Just Sold! 3851 Roland Avenue in Hampden

The third time is the charm! I was the third Realtor to list this property and with the proper pricing, home staging, professional photography, and my hard work I got this house sold for top dollar and competing with a second offer.

My seller’s Response…

“You were the third Realtor I hired. Very quickly I realized you should have been the first! I now consider you to be on “family retainer” and will gladly recommend you to friends and neighbors. You exhibited an innate sense of client base for our most unusual property and advertised appropriately. You kept me constantly informed and quickly responded to questions or concerns and always followed up with me on feedback from each showing.
With each contact you made me feel I was your most important client. I can’t thank you enough for your unmatched service and commitment to the sale of our home.”

Janet Morningstar
Seller of 3851 Roland Ave.

Today's Baltimore Examiner Patterson Park Issue!

Check out today's spread in the Examiner where I explain a bit about Patterson Park as well as my client who is selling 403 S. Robinson Street explains the benefits of living in such a diverse and creative neighborhood such as this!

Just Listed in Roland Park!

Beautiful Victorian located on HUGE lot with incredible landsaping, fenced yard w/ patio & irrigation system. Home boasts slate kitchen floors & silestone counters, 2 car garage, updated electric, plumbing, new water heater and furnace, gleaming hardwood floors w/ inlay, fresh paint & fixtures throughout, and there's so much more! Join me Sunday 12/7 from 4-6pm to get a closer look!

Another Stimulus Package Coming?

Obama and Congress will also likely look at another economic stimulus package, particularly if the outgoing 110th Congress balks at passing new stimulus provisions before the end of 2008.

NAR is pushing for a lame-duck session of Congress to make conforming high-cost loan limits of $729,750 permanent and to eliminate the repayment requirement in the first-time homebuyer tax credit. NAR also want to see heightened consumer protection with a permanent ban on national banks entering real estate brokerage and management. And it wants to ensure Wall Street banks use some of the $700 billion in rescue funds to make mortgage financing available at reasonable costs.

Looking ahead, Congress is expected to take on comprehensive reform of health insurance, infrastructure investment, and climate change—all issues impacting real estate and the real estate profession. On all of those issues, NAR will move aggressively to help shape the debate.

Just Listed in Roland Park!

Stunning victorian w/ old world charm yet updated and move-in ready! Fresh paint inside & out, brand new h/w floors w/ inlay on 1st lvl, refinished h/w on upper lvls, updtd heat systm, roof, electric, plumbing- 3 levels of true living space and with an open feel. Enjoy mornings on your wrap around porch and evenings cooking in your well appointed kitchen! This is a Roland Park Must See!

Roland Park Listing Coming Soon!

Coming Soon.....

Beautiful Victorian $599,900 6 Bedroom, 2 Full Baths, huge backyard, newly landscaped, updated throughout, hardwood floor w/ enlay.

This home is currently having its interior repainted but is available for showings before it hits the market, just give me a call.

Rooms w/ amazing views! Open House 11/2 12-2pm!

This is an open house you wont want to miss! Come enjoy the beautiful views of the fountain, pond, & trees from this luxurious 3100+ sq ft move-in ready home!

Whether its to see this lovely home or to talk about the current market I would love for you to join me Sunday 11/2 from 12-2pm at 11933 Falls Rd. in Cockeysville.

I hope to see you there!

Meet the Neighbors, Then Buy the House! Saturday Oct. 25th 12-2pm

Check out my featured listing at 403 S. Robinson Street and 3 others while neighbors are out BBQ'ing from 12noon - 2pm. Takes place on the 300-400 blocks of Robinson Street, only 1 block from Patterson Park, and just around the corner from the Creative Alliance. Houses are all eligible for Healthy Neighborhoods loans and possible grants! Visit http://www.southeastcdc.org/index.cfm?go=main.showPage&catID=5&docID=31 for further details or give me a call at 410-493-6854.

Customize Your Castle!
MATCHING GRANTS UP TO $10,000 STILL AVAILABLE!*

Healthy Neighborhoods Loans make it easy to make the house you like into the home of your dreams. Always wanted a hot tub? Maybe a kitchen renovation is more your style? Healthy Neighborhoods loans can be used for any repairs or upgrades to your house you would like -- with low interest rates and great buys available YOU can have it all!

Now is a great time to buy a house, rates are low and there are still a few bargains to be found, especially in the neighborhoods of Highlandtown and Bayview. Whether you are looking for the homemade-wine-making, eclectic urban feel of Highlandtown, or the “Oh so Mayberry” feel of the wide porchfront row homes with front and backyards of Bayview, there is a house for you.

Still not sure! Give me and/or the Southeast CDC a call for a neighborhood tour – we’ll show you the ins and outs of these two hidden gems.
* Restriction apply read more

Pending Home Sales Activity Surge!

WASHINGTON, October 08, 2008

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”

Grant Programs Encouraging New Home Buyers!

Johns Hopkins Expands Home Buying Grants for Employees
Johns Hopkins recently announced a major expansion of its Live Near Your Work grant program, which encourages employees to buy homes in certain Baltimore neighborhoods. Full-time, benefits-eligible Hopkins employees may qualify for up to $17,000 in down payment and closing cost assistance. The program applies to employees of Johns Hopkins University, Johns Hopkins Hospital, Johns Hopkins Health Care, Johns Hopkins Community Physicians, or Johns Hopkins Bayview. Employees must contribute at least $1,000 toward the down payment and/or closing costs at settlement. Additionally, eligible employees must obtain a certificate documenting the completion of home ownership counseling prior to signing a contract of sale. There are no income restrictions, but the home must be purchased as a primary residence, and graduated repayment provisions do apply, if the home is sold or ceases to be the buyer’s primary residence within five years of the date of purchase. To see more program details and view a map of the targeted neighborhoods go to: www.jhu.edu/lnyw

CHAI Receives Foundation Grant - Charitable Foundation’s Board of Trustees recently awarded Comprehensive Housing Assistance, Inc. (CHAI) a $10,000 grant to support its Housing Services Program. The Foundation’s grant will enable CHAI to deepen its ability to serve clients in foreclosure and financial crisis and increase the emphasis on foreclosure prevention and financial literacy in its educational and counseling services. Since 1983, CHAI has been dedicated to increasing home ownership and economic stability in northwest Baltimore. CHAI’s Housing Services Program provides homebuyer and renovation loans and grants, homebuyer counseling and workshops, foreclosure prevention counseling, referrals to housing professionals, and links to public homeowner assistance programs for potential and existing homeowners in northwest Baltimore City. The Housing Services Program also acquires and renovates neighborhood properties to combat blight and spur neighborhood investment.

Market News

The number of days on the market before a property is sold is significant information for a buyer when deciding on an offering price. For example, if a buyer were interested in two very similar properties - one that had been on the market for 210 days and the other for only 10 days - the buyer would make a lower offer on the one for 210 days thinking that the seller is probably desperate to sell and would accept a lower offer whereas the other seller would not take a lower offer yet. Buyers may also feel that there might be something wrong with the house or someone else would have already purchased it. For educated buyers, usually what is "wrong" is the price is higher than the buyers' perception of value of the house.

What does that mean for sellers? Every day a property is on the market the price goes down in the minds of buyers. That is why a property sells at its highest price in the first days of exposure to the market. There is another reason for that fact. The buyers most ready to make an offer in the first days are the seasoned buyers who have been educated about the market by a REALTOR® and can act immediately because they have the cash or a mortgage pre-approval letter. If the price is too high initially, they move on and wait for another to come on the market. Sellers should therefore position their property to sell when it first hits the market.

When buyers work with me, we discuss total days on the market as they contemplate an offer. When I am representing sellers, I assist them in understanding that first days of exposure usually generate the highest offering prices.

Our Local Market Share

I am proud to announce that my office, Coldwell Banker of Roland Park/Cross Keys, has the #1 Market Share in 21209, 21210, 21212, 21217, 21218!

What does this mean for my buyers and sellers? This means that you will get not only me but my office's listings and clientele as well. I can share my buyers and sellers needs with my colleagues and we have been known to sell a house before even reaching the market & my buyers will have access to listings before they hit the market.

Are you relocating to Baltimore and looking for an attentive high energy realtor?While I don't recommend this, I have even helped a client purchase a home without them physically seeing the property. Whether you a new professor at Johns Hopkins or a executive with Legg Mason, I have a knowlege base and work pace that will fit your needs.

Let me put my expertise to work for you!

Upcoming Changes to the MAR Contract of Sale

MAR Residential Contract of Sale as of 10/08:

· Paragraph 16 – Lead Paint. This paragraph was revised to be more concise. The paragraph requires the seller to specify the date the home was constructed. Given this information, the parties will then be able to determine the extent to which the property is subject to the federal and/or Maryland lead paint laws. If the property is not subject to either law, the parties are not required to do anything else.

Paragraph 50 – Notice to the Parties. In response to the 2008 Protection of Homeowners in Foreclosure Act, paragraph 50 was revised to add a statement alerting the parties that a seller who is 60 days or more in arrears on the seller’s mortgage has a 5 day right to rescind the contract. The Act provides other protections to distressed sellers and the parties are given a reference to the law in case the parties wish to seek additional information.

New/Revised Addenda:
· “As-Is” Addendum. This Addendum allows the parties to agree that the property will be sold “as is.” There are two options. In the first, the parties can agree that the property will be sold “as is” without any inspections or contingencies regarding the condition of the property. The second option allows the buyer to inspect the property and terminate the contract if the buyer is dissatisfied with the results of the inspection. Regardless of the inspection results, the seller has no obligation to make any repairs. Finally, the Addendum language states that it supersedes any conflicting language in the Contract.
· Short Sale Addendum. The new addendum is designed to assist in navigating a short sale. The addendum:
· Property Inspections Addendum – The report and notice language in the Radon provision has been amended to mirror the report and notice language in the other sections dealing with inspections.

· Lease Option to Purchase Agreement. The Lease Option to Purchase Agreement will be used when the parties have entered into a separate lease and wish to provide the tenant with the right to purchase the property at a later date. The Option to Purchase provides that an agreed-upon portion of the monthly rental payments are applied to the purchase.

Charming Unique, & Architect Designed Patterson Park Listing!

I have a new listing coming up on the market Monday 9/8!!

~This home is a work of art, lovingly cared for, and oozing with character~
Two skylights shower every room with natural light, entertain on your rooftop deck and enjoy romantic evenings in your beautifully landscaped courtyard. Airy & open loft feel upstairs with two rooms separated by a light & bright bath w/ claw foot tub. All this and within walking distance to Patterson Park, Creative Alliance, & located in the Highlandtown Arts & Entertainment District. This one-of-a-kind property is a must see!

• Master Bedroom with office/addtl. bedroom, 1.5baths
• Central Air/Gas heat
• Hardwood floors throughout
• Original stained glass front window
• Exposed brick throughout
• Partially finished basement
• Roof top deck w/ amazing view of the city
• Fenced rear courtyard w/ beautiful landscaping
• Full bath w/antique pedestal sink & claw foot tub
• Location! Location! Location!
  

Call me for a private showing or come visit me at the Broker's Open on Wednesday 12-2:30pm.

The Real Estate Investment Benefit

In the first half of this decade, most areas in the Mid-Atlantic experienced a substantial increase in home prices. So far in the second half of the decade, most areas are experiencing a decrease in home prices due to the oversupply of houses on the market. Let's say someone purchases a house in 2000 for $300,000, and by 2005 it appreciates to a market value of $500,000. Today, after the recent decrease in the market, that house might sell for $400,000, and the seller would see $100,000 net appreciation. If this seller only remembers the $500,000 at the peak of the market, the seller may think they lost $100,000 instead of gaining $100,000 from the $300,000 originally paid. In fact, homeowners who have purchased several houses over the years should look at the cumulative equity gains for all of the purchased houses. For example, if you bought your first house years ago for $150,000 and sold it for $250,000 to buy a $400,000 house that appreciated and sold for $600,000 to buy an $800,000 house in 2005, you would see a total gross equity gain of $100,000 for the first house and $200,000 for the second house for a total of $300,000 net appreciation. For an investment in the commodity of residential real estate, $300,000 net appreciation is a significant gain. In today's market, if you sold that last house purchased for $800,000 for a price of $680,000 (15% less or a "loss" of $120,000), your total real estate equity gain would still be $180,000. As a commodity, real estate prices go up and down, but historically over time houses have proven to be an excellent investment as well as contributing to a satisfying lifestyle. Although the primary purpose of owning a home is the lifestyle it brings, the secondary benefit is the investment potential. Sellers should look at the investment benefit over a longer period of time to see the gains that eventually come from real estate.

Market News

Today, many sellers are unknowingly contributing to the loss of value of their own houses on the market. This happens when sellers hold on to the emotional ties of their asking price which oftentimes is unrealistically high. Current market buyers have done their homework and know when to take action on a property that is priced right. When sellers are unsuccessful in getting their house sold because of price, they are also contributing to the continuation of a downward price spiral. Here's why: Real estate is a commodity in the marketplace. When there is an oversupply of inventory, prices go down. When sellers price their house over what knowledgeable buyers know is the reasonable current market price, the property stays on the market continuing the oversupply. In today's market, sellers who understand that real estate is a commodity have priced correctly and are seeing the result as closed sales in days/weeks while those priced above the market, linger for months and some for years. If more sellers would recognize the economic basics of supply vs. demand and position their properties at prices to motivate the pool of buyers to action, the supply of houses on the market would decrease more rapidly creating a lower supply of inventory eventually resulting in price increases. Smart buyers are looking for properties positioned correctly and are taking action. Smart sellers should enlist the services of an agent who understands how the market is working today. This will help the seller to know when to accept a reasonable offer even it is not what they hoped for originally (emotional price). To see what is happening in your county, check out the current activity graphs included here. If you are a potential seller, buyer or just curious, I am available to give you an understanding of what's working in the market of your area.

Don't Let Your House Get Missed

Keep in mind when your house is listed on the MLS every item on the page is a possible search for a homebuyer.

If I am working with a buyer who tells me that the MUST have central air then I will make that a criterion for their search.

If the information is not filled out on the MLS or inaccurate then your house gets missed. This is why it is so important that you ask for a copy of the listing from your Realtor & make sure to provide your Realtor with as much information as possible.

I have even searched for properties using specific neighborhoods and then find that some have been misspelled, for instance “Hamden” rather than “Hampden”, once again causing this home to be kept from the search.

These may seem like minor items but they can be what is keeping your home from “SOLD”.

My Listing Published in the Baltimore Examiner 8/21 Edition!

My Listing at 3851 Roland Ave. was given a beautiful spread in the 8/21 edition of the Baltimore Examiner Real Estate Edition!

I am so glad that my work has paid off in getting this published.

Check out http://edition.pagesuite-professional.co.uk/Launch.aspx?referral=other&refresh=3d1B0Zj8Y60g&PBID=70f14c6d-ad65-4ef1-95cb-e954e73d2842&skip= to see for yourself.

People have already been calling and making appointments not to mention the great feedback Janet Morningstar (seller) has been getting from her neighbors.

The Housing and Economic Recovery Act of 2008

The Housing and Economic Recovery Act of 2008 has just been signed by President Bush.
Drawing much attention are the provisions for the first time home buyer in this bill. The first time homebuyer, under the new law, will be eligible for up to $7,500 in tax credits. This is more like an interest free loan that must be paid back over 15 years. When purchasing a first home this can be very helpful none-the-less. If the tax credit is not fully paid when the property is sold, selling for more than the original price, the outstanding balance is due at the time of the sell.
The eligibility requirements for the bill include home ownership status for first time buyers, citizenship, and income limitations. According to the law, a first time home buyer is any buyer who has not owned a home during the last three years.
The tax credit limitations include the filing status of single or head of household being able to claim the full $7,500 if the adjusted gross income is under $75, 000. These persons who earn between $75,000 and $95,000 can claim a partial first time home buyer tax credit. For the status of married filing jointly the income limit is $150,000 to receive the full credit and between $150,000 and $170,000 can claim the partial first time home buyer credit. Tax filers with adjusted incomes greater than the limits shown are not eligible for the tax credit at all.
Homes purchased and closed on between the dates of April 9, 2008 and July 1, 2009 by first time home buyers will receive the tax credit if they are eligible. In addition, if the first time home buyer who qualifies for this credit pays less than $7,500 in income taxes the government will refund the difference. Tax payers who receive tax refunds will have the homebuyer tax credit added to their refund. This tax credit can be claimed on the 2008 or 2009 returns depending on the year the home closes.
The law offers provisions for low income housing and seniors as well; each with their own requirements and regulations. The bill is an effort to help the housing crisis and the economy on the whole.

Website updated

You can now access my webstie at either:

magandrane.com

or

homefindbaltimore.com

What makes my website so new and different is that it has so much to offer both my buyers and sellers. Search the MLS, Find out about local neighborhoods in Baltimore City, Join my monthly newsletter, access my Blog for updates in the real estate market and fresh ideas, free helpful reports, client recommendation and their vendor recommendations, Link to the Crime Map, My recommended Mortgage contact, and so much more.

I hope you visit often since I update information and links onto my site weekly!

To Update or Not to Update?

Contemplating updating your home, but worried about whether it’s worth the cost, not to mention the sweat?

Over the years, as a Realtor, I have seen many poorly done renovations ruining the inherent charm of the home.

If you’ve already undergone a major renovation, I recommend updating comparable quality appliances that can make a significant impact in the pricing of your home. Additionally, minor fixes and updates can also add money to your bottom line.

On the other hand, if you have not gone through a needed renovation, it may not be worth while to do it before you sell. Do not do your buyers renovation for them. It can be easy to renovate yourself into a corner, reducing your pool of buyers.

Rather than taking on a massive project before you sell, a home warranty may be your best bet. A home warranty will give your buyer piece of mind so that they can make these updates at their own pace and with their own choice of appliances and décor.

In today’s market a quick low-cost fix doesn't necessarily translate into a quick profit.

Finding or Selling a home in Baltimore

Look to this blog for tips on selling your home in Baltimore.

If you are looking to buy a home in Baltimore, please visit me at HomeFindBaltimore.com.

I'll be updating this site with recent sales information for Roland Park and Guilford - two of the most historic and beautiful neighborhoods within the city limits of Baltimore.