Maryland increased the Non-Resident withholding tax, effective January 1, 2008, from 6% to 6.75 % for individuals and from 7 % to 8.25 % for corporations.  If you own real property in Maryland but you are not a Maryland resident you are subject to this tax.  There are some ways around it but they are few and far between.  I sold a $2,000,000 farm a while back when the tax was 6 % and the seller almost had a heart attack when he saw the withholding amount.  Maryland increased just about every tax one can think of in the past year.  Is Maryland becoming a business "unfriendly" state?  Time and the tax man will show us ! 

Has anyone heard of a Sook? I grew up in South Dorchester County, Maryland, and my father was a waterman. In the Fall of the year he would catch loads of female Blue Crabs that the local people call "Sooks." Ever hear of a Sook?

Home Sale Stats for Caroline County, Maryland, and the Denton area 21629, comparison for August 2007 vs. August 2006:  These stats were obtained from the MRIS MLS system only.  Actual home sale numbers are probably somewhat higher if private sales and sales through other MLS systems are factored in.  Though MRIS is the primary MLS system for the area some sales were probably processed through the TREND, INNOVIA, and ARIS MLS systems and there were probably a couple of for-sale-by-owner transactions.        * This is not a scientific study.  All figures and comments are subjective.

Per MRIS data, in August 2007 there were 28 home sales in Caroline County.  The average sales price was $225,885 and the average Days on Market were 176.  In August 2006, total home sales were 51, the average sales price was 281,704, and average days on market were 138.  This represents a 45.1 % decrease in the number of homes sold, a 19.8 % decrease in the average home sales price, and an average days on market increase of 27.5 %, over a one year period.

Will home prices continue to decline?  My feeling is that as long as the media continues to tout negative real estate stories prices will continue to adjust in the near term.  My opinion is that the media plays a big role in public perception of the real estate market and it may in fact foster a self-fulfilling prophecy about real estate market woes.

The reality is that now seems to be a good time to buy a home.  Mortgage interest rates are still very reasonable and there are so many homes for sale that the market in this area is definitely favorable to Buyers - a "Buyer's Market."  Will interest rates stay low and home prices continue to decrease.  It's anyone's guess.  Why take a chance?  If you see a home that you really like and you can afford to buy it now, why not buy it?

Mickey Hayward is a certified residential specialist (CRS), a graduate of the REALTOR'S© institute (GRI), a Seniors Real Estate Specialist (SRES) and a Maryland and Delaware Real Estate Broker.  His office is located at 110 Market Street, in Denton, Maryland 21629. Websites:  www.mddehomes.com        www.sunsetproperties.net  Maryland and Delaware For Sale By Owner:  www.mddefsbo.com

As of today, 9/7/07, there are 460 homes for sale in Caroline County, Maryland - per MRIS MLS data. From January 2007 through August 31, 2007 there were 221 residential sales in Caroline County, or an average of 27 home sales per month. At this absorption rate if no listings are added to the current inventory, there is approximately a 17 month supply of residential properties available for sale in Caroline County. Since there will continue to be properties added to the inventory, there is probably a two year or more supply of homes available for sale in Caroline County, Maryland. This does not include the For Sale By Owner (FSBO) market which may add another month or so to these stats.

Do a search and check the stats yourself if you like at mddehomes.com or Sunsetproperties.net. You can also check some FSBO properties at mddefsbo.com.

Mickey J. Hayward, CRS, GRI, SRES Broker
Sunset Properties
mickey@sunsetproperties.net This e-mail address is being protected from spam bots, you need JavaScript enabled to view it