Ignore the National Media and Get Local Data Instead.
March 7th, 2008 Categories: Maryland Real Estate News
Recently this article was forwarded to me from a local lender who was kindly trying to provide some market information in order to build a relationship
Housing: Best Time to Buy in Four Years
After reading the article I was left wondering: “Now What?”Since I spent the time reading it, I thought I would use it to pass on some quick advice.
Ignore the national media when it comes to Real Estate. What matters to you is strictly local.
Here are some Local Facts to illustrate my point:
Howard County Year End Median Sales Price was .58% more than 2006:
So, for Howard County, prices have generally held up. Even though the number of homes sold went down, and the days on market went up there is good news to gleam from looking at a local report. Specific cities within Howard County may have faired better than others, and so valuable information only comes from a local perspective.
Pick Ellicott City (zip 21043) and compare January 2008 to January 2007..
And you will see that average prices are up .22%. More interestingly though we see that the days on market actually has a favorable trend of -19%. That means homes started to sell more quickly.
If we take a look at Elkridge or Columbia..
we would get different numbers. Ask about Sykesville and the story changes again. You get the idea.
Even more, I could break statistics down for you that included similar home styles to provide even better detail. These numbers impact you in different ways depending on if you are a buyer or a seller. Square Foootage, schools, local economy, and amenities all come into play when determining value in real estate.
My final point is that if you really want to track your local real estate market there are two things you can do:
- Contact me or any other professional Realtor. With no charge or obligation I can give you an idea of what similar homes are selling for in your area you are interested in. I am not here to serve you when you are ready, I am here to serve you until you are ready.
- Sign up for a free Market Snapshot. on the right hand side column. This is a great way to keep an eye on your neighborhood Real Estate market. Both buyers and sellers can use this tool to keep a pulse on the local trends such as Days on Market, Currently Active Homes, Sold Homes, Average Prices etc. It also provides community information that comes in handy.
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What are the new FHA Loan limits in your county?
March 7th, 2008 Categories: Maryland Real Estate News
Well, the Economic Stimulus Package of 2008 that the president and congress brought forth is finally getting some steam up. Yesterday the FHA announced their temporary loan limits for the nation.
According to the Federal Housing Administration, the Stimulus Act will provide much needed liquidity and stability to housing markets across the country by providing access to safe and affordable loans for more families.
The FHA has been filling the void from the credit crunch experienced most by the conventional sources of mortgages. They estimate that the law will give nearly 240,000 additional homeowners a safer more affordable mortgage as well as strengthen all communities. The loan limits are temporary though, and are expected to expire in January of 2009.
Here are our Local Numbers:
Howard County
- One Unit Loan: $560,000
- Two Unit Loan: $716.900
- Three Unit Loans: $866.550
- Four Unit Loans: $1,076,950
Carroll County
- One Unit Loan: $560,000
- Two Unit Loan: $716.900
- Three Unit Loans: $866.550
- Four Unit Loans: $1,076,950
Anne Arundel County
- One Unit Loan: $560,000
- Two Unit Loan: $716.900
- Three Unit Loans: $866.550
- Four Unit Loans: $1,076,950
Baltimore County
- One Unit Loan: $560,000
- Two Unit Loan: $716.900
- Three Unit Loans: $866.550
- Four Unit Loans: $1,076,950
New Fannie Mae loan limits are due as well and will be reported once I get the final word. As usual, if you have any questions, or need to be connected with a great loan professional, please give me a call.
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A blog is a Moon, not a Star!
February 21st, 2008 Categories: Perspectives
These pictures were taken by me last night during the lunar eclipse.
When I first decided to explore the universe of blogging I knew it would enhance my business, and offer an adventure. I spent a lot of time and effort learning about blogging. I have since launched two blogs since December. I even started working for the premier real estate blogging consulting company, The Real Estate Tomato.
The most important thing I learned was that a Blog is the opposite of your typical real estate website.
A Blog is a Moon, not a Star!
A typical website is set up as a marketing piece to attract your attention. It’s a virtual brochure with no opportunity to participate. The focus is the agent’s experience, service, or listings. The author expects you to revolve around this site as your ultimate source of information. In the solar system of real estate, there is no shortage of “stars” fighting for your attention. In fact, there are so many stars, you can name your own! 
A blog revolves around the reader, not the other way around. The reader attracts the blogger by their demand for the truth and a relevant insight to the real estate market. Our future generations expect syndication of information and don’t have time to check in for more. Furthermore, as the reader, you can participate and drive the content by commenting and using social networking.
Successful bloggers realize they must revolve around the reader. If they do, the reader will admire their moon, just like we admire Earths.
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Maryland Housing Trends Report Released | Part 3 BRAC
February 12th, 2008 Categories: BRAC, Maryland Real Estate News
According to the Maryland Trends in Housing report written by MRIS and Delta Associates, the Pentagon’s Base Realignment and Closure operation (BRAC) will have a profound effect in our local market.
The report confirms what I have written already regarding the effects of BRAC in Howard County, and surrounding areas. My sources of information for those articles came from the Howard County BRAC Task force as well as Maryland BRAC web pages. For resources I encourage you to also check out my BRAC Resource page that I have created.
According to the Trends in Housing report, approximately 30,000 military jobs will be added to the region by the year 2011. Many of the new positions will bring additional family members along with them, thus increasing the population dramatically.
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Maryland Housing Trends Report Released | Part 2 Foreclosures
February 6th, 2008 Categories: Market Statistics
On Monday I reviewed the Maryland Housing Trends Report written by MRIS and Delta Associates.
In that post I covered the Economy as well as the Real Estate Trends and Forecast. In this post I will summarize the special section which included Foreclosures and the regional effect on the real estate market. In part three I will post about what the report has to say about the effects of BRAC in the Maryland area. Clearly the writers have identified these two subjects as ones to keep an eye on.
Foreclosures: Navigating the impact on the residential real estate market
To recap, the report starts by noting the trends for the regional market and illustrates that in some areas home prices have held steady while sales volume has decreased. The report also illustrated how days on market statistics have increased. The area is still supported by high incomes and low un-employment.
However, everywhere we turn we hear about rising foreclosures, and now, the Maryland General Assembly plans to address rising foreclosures.
So, what effect does the rising foreclosure rate have on the market?
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Maryland Housing Trends Report Released | Part 1
February 4th, 2008 Categories: Market Statistics
This morning I received the sixth issue of the Maryland Trends in Housing report written by MRIS and Delta Associates. This report provides an in-depth look at the issues that shape the Mid-Atlantic housing Market.
The Housing Trends Report includes an analysis of the following key topics:
- An analysis of the Washington and Baltimore economy
- An exploration of housing data, including Residential Real Estate
- An overview of the Commercial Real Estate market
- A special section regarding Foreclosures in the real estate market
- A special section including information about BRAC. (Base Realignment and Closure). See my BRAC Information Page.
In this post I will summarize the analysis of the economy as well as the findings on the real estate market. (Washington/Baltimore Area)
In part two of this series I will summarize the two special sections including the foreclosures and the effects of BRAC to our area. Later this week I will begin my monthly real estate market reports for individual counties and key cities.
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New Home for Sale in Reisterstown!
January 24th, 2008 Categories: Homes in Baltimore County, Maryland Real Estate News, My Listings
Hi folks, I just listed another amazing property. This lovely Condo is perfectly located near 795 and is perfect for the first time buyer. Rates are at an all time low so this could be your opportunity to get into home ownership.
This home has just been painted and is ready for you to move in. Check out the Vflyer below and contact me if you know anybody that would be interested. Thanks!
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Is Maryland “Pick Pocketing” your Homestead Tax Credit?
January 11th, 2008 Categories: Maryland Real Estate News
ALERT: If your home in Maryland is scheduled for reassessment in January of 2008 then you need to take immediate action. For all others, your time is coming so read up now!
Another unfavorable result of the Maryland General Assembly’s Special Session was the requirement for home owners to re-apply for their Homestead Tax Credits. Letting this slip by you could cause a spike in your tax rates.
What’s worse is that the change has gone widely un-noticed by taxpayers since the notice was buried behind your most recent assessment.
This article will shed some light on what’s happening and give direction as to what you can do to keep Maryland’s hands out of your back pocket.
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Introducing, a Columbia Town Home for Sale that shows like a model.
January 4th, 2008 Categories: Featured Listings
If you are looking for a spacious town house in Columbia where pride of ownership shows then this home may be the gem you are seeking.I cordially invite you to call me and schedule a private showing.
* 2700 Square Feet w/3 level bump out.
* 4Bedrooms 2.5 baths with 3pc rough in.
* 9Foot Ceilings
* Gleaming hardwood floors
* Gourmet Kitchen w/sunroom leading to rear deck.
* New Carpet and Fresh Paint Throughout
* Lower level Recreation room with Berber Carpet.
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Howard County BRAC Task Force|Presentation Summary
December 17th, 2007 Categories: BRAC
Last week I introduced you to the Howard County BRAC Task force and mentioned the public meeting where the task force reviewed the presentation made to our County Executive, Ken Ulman. The detailed presentation outlines key areas of opportunities as well as areas needing improvement in order to handle the expected growth of Howard County.
In this post I plan to share some key findings that the task force has identified in their process so far.
Just for fun, the picture I chose for the post shows Union Soldiers welcoming troops at the oldest surviving rail road station, the Ellicott City B&O train station Museum. I highly recommend a visit.
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