24. April 2009 by Teri Deane.

Why is this market so great for the move-up seller/buyer?

1. Affordability - because of recent drops in home prices housing is now much more affordable.  Tax incentives are bringing first time home-buyers into the market in droves, which means more buyers for your home than ever before.
2. Interest Rates - historically low rates make owning a home attractive.  With the low rates we’re seeing today, it’s not wise to try and “time” the bottom of the market.  Rising interest rates can work against would-be buyers, for example, a one-point hike in interest rates boosts monthly mortgage payments the same as a 10 percent increase in prices.
3. Do the Math - if your home was worth $300,000 a few years ago, and the market has dropped 15% , you will likely sell for $255,000 today (a loss of $45,000).  However, if the home you purchase was selling for $600,000 a few years ago, the 15% drop is a difference of $97,500 and you can purchase that same home today for $510,000.  That’s a net gain of $52,500 and you have just bought a home you most likely would have been unable to qualify for at the market’s peak.

But. . .it’s a “buyer’s market” you say.  “How can I hope to sell my home?”

1. Updated homes with new or newer flooring, newer appliances, fresh paint and some curb appeal (trimmed yard, flowers, etc.) sell quickly.  There are a lot of short sales and foreclosure homes that need TLC and total rehabbing - and there are bargain hunters out there looking for those homes.  The majority of the buyers, however, want a home that is in great shape where they don’t have to do a lot of work or spend a lot of money on upgrades. - they want to move in and be done.
2. Price, price price!  Remember the math. . .yes, you’ll take a bit of a hit when you sell, but your net gain is going to be huge on the larger home you purchase.  So, price your home aggressively and get it sold quickly.  Most showings occur when you first put your home on the market.  Many sellers make the mistake of pricing too high in the beginning (”to see what happens”) and then have to chase the market with price drop after price drop and month after exhausting month on the market.  When you see a house that’s been listed for sale for several months what do you think?  The same thing everyone thinks: “what’s wrong with this house that it hasn’t sold already?

So, if you find that you’ve outgrown your home and are cramped for space, or you simply feel it’s time to move out of that condo or townhome into a detached home, or move out of the city to raise your kids in the “burbs,” this is totally the market for you.  Call Teri or Dave today and let us help you sell and buy your “dream home.”

Posted in Buyers, General Information | Print | No Comments »

28. January 2009 by Teri Deane.

Here’s some up-to-date information for first time homebuyers and the $8,000 tax credit offered by the US Government to stimulate housing.  Under current rules:

• The credit is 10% of the homes value up to $8,000.
• You must be a first time homebuyer (have not owned a house in the past 3 years) and have closed on a home purchase between January 1, 2009 and December 1, 2009 (must settle by the 1st).
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.  The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
• Only works for your principal residence - or in the IRS’s words, “the one you live in most of the time.”  This is not valid for second homes, investment properties or houses outside the United States. However, the definition of “home” is quite broad - it “can be a … houseboat, housetrailer, cooperative apartment, condominium or other type of residence.”

This tax credit is just one more good reason to stop giving your hard-earned money to the landlord every month.   With this credit, the amazingly low interest rates and the drop in home prices, what a great market for buyers!  So. . .buy now. . .why rent?  Visit Teri’s website, www.buynowwhyrent.com to search for homes.

First-time home buyers who purchased a principal residence on or after April 9, 2008 and before January 1, 2009 may qualify for a $7,500 tax credit. Click here for more information.

Posted in Buyers | Print | 1 Comment »

25. March 2008 by Teri Deane.

I’ll never forget some years ago when new neighbors moved onto our street in Ellicott City.  They had such a nightmare with their movers — the scam was: “we have all your things in our trucks, but underestimated the weight, so now pay us a thousand more bucks or we’re leaving.”  The new neighbors were very upset by this, didn’t pay up and their stuff was sent to some unknown storage place while they tried to come to an agreement with the company.  At the end of it all, they had to pay up to get their things and then ended up losing a computer and some boxes.

Another moving scam occurs when the unsuspecting customer pays a chunk of change up front for the move and on moving day. . .no one shows up and the phone number is disconnected.  Ouch!

Real estate agents have a list of reputable movers and are always willing to pass along that information.  Otherwise here are some things to watch out for when choosing a mover:

* always get estimates from at least three separate companies — they should come to your home, go room to room to give you a written estimate of the costs — and they should be willing to put everything in writing.

* avoid movers who only accept cash or who want a large deposit up front.

* the company should have a local address, phone number and website.

In addition, you can check the company out at the Better Business Bureau website: www.bbbonline.org, at the Federal Motor Carriers Safety Administration (FMCSA) www.fmcsa.dot.gov, at the American Moving and Storage Association website: www.moving.org , at a user-generated site that maintains a ”blacklist” of bad movers: www.movingscam.com , and www.protectyourmove.gov .

Already been scammed by a mover?  There may be some recourse.  Call the FMCSA hotline M-F 9am to 9pm at 1-888-368-7238.

Posted in General Information | Print | 1 Comment »

10. January 2008 by Teri Deane.

By Dave Leonard

Please note:all real estate is local. . .the following information pertains to housing in Columbia, Ellicott City and other parts of Central Maryland, however in general is pertinent to most housing in the Northeast as well.

PAST – While housing appreciates (or occasionally falls) in value from year to year, the plusses and minuses are never totally constant.  From the med-1970’s through 2000, the average appreciation was 5.5% per year (compounded).  That’s for almost all price categories.  From 2000 through 2005, the total appreciation was between 100% and 120% (total); greatly outdistancing any previous time span in the United States during the past 60 years.

This meant that your $300,000 home in January of 2000 was worth between $600,000 and $700,000 by December 2005.  Why?  It appears to have been a perfect timing of events including record low interest rates; record high owner occupant demand for houses and investors “fleeing” a sinking stock marekt.  In fact, from mid 2004 through the end of 2005, there were more non-owner occupant purchases, by a wide margin, than ever before.

PRESENT –The current market began to slow in the Sping of 2006 and has really slowed down since July 2006.  For example, from 2000 through late 2005, the average time on the market (TOM) for homes in good condition with no deficiencies was less than 15 days.  In the past three months, the TOM has increased to between 60-75 days.  Exeptionally good homes which are priced “to the market” (e.g. not overpriced) are still selling in a timely fashion.  Overpriced homes, however, even those A+ beauties, are not moving.

While it’s hard to put a true number on how much the market has “corrected” since late 2005, it appears that sale prices are off between 10% and 20% from those high water marks.  That means your January 2000 home worth $300,000 is now worth $500,000 to $550,000.  That’s still an overall increase of 75-80% for the period, which far surpasses the long-term appreciation averages of 5.1% in the past.

FUTURE –While no one’s crystal ball is perfect, most experts and folks like myself who are out in the trenches everyday, feel that the “bottom of the curve” should occur sometime this winter.  When the Spring market starts (right after Super Bowl Sunday) we have an excellent chance of a return to a “normal market” (i.e. housing values rising in the 5-6% range yearly).  The prospects are especially good for the resale market since the amount of new homes in the pipeline has dwindled.  Interest rates are still great (low 6% range) and almost every prognosticator feels that rates will remain in that range for some time to come.  So, while we’re a bit “cloudy” today, prospects are for “sunny and warmer” housing conditions in the near future.

For a free market analysis of your home contact Dave at 410-415-3266 or Teri at 410-715-3261 or sign up on our website: www.MarylandGreatHomes.com.

Posted in General Information | Print | 1 Comment »

17. December 2007 by Teri Deane.

Many homeowners who are thinking of listing their homes for sale ask whether or not they should upgrade before selling.   Your agent can advise you best, but here are some ideas based on what buyers are looking for when home shopping.

Some easy, low-cost ways to enhance your home:

– remove extra furniture and clutter (rent a storage space if need be).  Don’t forget to clear out your closets. . .nothing says “not enough storage space” like stuffed closets! 

– give your house a thorough cleaning (hire someone if need be) and include cleaning the windows.  I’ve been in some beautiful homes that look drab because of dirty windows.  

Other things that you should consider:

– put a fresh coat of paint on the walls.  This really isn’t too expensive (and something you might do yourself) and it can really perk up your home.  If you have walls with strong colors, definitely repaint — using neutral colors.  Why turn-off potential buyers who don’t care for your color choices?

– remove old, torn, or peeling wallpaper — don’t paint over it! 

– recaulk around sinks, counters and bathtubs — if you’re handy, do this yourself.  Otherwise, hire someone to do it. . .sloppy caulk never looks pretty.

– lay new carpet.  Unless yours is only a few years old and not worn anywhere (in which case you could probably just shampoo it) you really should spring for carpeting.

Major upgrades:

Your Realtor can advise you best on this. . .depending on the age of your home as well as your particular circumstances, upgrades to the kitchen and bath may be worth your while.  Give this some thought particularly if you have dated appliances.  Buyers will skip your home for the one down the street that boasts a new stove and fridge.  Don’t expect dollar-for-dollar return on your costs — most likely, you will recover around 83% of the cost of a kitchen upgrade, for example.  However, a home that is upgraded will sell before one that is not.  Buyers have a lot of inventory to choose from right now, so they can shop around for a home that doesn’t come with a lot of homework!

When you list your house for sale and it is clean, clutter-free, has fresh paint and carpet, it will sell as fast as the current market allows, and that alone will be worth every penny you’ve spent on fix-ups.

Posted in General Information | Print | 1 Comment »

9. December 2007 by Teri Deane.

Many homeowners are facing life changes and or mortgage interest rate changes that may be causing a serious crunch on the budget.  Even in tough times, it is very important to keep making your mortgage payment (as well as staying up to date with your other bills).  Is this a problem for you right now?  Might this become a problem for you in the coming months?  If so. . .read on.  If you know someone who is in this situation, please pass along the following information.

Last week, President Bush, initiated Hope Now in an effort to assist homeowners who are in danger of losing their homes when their ARM mortgage adjusts to a higher rate.  If you took out a sub-prime, adjustable rate mortgage between January 1, 2005 and July 31, 2007, and your rates are going to jump before July 31, 2010, you may be elegible for an interest rate freeze for 5 years.  To qualify, you must be current with your mortgage payments and be able to prove that you cannot afford the rate increase.  Call the Hope Now hotline 24 hours/day, toll-free at 1-888-995-HOPE to speak with a counselor. 

What do you do if you don’t have a sub-prime loan or are already late on some of your mortgage payments?  It is very important that you reach out for help, now.   Consumer Credit Counseling/Money Management International is a non-profit organization there to help you.  Call them toll-free at 1-866-889-9347 and be sure to ask if you are eligible for the PHASES (Preserving Homeownership and Savings Education Strategy program) that comes from a grant given by HSBC North America.  This program has no income restrictions and is not tied to a particular lender.  It is available to borrowers who seek credit counseling from Consumer Credit Counseling Services or Money Management International.  Through PHASES, grants of up to $5,000 are available to consumers who are facing temporary financial problems due to divorce, medical expenses or unemployment.  This program is available in Maryland, Virginia, Arizona, California, Connecticut, Florida, Illinois, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Pennsylvania and Texas.

There is help out there for anyone who is facing foreclosure.  Along with the above resources, it is always a good idea to contact your lender or loan servicer to notify them of your situation.  Many times they are more than willing to help you out — it’s less costly for them to work out a solution with you than it is to foreclose on your home.

Posted in General Information | Print | No Comments »

28. November 2007 by Teri Deane.

Most home builders are good guys, but beware!  If you walk into a model home without a real estate agent you will be on your own.  Perhaps this is the first time you are buying a home, and if not it certainly isn’t something you do everyday, right?  Realtors do do this every day.  We know the contracts, contingencies and pitfalls that can beset an unsuspecting buyer.  We’ve been there before.

What prompts this post?  Today a contract to purchase a new home came across my desk that made me want to cry, or scream!  It was a builder’s contract for the purchase of a home to be built. . .what a contrast to the Maryland Residential Contract of Sale!  All the terms were in favor of the seller (builder) with nothing to protect the buyer. . .in fact, I’d go as far as to say it was designed to screw the buyer! 

So, folks, take my advice and bring a Realtor with you when you want to buy a home from a builder (or anyone else for that matter).  As your buyer’s agent, Realtors have made an ethical promise to treat you fairly and work completely in your best interest.  We take that seriously!  And here’s the best part, the seller pays our commission! 

Posted in Uncategorized | Print | No Comments »

30. October 2007 by Teri Deane.

Hello folks. It’s almost All Hallows Eve in Maryland so to celebrate the birth of this blog and the upcoming Halloween festivities, I have a cool photograph of the pumpkins my family carved this weekend (see Latest Postings on sidebar). Good thing I have a photo of this, because we made a mistake and set them in a sunny spot and they aren’t looking so good anymore. . .

Anyway, welcome to GET MORE REAL ESTATE the newest blog for Howard County, Maryland. Just in case you don’t know where that is, Howard County is between Washington D.C. and Baltimore (closer to Baltimore) and includes Columbia (home of Merriweather Post Pavillion and Lake Kittamaqundi), Ellicott City (which has a cool historic district), Clarksville, Elkridge, Fulton, Emerson, Woodstock, Woodbine, and Mt. Airy (which is in the north west corner of the county and actually straddles Carroll, Frederick and Montgomery counties as well).

Who am I? I’m a Realtor with RE/MAX 100 in Columbia who does business in Central Maryland. Why this blog? I wanted a forum that would cover this local area and be something of interest to homeowners, home sellers, home buyers, renters and real estate investors. Basically, I have read a lot — no, make that A LOT — of very negative things lately about real estate, the market and Realtors in general — stuff that just isn’t true! The media sells more papers and gets way more attention with negative articles than it does with positive ones. Which is really only part of the story — the proverbial cup isn’t half empty. . .on GET MORE REAL ESTATE it’s half full!

So stay tuned, and be prepared to learn something about this community and real estate in general as well as — be entertained. My goal is to inform and have fun too.

Thanks for visiting. . .

Posted in General Information | Print | No Comments »