I thought this was an interesting article from the Baltimore Sun regarding the declining Maryland home assessments.
http://www.baltimoresun.com/news/maryland/bal-md.assessments29dec29,0,2033099.story
Tuesday, December 29, 2009
Thursday, December 17, 2009
Thursday, November 26, 2009
Home Prices in 20 U.S. Cities Rise for Fourth Straight Month
Nov. 24 (Bloomberg) -- Home prices in 20 U.S. cities rose for a fourth straight month in September, pointing to improvement in real estate that’s helping the economy emerge from recession.
The S&P/Case-Shiller home-price index increased 0.27 percent from the prior month on a seasonally adjusted basis, after a 1.13 percent rise in August, the group said today in New York. The gauge fell 9.36 percent from September 2008, more than forecast, yet the smallest year-over-year decline since the end of 2007.
Rising home sales, aided by government programs and a decline in mortgage rates this year, have helped stem the slump in property values that precipitated the worst recession since the 1930s. Home buying and consumer spending may still be hampered by higher unemployment, which may prompt more foreclosures.
“The worst of the rate of home price declines has passed but a strong recovery is not expected,” Steven Wood, president of Insight Economics LLC in Danville, California, said before the report.
Economists forecast the 20-city home-price index would decline 9.1 percent from September 2008, after a previously reported 11.32 percent drop in the 12 months ended in August, according to the median forecast of 30 economists in a Bloomberg News survey. Estimates ranged from decreases of 8.3 percent to 10.3 percent. Year-over-year records began in 2001.
Nineteen of the 20 cities in the S&P/Case-Shiller index showed a smaller year-over-year decline than in August.
Compared with the prior month, nine of the 20 areas covered showed an increase while 10 had a decline. The biggest month-to- month gain was in Detroit and Minneapolis, which both increased 1.8 percent.
Existing Home Sales
Existing home sales in October rose to the highest level in more than two years, National Association of Realtors data showed yesterday. The median sales price decreased 7.1 percent from a year earlier, the smallest decline in more than a year.
Housing has been among the industries leading to stabilization in the U.S. economy. To ensure the recovery in housing continues, President Barack Obama and Congress this month extended a tax credit of as much as $8,000 for first-time homebuyers until April 30, from Nov. 30. They also expanded it to include some current owners.
Concern about the looming expiration of the credit earlier this month weighed on builder sentiment and may have been the reason the Mortgage Bankers Association’s purchase applications index fell to a 12-year low in the week ended Nov. 13. The bankers group is scheduled to release last week’s applications report tomorrow.
Fed’s Pianalto
While the erosion of house prices is starting to end, it will take “a considerable amount of time” for the housing market to recover fully, Federal Reserve Bank of Cleveland President Sandra Pianalto said in a speech Nov. 17.
“Though we have seen some signs that the worst may be over, the housing industry is not out of the woods yet,” Pianalto said at a housing conference sponsored by the Ohio Housing Finance Agency and Ohio Capital Corporation for Housing. “Nor is the broader economy.”
Two risks to stabilization in housing are rising unemployment ands foreclosures. Foreclosures on prime mortgages and home loans insured by the Federal Housing Administration rose to 30-year highs in the third quarter, the Mortgage Bankers Association said Nov. 19.
Almost 23 percent of U.S. homeowners in the third quarter owed more on their mortgages than their properties are worth, according to First American Core Logic, a real-estate information company based in Santa Ana, California.
Unemployment Rate
The unemployment rate rose to a 26-year high of 10.2 percent in October, according to the Labor Department. More joblessness may lead to more mortgage defaults, bringing more foreclosed properties onto the market and pushing down prices. Higher unemployment will also limit demand.
D.R. Horton Inc., the second-largest U.S. homebuilder, on Nov. 20 reported a fourth-quarter loss that exceeded analysts’ forecasts and said the housing outlook remains difficult.
“The thing that drives our business the most is job creation,” Chief Executive Officer Donald Tomnitz said on an earnings call for analysts. “If we look at the macro economic environment, it’s not good for us.”
Karl Case, an economist professor at Wellesley College, and Robert Shiller, chief economist at MacroMarkets LLC and a professor at Yale University, created the home-price index based on research from the 1980s.
To contact the reporter on this story: Courtney Schlisserman in Washington at cschlisserma@bloomberg.net Find out more about Bloomberg for iPhone: http://bbiphone.bloomberg.com/iphone
The S&P/Case-Shiller home-price index increased 0.27 percent from the prior month on a seasonally adjusted basis, after a 1.13 percent rise in August, the group said today in New York. The gauge fell 9.36 percent from September 2008, more than forecast, yet the smallest year-over-year decline since the end of 2007.
Rising home sales, aided by government programs and a decline in mortgage rates this year, have helped stem the slump in property values that precipitated the worst recession since the 1930s. Home buying and consumer spending may still be hampered by higher unemployment, which may prompt more foreclosures.
“The worst of the rate of home price declines has passed but a strong recovery is not expected,” Steven Wood, president of Insight Economics LLC in Danville, California, said before the report.
Economists forecast the 20-city home-price index would decline 9.1 percent from September 2008, after a previously reported 11.32 percent drop in the 12 months ended in August, according to the median forecast of 30 economists in a Bloomberg News survey. Estimates ranged from decreases of 8.3 percent to 10.3 percent. Year-over-year records began in 2001.
Nineteen of the 20 cities in the S&P/Case-Shiller index showed a smaller year-over-year decline than in August.
Compared with the prior month, nine of the 20 areas covered showed an increase while 10 had a decline. The biggest month-to- month gain was in Detroit and Minneapolis, which both increased 1.8 percent.
Existing Home Sales
Existing home sales in October rose to the highest level in more than two years, National Association of Realtors data showed yesterday. The median sales price decreased 7.1 percent from a year earlier, the smallest decline in more than a year.
Housing has been among the industries leading to stabilization in the U.S. economy. To ensure the recovery in housing continues, President Barack Obama and Congress this month extended a tax credit of as much as $8,000 for first-time homebuyers until April 30, from Nov. 30. They also expanded it to include some current owners.
Concern about the looming expiration of the credit earlier this month weighed on builder sentiment and may have been the reason the Mortgage Bankers Association’s purchase applications index fell to a 12-year low in the week ended Nov. 13. The bankers group is scheduled to release last week’s applications report tomorrow.
Fed’s Pianalto
While the erosion of house prices is starting to end, it will take “a considerable amount of time” for the housing market to recover fully, Federal Reserve Bank of Cleveland President Sandra Pianalto said in a speech Nov. 17.
“Though we have seen some signs that the worst may be over, the housing industry is not out of the woods yet,” Pianalto said at a housing conference sponsored by the Ohio Housing Finance Agency and Ohio Capital Corporation for Housing. “Nor is the broader economy.”
Two risks to stabilization in housing are rising unemployment ands foreclosures. Foreclosures on prime mortgages and home loans insured by the Federal Housing Administration rose to 30-year highs in the third quarter, the Mortgage Bankers Association said Nov. 19.
Almost 23 percent of U.S. homeowners in the third quarter owed more on their mortgages than their properties are worth, according to First American Core Logic, a real-estate information company based in Santa Ana, California.
Unemployment Rate
The unemployment rate rose to a 26-year high of 10.2 percent in October, according to the Labor Department. More joblessness may lead to more mortgage defaults, bringing more foreclosed properties onto the market and pushing down prices. Higher unemployment will also limit demand.
D.R. Horton Inc., the second-largest U.S. homebuilder, on Nov. 20 reported a fourth-quarter loss that exceeded analysts’ forecasts and said the housing outlook remains difficult.
“The thing that drives our business the most is job creation,” Chief Executive Officer Donald Tomnitz said on an earnings call for analysts. “If we look at the macro economic environment, it’s not good for us.”
Karl Case, an economist professor at Wellesley College, and Robert Shiller, chief economist at MacroMarkets LLC and a professor at Yale University, created the home-price index based on research from the 1980s.
To contact the reporter on this story: Courtney Schlisserman in Washington at cschlisserma@bloomberg.net Find out more about Bloomberg for iPhone: http://bbiphone.bloomberg.com/iphone
Thursday, November 19, 2009
Ritz Carlton Condo Sells for 12.6 Million
Thought I would share this since this is the most expensive condo ever sold in Baltimore! Great News for the Real Estate Market!
http://wjz.com/seenon/inner.harbor.condo.2.1322995.html
http://wjz.com/seenon/inner.harbor.condo.2.1322995.html
Saturday, November 7, 2009
My Latest Client Testimonial!
Magan,
Rory and I cannot thank you enough for the endless amount of work you put into finding us the perfect home. Your knowledge of the local area impressed us from the start, as did your expertise on the local real estate market.
Relocating from another city seemed overwhelming to us, but you quickly helped us to navigate the area and made us feel comfortable in our new surroundings. We appreciated your ability to relate to us and anticipate what we needed in a house currently, but also in the future. We could not have been happier with the outcome of this experience.
One of the most impressive things about you is your ability to address potential issues quickly and effectively. You were always available to us, regardless of your personal commitments. It was an absolute joy working with you and we truly feel we have ended up in an amazing home that we will enjoy for many, many years to come.
Thank you Magan!
Go to www.HomeFindBaltimore.com for a complete list of Client Testimonials. ~Thank you Emily & Rory!~
Rory and I cannot thank you enough for the endless amount of work you put into finding us the perfect home. Your knowledge of the local area impressed us from the start, as did your expertise on the local real estate market.
Relocating from another city seemed overwhelming to us, but you quickly helped us to navigate the area and made us feel comfortable in our new surroundings. We appreciated your ability to relate to us and anticipate what we needed in a house currently, but also in the future. We could not have been happier with the outcome of this experience.
One of the most impressive things about you is your ability to address potential issues quickly and effectively. You were always available to us, regardless of your personal commitments. It was an absolute joy working with you and we truly feel we have ended up in an amazing home that we will enjoy for many, many years to come.
Thank you Magan!
Go to www.HomeFindBaltimore.com for a complete list of Client Testimonials. ~Thank you Emily & Rory!~
Friday, November 6, 2009
The Homebuyer Tax Credit Extended and Expanded!
Great News!
The Homebuyer Tax Credit has not only been extended, but it has also been expanded to include current homeowners. The following are features of the new bill:
-Deadline for current credit is November 30, 2009.
-Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.
Eligibility and amount of new credit:
-$8,000 for first-time homebuyers (those who have not owned a home in the last three years).
-Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.
-Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.
-Homes valued at more than $800,000 are also ineligible.
The pool of eligible buyers will increase and the program will be in place through the first half of 2010. This is a very positive event for home buyers, home sellers, and the Real Estate industry!
Thursday, October 15, 2009
Special Event: Fall Frolic!
I hope you will join me for this opportunity to support our local businesses!
~Hot Mulled Cider, Caramel Apples, Holiday Shopping~
I will be there offering real estate information as well as a number of local business owners offering skincare, clothing, handbags, jewelry, crafts, and more!
Date: Thursday October 22nd
Time: 10am-1pm and 4pm-8pm
Place: 413 Hawthorne Road in Roland Park
Hosted by Cortney Chaite and Molly Chacko
*There will be participating vendors giving part of their proceeds to benefit Roland Park Elementary and Middle School
~Hot Mulled Cider, Caramel Apples, Holiday Shopping~
I will be there offering real estate information as well as a number of local business owners offering skincare, clothing, handbags, jewelry, crafts, and more!
Date: Thursday October 22nd
Time: 10am-1pm and 4pm-8pm
Place: 413 Hawthorne Road in Roland Park
Hosted by Cortney Chaite and Molly Chacko
*There will be participating vendors giving part of their proceeds to benefit Roland Park Elementary and Middle School
Tuesday, October 6, 2009
Baltimore City Household Hazardous Waste Drop-off: October 10 & 11, 2009
Public Works Director David E. Scott today announced the dates for the Bureau of Solid Waste’s Fall 2009 Household Hazardous Waste Drop-Off.
Saturday and Sunday, October 10th and 11th, 9 a.m. to 2 p.m., at the Baltimore Polytechnic Institute parking lot, Falls Road and Cold Spring Lane. Citizens are advised to use the Cold Spring Lane entrance to the lot.
Baltimore City residents can dispose of paint, pesticides, herbicides, car and household batteries, propane tanks, drain cleaner, gasoline, pool chemicals and many other hazardous items.
Materials that will not be collected include mixed refuse, unknown or unlabeled materials, acids, asbestos, ammunition, explosives, fire extinguishers, fireworks, industrial and medical wastes, acetylene tanks, small propane cylinders and radioactive materials, including smoke alarms with a radioactive symbol and mercury (thermometers or switches).
Proof of city residency, e.g. a driver's license, telephone bill or tax bill, is required to drop off items. Residents must also be able to identify the material.
For additional information, please call 311.
Saturday and Sunday, October 10th and 11th, 9 a.m. to 2 p.m., at the Baltimore Polytechnic Institute parking lot, Falls Road and Cold Spring Lane. Citizens are advised to use the Cold Spring Lane entrance to the lot.
Baltimore City residents can dispose of paint, pesticides, herbicides, car and household batteries, propane tanks, drain cleaner, gasoline, pool chemicals and many other hazardous items.
Materials that will not be collected include mixed refuse, unknown or unlabeled materials, acids, asbestos, ammunition, explosives, fire extinguishers, fireworks, industrial and medical wastes, acetylene tanks, small propane cylinders and radioactive materials, including smoke alarms with a radioactive symbol and mercury (thermometers or switches).
Proof of city residency, e.g. a driver's license, telephone bill or tax bill, is required to drop off items. Residents must also be able to identify the material.
For additional information, please call 311.
Staging in a Virtual Reality- Great Article!
I thought this was a really great alternative to physically staging a vacant property! This way you can give buyers the effect of staging without moving/purchasing/renting any furniture.
http://www.realtor.org/rmotechnology/articles/2009/0910_technology_virtualstaging
I'm always looking for new ways to better my listings with todays technology! Keep you eye out for additional ideas or feel free to give me a call.
http://www.realtor.org/rmotechnology/articles/2009/0910_technology_virtualstaging
I'm always looking for new ways to better my listings with todays technology! Keep you eye out for additional ideas or feel free to give me a call.
Thursday, September 24, 2009
Additional $500 to those eligible for the $8000 tax credit!
I just received word that in an effort to stimulate sales, my mortgage contact will add to the $8000 tax credit! He will provide a $500 lender credit to any buyer who goes under contract on or after Saturday 9/26 and closed on or before Nov 30, 2009.
The buyer must qualify for the federal $8000 tax credit in order to be eligible for our $500 lender contribution.
This is only for sales that go under contract on or after Saturday 9/26/09. Sorry, no exceptions.
This contribution is only good for loans that close before December 1, 2009. If the gvt. extends the $8000 credit past Nov 30 the program will not extend past then.
Please give me a call if you are interested since we will need to get started on your search as soon as possible. Thanks!
The buyer must qualify for the federal $8000 tax credit in order to be eligible for our $500 lender contribution.
This is only for sales that go under contract on or after Saturday 9/26/09. Sorry, no exceptions.
This contribution is only good for loans that close before December 1, 2009. If the gvt. extends the $8000 credit past Nov 30 the program will not extend past then.
Please give me a call if you are interested since we will need to get started on your search as soon as possible. Thanks!
Friday, September 18, 2009
Baltimore Housing Cracks Down on Permit Violators
Baltimore Housing Cracks Down on Violators
Agency launches enforcement program making
it tougher to work without a permit
(Baltimore – August 26, 2009) The Permits and Code Enforcement Division of Baltimore Housing has instituted aggressive new measures to ensure that all required permits are obtained before any construction work begins in Baltimore City. The new program marks the first time an automated approach has been developed to administer penalties and conduct regular re-inspections of addresses in violation.
The new strategy is expected to significantly reduce the number of people working without permits and thereby improve the overall integrity of the permit process. Through the permit process, Baltimore Housing makes certain that buildings being developed and improved meet code and that in Historic Preservation Districts, the proposed work meets historic preservation criteria.
The division has published the new rules and regulations governing the assessment of administrative penalties ranging from a written warning to the application of both a $500 citation and a $1000 permit surcharge. The most significant penalties will be applied where major work is started without a permit or outside the scope of a permit, or for any work started in a Baltimore City Historical and Architectural Preservation District without approval from the Commission for Historical and Architectural Preservation. These sanctions are intended to guarantee that the same rules apply to everyone.
According to Housing Commissioner Paul T. Graziano, “This is one more step in our continuing efforts to increase both the effectiveness and transparency of our code enforcement operations. We are tackling the culture of impunity regarding work without a permit, especially in our Historic Preservation districts.” You can view the new rules and regulations at www.baltimorehousing.org/ps_permits.asp. For more information contact Cheron Porter, Director of Communications at 410-396-4709 or cheron.porter@habc.org.
Agency launches enforcement program making
it tougher to work without a permit
(Baltimore – August 26, 2009) The Permits and Code Enforcement Division of Baltimore Housing has instituted aggressive new measures to ensure that all required permits are obtained before any construction work begins in Baltimore City. The new program marks the first time an automated approach has been developed to administer penalties and conduct regular re-inspections of addresses in violation.
The new strategy is expected to significantly reduce the number of people working without permits and thereby improve the overall integrity of the permit process. Through the permit process, Baltimore Housing makes certain that buildings being developed and improved meet code and that in Historic Preservation Districts, the proposed work meets historic preservation criteria.
The division has published the new rules and regulations governing the assessment of administrative penalties ranging from a written warning to the application of both a $500 citation and a $1000 permit surcharge. The most significant penalties will be applied where major work is started without a permit or outside the scope of a permit, or for any work started in a Baltimore City Historical and Architectural Preservation District without approval from the Commission for Historical and Architectural Preservation. These sanctions are intended to guarantee that the same rules apply to everyone.
According to Housing Commissioner Paul T. Graziano, “This is one more step in our continuing efforts to increase both the effectiveness and transparency of our code enforcement operations. We are tackling the culture of impunity regarding work without a permit, especially in our Historic Preservation districts.” You can view the new rules and regulations at www.baltimorehousing.org/ps_permits.asp. For more information contact Cheron Porter, Director of Communications at 410-396-4709 or cheron.porter@habc.org.
Thursday, September 3, 2009
The Local Market Provides the Best Statistics
The real estate market continues to be a hot topic with the national media and we are continuously presented with many national statistics on the status of the residential real estate market. In the past two months, national statistics show an increase in not only the number of buyers entering the market, but also an increase in the sale price of homes. Armed with this information, buyers and sellers are making decisions about the timing of their move and the prices at which to buy or sell.
Although we are seeing positive national trends, national statistics are rarely the best source upon which to make your local housing decisions. Local market information and trends are more reliable and are more relevant, especially when interpreted by an expert real estate professional who knows your market.
Sellers particularly need their REALTOR® to provide this detailed information since the initial price position of their house usually determines whether they will get the highest possible amount. Since the largest pool of potential buyers exists when a property first hits the market, a price position that eliminates their consideration of the property keeps a house on the market longer. The more days a property is on the market allows buyers to make lower offers. Although a seller may believe their house is worth a certain price, the information on what buyers will pay in the current market for a house of that type is the major valid statistic upon which to make decisions.
I am always willing to provide market knowledge to you or anyone you know. Whether buying or selling, allow me to assist you in making the best decisions for your move.
Although we are seeing positive national trends, national statistics are rarely the best source upon which to make your local housing decisions. Local market information and trends are more reliable and are more relevant, especially when interpreted by an expert real estate professional who knows your market.
Sellers particularly need their REALTOR® to provide this detailed information since the initial price position of their house usually determines whether they will get the highest possible amount. Since the largest pool of potential buyers exists when a property first hits the market, a price position that eliminates their consideration of the property keeps a house on the market longer. The more days a property is on the market allows buyers to make lower offers. Although a seller may believe their house is worth a certain price, the information on what buyers will pay in the current market for a house of that type is the major valid statistic upon which to make decisions.
I am always willing to provide market knowledge to you or anyone you know. Whether buying or selling, allow me to assist you in making the best decisions for your move.
Wednesday, August 5, 2009
Coldwell Banker ranks highest among home sellers in JD Power survey!
· Among home sellers, Coldwell Banker ranks highest with a score of 815 and performs particularly well in all four factors.
· The study finds that the proportion of first-time home buyers has increased considerably—to 56 percent in 2009 from 44 percent in 2008. Many of these first-time buyers may be attracted by improved home affordability and the perception of a strong buyer’s market. This presents both challenges and opportunities for real estate companies.
· Home sellers report that, on average, 3.2 open houses were conducted for their property in 2009, compared with 4.5 in 2008.
· Approximately 64 percent of home sellers used a Web site listing to market their home in 2009, up from 61 percent in 2008.
Tuesday, August 4, 2009
Rookie Home Buyer Mistakes
I thought this was a great article (described by an actual buyer) regarding the rush of the homebuying process especially when it comes to multiple offers & the rush for the 1st time homebuyer to get their tax credit.
http://online.wsj.com/article/SB124904648918696861.html
http://online.wsj.com/article/SB124904648918696861.html
Thursday, July 23, 2009
Reminder: MDIA Regulations Beginning July 30th
Just a reminder that these new provisions will begin July 30th which can cause a delay in settlement due to the 7 days for consumer to review these documents especially if any changes are made while in the process .
The information below is taken straight from http://www.federalreserve.gov.
The MDIA seeks to ensure that consumers receive cost disclosures earlier in the mortgage process. In several respects, the MDIA is substantially similar to final rules issued by the Board in July 2008. However, the MDIA also broadens and adds to those regulatory requirements. The final rule largely follows a proposal issued by the Board in December 2008. Under the MDIA, creditors must comply with the new provisions on July 30, 2009. The Board's implementing regulations apply to dwelling-secured consumer loans for which a creditor receives an application on or after July 30, 2009.
The MDIA requires creditors to give good faith estimates of mortgage loan costs ("early disclosures") within three business days after receiving a consumer's application for a mortgage loan and before any fees are collected from the consumer, other than a reasonable fee for obtaining the consumer's credit history. These requirements are consistent with the Board's July 2008 final rule, which applied to loans secured by a consumer's principal dwelling.
The MDIA broadens this requirement by also requiring early disclosures for loans secured by dwellings other than the consumer's principal dwelling, such as a second home.
In addition, the rules would implement the MDIA's requirements that:
The information below is taken straight from http://www.federalreserve.gov.
The MDIA seeks to ensure that consumers receive cost disclosures earlier in the mortgage process. In several respects, the MDIA is substantially similar to final rules issued by the Board in July 2008. However, the MDIA also broadens and adds to those regulatory requirements. The final rule largely follows a proposal issued by the Board in December 2008. Under the MDIA, creditors must comply with the new provisions on July 30, 2009. The Board's implementing regulations apply to dwelling-secured consumer loans for which a creditor receives an application on or after July 30, 2009.
The MDIA requires creditors to give good faith estimates of mortgage loan costs ("early disclosures") within three business days after receiving a consumer's application for a mortgage loan and before any fees are collected from the consumer, other than a reasonable fee for obtaining the consumer's credit history. These requirements are consistent with the Board's July 2008 final rule, which applied to loans secured by a consumer's principal dwelling.
The MDIA broadens this requirement by also requiring early disclosures for loans secured by dwellings other than the consumer's principal dwelling, such as a second home.
In addition, the rules would implement the MDIA's requirements that:
- Creditors wait seven business days after they provide the early disclosures before closing the loan; and
- Creditors provide new disclosures with a revised annual percentage rate (APR), and wait an additional three business days before closing the loan, if a change occurs that makes the APR in the early disclosures inaccurate beyond a specified tolerance.
The rules would permit a consumer to expedite the closing to address a personal financial emergency, such as a foreclosure.
Tuesday, July 14, 2009
Coldwell Banker #1 residential real estate brokerage firm in the United States for the 12th consecutive year!
NRT took the top spot for the 12th consecutive year for both closed sales volume and closed transaction sides in the REAL Trends 500 annual survey. NRT-owned real estate companies are involved with one out of every four homes sold in the United States.
With 51 offices and over 3,400 sales professionals, Coldwell Banker Residential Brokerage Mid-Atlantic accounted for $6.7 billion in closed sales volume and 17,321 closed transaction sides in 2008. NRT recorded $132 billion in closed sales volume and 275,640 transaction sides in 2008. A transaction side is either the buyer side or the seller side in a real estate transaction. Brokerage companies like Coldwell Banker receive commissions from representation of either one or both sides of a transaction.
Paul Valentino, president, Greater Washington Metro, said, “While 2008 was a very challenging housing market, consumers continued to have confidence in Coldwell Banker and other NRT brands as real estate professionals they could trust. Our strength comes from being part of a family of real estate companies that provides a global network of support and marketing services for our clients.”
“Our sales teams throughout the Mid-Atlantic region dedicate themselves to obtaining the best results for each of our customers,” said Dean Cottrill, general sales manager, Greater Baltimore Metro. “They practice the same ethos of high quality service that the Coldwell Banker brand has represented for over a century, and that NRT embraces throughout all its real estate companies.”
With 51 offices and over 3,400 sales professionals, Coldwell Banker Residential Brokerage Mid-Atlantic accounted for $6.7 billion in closed sales volume and 17,321 closed transaction sides in 2008. NRT recorded $132 billion in closed sales volume and 275,640 transaction sides in 2008. A transaction side is either the buyer side or the seller side in a real estate transaction. Brokerage companies like Coldwell Banker receive commissions from representation of either one or both sides of a transaction.
Paul Valentino, president, Greater Washington Metro, said, “While 2008 was a very challenging housing market, consumers continued to have confidence in Coldwell Banker and other NRT brands as real estate professionals they could trust. Our strength comes from being part of a family of real estate companies that provides a global network of support and marketing services for our clients.”
“Our sales teams throughout the Mid-Atlantic region dedicate themselves to obtaining the best results for each of our customers,” said Dean Cottrill, general sales manager, Greater Baltimore Metro. “They practice the same ethos of high quality service that the Coldwell Banker brand has represented for over a century, and that NRT embraces throughout all its real estate companies.”
Sunday, July 5, 2009
Determining Your Homes Market Value
You may hear statistical data that average home sale prices went up in the last two months. Certainly encouraging news to sellers! However, for the last year, average sales prices have been inconsistent from month to month with no real pattern -- going up for a month or two and down for two or three months. The more reliable way to determine the market value of a home is detailed below and involves finding accurate comparable home sales in your area.
With home prices, the trouble with "average" is it does not give homeowners an accurate picture of the market in their area. Average home prices are calculated by dividing the number of homes sold during a fixed period into the total of all sales prices. If lower end homes are selling more than higher priced ones, the average would go down, but if higher priced homes are more popular, the average would go up. Another measure of home prices is the "median" price where half of all homes sold for less and half for more. As with "average", the "median" statistic does not give homeowners any idea of the how much the market value of homes has declined or appreciated in their area.
The better method of determining the percentage fluctuations of market prices is to compare similar homes in a specific area over a fixed time period. For example, if you wanted to know the percentage drop in prices from 2006 to today, research the 2006 sales price of 3-4 homes compared to the recent sales prices of 3-4 similar homes in the same area. The overall comparison will give a fairly accurate percentage drop of home prices in that area. Then when homeowners remember what neighbors' houses sold for in 2006, they can apply that percentage reduction to get an idea of the perception buyers have of value in today's market.
Since we cannot rely on "average or median" sales prices to see the future, I would be happy to do the research to analyze the percentage change of home prices in your area and provide a Comparative Market Analysis (CMA).
With home prices, the trouble with "average" is it does not give homeowners an accurate picture of the market in their area. Average home prices are calculated by dividing the number of homes sold during a fixed period into the total of all sales prices. If lower end homes are selling more than higher priced ones, the average would go down, but if higher priced homes are more popular, the average would go up. Another measure of home prices is the "median" price where half of all homes sold for less and half for more. As with "average", the "median" statistic does not give homeowners any idea of the how much the market value of homes has declined or appreciated in their area.
The better method of determining the percentage fluctuations of market prices is to compare similar homes in a specific area over a fixed time period. For example, if you wanted to know the percentage drop in prices from 2006 to today, research the 2006 sales price of 3-4 homes compared to the recent sales prices of 3-4 similar homes in the same area. The overall comparison will give a fairly accurate percentage drop of home prices in that area. Then when homeowners remember what neighbors' houses sold for in 2006, they can apply that percentage reduction to get an idea of the perception buyers have of value in today's market.
Since we cannot rely on "average or median" sales prices to see the future, I would be happy to do the research to analyze the percentage change of home prices in your area and provide a Comparative Market Analysis (CMA).
Thursday, June 25, 2009
Great Article Outlining the Issues Regarding the New Appraisal Guidelines
This is an interesting article about appraisal process-http://www.cnbc.com/id/31509964
Luckily I haven't had the bad experience of dealing with out of area appraisers and/or their inabilility to access the MLS although I have dealt with the delays & confusion of the appraiser not being able to communicate with the lender and this can become very frustrating, causing the Realtor to be the go between.
Luckily I haven't had the bad experience of dealing with out of area appraisers and/or their inabilility to access the MLS although I have dealt with the delays & confusion of the appraiser not being able to communicate with the lender and this can become very frustrating, causing the Realtor to be the go between.
Thursday, June 4, 2009
Moving Ups are Coming Back
Two months ago, 60% of home buyers were first-time buyers. Last month, 60% were repeat buyers showing that more homeowners are moving up. As the first-time buyers with the $8,000 tax credit incentive bought the starter homes, more sellers could move up to a new, larger home. Today’s environment with lower prices is the perfect model for “moving up”.
The fast moving days of 2004-2005 actually were not the best time for buyers. As was noted in last month’s Market Watch, for the 18 months starting in March 2004 there was a sharp 41% increase in home prices and although there was low inventory giving rise to those increases, a significant number of homes were sold. Sellers were selling high and buying higher as prices spiked up.
Here is why moving up to a larger home is better now. If a homeowner wants to move from a townhouse or condo to a larger home, many are concerned their current home is not at the value it was a few years ago. Because all properties in the area have depreciated by the same percentage, there is a monetary advantage in moving up now. Assume a home was valued at $250,000 and then depreciated by 20%, leaving a current value of $200,000. A previously valued $500,000 home at 20% less is now $400,000. A homeowner would sell their home for $50,000 less than its high value, but would buy the larger home for $100,000 less, giving that homeowner a $50,000 positive increase.
If you, or someone you know, think now is the time to consider “moving up”, please contact me.
The fast moving days of 2004-2005 actually were not the best time for buyers. As was noted in last month’s Market Watch, for the 18 months starting in March 2004 there was a sharp 41% increase in home prices and although there was low inventory giving rise to those increases, a significant number of homes were sold. Sellers were selling high and buying higher as prices spiked up.
Here is why moving up to a larger home is better now. If a homeowner wants to move from a townhouse or condo to a larger home, many are concerned their current home is not at the value it was a few years ago. Because all properties in the area have depreciated by the same percentage, there is a monetary advantage in moving up now. Assume a home was valued at $250,000 and then depreciated by 20%, leaving a current value of $200,000. A previously valued $500,000 home at 20% less is now $400,000. A homeowner would sell their home for $50,000 less than its high value, but would buy the larger home for $100,000 less, giving that homeowner a $50,000 positive increase.
If you, or someone you know, think now is the time to consider “moving up”, please contact me.
Tuesday, May 26, 2009
8K Tax Credit Down Payment Decision Reversed
If you are a first time homebuyer and depending on the 8K tax credit for your down payment, please read this article since this is no longer an option.
http://www.azcentral.com/arizonarepublic/business/articles/2009/05/18/20090518biz-downpayment0519.html
If you have any further questions regarding the tax credit or anything else regarding your sale/purchase please give me a call since I would lobe to help!
http://www.azcentral.com/arizonarepublic/business/articles/2009/05/18/20090518biz-downpayment0519.html
If you have any further questions regarding the tax credit or anything else regarding your sale/purchase please give me a call since I would lobe to help!
Wednesday, May 20, 2009
City Requires Higher Tax-data Accuracy in Real Estate Ads
www.baltimoresun.com/business/realestate/bal-md.property19may19,0,5952710.story
baltimoresun.com
City requires higher tax-data accuracy in real estate ads
By Julie Bykowicz julie.bykowicz@baltsun.com
May 19, 2009
A new Baltimore city ordinance requires the disclosure of more-accurate information about property taxes in real estate advertisements - an effort to clamp down on misleadingly low figures that can cause panic for buyers when they realize they have to pay far higher taxes than the previous owner.
The ordinance takes effect in about three months and means that ads may not state the current owner's taxes, which can include homestead credits and other tax breaks that do not transfer to the buyer. Instead, tax figures in ads must be a reflection of the property's most recent assessment multiplied by the city property tax rate of $2.268 per $100 of assessed value.
Mayor Sheila Dixon recently signed the ordinance, the council learned at a meeting Monday night.
Councilman James B. Kraft, who drafted the legislation, described the new measure as truth in advertising. "All of us around the harbor were hearing about this issue for years," he said, referring to other council members. Particularly in Canton, which is in his district, some sellers had been in their homes for 30-plus years, meaning their assessments and tax credits were not a true picture of what buyers would have to pay, Kraft said.
Kraft said he'd seen ads for properties listed at more than $1 million claim property taxes of about $7,000 when in reality the bill would be closer to $25,000. The misleading tax information was "causing all sorts of problems" when the new owner was faced with a higher assessment and none of the tax benefits.
Carolyn Cook of the Greater Baltimore Board of Realtors said her group worked with the council to develop a workable policy. At first, she said, the council asked for the ads to predict what the taxes would be the next year for a new owner - an "onerous task," she said, because houses are assessed at different times, usually once every three years.
Cook said the council decided to use the same formula used by the Metropolitan Regional Information Systems Inc., the company that runs the region's multiple-listing service.
She acknowledged that property tax promoted in some real estate ads "creates a lot of confusion among homeowners and others" because it was often pulled from the owner's last tax bill. As an example, she said, a tax bill for an abandoned home would be far lower than after it's renovated and sold - yet the figure for the shell kept popping up in ads.
"People seeing the ads weren't always making the connections," Cook said.
baltimoresun.com
City requires higher tax-data accuracy in real estate ads
By Julie Bykowicz julie.bykowicz@baltsun.com
May 19, 2009
A new Baltimore city ordinance requires the disclosure of more-accurate information about property taxes in real estate advertisements - an effort to clamp down on misleadingly low figures that can cause panic for buyers when they realize they have to pay far higher taxes than the previous owner.
The ordinance takes effect in about three months and means that ads may not state the current owner's taxes, which can include homestead credits and other tax breaks that do not transfer to the buyer. Instead, tax figures in ads must be a reflection of the property's most recent assessment multiplied by the city property tax rate of $2.268 per $100 of assessed value.
Mayor Sheila Dixon recently signed the ordinance, the council learned at a meeting Monday night.
Councilman James B. Kraft, who drafted the legislation, described the new measure as truth in advertising. "All of us around the harbor were hearing about this issue for years," he said, referring to other council members. Particularly in Canton, which is in his district, some sellers had been in their homes for 30-plus years, meaning their assessments and tax credits were not a true picture of what buyers would have to pay, Kraft said.
Kraft said he'd seen ads for properties listed at more than $1 million claim property taxes of about $7,000 when in reality the bill would be closer to $25,000. The misleading tax information was "causing all sorts of problems" when the new owner was faced with a higher assessment and none of the tax benefits.
Carolyn Cook of the Greater Baltimore Board of Realtors said her group worked with the council to develop a workable policy. At first, she said, the council asked for the ads to predict what the taxes would be the next year for a new owner - an "onerous task," she said, because houses are assessed at different times, usually once every three years.
Cook said the council decided to use the same formula used by the Metropolitan Regional Information Systems Inc., the company that runs the region's multiple-listing service.
She acknowledged that property tax promoted in some real estate ads "creates a lot of confusion among homeowners and others" because it was often pulled from the owner's last tax bill. As an example, she said, a tax bill for an abandoned home would be far lower than after it's renovated and sold - yet the figure for the shell kept popping up in ads.
"People seeing the ads weren't always making the connections," Cook said.
Friday, May 1, 2009
Getting Back to Normal
Ascending a mountain either by foot or by car can be exhilarating. We take in the incredible view for a while and then we come back down from the peak to a plateau. In other words, back to the normal view of the world.
Such has been the residential real estate market for the last five years. In our area, we reached the top of the peak at the beginning of 2006. And, all the way down from the peak, the media has chronicled every decline worrying sellers and buyers.
The latest Case-Shiller Home Price Index for our area shows that home prices have dropped 31% since the peak over three years ago. That statistic sounds shocking, however, the report shows home prices have simply returned back to the March 2004 levels when homeowners were very happy with the value of their property. We need to remember in just the 18 months from March 2004 to September 2005, there was a sharp 41% increase in prices due to very low inventory. So a drop to 2004 price levels is more like getting back to normal.
Another aspect of housing that is getting back to normal is mortgage-lending qualification. We hear concerns about lower qualification ratios and higher down payments that were ignored previously. We now understand that returning to previous reasonable standards is prudent. With a return to these standards and lenders willing to lend, the historically low interest rates are making today's mortgages even better than normal.
These and other factors are the reasons that a recent Gallup poll found that 71% of Americans think now is a good time to buy a house. If now is the right time for you or anyone you know, please allow me to assist in any way I can.
Such has been the residential real estate market for the last five years. In our area, we reached the top of the peak at the beginning of 2006. And, all the way down from the peak, the media has chronicled every decline worrying sellers and buyers.
The latest Case-Shiller Home Price Index for our area shows that home prices have dropped 31% since the peak over three years ago. That statistic sounds shocking, however, the report shows home prices have simply returned back to the March 2004 levels when homeowners were very happy with the value of their property. We need to remember in just the 18 months from March 2004 to September 2005, there was a sharp 41% increase in prices due to very low inventory. So a drop to 2004 price levels is more like getting back to normal.
Another aspect of housing that is getting back to normal is mortgage-lending qualification. We hear concerns about lower qualification ratios and higher down payments that were ignored previously. We now understand that returning to previous reasonable standards is prudent. With a return to these standards and lenders willing to lend, the historically low interest rates are making today's mortgages even better than normal.
These and other factors are the reasons that a recent Gallup poll found that 71% of Americans think now is a good time to buy a house. If now is the right time for you or anyone you know, please allow me to assist in any way I can.
Thursday, April 23, 2009
Feedback From My Most Recent Sale!
Magan was the perfect Realtor to guide me through the whirlwind of first-time home-buying. She was conscientious and timely in pointing me in the right directions along the way and in getting me good professional advice I felt I could trust, when I felt clueless .
When I'd send a panick-ish email, she was there on the phone checking up on me moments later. She outlined the process beforehand and then kept me apprised of every step along the way, even when I wasn't expecting it! She was at my back at every turn, making sure my best interests were being taken care of.
I'm recommending her to everyone in sight who utters "looking" or "selling"! She takes her clients' interests very seriously. I can't wait to show her the place she helped me find.
Sara Anderson
When I'd send a panick-ish email, she was there on the phone checking up on me moments later. She outlined the process beforehand and then kept me apprised of every step along the way, even when I wasn't expecting it! She was at my back at every turn, making sure my best interests were being taken care of.
I'm recommending her to everyone in sight who utters "looking" or "selling"! She takes her clients' interests very seriously. I can't wait to show her the place she helped me find.
Sara Anderson
Sunday, April 12, 2009
Just Listed in Roland Park/Keswick!
Charming tudor on this adorable street in the Roland Park/Keswick neighhborhood.Home boasts 3 bedrooms, 1.5 baths, CAC, wood burning fireplace, hardwood floors, brick patio leading to 1car garage, HUGE basement with 8ft+ ceilings and so much more!
Give me a call for your private viewing.
Looking for a home in Roland Park? Give me a call since I have yet another coming soon!
Thursday, April 9, 2009
The Perception of Value
Pricing and negotiation in residential real estate is based on perception of value. There are two sides to the perception - how the seller sees the house and how the buyer sees it - and there is usually a gap between them.
The seller has a great deal of emotion invested into the house. They have a price in mind based on how much they paid for the house, how much they have invested in their property during their ownership, previous sales of similar properties and what they need to complete their future plans. And, above all, the emotions they feel towards the home have a significant impact on what they decide is the asking price. Many times the seller wants a higher than market price because they feel the house is worth it.
On the other side, the buyer's perception of value is not based on any of the above. The condition, curb appeal and interior presentation of the house either enhance or decrease the buyer's desire for the house. The price range is determined by the mortgage qualifications and their knowledge of market conditions.
What does this mean to buyers? In former appreciating markets when inventories were low, buyers had to compete for the few houses available and bid prices up. In the current depreciating market with high inventories buyers know they are in control of offering prices. However, when buyers see what they perceive as a very well-priced home that exactly meets their needs; they will be competing with other buyers who also see that good value resulting in higher offering prices.
What does this mean to sellers? To realize the highest price in today's depreciating market, sellers need to see their house as buyers would. They need to analyze market data and also learn what buyers are actually paying today. Sellers need to have the condition and look of the house staged in a way that buyers see the house, not the clutter. They need to offer a home warranty to take away buyer uncertainty about the working components of the home. In short, the price must reflect current market conditions. When first placed on the market, it should be one of the very well-priced homes that attract many buyers who could compete emotionally for the home.
If you or someone you know would like advice as a seller or a buyer in today's market, I am always ready to assist with my real estate expertise.
The seller has a great deal of emotion invested into the house. They have a price in mind based on how much they paid for the house, how much they have invested in their property during their ownership, previous sales of similar properties and what they need to complete their future plans. And, above all, the emotions they feel towards the home have a significant impact on what they decide is the asking price. Many times the seller wants a higher than market price because they feel the house is worth it.
On the other side, the buyer's perception of value is not based on any of the above. The condition, curb appeal and interior presentation of the house either enhance or decrease the buyer's desire for the house. The price range is determined by the mortgage qualifications and their knowledge of market conditions.
What does this mean to buyers? In former appreciating markets when inventories were low, buyers had to compete for the few houses available and bid prices up. In the current depreciating market with high inventories buyers know they are in control of offering prices. However, when buyers see what they perceive as a very well-priced home that exactly meets their needs; they will be competing with other buyers who also see that good value resulting in higher offering prices.
What does this mean to sellers? To realize the highest price in today's depreciating market, sellers need to see their house as buyers would. They need to analyze market data and also learn what buyers are actually paying today. Sellers need to have the condition and look of the house staged in a way that buyers see the house, not the clutter. They need to offer a home warranty to take away buyer uncertainty about the working components of the home. In short, the price must reflect current market conditions. When first placed on the market, it should be one of the very well-priced homes that attract many buyers who could compete emotionally for the home.
If you or someone you know would like advice as a seller or a buyer in today's market, I am always ready to assist with my real estate expertise.
Monday, April 6, 2009
What My Clients Are Saying!
I just had to share this great email I received this morning! This is from a Realtor in NY who referred his daughter and boyfriend to me just recently. We have been running around Canton, Fells Point to try and find them the perfect place and having a great time doing it.
Hi Magan,
Every conversation I've had with Lindsay and Chris since last Thursday has referenced you in some way. Lindsay and Chris truly appreciate your help. The Dad side of me says thanks for taking care of my kids. The realtor side of me says thanks for being so effective and professional!
Best regards,
Cal
Hi Magan,
Every conversation I've had with Lindsay and Chris since last Thursday has referenced you in some way. Lindsay and Chris truly appreciate your help. The Dad side of me says thanks for taking care of my kids. The realtor side of me says thanks for being so effective and professional!
Best regards,
Cal
Wednesday, April 1, 2009
I Have Now Officially Earned My ABR Designation!
I am so proud to announce that I have earned my ABR designation! What is this and what does it mean for my buyers?
The Accredited Buyer’s Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), an affiliate of the National Association of REALTORS®, to real estate practitioners who meet the specified educational and practical experience criteria.
The ABR Courses I took in order to gain such a designation were incredibly insiteful and I highly recommend this to my colleagues to obtain their ABR designation. The more you know, the better you can help your buyers throughout their homebuying experience.
My next step will be taking the CRS designation. I look forward to gaining as much knowledge as possible every step of the way!
The Accredited Buyer’s Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), an affiliate of the National Association of REALTORS®, to real estate practitioners who meet the specified educational and practical experience criteria.
The ABR Courses I took in order to gain such a designation were incredibly insiteful and I highly recommend this to my colleagues to obtain their ABR designation. The more you know, the better you can help your buyers throughout their homebuying experience.
My next step will be taking the CRS designation. I look forward to gaining as much knowledge as possible every step of the way!
Tuesday, March 24, 2009
My Buyer's Response to their Home Buying Experience!
Magan was a delight to work with throughout our first homebuying experience. She was always friendly and accessible, even at odd hours of the day and night. Magan's dedication and sense of humor helped us through the hurdles of paperwork and negotiations with ease.
She was truly invested in helping us get our perfect first home and we are so grateful for all of her hard work! I look forward to working with her again and I would highly recommend her to anyone interested in buying a home.
Thanks!
Lizzie (and Dan)
3840 Elm Avenue
She was truly invested in helping us get our perfect first home and we are so grateful for all of her hard work! I look forward to working with her again and I would highly recommend her to anyone interested in buying a home.
Thanks!
Lizzie (and Dan)
3840 Elm Avenue
Thursday, March 19, 2009
Costly Septic Bill!
Currently, the Maryland Senate is considering onerous septic legislation that will cost many homeowners $12,000 or more! Please contact your Senators TODAY and let them know that you oppose SB 554 which could require homeowners to pay for nitrogen removal technology when installing a new septic system or even just repairing one!
According to the Maryland Department of the Environment (MDE), the average grant to pay for such systems is $12,000, not including additional money for yearly maintenance contracts. Some systems cost tens of thousands of dollars. We need your help today! Please contact your Senator to OPPOSE SB554.
According to the Maryland Department of the Environment (MDE), the average grant to pay for such systems is $12,000, not including additional money for yearly maintenance contracts. Some systems cost tens of thousands of dollars. We need your help today! Please contact your Senator to OPPOSE SB554.
Monday, March 16, 2009
Sunday, March 15, 2009
Converging Positive Trends for Buyers
Many anxious buyers have been sitting on the sidelines waiting for the time to finally make their move. Four factors are making that time now.
First, sellers are realizing that correct pricing allows buyers to see value. Those sellers who see the high level of housing inventory are offering realistic prices that get buyer action. The second factor is the historically low interest rates that allow a buyer to get more house with the same monthly income. The March publication of the Housing Affordability Index by the National Association of REALTORS® stated, "the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970." Homes are now more affordable for buyers.
The third, newly announced significant factor is the government's 2009 tax credit of up to $8,000 for buyers who have not owned a home in the last three years. The principal residence must be purchased before December 1, 2009. This should spur those new buyers waiting for the right time. What about current homeowners who need to move but have to sell first? Those buyers will realize that even though their current property may have decreased in price, they will be buying a home at a lower price than the previous market. This fourth factor makes the playing field even.
It appears that today is one of the most favorable times in years for buyers to take action. If you or someone you know would like to discuss these positive factors, please contact me.
First, sellers are realizing that correct pricing allows buyers to see value. Those sellers who see the high level of housing inventory are offering realistic prices that get buyer action. The second factor is the historically low interest rates that allow a buyer to get more house with the same monthly income. The March publication of the Housing Affordability Index by the National Association of REALTORS® stated, "the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970." Homes are now more affordable for buyers.
The third, newly announced significant factor is the government's 2009 tax credit of up to $8,000 for buyers who have not owned a home in the last three years. The principal residence must be purchased before December 1, 2009. This should spur those new buyers waiting for the right time. What about current homeowners who need to move but have to sell first? Those buyers will realize that even though their current property may have decreased in price, they will be buying a home at a lower price than the previous market. This fourth factor makes the playing field even.
It appears that today is one of the most favorable times in years for buyers to take action. If you or someone you know would like to discuss these positive factors, please contact me.
Saturday, March 7, 2009
Our partnership with Harvest for the hungry and the Maryland Food Bank kicks off today and runs for one week. The warm weather plays perfectly into helping support this very worth while cause. Thank you.
Thursday, February 19, 2009
~Stimulus Updates~
Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Additional Housing-Related Provisions
Tax Incentives to Spur Energy Savings and Green Jobs — This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings — This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing—This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Additional Housing-Related Provisions
Tax Incentives to Spur Energy Savings and Green Jobs — This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings — This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing—This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
More Listings Coming Soon…..
Looking for a new home in Baltimore? I have listings coming up within the next month both in Roland Park and in the Hampden neighborhoods.
Give me a call if you are in the market for a new home since I can get you into my listings as well as homes that aren't even on the market and just before the spring market arrives!
Give me a call if you are in the market for a new home since I can get you into my listings as well as homes that aren't even on the market and just before the spring market arrives!
I Just Saved My Client $4,500!
My client was working with a mortgage broker and had received their pre-approval letter and were ready to buy. Before we got started I asked that they speak with a direct lender whom I have had excellent dealings with in the past in order to compare rates etc. My buyers agreed and boy were they glad they did...
It turned out that the mortgage broker had charged them $4,500 in lender fees. THIS IS INSANE! Now my buyers can breathe easier when it comes to their upcoming closing costs and now we are “Under Contract” with the home of their dreams!
I’m so glad they took the time to shop around & I’m certainly glad to have such an honest and competitive contact in the mortgage industry. Next time you are looking into a loan, remember to watch those fees!
It turned out that the mortgage broker had charged them $4,500 in lender fees. THIS IS INSANE! Now my buyers can breathe easier when it comes to their upcoming closing costs and now we are “Under Contract” with the home of their dreams!
I’m so glad they took the time to shop around & I’m certainly glad to have such an honest and competitive contact in the mortgage industry. Next time you are looking into a loan, remember to watch those fees!
Short Sale Quick Facts
Chances are in today's market you are hearing a lot about short sales since they seem to be popping up everywhere. Is it a good deal for the buyer & seller?
A short sale contract is between a buyer and a seller where a buyer gets a clear title and the lender agrees to accept less money than what is owed on the house.
· Contacting your attorney & tax advisor is a MUST before entering into a short sale contract.
· Takes approximately 4-8 weeks for an approval/denial on an offer
· The new owner must use as added income on the income tax (Phantom Tax)
· Lender can sue seller for remainder owed after short sale
Keep in mind that short sale properties are listed in the MLS and must be stated that the home is subject to lender approval. This can be a very timely process to both list and sell but if you have the time or are looking for an alternative to foreclosure, a short sale may be your best option.
A short sale contract is between a buyer and a seller where a buyer gets a clear title and the lender agrees to accept less money than what is owed on the house.
· Contacting your attorney & tax advisor is a MUST before entering into a short sale contract.
· Takes approximately 4-8 weeks for an approval/denial on an offer
· The new owner must use as added income on the income tax (Phantom Tax)
· Lender can sue seller for remainder owed after short sale
Keep in mind that short sale properties are listed in the MLS and must be stated that the home is subject to lender approval. This can be a very timely process to both list and sell but if you have the time or are looking for an alternative to foreclosure, a short sale may be your best option.
Sunday, February 15, 2009
The "Wait Until Spring" Fallacy
Real estate legend has convinced many people who need to sell their house to "wait until spring" to put it on the market. One of the reasons given is that the exterior of the house shows better. So does every other house, which negates any competitive advantage for spring showings. Another reason is the thought that buyers with school age children would not buy until it's near the end of a school year. However, there is a very large segment of the population that does not have school age children living with them. In addition, relocating families move all times of the year. The two major reasons given for waiting are not significant factors.
The real issue for not waiting for spring is how the real estate market works. With real estate as a commodity, when inventory rises, a downward pressure on prices arises. Belief in the fallacy of waiting until spring causes an influx of homes on the market at one time. With more inventory of homes in the spring, buyers have more choices and offer lower prices than they would when inventory was lower.
For buyers, now is the time to act with the combination of incredibly low interest rates and government incentives. If you or anyone you know would like to discuss the realities of the real estate market with me, please contact me.
The real issue for not waiting for spring is how the real estate market works. With real estate as a commodity, when inventory rises, a downward pressure on prices arises. Belief in the fallacy of waiting until spring causes an influx of homes on the market at one time. With more inventory of homes in the spring, buyers have more choices and offer lower prices than they would when inventory was lower.
For buyers, now is the time to act with the combination of incredibly low interest rates and government incentives. If you or anyone you know would like to discuss the realities of the real estate market with me, please contact me.
Friday, January 30, 2009
A True Tax Credit for 1st Time Home Buyers!
Homebuyers get a bonus in the stimulus bill
First time buyers could receive a $7,500 tax credit if they purchase soon.
By Les Christie, CNNMoney.com staff writer
Last Updated: January 29, 2009: 5:18 PM ET
NEW YORK (CNNMoney.com) -- If you're thinking of buying a home, there could be a big bonus for you in the economic stimulus bill that's now before Congress.
Among its many provisions is a $7,500 tax credit for first time home buyers. The House passed the $819 billion stimulus plan, including this tax credit, in a vote late Wednesday. The Senate may vote on its version of the bill some time next week.
Technically, the stimulus bill is actually changing the terms of the $7,500 tax credit that was issued as a part of the Housing Recovery Act, which Congress passed last summer. That legislation required that the tax credit be repaid over 15 years, making it more of a no-interest loan. Not surprisingly, the measure had little impact on the market. The stimulus bill now under consideration would make that tax credit a true credit that doesn't need to be repaid.
Many in the housing industry believe this credit could do a lot to jump start the moribund housing market.
"Our economists have studied the effect [of the credit] and they say there could be a 10% increase in home sales if it's implemented," said Mary Trupo, a spokeswoman for the National Association of Realtors. "It gives people who are sitting on the fence or who have inadequate funds for closing costs an incentive to act now."
A 10% increase would yield an extra half million sales this year.
Who qualifies
To be eligible, buyers cannot have owned a home for the past three years, and the new home has to be used as a primary residence. The credit phases out as income rises above $75,000 for singles and $150,000 for couples, and disappears entirely at $95,000 and $170,000, respectively.
Applying for it is easy, or at least as easy as doing your income taxes. Just claim it on your return. That's it. No other forms or papers have to be filed.
Both the Senate and the House versions of the new act remove the requirement that buyers repay the credit. The Senate bill applies retroactively to any purchase completed between January 1, 2009 and the end of August. The House version is also retroactive to the start of the year, and expires at the end of June. As long as buyers don't sell for at least 36 months, they keep the money.
And the credit is refundable, meaning that it can be claimed even if the amount of the credit earned exceeds the buyer's tax liability.So even if your total tax bill comes to just $5,000, you can still qualify for a full $7,500 refund.
The housing industry has been pushing this idea for many months, arguing that first-time homebuyers are the key to boosting home sales. First time buyers who purchase from existing homeowners free those sellers to trade up to bigger, better houses.
Buyers beware
But the credit has its drawbacks, according to Bob Williams, a spokesman for the Tax Policy Center, which gave it a mediocre C+ grade in its Tax Stimulus Report Card.
Williams argues that the credit is poorly targeted because it goes to every first-time buyer, not just the ones who wouldn't buy without it. So, it merely provides a windfall for many people who would have purchased anyway. (See correction, below).
And in the end, a $7,500 tax credit, regardless of the details, does nothing to address the issue that's holding most buyers back - the suspicion that prices are going to keep falling.
"As long as people are uncertain about what markets are going to do, this won't help much," said Williams. "It's not enough to change that."
The industry would like to make the tax credit stronger by making it available to all homebuyers, not just first-timers. And it's pushing to have the credit last through the end of the year, at least.
"By the time it's implemented," said Trupo, "there could be very few months left to act."
An earlier version of this story incorrectly stated that the tax credit for a home purchased in 2009 could only be taken off of 2009 taxes. However, homebuyers can choose to take the credit for 2008, according to the IRS. Even if they buy a home after they've filed their 2008 taxes, they can file an amended return.
First time buyers could receive a $7,500 tax credit if they purchase soon.
By Les Christie, CNNMoney.com staff writer
Last Updated: January 29, 2009: 5:18 PM ET
NEW YORK (CNNMoney.com) -- If you're thinking of buying a home, there could be a big bonus for you in the economic stimulus bill that's now before Congress.
Among its many provisions is a $7,500 tax credit for first time home buyers. The House passed the $819 billion stimulus plan, including this tax credit, in a vote late Wednesday. The Senate may vote on its version of the bill some time next week.
Technically, the stimulus bill is actually changing the terms of the $7,500 tax credit that was issued as a part of the Housing Recovery Act, which Congress passed last summer. That legislation required that the tax credit be repaid over 15 years, making it more of a no-interest loan. Not surprisingly, the measure had little impact on the market. The stimulus bill now under consideration would make that tax credit a true credit that doesn't need to be repaid.
Many in the housing industry believe this credit could do a lot to jump start the moribund housing market.
"Our economists have studied the effect [of the credit] and they say there could be a 10% increase in home sales if it's implemented," said Mary Trupo, a spokeswoman for the National Association of Realtors. "It gives people who are sitting on the fence or who have inadequate funds for closing costs an incentive to act now."
A 10% increase would yield an extra half million sales this year.
Who qualifies
To be eligible, buyers cannot have owned a home for the past three years, and the new home has to be used as a primary residence. The credit phases out as income rises above $75,000 for singles and $150,000 for couples, and disappears entirely at $95,000 and $170,000, respectively.
Applying for it is easy, or at least as easy as doing your income taxes. Just claim it on your return. That's it. No other forms or papers have to be filed.
Both the Senate and the House versions of the new act remove the requirement that buyers repay the credit. The Senate bill applies retroactively to any purchase completed between January 1, 2009 and the end of August. The House version is also retroactive to the start of the year, and expires at the end of June. As long as buyers don't sell for at least 36 months, they keep the money.
And the credit is refundable, meaning that it can be claimed even if the amount of the credit earned exceeds the buyer's tax liability.So even if your total tax bill comes to just $5,000, you can still qualify for a full $7,500 refund.
The housing industry has been pushing this idea for many months, arguing that first-time homebuyers are the key to boosting home sales. First time buyers who purchase from existing homeowners free those sellers to trade up to bigger, better houses.
Buyers beware
But the credit has its drawbacks, according to Bob Williams, a spokesman for the Tax Policy Center, which gave it a mediocre C+ grade in its Tax Stimulus Report Card.
Williams argues that the credit is poorly targeted because it goes to every first-time buyer, not just the ones who wouldn't buy without it. So, it merely provides a windfall for many people who would have purchased anyway. (See correction, below).
And in the end, a $7,500 tax credit, regardless of the details, does nothing to address the issue that's holding most buyers back - the suspicion that prices are going to keep falling.
"As long as people are uncertain about what markets are going to do, this won't help much," said Williams. "It's not enough to change that."
The industry would like to make the tax credit stronger by making it available to all homebuyers, not just first-timers. And it's pushing to have the credit last through the end of the year, at least.
"By the time it's implemented," said Trupo, "there could be very few months left to act."
An earlier version of this story incorrectly stated that the tax credit for a home purchased in 2009 could only be taken off of 2009 taxes. However, homebuyers can choose to take the credit for 2008, according to the IRS. Even if they buy a home after they've filed their 2008 taxes, they can file an amended return.
Sunday, January 25, 2009
The Home Warranty Benefit
This is a great article I just read in the Baltimore Sun and thought I would share since I am a huge advocate of purchasing a home warranty whether you are a buyer, seller, or simply a homeowner. I hope you find this information helpful!
http://http//www.baltimoresun.com/business/realestate/bal-re.warranty25jan25,0,6481572.story?page=1
http://http//www.baltimoresun.com/business/realestate/bal-re.warranty25jan25,0,6481572.story?page=1
Saturday, January 17, 2009
Best Remodeling Products for Resale
Buyers in today's market have a wide selection of homes from which to choose. So, after pricing their house so that buyers will come to see it, sellers who want to stand out from the competition should start at the curb. First impressions count, and the first thing a buyer sees is the outside of a home. Therefore, it's not surprising that exterior remodeling projects gain back most of their costs when a home sells.
The 2008 Remodeling Cost vs. Value Report released recently by the National Association of REALTORS® shows that, nationally, wood deck additions and siding replacement projects returned more than 80% of costs.
According to the report, Maryland, Virginia and Washington, D.C. are among the regions with the highest percentage of remodeling costs recouped in 2008. In these regions, vinyl siding replacements recouped almost 86%. Wood deck additions recouped about 76%, while composite decks recouped about 71%. Wooden window replacements returned about 71% to 72% of costs.
A buyer who is impressed with the outside of a home is more likely to step inside it, so effective interior remodeling is not to be overlooked. Remodeled kitchens returned 65% to 75% of costs. Remodeled bathrooms recouped between 66% and 70%. Attic bedrooms earned back about 67% of the cost of adding them.
Some home improvements weren't as successful at capturing buyer interest. According to the report, remodeled home offices brought back about 51% of cost. Sunroom additions recouped about 54% of the money put into them. Back-up power generators also made the list at about 54%.
Investing in exterior renovations and the most popular interior renovations can give a home the competitive edge. A home with curb appeal might not only reach a closing faster, but recover most of the remodeling expenses, as well.
Home sales, of course, depend on many factors in the local real estate market. The most important factor is being at the right price to attract buyers.
The 2008 Remodeling Cost vs. Value Report released recently by the National Association of REALTORS® shows that, nationally, wood deck additions and siding replacement projects returned more than 80% of costs.
According to the report, Maryland, Virginia and Washington, D.C. are among the regions with the highest percentage of remodeling costs recouped in 2008. In these regions, vinyl siding replacements recouped almost 86%. Wood deck additions recouped about 76%, while composite decks recouped about 71%. Wooden window replacements returned about 71% to 72% of costs.
A buyer who is impressed with the outside of a home is more likely to step inside it, so effective interior remodeling is not to be overlooked. Remodeled kitchens returned 65% to 75% of costs. Remodeled bathrooms recouped between 66% and 70%. Attic bedrooms earned back about 67% of the cost of adding them.
Some home improvements weren't as successful at capturing buyer interest. According to the report, remodeled home offices brought back about 51% of cost. Sunroom additions recouped about 54% of the money put into them. Back-up power generators also made the list at about 54%.
Investing in exterior renovations and the most popular interior renovations can give a home the competitive edge. A home with curb appeal might not only reach a closing faster, but recover most of the remodeling expenses, as well.
Home sales, of course, depend on many factors in the local real estate market. The most important factor is being at the right price to attract buyers.
Coldwell Banker Introduces International Home Search for iPhone and Blackberry
Coldwell Banker Introduces International Home Search for iPhone and Blackberry
01-06-2009 —
Listings in 28 Countries Now Available on Mobile Devices
PARSIPPANY, N.J. — Coldwell Banker Real Estate LLC announced today that international Coldwell Banker real estate listings in 28 countries including Canada, Australia, Mexico, Italy, Aruba, and Colombia will now be accessible via a customized platform for iPhoneTM and BlackBerry® users.
When viewed on an iPhone, BlackBerry or other smartphone the Coldwell Banker flagship Web site, coldwellbanker.com has a different look and feel, along with navigation specifically tailored for optimal viewing the mobile device. This includes property listings search and home value estimator functions. When a user accesses the site through his or her handset, the Coldwell Banker Web site automatically recognizes that it is being accessed by a mobile device and will serve up that specialized interface. Users do not need to download any special software to benefit from this enhancement to the Coldwell Banker mobile technology.
“Now consumers in the home buying and selling process can easily search both domestically and internationally using their mobile devices,” said Michael Fischer, senior vice president of marketing for Coldwell Banker Real Estate LLC. “Coldwell Banker will continue to find ways to blaze a trail with technology that provides consumers with listings anytime, anywhere.”
Those looking for a home both domestically and internationally will be able to search for homes and utilize the brand’s home value estimator. In addition, consumers will be able to enter specific search criteria such as city, state, price as well as optional filters including number of bedrooms and bathrooms. When a property is selected, users can view all of the specifications for that home and contact an agent directly.
01-06-2009 —
Listings in 28 Countries Now Available on Mobile Devices
PARSIPPANY, N.J. — Coldwell Banker Real Estate LLC announced today that international Coldwell Banker real estate listings in 28 countries including Canada, Australia, Mexico, Italy, Aruba, and Colombia will now be accessible via a customized platform for iPhoneTM and BlackBerry® users.
When viewed on an iPhone, BlackBerry or other smartphone the Coldwell Banker flagship Web site, coldwellbanker.com has a different look and feel, along with navigation specifically tailored for optimal viewing the mobile device. This includes property listings search and home value estimator functions. When a user accesses the site through his or her handset, the Coldwell Banker Web site automatically recognizes that it is being accessed by a mobile device and will serve up that specialized interface. Users do not need to download any special software to benefit from this enhancement to the Coldwell Banker mobile technology.
“Now consumers in the home buying and selling process can easily search both domestically and internationally using their mobile devices,” said Michael Fischer, senior vice president of marketing for Coldwell Banker Real Estate LLC. “Coldwell Banker will continue to find ways to blaze a trail with technology that provides consumers with listings anytime, anywhere.”
Those looking for a home both domestically and internationally will be able to search for homes and utilize the brand’s home value estimator. In addition, consumers will be able to enter specific search criteria such as city, state, price as well as optional filters including number of bedrooms and bathrooms. When a property is selected, users can view all of the specifications for that home and contact an agent directly.
Saturday, January 3, 2009
Giving Back
I want to share with you what an affect being Being a mentor has had on me this year! When I decided to sign on as a mentor at the local elementary school and I have to admit I was a bit worried about how the girls would take to me and how to initially break the ice. Luckily I didn't have to.
At the first meeting I was hugged by all of my three girls and I realized that this was going to help me just as much as it would them. Now every time I see my girls I am thrilled to hear what they have been up to since our last meeting. We don't talk about school or work, we just simply enjoy each other's company. It’s nice to make a difference in someone’s day, even if its just a much needed hug.
I hope this will inspire you to consider taking time to become a mentor or simply give back in some way to your community. Believe me, you’ll be glad you did!
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