Drive through most neighborhoods in the county and the unmistakable white posts jut from the pristine grass.
The brightly colored signs boast names of real estate companies, open house hours, amenities and phone numbers.
But the signs aren't changing as quickly as they did a year ago. The real estate boom is winding down, leaving buyers and sellers looking for tips on what to do as the market tides change.
"Buyers are much more savvy - they're bargaining now," said Dorcey Rose, a Realtor with Coldwell Banker Residential Brokerage at Annapolis Plaza.
Although prices continue to rise, the increase is much slower this spring and over the past five years.
In April, the median price hit $350,000, a 8 percent jump from the same period a year ago, according to
the Metropolitan Regional Information Systems, a Rockville-based listing service. It's the first time in years that the increase and sales fell below double digits.
More significantly, the number of homes sold in March dropped from a year ago and the pace of sales slows.
Continuing a trend that started in January, only 45 percent of homes sold in fewer than 30 days, and the average house now sits on the market for two months. During peaks in 2004, the average home sold in 39 days.
Real estate agents are becoming more proactive to find buyers.
Lewis Poretz, branch manager of Premier Mortgage Funding in Inc., said agents have been calling him in search of qualified buyers. He recommended that buyers can take advantage of that by getting pre-qualified for a mortgage before shopping.
"You can go in there already armed with a pre-qualifying letter and say 'Mr. Real Estate Agent, I want this much seller help and this is what I want,'" Mr. Poretz said.
The slowdown in sales has lead to a higher number of homes on the market at any one time. In addition to homes already on the market, there were 1,500 new listings in April, compared with only 1,200 ago.
There were 2,935 active listings in the county as of April 30.
"The inventory is growing," said Tom Quattlebaum, chief executive officer of the Anne Arundel County Association of Realtors. It's about three times what it was a year and a half ago."
Mr. Quattlebaum said that buyers have more time to look for homes and that they aren't going to pay above list price for them.
Mr. Poretz recommended dealing with local people who were accessible at all times during the home-buying process.
"I would recommend, without stretching yourself, to where you can buy the biggest house you can. That house may not be affordable next year," he said.
To help sell a house, Mr. Quattlebaum said sellers need to get accustomed to realistically pricing properties.
"That's going to be the big adjustment," he said.
Ms. Rose said that sellers can help their chances by making sure their property is in "tip-top" condition.
"Just make sure the clutter has been removed and the paint has been freshened up," she said.
She also recommended landscaping by the front door to spruce things up and to make the rooms look as bright and clean as possible.
"Little things can really make a difference," she said.
Ms. Rose warned against buyers waiting on a house.
"The danger with waiting is that it appears the interest rates are going to be raised," she said. "They could be locked out of being able to buy something."
Mr. Quattlebaum said while the market may not be as wild as before, prospects are still looking positive.
"We expect it to be a good year," he said.
Source:
http://www.hometownannapolis.com/cg..._04-28/BUS.html