From The Desk of Arthur Lazerow
THE PENDULUM IS BEGINNING
TO SWING BACK!
Starting even as early as May, more
and more Realtors were sensing a change in market conditions, but
statistics continued to show constriction in the number of houses on
the market and days on the market, while prices continued to
escalate. Now hear this: Mark July 2005 as the beginning of the end
of the insanity in the Real Estate market!!!!
One month, of course, does not make a trend. July 2005 was the first
month that real estate sales statistics in most jurisdictions in
metropolitan Washington D.C. showed a swing towards a more balanced
market, as opposed to being solely a “Seller’s Market.” Days on the
market began to stretch as homes on the market became more
plentiful. Prices have also leveled off at their current position.
August 2005 further demonstrated that July was no fluke. In
Montgomery County, for instance, twice as many homes were listed as
were sold and there were more homes on the market in August than any
one month since October 1999. No one can now complain that there is
nothing on the market to purchase. The choices are plentiful in most
price ranges starting at $300,000.
If the July-August data becomes the norm, this will lead to a more
balanced market between purchaser and seller and the practice of
Real Estate will be saner. Fewer multiple contracts, fewer
noncontingent contracts, and more homes having home inspections will
make for a much healthier real estate environment for all parties. |
Autumn Advice |
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For many, many people, autumn is
their favorite season. The heat of the
summer has passed and the gray days
of winter have not arrived. Cool, crisp
days, wispy clouds and changing leaf
colors all say autumn.
This is also the time of the year to
repair summer damage and prepare
your home for the winter. Homes can
become a victim of damage by air,
moisture and water penetration, which
may eventually cause underlying
problems if basic maintenance is not
accomplished. Simple homeowner
preventive maintenance goes a long
way to increase a home’s (and its
components’) efficiency, life span,
value and ultimately – ability to sell.
All homeowners should address the
following items this fall to prevent
minor problems from turning into
major expenses and selling obstacles:
• Roof: Using binoculars, check for
damaged, loose or missing shingles.
• Sources of Leaks: Visually inspect the
flashing around roof stacks, vents,
skylights and chimney, window
caulking and rotting of wood trim as
possible sources of leakage. Inspect
the condition of siding or brickwork.
• Gutters: Check gutters, downspouts,
hangers, gutter guards and splash
blocks for positioning, leaks,
unevenness or damage. Clean gutters
after all of the leaves have fallen. |
• Tree Limbs: Tree limbs and
shrubbery growing on, over or
touching the house should be cut
back. Create a one foot air space
between shrubbery and siding.
• Weatherstripping: Check all doors
and windows for proper caulking
and weatherstripping. Look at
closed doors that no daylight is seen
at any joint. Remove and replace
any ineffective, worn or decayed
materials. Replace any loose or
missing glazing putty.
• Water: Drain exterior water lines, hose bibbs, sprinklers and pool
equipment.
• Heating System: Service the heating
system annually. Bleed the air from
radiators in circulating hot water
systems. Replace or clean filters.
• Fireplaces: Get ready for toasty fires
as the temperatures drop by having
the fireplace, flue and chimney
serviced professionally.
• Smoke alarms: Check the batteries
and operation of all smoke alarms
and carbon monoxide (CO) detectors.
If the home is heated with gas or oil,
install CO detectors if not already
present; at a minimum, one near
continued on page 2
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