will help you to realize that dream. Visit my Website at: www.josephmyles.lnfre.com and please check my Blog. E-mail: joemyles@l&f.com
Thank you, Joe Myles, Realtor 410-520-2778
Saturday, September 6, 2008
Second Season
Well Labor Day has come and gone, and we are now in the "Second Season" at the Beach. Since my last article Fannie Mae and Freddie Mac have been in turmoil waiting for an answer from the Feds whether or not to infuse the companies with tons of cash or take them over. With a Trillion dollars in mortgage loans between the two companies the bottom line is that our economy cannot afford to let them fail. Waiting for the decision on which method will be chosen, the stock market running up-and then back down searching for direction, and our housing market having increased forclosures and tons of negative media coverage makes for a depressed environment outlook.
I still feel that we are in better condition than is being reported-remember more papers are sold with bad news than good news. We need to wait until we work through the excess inventory in the real estate market. Once the inventory is absorbed-then we will see a turn around in the economy and general mood of the country will turn positive. Activity in our Ocean City market has been brisk, and there are sales being generated because Sellers are reducing asking prices to a level that is attractive for the anxious Buyers.
I still feel that we are in better condition than is being reported-remember more papers are sold with bad news than good news. We need to wait until we work through the excess inventory in the real estate market. Once the inventory is absorbed-then we will see a turn around in the economy and general mood of the country will turn positive. Activity in our Ocean City market has been brisk, and there are sales being generated because Sellers are reducing asking prices to a level that is attractive for the anxious Buyers.
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