George's Blog

Baltimore Area Foreclosures for Sale December 10, 2009

George Belleville (Keller Williams Select Realtors) — Thu, 10 Dec 2009 16:24:27 -0600

Please click the link below to see all the foreclosure listings in each jurisdiction. Once you have the results, you can narrow the search using the options on the left side of the page. You can also save the search, so the results will be emailed to you regularly. If you would like more information on any of these homes, please let me know.

Anne Arundel County Foreclosures
Baltimore City Foreclosures
Baltimore County Foreclosures
Carroll County Foreclosures
Frederick County Foreclosures
Howard County Foreclosures

Avoiding Home Inspection Problems- Using the C.L.U.E. Report

George Belleville (Keller Williams Select Realtors) — Tue, 08 Dec 2009 12:33:42 -0600

The Comprehensive Loss Underwriting Exchange (C.L.U.E) is a database which shares information among insurers, about insurance losses. Using this report, you can obtain the prior 5 years' claim information on a property.

In some states, disclosure of this information is required, however in some it is not. The issue is how best to use this information to be a successful buyer.

When starting the homebuying process, it is always to have a complete insurance evaluation before you make a purchase. Becoming a homeowner changes things enough with some carriers that you may be better off changing your auto insurance as well as part of the process.

After the initial consultation with the insurance agent, let them know that you will be requesting information from the C.L.U.E report when you select a home, but prior to the home inspection. When you find a home, and negotiate a contract, make sure to let your insurance agent know that you need the information from the C.L.U.E report.

Some of the information in the C.L.U.E. Report is confidential, but you are really just looking for significant events that may have occurred, so you can inform your home inspector in advance to be more vigilant in the areas of concern.

Requirements vary among states, but many things must be disclosed to potential buyers (mold, leaks, foundation cracks, etc.). By utilizing the C.L.U.E report you can be a more prepared buyer during the home inspection, and you can look for significant incidents which may not have been disclosed by the seller.

If you are concerned about Avoiding Home Inspection Problems:

When you get a lender, get an insurance agent

When you get a contract, get the C.L.U.E. Report (or the info from it)

Give the info to your home inspector so he can be more prepared

Look for items that should have been disclosed but were not

Good luck with your home search, and I hope this information helps you with Avoiding Home Inspection Problems!

If you are looking for Homes for Sale in Maryland, I can help!

HUD Tightening Rules for FHA Lenders

George Belleville (Keller Williams Select Realtors) — Tue, 01 Dec 2009 06:18:39 -0600

During the past two years, the Department of Housing and Urban Development (HUD), which oversees and insures FHA loans, has become the dominant player in the mortgage market. With the majority of home sales driven by first-time buyers, and with the FHA requirement of just 3.5% down, it has truly been the product of choice for many, many buyers.

HUD has proposed these rules "to further reduce risks to its single-family insurance fund as it continues to play a critical role in today’s housing market." To do this, they are proposing:

1. Hiring a Chief Risk Officer for the first time

2. Strengthen and Streamline Lender Approval – Lenders seeking approval to originate underwrite, or service an FHA loan must meet the eligibility criteria for a supervised or non-supervised mortgagee. FHA-approved Mortgagees must assume liability for all the loans they originate and/or underwrite. While loan correspondents (mortgage brokers) will continue to be able to originate FHA-insured loans through their relationships with approved mortgagees, they will no longer receive independent approval for origination eligibility.

3. Strengthen the Capacity of FHA-Approved Mortgagees – Since 1993, FHA has required approved mortgagees have a net worth of at least $250,000. To strengthen the financial capacity of FHA counterparties to ensure they can meet their obligations, the proposed rule would require mortgagees maintain a minimum of $1 million in net worth within the first year and at least $2.5 million of net worth within three years of the effective date of the rule.

As with all federal regulations, there is a reveiw period for changes such as these. It will be interesting to see the response to these requirements. The increased net worth requirements may squeeze out some smaller lenders, and continue the conglomeration of mortgage lending. It does sound prudent though.

FHA rule changes have been slow to achieve implementation lately, and their proposed condo rule changes have been pushed back again....... just another example of the importance of FHA financing in the marketplace today.

Baltimore Area Foreclosure Update October 8, 2009

George Belleville (Keller Williams Select Realtors) — Thu, 08 Oct 2009 14:01:24 -0500

Here is the updated list of Foreclosed Properties for:

Baltimore City North of Rt 40

Baltimore City South of Rt. 40

The tabs you will see in MATRIX will not work for you independently, since this is a public message.

If you would like any of this information e-mailed directly to you so that you can use the favorites tabs, etc., email foreclosures@headforhome.net and let us know which Counties you are interested in.

Hey First-Time Buyer- You May Want to Avoid Short Sales!

George Belleville (Keller Williams Select Realtors) — Fri, 18 Sep 2009 08:35:57 -0500

This is kinda urgent, so take a minute to think bout it...

* In order to obtain the First-Time Homebuyer Credit, you must settle by November 30th, 2009
* It can take 6 weeks or more to hear back from a bank, if they approve your short-sale purchase
* If you wrote the offer today, you would be hearing back on October 15th (Hopefully!) What if the bank says NO?

If you conservatively figure that it takes 30 days to settle, you would have two, MAYBE three weeks to find and agree to a contract on a house. Given the number of buyers in the market now, the fact that almost all first-timers are FHA borrowers, and the other inspections, etc. that must be done, there is going to be quite a crunch as the deadline approaches. Do you really want to wait 6 weeks to hear from the bank considering all of that?

Of course, there is talk about extending the first time buyer credit, but it is not guaranteed. And if you are a gambler, you might win. If you don't buy, and the credit ends, you are out $8k. If you don't buy and the credit is extended, you may win. Why? Because a good deal (OK most) of the demand in the market right now is being generated by the first timers...... extending the credit will diffuse that demand, and lower demand = lower prices.

Definitely something to think about!

It's Not About the Money, It's About You and Your Dreams!

George Belleville (Keller Williams Select Realtors) — Fri, 15 May 2009 10:49:14 -0500

As you can imagine, I spend a great deal of my working time speaking to people about their real estate needs. Given the current state of the market, the conversation is consistently focused on money, and more specifically, on rates, fees, and dollars.

But it is important to step back sometimes, and think about why someone is contemplating a real estate purchase or sale to begin with. No one ever says, "I have X dollars to spend, and I have decided to spend them on a house." No one ever says, "Now that rates are at X, I have decided to purchase a house." What they say is, "I want to move to a better school district," or, "I want to move closer to my grandchildren," or, "We have outgrown this house."

It is critically important that you work with an experienced agent, who is able to help you clarify your goal, keep you focused on it and then achieve it. That's why it is never about the money. It is very easy to become focused on fees, expenses, deadlines, closing costs, inspection repairs, and thereby lose sight of your goal. All those things are just the means to an end. It may be a great time to buy if you are a first-time home buyer, because of the $8,000 tax credit. But it might not be. It might be a great time to refinance or move up at 4.75%, but it might not be.

It's not just about the money! Please keep that in mind when you think about your next real estate move. Do you trust your agent enough to share your hopes and dreams, and make them part of the process?

Howard County Market Report for January 2009

George Belleville (Keller Williams Select Realtors) — Thu, 19 Feb 2009 20:19:32 -0600

For January 2009, Howard County saw the number of homes sold decrease 9.16% from 131 to 119, with a 14.41% decrease in median price, from $359,040 to $307,300. The Average Days on Market increased 13.45% from 119 to 135.

The Ellicott City area saw the following for January 2009:

Ellicott City West-21042
A 41.18% decrease in the number of homes sold (17 to 10), with a 21.42% decrease in median price from $600,001 to $471,500, and a 42.11% decrease in the Average Days on Market from 152 to 88.

Ellicott City East-21043
A 20% decrease in the number of homes sold (from 20 to 16), with a 2.51 % increase in median price from $336,500 to $344,958, and Average Days on Market increased 26.80% from 97 to 123.

For January 2009 the Elkridge area saw a 50% increase in the number of homes sold (from 10 to 15), with a 0.79% increase in median price from $317,500 to $320,000 and Average Days on Market increased 82.50% from 80 to 146.

The Columbia area saw the following results for January 2009 compared to the same period last year:

West Columbia- 21044:
This area saw an 11.76% decrease in the number of homes sold (from 17 to 15), with a 5.26% increase in median price from $323,000 to $340,000, and Average Days on Market remained the same at 126.

East Columbia- 21045:
The Eastern portion of Columbia saw a 30.77% decrease in the number of homes sold (from 26 to 18), with a 22.99% decrease in median price from $296,711 to $228,500, and Average Days on Market decreased 21.67% from 120 to 146.

South Columbia- 21046:
This area experienced an 18.18% decrease in the number of homes sold (from 11 to 9), with a 19.17% decrease in median price from $399,900 to $323,232, and Average Days on Market increased 36.75% from 117 to 160.

During January of 2009 the Woodstock area saw the number of homes sold increase 100% from 2007 (3 to 6), with a 26.73% decrease in the median price from $524,900 to $384,583, and Average Days on Market decreased 0.85% from 235 to 233.

Now They Say the Free Market is Dead- Don't Blame Fannie and Freddie!

George Belleville (Keller Williams Select Realtors) — Fri, 12 Sep 2008 15:38:45 -0500

I am sure you have all heard about the takeover of Fannie and Freddie. Now we are starting to see headlines that imply that we have lost (or should have lost by now) our faith in the free market system.

What you won't hear is how the government required Fannie and Freddie to continually make housing more "available" to more buyers, especially moderate income buyers. You won't read any articles about how Fannie Mae was pushed into the sub-prime market by these goals. I equate it to stockholders who demand ever-increasing returns- eventually you will reach a state of diminishing marginal returns, and then something different must be done to satisfy the demanders.

As the subprime market expanded, and other investors got into the market, more competition for subprime borrowers was created. So, for Fannie and Freddie to capture any of that market (as mandated) they had to compete in the arena that existed at the time.

When the government forces a company to serve a certain market segment, that is NOT the free market!

Is Microsoft Cancelling Access to Hotmail?

George Belleville (Keller Williams Select Realtors) — Sat, 26 Apr 2008 14:05:37 -0500

I use a company called Fastmail for my e-mail, and they seem to know what they are doing, so when they posted this on their blog about Microsoft stopping access to Hotmail I thought I should pass it along.

http://blog.fastmail.fm/2008/04/22/microsoft-closing-external-hotmail-access-by-end-of-june-2008/

Are Agents Ready for the Truth About Safety?

George Belleville (Keller Williams Select Realtors) — Thu, 17 Apr 2008 21:33:52 -0500

I was saddened to read about the tragic death of another agent recently. An untimely death is extremely difficult for everyone involved, and even touches the hearts and minds of those of us who have never met, but share something in common, like our profession.

As a police officer for over 20 years, one of the most difficult exercises we ever experienced was the case study of a line of duty death or serious injury. In fact, the FBI gathers statistics surrounding officer-involved deaths, and has come up with a list of "fatal errors" that officers make time after time. There is a significant amount of training and support for this process, and one can only imagine how many officers' lives have been saved by studying those who were not so fortunate.

I wonder if it is not time for someone in the real estate industry, or perhaps the NAR to undertake just such a mission. It is not pleasant to do, it is certainly not pleasant to discuss, and it needs to be done in the spirit of prevention and not second guessing. Until the matter is studied with precision, it is difficult to be truly prepared, and while you cannot guarantee safety, when an agent is lost to us in the same way that has happened before it is even more tragic.

We have all heard the stories about the open house, the model home, the stranger, and those are all risks for sure. But how much time do you spend alone driving your car? If you were to die in an auto accident driving between appointments, would anyone realize that you were working? Would that information be passed along to fellow agents? Do agents suffer from medical or other conditions at a higher rate than others because of the long hours, stress, and sometimes the isolation of being so independent?

Do you think that if the process were handled with dignity and respect, that this information could be presented to our industry with positive results? If you think so please let me know.... I think it is about time that this was pursued more comprehensively at the national level.

Be careful out there.

March Market Report for Howard County Maryland

George Belleville (Keller Williams Select Realtors) — Wed, 16 Apr 2008 07:28:19 -0500

While there has been some variation among the zip codes, the bottom line is that home sales have slowed significantly. That is to say the number of homes sold, not necesarily the price. As I frequently tell people, to determine what prices are doing you really have to look to the neighborhood, or even street level for any precise analysis. With the various housing types and price ranges, broad averages can be instructive, but there really are apples and oranges all in the same "price average" basket.

For March 2008, Howard County saw the number of homes sold decrease 44% from 314 to 175, with a 8.24% decrease in average price, from $444,801 to $408,152. The Average Days on Market increased 28% from 106 to 136.

Ellicott City West-21042
An 57% decrease in the number of homes sold (40 to 17), with a 4.73% decrease in average price from $565,055 to $538,311, and a 13% increase in the Average Days on Market from 122 to 138.

Ellicott City East-21043
A 13% decrease in the number of homes sold (from 39 to 34), with a 5.9% increase in average price from $453,860 to $480,746, and Average Days on Market decreased from 125 to 113.

Woodstock 21163
The Woodstock area saw the number of homes sold decrease from 9 to 4, with a .21% increase in average price from $521,000 to $522,084, and Average Days on Market decreased from 166 to 89. A large portion of the sales in this area are generated by the Waverly Woods development, which is nearing completion. The last phase of the development includes a large of group of over-55 condominiums, which are significantly less expensive than the prior communities which were sold, and a final section of NV Homes Townhomes starting just under $500k.

Elkridge- 21075
The Elkridge area saw a 33% decrease in the number of homes sold (from 30 to 20), with an 18.54% decrease in average price from $367,833 to $299,640, and Average Days on Market increased 79% from 78 to 140.

West Columbia- 21044:
This area saw a 43% decrease in the number of homes sold (53-30), with a 20% decrease in average price from $397,017 to $317,577, and Average Days on Market increased 37% from 80 to 110.

East Columbia- 21045:
The Eastern portion of Columbia saw a 40% decrease in the number of homes sold (from 47 to 28), with a 11.6% increase in average price from $315,000 to $319,500, and Average Days on Market increased 79% from 78 to 140.

South Columbia- 21046:
This area experienced a 57% decrease in the number of homes sold from 19 to 8, with a 4.7% decrease in average price from $373,037 to $355,238, and Average Days on Market increased 140% from 69 to 166.

Howard County is still located between Baltimore and Washington, still has one of the highest per-capita incomes in the Country, and still has an excellent standard of services from the County Government. Those, combined with the development trends in the Eastern County, in Laurel, Savage and Elkridge, as well as the impending arrival of the BRAC personnel, will continue to cause Howard County to experience level or appreciating home prices in the long term.

Safety Scripts

George Belleville (Keller Williams Select Realtors) — Mon, 25 Feb 2008 22:54:16 -0600

I am fairly new to actually posting on Active Rain, but have found a couple of blogs where I feel I can offer some value to people. I was a dual career agent during the last 7 years of my police career in Maryland. As I learn more about real estate, realtors, and how this business operates, I have noticed some strong similarities to what I used to do as a police officer.

I won't go into them all here, but the issue of scripts, prior planning, and safety are common themes. I have been working on a safety presentation for my office, which I hope to expand regionally and perhaps beyond, but my business has been busy enough that it has been back-burnered for a while :)

So my question is, do you think there would be many people interested if I developed some scripts that agents could use to either obtain information, or to at least encourage (force!) a person to come in to the office before the agent spends time with them? We seem to always come at it from an agency perspective, but if safety comes first and commission second, then agency must be around number 20 or so! Not everyone in this business is "pushy," and some are newer, or just not comfortable mandating an in-office visit. Perhaps putting their "safety" cap on and having some ready dialogue might help.

Unless it is someone who is a personal referral or someone I know personally, I will not go out with them until they are preapproved, we have a signed buyer agency agreement, AND the have reviewed a blank copy of the purchase contract and gone over any questions they might have.

Any thoughts?

2007 Market Report for Howard County

George Belleville (Keller Williams Select Realtors) — Fri, 22 Feb 2008 23:24:11 -0600

For 2007, Howard County saw the number of homes sold decrease from 4057 to 3467 (a 14.54% decrease), with a .58% increase in average price, from $453,751 to $456,372. The Average Days on Market increased from 55 to 86.

The absorption rate is the number of homes absorbed (sold) in the market over a period of time. This is a useful measure when examining the market. Last year the market absorbed an average of 288 homes per month. There are currently 1611 homes for sale in Howard County. With an absorption rate of 288 per month, it should take 5.5 months to sell the current inventory.

Surprise! According to the National Association of Realtors, when the inventory stands around 6 months, that is historically a normal market. While it may not feel normal to those of you who are new to this type of market, those of us who have been working in real estate and studying this for a while know that the recent past was in fact an aberration, and we are now trending toward a more normal market. In fact, when I became an agent in 1998, conditions were very much the way they are now.

So, last year prices stayed about the same, we have under six months of inventory, and we are in what is usually described as a normal market. Yes mortgage rates are fluctuating (at really low levels) and yes there are foreclosures on the horizon. However, our area has one of the lowest unemployment rates in the Country, a great location, the impending BRAC relocation, schools recognized for excellence, and a crime rate that others envy.

Given all of that, perhaps it is time for everyone to take a deep breath, look at the facts as opposed to the "news," and get back to buying houses to live in, steady appreciation, and long term investing. In ten years, we will all be looking back wishing we bought more real estate! [I]

All statistics courtesy of MRIS.

Maryland's Most Famous Tax Protestor's Home On the Market for $5.9 Million

George Belleville (Keller Williams Select Realtors) — Mon, 31 Dec 2007 10:02:05 -0600

How Many Marylanders Even Know About the Annapolis Tea Party?
There is always a lot to learn in any profession, and real estate is no exception. However, I never thought that this learning would be a history lesson. I am helping a client sell Bushy Park Farm in Glenwood, Howard County Maryland. The farm dates back to 1771, when it was originally part of a 1300 acre estate, in what was then Anne Arundel County. Dr. Charles Alexander Warfield built the home for his wife Elizabeth Ridgely.

Apparently Dr. Warfield was an active member of the Whig Club and the Sons of Liberty. After the Stamp Act of 1765, there was much concern about the level of taxation from the Crown. In 1774 the Brig Peggy Stewart was in the harbor at Annapolis, when it's owner, Anthony Stewart was forced by Dr. Warfield and other members of the Sons of Liberty to burn the ship.

The More Things Change the More They Stay The Same
While this is not a political blog, I can't help but note the irony of this home going on the market amid all the discussion in Annapolis and the rest of the State about taxes. For those of you outside Maryland, the Governor recently called a special session of the General Assembly to raise taxes. The actions taken during that session are currently the focus of legal action by the Republican Party, as apparently there were some procedural issues that were supposedly handled improperly. In addition, the scope of taxation was expanded to computer services with almost no notice, and the effects of that change are still being reviewed. Perhaps computer services will become the new Tea?

190 Acres of Majestic Pastoral Beauty
I will admit that each time I visit Bushy Park Farm, I am struck anew by it's beauty as I turn on to Carrs Mill Road from Rt 97. As the crops and land use change, as the seasons changes, it is like a new revelation. It almost feels like a portal back to a simpler time. The manor home, which features 8 bedrooms, is a stately vintage colonial, re-built in 1993 on the original foundation from 1771. On the rear window sil, in the cement below the window, is the word Charles, written with a finger. One can only imagine who may have written that.

The property also features numerous outbuildings and barns, a machine shop, and other agricultural buildings. It even has the footprint of the prior training track for racehorses, from it's prior use as part of the Maryland horse racing industry. In the center of the track is a stand of trees which mark the beginning of Cattail Creek, which meanders South into what is some of the most luxurious residential housing in Howard County.

The property, which is in the Maryland Agricultural Preservation Program always generates discussion within the community. Bordered as it is by two schools, and adjacent to a County Park and close to new commercial development, it's location is truly where old meets new. All the farmers in that area know that the farm was placed in "ag preserve," as they call it over 25 years ago. In the original agricultural preservation law, an owner could ask that the property be removed from the program if it could not be "profitably farmed" after 25 years. There is much conjecture that the property may be able to withdraw the agricultural easement, but that is a question for another post.

To see the beauty of this farm, click HERE and then check the virtual tour. Then impress your friends by telling them about the Annapolis Tea Party!

Howard County Market Report Nov 2007

George Belleville (Keller Williams Select Realtors) — Wed, 19 Dec 2007 20:09:01 -0600

November Market Report- 4 of 7 Zipcodes Show Price Increases!

Once again the statistics show just how confusing the housing market situation is. This confusion is only exacerbated by the constant drumbeat in the media about how bad things are. Houses are taking longer to sell, but in 4 of the below zip codes average sale prices increased compared to one year ago, and that was long before the current mortgage squeeze arrived in force. While many people are facing difficulty, the reality of the market in Howard County is that people with good credit are buying homes, and taking advantage of low interest rates. They are taking their time though!

Here is the latest info for Ellicott City, Columbia, Elkridge, and Woodstock.

Ellicott City West-21042
An 18% increase in the number of homes sold (27 to 32), with a 4% decrease in average price, and an increase in the Average Days on Market from 83 to 136.

Ellicott City East-21043
A 42% decrease in the number of homes sold (from 45 to 26), with an 11.2% increase in average price, and Average Days on Market increased from 67 to 71.

West Columbia- 21044:
This area saw a 26% decrease in the number of homes sold (51-38), with a 9% decrease in average price ($347,223), and Average Days on Market increased from 67 to 97.

East Columbia- 21045:
A 24% decrease in the number of homes sold, with a 7.64% increase in average price ($342,942), and Average Days on Market increased from 57 to 120.

South Columbia- 21046:
A 33% decrease in the number of homes sold (from 15 to 10), with.7.7% decrease in average price ($319765), and Average Days on Market increased from 55 to 95.

Elkridge- 21075
A 9% decrease in the number of homes sold, with a 1.73% increase in average price, and Average Days on Market decreased from 77 to 73. The decrease in the number of homes sold was from 34 to 31, which in statistical terms is difficult to assess, and with such a low number of transactions, one or two significantly divergent prices can sway the entire zip code (for example a pair of foreclosure sales, or a pair of million dollar sales in a small community)

Woodstock- 21163
A 22% decrease in the number of homes sold (from 9 to 7), with a 27% decrease in average price, and Average Days on Market decreased from 75 to 52. A large portion of the sales in this area are generated by the Waverly Woods development, which is nearing completion. The last phase of the development includes a large of group of over-55 condominiums, which are significantly less expensive than the prior communities which were sold.

All data is courtesy of MRIS. As always, it is best to consult with an agent who can look specifically at a certain area before making any valuation suggestions.

Comparing Politics and Real Estate

George Belleville (Keller Williams Select Realtors) — Tue, 18 Dec 2007 21:22:31 -0600

While working on my statistics for my post at Realty Times, I was listening to some discussion of politics on the radio. I thought back to some of the maps that were being bandied about after the last election. Blue States, Red States were the focus of all the discussions.

But then someone pointed out that if you look by County, the equations changes- Cities favor one color and rural areas favor another, and the map proportion changed. As I pondered all the doom and gloom in the press about sub-prime mortgages, etc., I noticed that 4 of the 7 zipcodes that I service had price increases last month. What gives?

As we all know, all Real Estate is local. In fact, some of my zip codes are small enought that a builder completing a neighborhood with no further sales can significantly skew the numbers. Or, in one zip a builder finished his upscale townhomes, and is now selling mostly condos. These sales are the driving force in the statistics in this neighborhood and zip code- those less expensive condos are pushing the averages down. The state of the market depends on your level of examination.

It is important for us, as professionals, to know our numbers, know our markets, and to help people under the specifics of the market as it applies to them. Only then can people make informed decisions. We have to get it right- that is what they pay us for.