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!