A bit of rant: Tuesday, September 27 I read the Annapolis Capital Newspaper. Right there at the top it said, "Home Buying Season Worst in 50 years". The header for the article itself added, "in at least 50 years. But then wait a minute, just inside the front page was an article that said, "home prices up 4th straight month!" and added, "buoyed by the peak buying season". It then went on to say that prices in the DC region are up over the last twelve months.
People who write articles like this usually look for the most negative statistic that can find because that is what their editors want and negativity sells papers. In the case of Real Estate the lead article was based on national statistics which do not look great.
We need to remember that Real Estate is local and our local market looks much better than a lot of the country. And why shouldn't it? All we have to look around at government, military, and the all the companies that flock to those areas.
The point of my rant is to not let the papers turn you sour on a new home or investment if that is what you really want. At worst, we have been bouncing along the bottom on prices for a year now. But the real gorilla in the corner is interest rates. They are lower than ever which means that affordability is unbelievably attractive right now. Even the big guy investors are saying buy into real estate right now.
So, if you are interested in Real Estate right now talk to your Realtor (me?) and get the real scoop. Do you not sometimes wonder where our economy would be now if the news people talked about positives as much as they talk about negatives!
Thursday, September 29, 2011
Tuesday, August 9, 2011
Silver Lining
In the Washington Post today there was an article on the silver lining in all this doom and gloom. That is the historic low interest rates that are now available to real estate investors and those looking to buy a new home. If your thinking of diversifying, call me. Google Washington Post and then search for interest rates.
Gary
443 534-6124
Gary
443 534-6124
Thursday, July 7, 2011
Wow, what a nice compliment
I blushed when I received these kinds words!
"We were talking about how fantastic you were compared to other agents we have worked with in the past. You can't be beat! I just can't thank you enough for your patience! We definitely made the right decision.
AMY
"We were talking about how fantastic you were compared to other agents we have worked with in the past. You can't be beat! I just can't thank you enough for your patience! We definitely made the right decision.
AMY
Wednesday, December 8, 2010
Believe
Over Thanksgiving my wife and I went to Seattle to visit with her relatives. While there I noticed my sister in law had the word Believe tattooed on the top of her foot. I asked her about it.
She reminded me of Steve who I knew when we lived there. He has had multiple health problems for many years many of which were life threatening. Nine years ago he had a heart replacement. Now they have found that a dye they used in testing has caused a disease which hardens his muscles. His Dr. has told him that it is this disease that will kill him not all the others.
His wife's response to this was to get the word Believe tattooed on the top of her foot to support her belief that he would survive this as well. Then their daughter got the tattoo. Then my sister in law and then her partners daughter and who knows how many more? Well I know two more, My wife and I are going to be BELIEVERS!
She reminded me of Steve who I knew when we lived there. He has had multiple health problems for many years many of which were life threatening. Nine years ago he had a heart replacement. Now they have found that a dye they used in testing has caused a disease which hardens his muscles. His Dr. has told him that it is this disease that will kill him not all the others.
His wife's response to this was to get the word Believe tattooed on the top of her foot to support her belief that he would survive this as well. Then their daughter got the tattoo. Then my sister in law and then her partners daughter and who knows how many more? Well I know two more, My wife and I are going to be BELIEVERS!
Monday, March 1, 2010
Home prices up.
The Washington Post last Thursday said that home prices have gone up over the past seven months. Not a lot. But, definitely the way we want to see it go. This reinforces that this may be the best time in many years for investors to jump back in.
Gary
Gary
Saturday, November 7, 2009
Home Buying Credits Passed
Well, the Senate and the House both got it right and now the President has signed it. Please see below for a summary and note that there a benefit for those of us who currently own homes. Good stuff.
From: Jeff Detwiler, President, Long and Foster
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 aprincipal 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.
From: Jeff Detwiler, President, Long and Foster
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 aprincipal 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.
Saturday, March 28, 2009
The lid is off now!
I almost can not believe that we have gone through two weeks without the market taking a nose dive and no bad news about real estate. In fact, the last week has been nothing but positive. Analysts are saying it is time to buy and the media was filled with comments how much interest rates being at the lowest "ever". Not hard to understand that one! What they are not saying is that rates will probably not stay here.
I think that this news will release the pent up demand for a first home, a bigger home. or just a change. Hang on buyers, sellers, and Realtors, this could be a fun Spring.
I think that this news will release the pent up demand for a first home, a bigger home. or just a change. Hang on buyers, sellers, and Realtors, this could be a fun Spring.
Friday, March 20, 2009
First time home buyer tax credit
It seems that the Feds got it right this time. There is a $8000 tax credit for first time home buyers in 2009.
Here are the rules as we understand them:
Here are the rules as we understand them:
- Buyer and buyers spouse may not have owned a home for three years.
- This is a true credit not a loan. ( Unless you sell your home within three years of purchase.)
- Good for almost any single family residence that is your primary home.
- There are income limits based on adjusted gross. $75000 single and $150000 joint filing.
- Partial credits are available up to $95000 and $170000 respectively.
Sunday, March 15, 2009
Short Sales
Short Sales
There is so much interest in distressed sales today that I am borrowing the excellent comments on the subject from Mid Atlantic Settlement Services. It is a great primer.
Short Sale anyone?
So you are in the market for a house and you’re thinking of buying “short sale” but heard horror stories from your friends or your brother-in-law who took a real estate course three years ago and knows it all. But what do you really know about short sales and how it affects you as a buyer?
The reality is if you go in knowing what to expect and armed with a competent Realtor who understands short sales, you will be fine. If not, expect frustrations and if the deal does eventually close, you will feel like you earned a medal of valor at the end of the settlement process!
Let’s start by defining the term “Short Sale”. It is a sale of a property where seller owes the lender(s) more money than what it’s worth, and lender agrees to accept less money than what they are owed (short pay-off). Anytime a sale takes place under those conditions, it is considered a “Short Sale” transaction. As you may have guessed, the term “short’ in short sale comes from the seller’s pay-off to their lender being short on money.So why would a lender ever accept less money than what they’re owed? Well it all comes down to the “bottom line”; if the lender thinks they can lose less money by foreclosing on a property and selling it at an auction, that’s what they will do. But if they think they will lose less money by granting a short sale, they will go that route. It all comes down to what’s in the lender’s best interest. Often times what’s in the lender’s best interest happens to be in the best interest of the seller, that’s when you as a buyer can make this process worthwhile for you.So how does this work? First you find a property you’re interested in with your Realtor and then you make an offer, also known as “writing a contract”. If seller accepts your offer or counter-offer, the contract is then known to be “ratified”. The seller will have to accept your offer but make this acceptance “subject to third-party/lender approval”, meaning the lender to whom seller owes money has to now agree to the terms of the contract ratified by you and the seller.By this time, the Realtor representing the seller should have assisted the seller in submitting an application for a short sale approval to the lender, known as a “package”. I will address the package in a future article but in short, this package is going to include all of the seller’s financial information, a letter explaining why a short sale is necessary, known as a “hardship letter”, and of course a copy of the ratified contract, as well as other documents justifying the seller’s request.If the seller has more than one loan on the property, a package has to go to each lender for consideration. This is where you have to be patient because the lender has a lot of homework to do here. Remember, the seller is asking the lender to accept less money than what they are owed, in some cases it is a substantial amount of money. If that was your money, wouldn’t you want to take your time and give this careful consideration? This process can take anywhere from 3 to 10 weeks, often times longer. But eventually, the lender will come back with an answer: 1. Yes, 2. No, or 3. We want more money.Whatever the lender’s answer is, as a buyer you are affected by it. If the answer is yes, then you go to settlement and all is well (of course that’s relative!). If the answer is No, you have no deal and you need to start all over again with another property. If the answer is lender wants more money, this is where it gets a little interesting. At this point, your experienced Realtor will really shine. Perhaps you can offer a little more money for the property, provided of course you were getting a good deal from the start. Or instead of offering more money you offer to make a lump-sum payment directly to the lender on behalf of the seller. There are many ways to get around the “we want more money” answer and again, your Realtor can assist here.So is all this really worth it? It can be with the right property and the right seller and the right lender. Often times the lender may agree to accept an amount below the appraised value if the seller is willing to pay back some of the money he owes outside of your transaction (personal unsecured note).Don’t forget that you as a buyer will get “clean” title to the property and of course don’t even think about buying a short sale without a title insurance owner’s policy. In fact, don’t think about ever buying any property without a title insurance owner’s policy but that’s a future article.So what’s the bottom line on all this? Short Sales can be frustrating if you are not educated or if you don’t have a Realtor who can help you. But with the right information and representation, a short sale transaction can be very rewarding on many levels to all parties involved.
There is so much interest in distressed sales today that I am borrowing the excellent comments on the subject from Mid Atlantic Settlement Services. It is a great primer.
Short Sale anyone?
So you are in the market for a house and you’re thinking of buying “short sale” but heard horror stories from your friends or your brother-in-law who took a real estate course three years ago and knows it all. But what do you really know about short sales and how it affects you as a buyer?
The reality is if you go in knowing what to expect and armed with a competent Realtor who understands short sales, you will be fine. If not, expect frustrations and if the deal does eventually close, you will feel like you earned a medal of valor at the end of the settlement process!
Let’s start by defining the term “Short Sale”. It is a sale of a property where seller owes the lender(s) more money than what it’s worth, and lender agrees to accept less money than what they are owed (short pay-off). Anytime a sale takes place under those conditions, it is considered a “Short Sale” transaction. As you may have guessed, the term “short’ in short sale comes from the seller’s pay-off to their lender being short on money.So why would a lender ever accept less money than what they’re owed? Well it all comes down to the “bottom line”; if the lender thinks they can lose less money by foreclosing on a property and selling it at an auction, that’s what they will do. But if they think they will lose less money by granting a short sale, they will go that route. It all comes down to what’s in the lender’s best interest. Often times what’s in the lender’s best interest happens to be in the best interest of the seller, that’s when you as a buyer can make this process worthwhile for you.So how does this work? First you find a property you’re interested in with your Realtor and then you make an offer, also known as “writing a contract”. If seller accepts your offer or counter-offer, the contract is then known to be “ratified”. The seller will have to accept your offer but make this acceptance “subject to third-party/lender approval”, meaning the lender to whom seller owes money has to now agree to the terms of the contract ratified by you and the seller.By this time, the Realtor representing the seller should have assisted the seller in submitting an application for a short sale approval to the lender, known as a “package”. I will address the package in a future article but in short, this package is going to include all of the seller’s financial information, a letter explaining why a short sale is necessary, known as a “hardship letter”, and of course a copy of the ratified contract, as well as other documents justifying the seller’s request.If the seller has more than one loan on the property, a package has to go to each lender for consideration. This is where you have to be patient because the lender has a lot of homework to do here. Remember, the seller is asking the lender to accept less money than what they are owed, in some cases it is a substantial amount of money. If that was your money, wouldn’t you want to take your time and give this careful consideration? This process can take anywhere from 3 to 10 weeks, often times longer. But eventually, the lender will come back with an answer: 1. Yes, 2. No, or 3. We want more money.Whatever the lender’s answer is, as a buyer you are affected by it. If the answer is yes, then you go to settlement and all is well (of course that’s relative!). If the answer is No, you have no deal and you need to start all over again with another property. If the answer is lender wants more money, this is where it gets a little interesting. At this point, your experienced Realtor will really shine. Perhaps you can offer a little more money for the property, provided of course you were getting a good deal from the start. Or instead of offering more money you offer to make a lump-sum payment directly to the lender on behalf of the seller. There are many ways to get around the “we want more money” answer and again, your Realtor can assist here.So is all this really worth it? It can be with the right property and the right seller and the right lender. Often times the lender may agree to accept an amount below the appraised value if the seller is willing to pay back some of the money he owes outside of your transaction (personal unsecured note).Don’t forget that you as a buyer will get “clean” title to the property and of course don’t even think about buying a short sale without a title insurance owner’s policy. In fact, don’t think about ever buying any property without a title insurance owner’s policy but that’s a future article.So what’s the bottom line on all this? Short Sales can be frustrating if you are not educated or if you don’t have a Realtor who can help you. But with the right information and representation, a short sale transaction can be very rewarding on many levels to all parties involved.
Wednesday, August 20, 2008
The Gig!
The music man in our group, AJ, has a new gig coming up with his long time band, the Magnetics!
It will be on Sept 19th at the Whiskey on West St, in Annapolis. (9:30 PM)
It will be on Sept 19th at the Whiskey on West St, in Annapolis. (9:30 PM)
The Web
Yesterday I listened to a presentation from another agent that hit home just how important the web is now. Common thought is that 80-85% of real estate transactions start on the web now. This successful agent said that he has not talked to a client who had not looked at the web first. That sounds like 100% to me. The go to real estate agent has to have mastery over the web.
Tuesday, August 19, 2008
A middle of the night thought
We all know that it is a buyers market. And how! Prices are probably the lowest they will be and interest rates are still low. There are some great deals out there.
But what about if your selling. Common thought is that it is not a good time to sell. Maybe.
If you are downsizing that may be right unless you have to sell. However, if your upgrading it is again a great time. For example, if your selling a house that you think is worth $200,000 but the market is down 10% and you can only get $180,000. If the house your buying was originally at $400,000 but is down to $360,000 (-10%), your $20,000 ahead! A $40,000 savings minus a $20,000 loss in perceived value.
Something to think about.
But what about if your selling. Common thought is that it is not a good time to sell. Maybe.
If you are downsizing that may be right unless you have to sell. However, if your upgrading it is again a great time. For example, if your selling a house that you think is worth $200,000 but the market is down 10% and you can only get $180,000. If the house your buying was originally at $400,000 but is down to $360,000 (-10%), your $20,000 ahead! A $40,000 savings minus a $20,000 loss in perceived value.
Something to think about.
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