Podcast - 3/15/24

🏡📊 Exciting News! FCAR Housing Stats Comparison: February 2023 vs. 2024 📊🏡

Wondering how the housing market has shifted from February 2023 to 2024? Here's a sneak peek at some key stats released by FCAR:

📉 Home sold: Down 23.4%
⏳ Median days on market: Down 60%
💰 Average sold price: Increased by 9.5%
🏠 Active listings: Increased by 2.3%

Tune in to our latest podcast, where Jay and Tom dive deep into one of the most crucial things for sellers to do once their home hits the market. You won't want to miss out on these essential insights! 🎙️🔍

And now, presenting our stunning #HouseoftheWeek:
🏠 215 Marley St, New Market, MD 21774
💲 $500k

This end unit townhome boasts:
🛏️ 4 bedrooms, 3 full baths, 1 half bath
🏡 Three finished levels
🍽️ Open floor plan with corner gas fireplace
🍳 Gourmet kitchen with center island and stainless steel appliances
🛁 Primary suite with vaulted ceilings and spacious private bathroom
🌳 Rear deck with retractable awning
🚗 Attached 2-car rear loading garage
🏞️ Located in Brinkley Manor with amenities like picnic area, basketball courts, and tot lots

Don't miss the chance to explore this beautiful home at our open house:
📅 Sat 3/16/24, 12pm to 2pm
📅 Sun 3/17/24, 1pm to 3pm

Join us and discover your dream home! 🌟🏠 #RealEstate #HousingStats #OpenHouse

Tom Whalen:

I'm Tom.

Jay Day:

I'm Jay.

Tom Whalen:

of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Before we get to homes and houses, can you believe your Baltimore Ravens got Derrick Henry in the backfield there with Lamar Jackson?

Jay Day:

Yeah, they've been working that for a while. And

Tom Whalen:

They got him.

Jay Day:

Yeah, that's going to be pretty impressive.

Tom Whalen:

They lost Patrick Queen to the Steelers, how they couldn't pay that guy, but they got Derrick Henry in the backfield, him with Ricard and Lamar.

Jay Day:

I think it'll be,

Tom Whalen:

Can they beat the Chiefs? That's what it's all about. That's what it's all about.

Jay Day:

It is. I mean, it's like Mahomes has sort of become the Brady with the Patriots. It just is what it is. It's one of those things.

Tom Whalen:

Andy Reid, Bill Belichick man, there you got to knock those guys down. That's a pretty good deal having, if Derrick Henry maybe on the backside of his career, but he's scary enough.

Jay Day:

Oh yeah, yeah. When you think of him, you think about Marshawn Lynch and some of these other guys that were just powerhouses.

Tom Whalen:

Hey, where do all these guys live when they moved to Baltimore?

Jay Day:

Typically right in Finksburg or Reisterstown.

Tom Whalen:

Oh is that right? That area's there. Okay, that's cool.

Jay Day:

They like to be within a certain distance to the castles they call it. And

Tom Whalen:

What's the castles? Is that Owings Mills? Were they the training area there? Okay. Okay.

Jay Day:

So they end up right on the outskirts of that. Like I said, it's Reisterstown area and then into Carroll County, into Finksburg. There's a golf course community that a lot of 'em have bought over in over there.

Tom Whalen:

Oh, I'm sure. I'm sure that they've got it working there.

Jay Day:

Yeah, it's interesting. There are two main neighborhoods that they end up in and

Tom Whalen:

I bet they buy and sell when they get traded. I'm sure that there's people looking for a place to live when they're coming to town. They move right into these homes.

Jay Day:

Yeah. And then with the Redskins or Commanders, whatever they're called nowadays, I mean a lot of those ended up in a specific neighborhood in Virginia, in Northern Virginia. And like I said, it is funny because like I said, you can tell what's going on and who's going into these different areas, but

Tom Whalen:

For normal people, for normal real estate, this is what we do this for. I don't think the Ravens and Commanders are listening to our real estate podcast every week. Well,

Jay Day:

Well, so I'm going to tell you something really funny,

Tom Whalen:

What's that?

Jay Day:

One of the Ravens coaches had text messaged me that, and it wasn't Harbaugh, it was one of the other coaches, reached out to me and was looking to do just a rental in Owings Mills, Reisterstown area. And I told him we don't do rentals. And then I'm like, is this guy messing with me? So I did a little bit of research. He was really the coach. I checked the number. So then I texted him back after I told him I couldn't help him with the stuff and just let him know, even though we lost and didn't make it into the Super Bowl, that he should be proud. They did a good job.

Tom Whalen:

And well, he was also looking for a rental too, so he didn't have too much faith in his job, maybe. So okay, so this week Real Estate podcast, what are we going with?

Jay Day:

Alright, the Frederick County Association of Realtors put out some numbers, and again, I haven't gotten into a ton of numbers lately because it gets so boring, but I thought it would be good to just sort of give a little bit of an idea. And this was for February because as we always talk about, it takes almost to the middle of the next month to get the numbers out.

Tom Whalen:

I don't find these numbers boring, Jay. I know you're in the industry, you're at work. You're here at a podcast going over these numbers that you guys talk about all the time. I'm fascinated every time.

Jay Day:

Alright, well, so what they put out was a comparison of how February, 2023 was verse February 2024. So the amount of homes that sold in 2024 verse 2023 of February was down 23.4%. So the unit sold, it was only 209 homes sold and settled in February. So like I said, down 23.4%, the median day is on market. That one actually went down 60% from 2023. So basically the homes sold faster. There was less homes that sold. New listings, they were down 3.6% from February. Average sold price was up 9.5%. So again, less homes sold, shorter days on market, less listings hitting the market, but the average sold price was up almost 10%. The median sold price was up 4.7, so almost 5%. And then the active listings, they were up just a tad and the active listing, so it was up 2.3%, that's 312 versus 305. So small number, but when you look at it, it just gives you the picture of we thought inventory was tight in 2023, inventory is actually a bit tighter. And if you were waiting to sell the average price, like I said, we're up almost 10% from year over year. February, 2023 to February, 2024.

Tom Whalen:

So if you have proper financing and call Jay Day and the Day Home Team at LPT Realty, then you as a seller, you're in the catbird seat.

Jay Day:

Yeah, yeah. I mean, so even though we're still in this seller's market, one of the things I wanted to talk about is one of the most important things when selling your house. And I'm going to put you on the spot and don't worry so many things, you may not know this and if you don't, I'm not going to tease you too bad. What do you think one of the most important things once your home is on the market, not beforehand, but once your home is on the market, what do you think as a seller, one of your most important things is?

Tom Whalen:

Where your house is.

Jay Day:

Well, location is key.

Tom Whalen:

Location key. Okay, curb appeal.

Jay Day:

Curb appeal is important.

Tom Whalen:

Then I had no idea what you're talking about.

Jay Day:

So the most important thing is allowing easy access to show the home.

Tom Whalen:

To let 'em come in and take a look at it.

Jay Day:

Yes, you would be amazed how difficult at times it is to get showings of properties of just this past week I had somebody really wanted to see something. It goes on the market on a Friday, I go four or five days beforehand, schedule it for the time that's convenient for my person, rejected. They wanted to do a different time, so then I put in another time. Nope, they won't do that time either. And it's like, remember the economy we're in and we also have less people working remote now more people are going into work. So the availability of the buyer of being able to come in has shrunk. They're not working from home where they could run out and skip their lunch and do a showing instead of having a lunch break. Most of the people are commuting. They're working in D.C., they're working in Baltimore, Montgomery County, nowhere close. So when they have a time, that time is sort of one of the things that can work with them. So when you offer a different time, it doesn't always pan out and sometimes those people might not come back. So having the lockbox on the door, allowing the agent to have a key in the lockbox, allowing easy access with a phone call. The showings, try not to turn them down. And if you limit your access, it is going to make it much more challenging to get your home sold. The key is you want to have 'em. You want to make it as easy as possible for people to get in and to see your home.

Tom Whalen:

We heard a story last week, Jay, I forget what Diana and I were talking about, but just strange things in home and somebody said, yeah, we were looking at a home. We were looking at a home to buy and they go into the bedroom, there's a teenager sleeping in bed, and they said, look, this kid's tired of showings and he's not going to leave the house anymore. This is the bedroom. Things like that. Things like that.

Jay Day:

At least. So on that one, I'll give them credit for still allowing the showing,

Tom Whalen:

Allowing the showing,

Jay Day:

But it makes the buyer uncomfortable that they can't really, you're not going to be hanging around in a room where there's a teenager sleeping.

Tom Whalen:

No, you don't even want to smell that room. Teenagers sleeping in. I mean you don't want to go in there at all.

Jay Day:

And people are like, oh, well I want two days notice. Yeah,

Tom Whalen:

That's a lot. Yeah, that's a lot. Then you're making somebody rearrange their entire life.

Jay Day:

And think about this, if you're a seller, remember the buyer's not just looking at your house, they're looking at multiple homes and we're scheduling them in a time window, sort of like the cable guy. We will be here between this time and this time. When you have a showing that's set from one to two, that doesn't mean they're going to get there at one and stay until two. That means the arrival time will be between one and two and you have to guess. I mean, I've seen it now where people are limiting down to a half hour. And the problem is if you end up getting stuck in traffic, if a showing takes longer because you get there and there's multiple agents and the person can't really go through the house as easily, there's all these different things that will impact your showing times. So just think about it, let as many people in as you can. Again, that'll help get you potentially multiple offers and the more you turn down showings, the harder it's going to be to sell. I mean, that's pretty much the gist of that.

Tom Whalen:

Makes sense. You got a home of the week?

Jay Day:

I do. This is an end unit town home over in New Market in Brinkley Manor. So if you don't know where Brinkley Manor is, it's right off of the downtown historic part of New Market. So very close to restaurants, bars, shopping, all types of fun stuff. Four bedrooms, three full baths, one half bath, three fully finished levels. Like I mentioned, it's moments from historic downtown shops and restaurants. Easy access to I 70. This is an open floor plan. They have a corner gas fireplace, a center island, gas range. Any of those that are listening that have gas cooking, you never want to go back to electric. Once you have gas cooking, it's a game changer. Stainless steel appliances, the primary suite, AKA, the master bedroom has vaulted ceilings and a spacious private bathroom. The laundry is on the upper level near three of the bedrooms, which makes that super convenient. There's a rear deck with a retractable awning. It backs up to open space, so that's very nice as well. There's an attached two car rear loading garage on the main level. When you enter the home, there is an actual bedroom and a full bath. So if you had someone in your family who did not handle stairs well, that could be very convenient. And in Brinkley manner, they have pavilion and picnic area, basketball courts, common grounds, tot lots. Go to wfre.com, look up Tom and Jay's real estate podcast. If you like what you see, you can click schedule showing. Or this weekend only, Saturday and Sunday. Saturday, we're holding this house open from 12:00 PM to 2:00 PM and Sunday we're holding it open, 1:00 PM to 3:00 PM So if you wanted to just get in and not schedule a private tour, you can come by, check it out. I will tell you when we have our open houses, we've been having 30 to 60 people through. So come by, say hello. Check out the house and if it works for you and we can make it happen.

Tom Whalen:

I'm Tom.

Jay Day:

I'm Jay.

Tom Whalen:

of Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. Thank you for listening. We'll be back next Friday. Tell your friends all about it.

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