Page 12 - November 2021 Issue.indd

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? ESTATE PLANNING 1143 Shore Hw y
1143 Shore Hwy. Denton. Denton
? RESIDENTIAL & COMMERCIAL 300 Market Street
Suite 104
41
0
9
-
-47
REAL ESTATE AND SETTLEMENTS Denton, Maryland 410-479-28332833
? LLC FORMATION & BUSINESS LAW 21629 Ann Draper & Lisa Young (Murray)
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(Murra
nn Dra
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p
er & Lisa Y
? MUNICIPAL & ENVIRONMENTAL LAW O ver 30 y ear s
y
Over 30 years
? GENERAL LEGAL COUNSEL 410.310.1774 combined experience
combined experience
Our attorney, Patrick Thomas, and our Settlement shayman@mlg-lawyers.com
Agent, Sandy Hayman, are available to travel to your www.mlg-lawyers.com
Appointments Appreciated
preferred location. A pp ointments A pp reciated
Walk-Ins Welcome
Walk-Ins Welcome
Tuesday - Friday 9 a.m. - 7 p.m.m.
Watch for how long a property is on construction has been lax for many T ues d a y - F r i d ay 9 a.m. - 7 p.
the market until under contract. Many reasons, the biggest being cost of Sat. 9-noon. Wed., Closed
Sat. 9-noon. Wed., Closed
properties have been going under construction so significant that the cost

contract in a matter of days and in many to build new exceeds that end value of Happy Thanksgiving!
cases a matter of hours in some areas. the completed home. Price out the cost
We are starting to see houses take a bit of land, plus the cost of construction
longer before going under contract. plus infrastructure, well, septic etc. and
Keeping an eye on sale prices in relation you can easily have an end product
to list prices is a good indicator that costing $50,000 to $100,000 more than Do not sit by and not buy a home because
prices are peaking. We are not there the finished product will appraise for. you fear a decline in its value. Buy a

yet, although multiple offers seem to be house because you can make it your
slowing down. Our area will continue to be desirable home, and a long-term investment. Do
from an affordability standpoint. It still not buy a home today with the thought

The most important question to resolve is cheaper to buy here than the Western that you will sell it in three years for a
if considering buying a home is what is Shore, and with remote work taking the tidy profit. Buy it to live in for 8-10 years

the likelihood that we will see a market across the bridge commute every day off at which time you will have enough
correction and prices fall, and if they do the table, you can enjoy a Western Shore equity for a new home.
fall, will it be anything like what we saw salary on an Eastern Shore bill.
13-14 years ago? Be a realist. If values remain the same,
So, if we continue to have a deficit or plateau then the only equity you will
My short answer to both questions is of homes available for sale, and high have gained during your ownership is
no. I do not believe that we will see a demand for affordable homes that the principal amount that you have paid
market correction of any significant provide a rural lifestyle, I feel we have down on your loan.
consequence. What we will see is that no reason to fear a peak in real estate
prices hit a plateau where they will level prices, one where values hit a high point Mr. Rowe is Vice President/Lending for
out and hover in a certain range for a and then begin a decline. Bay Capital Mortgage Corp. with offi ces
period of years, not going up nor going in Easton and Annapolis. He has lived in
down dramatically, or in some cases What is more likely because demand Caroline for his entire life and supports
even noticeably. Maybe you purchased will continue, is a plateau where values the county by volunteering in a variety of
a home for $300,000 and its value is remain fl at. Demand will be supported ways. He currently lives near Greensboro

$300,000 five years from now. by low fixed interest rates, maybe slightly with his wife Jeanne and daughter Kelsey.
higher than today. Buyers today do not
The only thing that could change my have to fear a rug being pulled out from
opinion would be a signifi cant decline under them like what happened in 2008
in demand for housing. This will not when values plummeted because of
happen anytime soon because we are defaults on mortgage-backed securities
not producing new housing units to triggered by borrower defaults of non-
keep up with increasing demand. New traditional loan products.
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