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You Gotta Move!

Wed, 17 Jun 2009 09:21:44 -0500

This has been a very active "Spring Market" in Maryland's Baltimore suburbs. Every buyer I have worked with since January has found the home of their dreams only to be thwarted by multiple offers all coming in at the same time. One property, a hugely under-priced foreclosure, had 20-plus offers in 2 days! Buyers learn quickly that they need to be ready to jump when they see a home they like.

From the standpoint of a buyer's agent, when there are other offers coming in, we can't be aggressive in our negotiations and this puts the seller in the driver's seat.

What can home sellers learn from this?

There are several factors common with all of the homes that I'm seeing with multiple offers. If you are trying to sell your home and have had leukwarm buyer response so far, you need to rethink things and make some serious changes, such as:

Price -- if you are not getting a lot of showings, you may be over priced. In today's market, buyers want to feel like they are getting a "deal." There is a happy medium where the seller can still make money and the buyer can feel like they have not paid top dollar for the home.
Condition -- this is almost more important than the price. If your home is not extremely clean and clutter-free you will not sell quickly and you will sell for less than you had hoped. Is your carpet dirty or stained? Have you painted the interior walls recently? Do you have every closet stuffed with stuff? Is there grease on your stove? Are there dirty dishes in your sink or piles of laundry in the bedrooms? Does your house have an odor (even a not-so-bad odor can turn off buyers)? Have you trimmed your shrubs, mowed the grass and planted flowers outside? Does your basement smell damp and/or moldy?
Decoration-- the twin sister to condition, the way your home is decorated may make you very happy, but unless it's very neutral chances are it won't appeal to most buyers. The biggest buyer turnoffs are: wallpaper (especially if there is a lot and it is dated), strong colors on walls (orange is perhaps the least liked color on a wall, but any bold color will be a deterrent), photos and stuff stuck to the fridge, too much furniture in rooms (makes rooms appear smaller and adds to clutter), old appliances (if your kitchen is pre-1995 your home will take longer to sell and you will sell for less), dark paneled walls (an easy fix is to paint them a neutral color like off-white), and anything that shouts 1970, such as shag carpeting or burlap walls.
Marketing-- this is up to your agent and hopefully you are interviewing and choosing agents who have a definite plan for marketing your home (this is where the discount brokerages and FSBO's can't compete). No home on the market today should be without professional photographs and a virtual tour. I would like to emphasize "professional" here because I've seen so many homes where the photographs are dark, blurry and poorly done. One or two photos are not enough and homes that only have pictures of the outside seem to say "there's nothing worth showing you on the inside of this home."

What Surprises Are in Your Home?

Mon, 06 Apr 2009 22:26:25 -0500

Many homes have an oddity that keeps them listed longer than normal. Usually it's the condition. Are any of these surprises in your home -- bold colors -- dated wallpaper -- 20-year or older kitchens -- dark paneling -- shag carpeting -- slate entryways -- walls covered in burlap? These things can prevent a quick sale.

One home I showed recently had something I've never seen before. . .the family room floor was red brick! Full size bricks too. The listing had boasted about the updated kitchen, baths and carpeting and the photos made the home look very nice. . .but a brick floor? No wonder this one's been on the market nearly 2 years!

Unbelievable Price in Columbia

Fri, 20 Mar 2009 22:22:38 -0500

This spacious townhome has been updated and the seller is MOTIVATED! This is a great price for the Columbia area. End unit, 3 bedrooms, 2 full baths, finished lower level, huge deck, quiet neighborhood, close to shopping.

Come see 8967 Footed Ridge, Columbia, Maryland 21045 ONLY $229,900!

Exterior Kitchen

Living Room

Family Room

For more photos, visit www.MarylandGreatHomes.com or www.LoveMarylandHomes.com

Green Homes, Financing a Home, Value of a Realtor, Curb Appeal and Avoiding Foreclosure

Mon, 22 Dec 2008 18:45:50 -0600

Check out these videos to learn how you can find energy savings in heating your home, financinging a home purchase, the value a Realtor brings to your home sale, curb appeal and avoiding foreclosure with an explanation about short sales.

These videos are produced by MRIS. Click link below:

http://www.sfrealtors.com/video/mris/short/33

Howard County High Schools in Newsweek Top 1300

Mon, 15 Dec 2008 08:13:58 -0600

Eight Howard County high schools landed a spot in Newsweek's Top 1300 US High Schools. Only public schools were rated. Their rankings are:

Centennial 272
River Hill 298
Mount Hebron 754
Glenelg 965
Atholton 1037
Howard 1074
Wilde Lake 1172
Reservoir 1279

These rankings are based on a ratio of graduating seniors and the number of advanced placement tests taken by all students at the school in 2007. The 1300 schools in the list are in the top 5% if all public schools measured this way

Visit http://www.newsweek.com/id/39380 for the complete list of schools.

Upgrade Your Septic System at No Cost!

Fri, 05 Dec 2008 16:51:07 -0600

There is a new program sponsored by the Maryland Department of the Environment's Bay Restoration Fund that will allow homeowners to upgrade their septic system to the most current technology that allows for maximum nitrogen reduction. Requirements are

filling out the application, and
following procedures to secure funding for installation.

Once approved, homeowners will receive a check from the Comptrollers Office that covers the entire cost (100%) as well as maintenance for 5 years. Call 1-800-633-6101 ext 4195 for more information and a free consultation.

Source: Live Green Howard County

Spacious Columbia Colonial - $599,900

Tue, 02 Dec 2008 20:16:59 -0600

5905 Norway Ct., Columbia, Maryland

In the centrally located community of Cedar Acres, this spacious 6 bedroom, 3 full and 1 half bath home is a beauty inside and out! As you enter the grand two story foyer you are welcomed into a colonial style open floor plan with gleaming hardwood floors. An extensive kitchen with center island and breakfast area opens out into a sunroom at the back with a spacious family room to the right boasting Palladian windows and a gas fireplace. A library, laundry room and half bath complete the main level.

Stairs from the kitchen and foyer meet at a landing and take you upstairs where you will find four spacious bedrooms and two full baths. The owner's suite is full of light with a sweeping cathedral ceiling and a lavish bathroom with ceramic floors, double sinks, a soaking tub and separate shower.

The fully finished lower level walks out to a patio and lovingly landscaped, fenced yard with a white peach tree and a persimmon tree. Stone walkways lead to a shed and around the side to the front yard. There are two sizable bedrooms with windows, closets, a full bath and a large L-shaped recreation room. Gas heat, gas hot water, Honeywell UV treatment system and 2-zone heating are among the many upgrades in this solidly built Altieri home. Convenient location near Town Center, shopping and easy access to Rte. 32. Top Howard County Schools.

LUV My Blackberry Curve

Sun, 09 Nov 2008 21:04:45 -0600

After struggling for nearly 2 years with my Palm TREO which was increasingly getting more and more flakey, I am super pleased with my new Blackberry Curve -- what a great phone! I just "upgraded" and really, really like this little piece of machinery that does everything so easily.

People tell me that the Blackberrys are also sturdy. I had my TREO on the front car seat, took a curve and it slid off the seat. Phone froze and the techies at the Verizon store couldn't salvage it and had to give me a new phone. Fortunately it was under warranty, but I lost all of my contacts.

If you are thinking of getting a new cell phone -- give this fella serious consideration! Setting up my email was a breeze, too. I got it at Best Buy and they downloaded all my contacts off the TREO. . .eazy peazy!

Classic Home With A Warm Hearth

Thu, 23 Oct 2008 06:27:47 -0500

3207 Mayfield Ave., Windsor Mill, MD

$285,000

Priced to sell! Single family home at a townhouse price. This large rancher has spacious rooms, gleaming hardwood floors and a gorgeous kitchen with all the bells and whistles. A short sale subject to 3rd party approval, this home is in move-in condition. Lots of parking and over 1 acre lot. Unfinished basement perfect for additional rooms or a workshop.

Dream kitchen with all new cabinets, stainless appliances, ceramic floor.

Hang your stockings here - wood burning fireplace in living room.

MORE INFORMATION & PHOTOS AT: www.MarylandGreatHomes.com OR www.LoveMarylandHomes.com

Scenes from the Howard County, Maryland Fair

Thu, 21 Aug 2008 21:16:34 -0500

Last night at the Howard County Fair in West Friendship, Maryland - August 2008.

Entertainer, Richie Fields performs country and had the place rocking.

Vendor by Night -- I didn't try the 'Ethnic Sausage" but the fries were good!

Nehemiah Down Payment Assistance Program

Thu, 21 Aug 2008 20:48:04 -0500

Buyers should take advantage of this program now because it may not be here for very long.

Saving money for a downpayment and the closing costs necessary to purchase a home is very difficult. One option to consider is the Nehemiah Program established by the Nehemiah Corporation of America. Here is a brief overview of this program. For more information go to www.GetDownpayment.com or call the Nehemiah customer service hotine at 877-634-3642.

You can receive gift funds (provided by a non-profit organization) for up to 6% of the sales price.
New homes, resale homes, single family, duplex, triplex, condo, or townhomes are eligible.
There is NO repayment of funds -- it is a "gift" to the home buyer.
There are no income, asset or geographic restrictions and you do not need to be a first-time homebuyer.
You do not have to have perfect credit -- a lender can evaluate your financial situation and provide you with an accurate assessment.
Eligible loans for this program: any loan program that accepts gift funds for downpayment and closing costs. FHA loans are a good choice because they offer low interest rates, low downpayment requirements and more lenient credit requirements. Some conventional loans may also qualify.
Nehemiah strongly recommends homeownership education courses which can be taken online.
The seller will "gift" the amount back to Nehemiah along with a processing fee.

Contact me at 410-715-3261 for more information on this and other home ownership programs.

Visit my website at www.LoveMarylandHomes.com.

Please visit www.mdhomeprograms.com for a list of available Federal, State and County/Local programs.

Fannie Mae to raise fees, lenders will pass them on

Wed, 06 Aug 2008 10:04:09 -0500

Fannie Mae outlined on Tuesday a new pricing policy aimed at helping the mortgage finance giant gird against increased credit risks and losses from home loans it buys from mortgage lenders, but the changes could end up squeezing out many borrowers.

Fannie Mae will double the fee it charges lenders and brokers to 0.5 percent from 0.25 percent beginning Oct. 1.

That fee will likely be passed onto borrowers, adding a quarter point to their mortgage origination costs, said Steve Hops, president of the residential division of the California Mortgage Bankers Association.

A quarter point increase on a $200,000 loan will cost the borrower an additional $500. Borrowers, however, can opt to take a slightly higher interest rate on their mortgage and avoid paying points.

Fannie Mae also revised its scale for points on loans, depending on the size of the down payment and the borrower's credit score.

These changes will make it more expensive for borrowers who want to refinance to take cash out of their equity, experts said. And borrowers with lower credit scores will find it increasingly more costly to get a loan with smaller down payments.

Associated Press

Realtor Idol

Wed, 04 Jun 2008 21:42:13 -0500

Well folks. . .I've been roped in -- Maryland Realtor Association has started REALTOR IDOL to tap into the talented agents all over the state. Each local association holds a Realtor Idol contest modeled after American Idol (without Simon Cowell, I hope). Winners get a free trip to the MAR convention in Ocean City this September and gets to compete against all the other winners from across the state. Since I'm on the Events Committee for HCAR (Howard County Assn of Realtors) and NO ONE was jumping up and down to put their heads on the block. . .ahem. . .sing. . .I felt compelled to be the first to raise my hand and say "I'll do it" (with enthusiasm). Venue is our annual Casino Night next week. Aww, darn. . .It'll be fun. . .anyone else out there wants to sign up just go to the website -- the more the merrier! . . .Your Next Realtor Idol :-)

Even Bums Make the Bed

Tue, 13 May 2008 21:49:14 -0500

The listing agent held nothing back. . .I was warned. . .this Baltimore row house rehab was a dog. . .so bad it even barked! Okay, maybe it didn't actually bark, but it did stink - plumes of rotten food and reek body odor wafted out the front door courtesy of the "caretakers" (and I use this term loosely).

The owner lets the "prince" of the Baltimore homeless and his buddy flop out here to keep people from breaking in and stealing stuff. . .stuff -- this place was so stuffed with stuff there was only a narrow path through all the old computers, shoes, boxes, clothes, old stereos, buckets, papers, cables, wires, and trash -- there was so much it piled at least 4 feet high. Peeking out from underneath were rusty kitchen appliances that had to date back to the 40's - how often do you see a Koolerator Ice Box? At some point in time, the ceiling lost its plaster. The exposed rafters were criss-crossed with an amazingly intricate collection of cobwebs which probably also dated from the 40s!

Trash and stink notwithstanding, there were some other signs that structurally this place needed more rehab than my buyers wanted to take on. As we gingerly stepped through all of the yuck to leave, I noticed two mattresses with old quilts arranged in an L-shape on the floor nested among the trash -- and, to my and my customer's surprise -- the beds were very neatly made!

Top 10 Tools Every Realtor Should Keep in the Trunk of Their Car--Reprise

Wed, 06 Feb 2008 19:51:41 -0600

This is just an epilogue to my earlier post and the many wonderful suggestions other AR folks have given for things you should keep in your car at all times.

Today on Home Tour (you know the caravan thing where the agents in an office collect in cars and drive to 6 or 7 recent listings for their office) we had just finished viewing a home and the listing agent was locking up. As she pulled the front door closed, the ENTIRE molding strip and the wood behind it ripped off pulling the deadbolt and part of the latch (door jam) along with it!

Unfortunately, I wasn't driving today and no one else had a toolkit in their trunk! After pounding on the molding with our fists while nails were falling out of the boards and the wood was becoming even more splintered we gave up. Best we could do was to chain the door from the inside (luckily the chain was still attached) and go out the back door (turns out the tenant had "fixed" the lock the day before).

Moral of the story. . .a tool chest and set of tools are integral to real estate. For more ideas check out my earlier post: Top 10 Tools Every Realtor Should Keep in the Trunk of Their Car.

Market Snapshot Printouts

Tue, 29 Jan 2008 09:14:14 -0600

I had thought that one of the perks of Market Snapshot would be to have print outs for open houses that I'm running. These would look as slick as the online "snapshot" and I could hand them out to prospects.

Perhaps I'm doing it wrong, but I was less than impressed by the print out -- it was 2 pages and had a funny margin. Has anyone else tried this with better success?

Market Snapshot Question

Tue, 29 Jan 2008 09:10:48 -0600

Just a quick question for all of you who are receiving leads from your Market Snapshot link(s):

Do you require a phone number?

I have not received a single lead from my Market Snapshot (it's only been up about a week) and am wondering if people will shy away from giving their phone number. Email addresses are so impersonal and then you never hear a reply -- I would prefer to have a phone number to call as well.

Thoughts?

Thanks!

But. . .Is It a Bedroom?

Mon, 28 Jan 2008 20:21:39 -0600

Is it a den? A library? Or a bedroom? This is a topic of discussion among Realtors, buyers and homeowners. Having that extra room qualify as a bedroom not only helps market the home, it improves appraisal value. On the other hand, it could increase your tax assessment, so be careful what you wish for!

Every county seems to have their own legal definition of a bedroom, but one thing seems to be required across the board: the room must have a window -- and not just any size window. A good rule of thumb is the window must be large enough that an average-sized adult could get out of it in case of fire or other emergency. In Howard County, the window must be at least 8 percent of the floor space of the room and be at or above ground level.

Other factors may also determine if the room is a bedroom. Having a closet is another requirement in Howard County (size is not defined). A full bathroom on the same level is not always a legal requirement, but many buyers and agents don't consider it a bedroom without access to a bathroom. Heat is an obvious requirement as are electrical outlets and a smoke detector.

If the home is on a septic system, be sure that the system is rated for the number of bedrooms in the home.

Many times, in their zeal to sell, homeowners and their agents will list a room as a bedroom when it really is a den, office or library. It is easy to understand the confusion. Now, with bathrooms, usually everyone agrees on the definition. A half bath or powder room does not have a shower or tub and a full bath does. To qualify, the room must be finished with at least a sink and toilet. Just the other day I took a customer through a home that listed 2 full baths. We hunted for the second bathroom, but all we found was a very rough rough-in down in the basement!

This post was inspired by Mary Ellen Slayter's article in this Saturday's Washington Post Real Estate section.

Dramatic Clouds Give Way to Dramatic Sunrises

Thu, 10 Jan 2008 22:14:06 -0600

Always fascinated by the colors and patterns in nature, I'm seeing some incredible things in the sky early in the morning when I drop my son at the bus stop. The other day, after a fierce but quick rain, these clouds hovered on the horizon. . .it was extremely windy as well and in a matter of minutes the clouds had disappeared from the horizon.

I saw a parallel with the real estate market and how dark and cloudy it can appear at times, but the clouds don't stick around for long. . .before we know it they'll be gone as fast as they came.

The sun will return and the market will stabilize. . .here's a sunrise shot I took today.

Top Producer Remote or Window Mobile?

Thu, 10 Jan 2008 09:07:47 -0600

I'm new to this group and found you when I searched for information about MarketSnapshot. I have TP7i as well as TP Remote -- to have access to my database when my laptop doesn't have a wireless network nearby (like at open houses or when my office/home networks are down).

TP Remote has had some tech issues that the TP Tech Support people worked out for me quite nicely, but they said that the Remote version is being phased out because everyone wants this capability on their phone now.

So I wanted to put it to you. . .a TP community of experts and users -- should I stay with Remote or go handheld? My fears are that my TREO Smartphone 700wx will not be able to handle the database. . .but some of the features on the TP website look pretty cool (if they really work, that is). Thanks!

Historic Ellicott City, Maryland

Wed, 09 Jan 2008 20:23:38 -0600

We had a gorgeous day yesterday, (temps were in the 70s). I was out and about and just happened to have my camera with me. . .took some shots of Ellicott City's historic district. This is a close-up of the bell tower in the Firehouse Museum. For anyone who lives in the area or is visiting, Main Street in Ellicott City is quaint beyond belief and has lots of shops & gallerys -- great for a weekend stroll.

Here's a shot taken from the same spot, but of the entire street. The interesting thing about Ellicott City is how hilly it is. And for all of the history buffs: remember the story of the train that raced a horse way back in the 19th Century? That took place in Ellicott City!

Maryland's Chesapeake & Ohio Canal

Sun, 30 Dec 2007 23:08:00 -0600

Just wanted to share our excursion to the C & O Canal which is on the Maryland & District of Columbia side of the Potomac River. If you live in Maryland, D.C. or Virgnia, this is a great place for a day trip and if you are visiting from out of town, it's not to be missed.

Essentially, you can follow the canal from Georgetown (gotta love the high-end designer shops and galleries) as it winds along the Potomac into Maryland. Each loch has a cute house where the loch tender and his family lived (their pay was very low, but they were given a home to live in and about an acre of land to grow vegetables on).

Of course, I had my camera with me and took some photos:

Help for Homeowners in Trouble

Sun, 09 Dec 2007 16:38:42 -0600

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.

Winter Comes to Maryland

Wed, 05 Dec 2007 20:00:51 -0600

A winter storm hit Maryland today and we got our first snow of the season. Time to get out my camera. . .

Enjoy (especially you folks in California, Texas and other warm spots)!

Buyer Beware!

Tue, 04 Dec 2007 22:26:21 -0600

Most home builders are good guys, but beware! If you walk into a model home or office of a new home community without a real estate agent, you'll 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 buy and sell homes every day. We know the contracts, contingencies and potential pitfalls that can beset an unsuspecting buyer. We've been there before. Don't make a mistake with the largest investment you are likely to make. When you go to purchase your home, please take a professional along.

What prompts this warning? Today someone contacted me for help because they were in danger of losing an earnest money deposit that was over $8,000 dollars. The contract they signed with the builder to purchase a new home made me want to cry, or scream! It was dated in December 2006 for the purchase of a home to be built. . .in February of 2008. On top of the fact that 14 months is a long time to tie up several thousand dollars, the contract they used was nothing like the Maryland Residential Contract of Sale which has all sorts of safeguards built into it that are in the buyer's favor and allow for various contingencies. In this case, this first time home buyer was unable to get financing (even after being pre approved by the builder's lender) and the builder was trying to keep the entire deposit. All the terms in this loosely worded contract 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! No loan, no home, no deposit without a legal battle (all I could do was to recommend that they seek competent legal advice).

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). The builder will only honor their promise to pay the agent a commission if you bring your buyer's agent with you the first time you visit. Most Realtors are happy to accompany their customers to any new home community in which they are interested as well as help you to navigate all the potential pitfalls of the transaction. 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!