Maryland Real Estate

Spring Market Conditions Bode Well For Buyers

2011-04-29T18:36:00.003-05:00

Optimism about the housing market isn't quite sweeping the nation, but Americans remain sold on the value of home ownership at a good time to be bullish about buying a home.

With home sales and prices still falling, the spring could shape up as an opportune time to make a deal.

The housing downturn hasn't shaken consumers' resolve to consider home ownership an integral part of an American Dream, even among home owners with homes that have lost value [read more...]

7 Things All Borrowers Should Know About FHA Loans

2010-07-01T08:19:00.001-05:00

RISMEDIA, July 1, 2010--FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).

“We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87 percent today,” said Christopher Gardner, founder and president of FHA Pros, LLC. “Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that.”

1. FHA Loans Are Not Only For Lower-Income Borrowers. FHA loans are available to everyone. In fact, even Bill Gates can get one. There is no maximum income restriction associated with FHA loans. Borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.

2. FHA Loans Are Not Only For First-Time Buyers. Many people believe FHA loans are available only to first-time homebuyers. This is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.

3. FHA Loans Are Not Just Small Loans; In Fact, Loan Amounts Can Be As High As Almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.

4. FHA Loans Are Not Affiliated With The Section 8 Housing Program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.

5. FHA Loans Are Often More Affordable Than Conventional Loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5 percent.

6. FHA-Approved Condo Developments Are More Desirable To Buyers. With 87 percent of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.

Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.

Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers.

Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply. More information about the FHA- approval process is available at www.getfhaapproval.com.

7. FHA Loans Are Assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.

“Now, more than ever, buyers and sellers need to understand the options available to them when it comes time to buy a home,” continued Gardner. “At FHA Pros we have worked with countless HOAs, attorneys and individuals to easily and efficiently navigate the historically tricky FHA-approval process.”

Immaculate Dickerson Home on 2.71 Acres

2010-06-02T20:59:00.000-05:00

Home Sizes Fall as Builders, Buyers Embrace Economic Reality

2010-01-28T10:27:00.002-05:00

Very interesting article about the decline of the "McMansion" and the common interest in building more energy efficient homes is on the rise. It's about time! RISMEDIA, January 28, 2010—(MCT)—New-home buyers responded to the tough times in 2009 by opting for smaller houses, driving down the average size of a house built in the United States for the first time in 27 years. Data recently released by the National Association of Home Builders (NAHB) found the average size of a new home that was completed in 2009 fell to 2,480 square feet from 2,520 square feet in 2008...[more]

Home Sellers: Top 5 Home Improvement Projects Based on Cost and Return on Investment

2009-11-10T12:31:00.002-05:00

RISMEDIA, November 10, 2009—HomeGain.com, one of the first websites to offer Web-based free instant home values, announced that it has released the results of its nationwide home improvement and home staging Home Sale Maximizer survey.

HomeGain’s recent survey shows the top do-it-yourself home improvements that Realtors recommend to home sellers. HomeGain received responses from nearly 1,000 Realtors nationwide and configured a list of the top 12 do-it-yourself (DIY) home improvements that cost under $5,000 and benefit sellers most when they sell their homes.

According to the HomeGain survey, the top five home improvements that Realtors recommend to home sellers based on cost and return on investment (from highest to lowest ROI) are:

1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI)

Cleaning and de-cluttering continues to rank as the top suggested home improvement (since the survey was originally conducted in 2000), recommended by 98% of Realtors, costing less than $200 and returning a value of nearly $1,700 to the home’s sale price, or an 872% return on investment.

“Many Realtors agree, especially in a buyer’s market, that sellers who make these recommended home improvements often get their homes sold faster and at higher prices,” stated Louis Cammarosano, General Manager at HomeGain. “We have customized our Home Sale Maximizer online home improvement tool to help identify and prioritize the projects that can increase the salability and selling price of a home.”

Rounding out the top 12, the list of low cost, do-it-yourself home improvements includes: updating electrical, replacing or shampooing carpets, painting interior walls, repairing damaged floors, updating kitchen, painting outside of home, and updating bathroom/s.

The home improvement projects with the highest price increases to a home’s resale value are updating the kitchen ($1,200 cost / $2,850 price increase), followed by painting the outside of the home ($900 cost / $1,815 price increase) and home staging ($300 cost / $1,780 price increase).

“Inexpensive cosmetic home improvements and basic improvements greatly enhance the value of the home,” stated Carol Wilson of Carpenter Real Estate in Indianapolis, IN, HomeGain AgentEvaluator member since 1999.

For more information, visit www.homegain.com

Expanded Version of Tax Credit Will Allow More Homebuyers to Qualify

2009-11-09T08:03:00.001-05:00

RISMEDIA, November 9, 2009—President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify.” Consider these three examples:

Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.

Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.

Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.

The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”

The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”

There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:

-The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others

-If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit).

-The credit applies even if you have co-signers on your mortgage loan

Don't Let An Over-priced Home Be a Humbling Lesson

2009-10-09T16:14:00.000-05:00

Perhaps the greatest influence in getting your home sold is entering the market with a home that's priced correctly.

Over-priced homes won't get favorable attention; they lose out to the ones that are reasonably priced.

All sellers are looking for the highest price for their home. That's why some sellers want to start at the highest point, maybe even asking a higher price than what they really believe they can get -- the continued readjustment of price can be a humbling ride down to finding the reasonable price to sell the home.

Still dropping the price sounds like an okay strategy, some sellers think.

Here's the problem, especially in today's current market conditions where numerous sellers are competing for fewer buyers -- adjusting price down may come too late and cost the seller less in gain than if the home were priced correctly from the start.

The majority of buyers use buyers' agents to assist them with purchasing a property. Buyers' agents will help the buyers find a home that's right for them. If their buyers are interested in a particular home and it is priced too high (based on comparable properties sold) then the buyers' agents will find their clients similar more reasonably priced homes to view in the same area.

As a seller's property that's over-priced continues to sit on the market the listing loses its newness. There are typically fewer new listings than existing listings. Agents pay a great deal of attention to what's new on the market. Homes that are priced correctly generate attention, activity and a sale; over-priced homes, on the other hand, sit for long periods, are passed over, and ultimately result in a price reduction.

If a seller has an over-priced home on the market and then chooses to drop the price it sometimes goes overlooked. Because it's not a new listing it'll need a little more attention to get agents and buyers to notice that this same home is now being offered for less.

Flyers, emails, ads, etc. have the challenge of enticing buyers and agents who wouldn't give it a look at the higher price -- to come see it now. Not an impossible battle, but again, the listing is no longer new and may be less appealing even with the price reduction.

Obviously, the longer an over-priced home sits on the market, typically the more financial stress the seller begins to feel. If the seller has purchased a new home or must move to another state, suddenly the desperate seller syndrome sets in and low-ball offers may have to be accepted due to financial circumstances.

Pricing a home correctly initially is vital -- otherwise the "we-can-always-drop-our-price" strategy could become a costly and humbling lesson in the end.

Home Buyer's Tax Credit Changes Possible

2009-10-01T09:18:00.001-05:00

The first major change to the $8,000 home buyer's tax credit began moving through Congress the last week of September, giving hope to real estate and building groups pushing for extension of the entire program before it expires November 30, 2009.

House Ways and Means Committee chairman, Congressman Charles Rangel, a New York Democrat, combined several smaller bills into the "Service Members Home Ownership Act of 2009", with a floor vote expected soon.

The bill is intended to correct a flaw in the original tax credit legislation: By requiring buyers to occupy and own their first home for 36 months to fully qualify for the credit, the program creates serious problems when military, Foreign Service and intelligence agency personnel are transferred overseas.[click her for the rest of the article]

Positive Signs: Home Prices on an Upswing in Second Quarter 2009

2009-08-26T06:10:00.000-05:00

RISMEDIA, August 26, 2009-Data through June 2009, released by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index improved in the second quarter of 2009. The S&P/Case-Shiller U.S. National Home Price Index- which covers all nine U.S. census divisions- recorded a 14.9% decline in the 2nd quarter of 2009 versus the 2nd quarter of 2008. While still a substantial negative annual rate of return, this is an improvement over the record decline of 19.1% reported in the 1st quarter of the year. The 10-City and 20-City Composites recorded annual declines of 15.1% and 15.4%, respectively. These are also improvements from their recent respective record losses of -19.4% and -19.1%.

“For the second month in a row, we’re seeing some positive signs,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “The U.S. National Composite rose in the 2nd quarter compared to the 1st quarter of 2009. This is the first time we have seen a positive quarter-over-quarter print in three years. Both the 10-City and 20-City Composites posted monthly increases, as did most of the cities. As seen in both seasonally adjusted and unadjusted data, there are hints of an upward turn from a bottom. However, some of the hardest hit cities, especially in the Sun Belt, show continued weakness.”

Signs of Change: Existing Home Sales Rise 3.6% in June

2009-07-24T15:19:00.002-05:00

RISMEDIA, July 24, 2009-Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®.

Existing-home sales-including single-family, townhomes, condominiums and co-ops-increased 3.6% to a seasonally adjusted annual rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2% lower than the 4.90 million-unit level in June 2008.

Lawrence Yun, NAR chief economist, is hopeful about the gain. “The increase in existing-home sales occurred in all major regions of the country,” he said. “We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many Realtors® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.”

Get Your $8,000 Tax Credit NOW!

2009-07-14T09:29:00.002-05:00

If you (or your spouse) haven't owned a home in the past three years, Uncle Sam wants to give you $8,000! This amazing tax credit is only available on homes purchased through December 1, 2009 so NOW is the time. Interest rates are incredibly low and the number of available homes has never been better. Let me help you get your piece of the pie! Visit my web site at maggieosborne.net to learn more!

The Contract Offer: What Price to Start With

2009-07-10T10:24:00.002-05:00

When a decision is made to make an offer to purchase a home, be sure to go back and take a second look. It is so much easier changing your mind about a home before a contract offer is made than after a contract offer is accepted and signed by the seller. This second appointment would be a perfect time to bring along others who may have an impact on a buying decision, such as parents, friend, contractor, etc.

Go through the home a second time and look beyond the owner’s décor, whether it was the home just previewed, the first one seen earlier in the day or the one previewed last week. Why? There are many reasons, but most importantly is seeing if the second look creates the same good feeling as the first, and then taking a closer look to see if there are aspects of the home missed during the first preview which may alter the decision to submit a contract offer.

So what is the right price to start with?

That depends on a number of things, such as the risk of losing the home to another buyer, how close to market value the seller’s asking price is and what is the maximum price willing to be paid for the home.

Even though the current market is considered a buyer’s market, there are many properties on the market for sale where the listing price is at, or very near market value, and where price negotiation will not be as great as other properties on the market that are priced well above market value.

In fact, don’t be surprised to find that there are multiple offers being submitted and negotiated. [read the complete article here...]

Key to Earning Energy-Efficiency Tax Credits

2009-06-16T20:55:00.000-05:00

Homeowners now can claim up to $1,500 in expanded energy-efficiency tax credits for remodeling their principal residence to reduce energy consumption. Available until the end of 2010, the revamped Existing Home Retrofit (25C) Tax Credit helps consumers save two ways: on their costs and on their utility bills.
"Remodelers can help find the best methods of saving energy in your home with an assessment, like a home energy audit," explained Greg Miedema, CGR, CGB, CAPS, CGP, a remodeler from Tucson, Ariz. "Tightening the house to reduce air leakage by adding insulation, fixing ducts, and installing a more efficient heating and air conditioning system can help save on energy bills today while also reducing next year's tax bill."
The expanded federal tax credit refunds 30 percent of the product replacement cost up to a total of $1,500. It can be used not only for HVAC

CONTINUED >>>

Free Money! If you're not buying your first home you're crazy!

2009-04-02T17:46:00.000-05:00

I wish these programs had been around when I bought my first home! Frederick County is offering $5,000 to $7,000 grants for first time homebuyers. Other counties have similar programs. You can add that to the Federal Grant match program which matches $5 for every $1 you spend (you put down $1,000 Uncle Sam will give you $5,000) up to $10,000! Oh and don't forget the $8,000 federal tax credit that you can collect this year! Home prices are great, interest rates are historically low, local and federal governments are giving away free money...if you are not actively shopping for your first home then...why not?? Like all programs there are income limitations and other criteria needed to qualify for these programs but they are very reasonable. If you want to own your own home, now is the time! Give me a call.

Donald Trump says "Now is the greatest time ever to buy a house"

2009-03-18T09:37:00.004-05:00

You probably either love him or hate him but you must admit Donald Trump knows real estate. In an interview last night on Larry King Live, Donald Trump said "this is now the greatest time maybe ever, maybe in history, to buy a house." Please see the transcript below:

KING: Latest report, housing up in the last month, in February. And it was up in units that were apartment buildings. What do you make of that?

TRUMP: I think it is the beginning of a positive trend. Real estate has been absolutely beaten down. And this is a great -- as I told you before, I am buying a lot of real estate now. This is a great opportunity to buy real estate. It is a great opportunity for somebody, even with not a lot of money, to go to a bank and buy a beautiful house, better than they ever thought they would buy. The bank will take back financing. They won't give you financing. But if they have a house, they will take back financing. You understand the difference. If you go to the bank and say I want financing, I have the greatest credit rating, they won't give you 10 cents. But they will take back a lot of paper. And that is -- this is now the greatest time maybe ever, maybe in history, to buy a house.

KING: Really? The greatest time ever to buy a house?

TRUMP: I think so.

KING: Will the bank help you buy the house?

TRUMP: You must buy the house from a bank, and they must take back virtually 90 to 100 percent paper. If they've don't, you have no interest in buying a house. You go to the bank; you look at one of their thousands and thousands of houses. You buy that house, but they have to take back financing.

Mr. Trump is on to something. In our market I have found that the banks are more willing to accept offers on houses they own when they will also be providing the financing. There are many great options out there right now for the first-time home buyer to the investor. Contact me to find out how you too can take advantage of this exceptional buyer's market. Let me put my expertise to work for you!

Smart Ways to Trim Big-Ticket Expenses

2008-11-12T12:00:00.000-05:00

I saw this article on Bankrate.com today and thought that these were good suggestions for every family to follow in these though economic times. I hope you find this useful too- Maggie

by Steve Santiago
Friday, November 7, 2008
provided by Bankrate.com

Anyone on a tight budget knows how hard it can be to save money these days, especially when most of your income is spent paying for such basics as food, gas and housing.

Barring unexpected windfalls such as an inheritance or a huge salary increase, today's cash-strapped families need to take a look at their spending habits if they expect to free up money for emergencies, retirement or even dinner and a movie.

The first step is coming to terms with wants versus needs. Next, tally all major monthly expenses and investigate whether they can be obtained more cheaply.

Budget-conscious consumers can find dozens of ways to trim fat from bloated household budgets, but rather than focus on minutiae, we've compiled ideas that provide the biggest bang for the buck.

7 Ways to Cut Back Expenses

1. Homeowners Insurance
If you can afford to, consider raising your deductible to $500 or $1,000. You can also reduce your premium by reducing coverage on the "household contents" portion of your insurance policy. This part of your homeowner's policy covers your personal belongings rather than the structure itself.

Most insurance companies offer discounts if you buy your homeowners and automobile policies from them. You can also reduce your premium by installing smoke alarms, deadbolt locks and home security systems that are monitored 24 hours a day.

Potential Savings: By raising your deductibles, combining policies and installing home security devices, you can save as much as 25 percent every month on premiums, according to the Insurance Information Institute.

2. Auto Insurance
Start by shopping around and requesting multiple quotes. (You might also want to get quotes for homeowners insurance at the same time, since having multiple lines with one company usually results in reduced costs.) Make sure the coverage you seek from competitors matches the coverage you have (or want) so that the comparisons are apples-to-apples.

Auto polices can vary by several hundred dollars, depending on the insurance company and your driving record. Blemishes like speeding tickets and chargeable accidents will cost you more.
Be sure to advise your insurance agent of your car's safety features. Such things as air bags, anti-lock brakes, daytime running lights and anti-theft devices can shave dollars off your premium.

Be sure not to skimp on liability insurance, though. A March 2008 report by AAA concluded that the average cost of a crash-related injury was $68,170, factoring in medical costs, property damage and rehabilitation, etc.

"If you're in a nasty accident you could lose everything," says Gary Foreman, publisher of Stretcher.com. "That is not the place to start saving."

You can also save money by raising your auto insurance deductible, but make sure that you can afford the increased deductible if you're in an accident. If you own an older vehicle that is fully paid for, you may want to drop comprehensive coverage altogether and opt for general liability coverage only.

Potential Savings: Increasing your deductible from $200 to $500 could cut costs on your collision and comprehensive coverage by 15 percent to 30 percent. Opting for a $1,000 deductible could save you 40 percent or more, according to the Insurance Information Institute.

3. Groceries
The U.S. Department of Labor's Bureau of Labor Statistics says Americans spend nearly 14 percent of the household budget on food. Gary Foreman, publisher of Stretcher.com, believes it's closer to 20 percent, and of that amount, 25 percent is wasted.

"That's because it either: 1) Gets bought and goes bad before they cook it; or 2) They cook it and it goes into the refrigerator -- with every intention of turning it into tomorrow night's leftovers -- but it ends up becoming a science project," he says.

The Goal: Reduce wasted food by 25 percent. You'll see your grocery dollar go a lot further. Cutting coupons can make a dramatic difference.

"Layer the savings, don't settle for just one kind of savings at the grocery store," says Ellie Kay, author of "How to Save Money Every Day."

She advises shoppers to learn to compound savings by monitoring store sales and using double coupons, cash-off-your-next-shopping-trip vouchers, store coupons and more.

It's a good idea to keep track of the prices of frequently bought items in a notebook, suggests Gary Foreman, publisher of Stretcher.com. "So when you see a sale price, you can truly judge if it's a good deal and stock up on it."

Shopping Tip: Make a simple meal plan for the entire week before you go shopping to keep you from buying things that look enticing but don't get eaten.

Cooking Tip: Microwaves can be a busy family's best friend. Prepare a dinner plate or
two using leftovers; date and freeze them. Display a list of meals on the front of the freezer. When something gets eaten, cross it off the list. When a new meal is ready for the freezer, add it to the list in chronological order so older food gets eaten first.

Potential Savings: Ellie Kay says the average family of four can save up to $3,900 per year by following these tips.

4. Communications
Premium cable channels and cell phone plans with thousands of minutes and options like texting and Web access go right to the top of the "want" list rather than the "need" list.

The average monthly price for expanded basic programming is $42.76, according to the National Cable & Telecommunications Association. Add a couple of premium channels, a sports package or two and your monthly bill can easily top $100 per month.

"Nobody should be in the position that they are going to lose their home or can't make credit card payments on time because they absolutely have to have HBO2," says Gary Foreman, publisher of Stretcher.com.

Consider if you really need extra cell phone options or an infrequently used landline. The average monthly cost for bundled cell phone service (including voice, Web access and texting options) is between $99 and $149, plus taxes and surcharges.

Potential Savings: $100 or more per month.

5. Clothing
Families with young children tend to spend more on clothing because kids seem to grow into the next size overnight, and they tend to be a little rougher on their wardrobe. The solution? Shop the clearance racks often.

"I purchased six pairs of jeans for my kids this way, with original prices at $60 and sales prices at $20 for a total savings of $240," says Ellie Kay, author of "How to Save Money Every Day."

Another solution is to buy used clothing at consignment or thrift shops, but make sure
it's in good condition.

Financial adviser Susan Zimmerman of Mindful Asset Planning in Apple Valley, Minn., says she saved a bundle by waiting until her children were older before they got the latest gear.

"I didn't buy toddler and preschool clothes at a store at all," she says. "I got them at garage sales and things like that."

Potential Savings: Hundreds of dollars, depending on how many children you have and how often you need to buy clothing.

6. Utility Bills
The typical American family spends more than $1,600 a year on home utility bills, according to the U.S. Department of Energy. The price of home heating oil alone rose 49.2 percent between August 2007 and August 2008, according to the U.S. Bureau of Labor Statistics.

Much of that energy is wasted through cracks in windows and doors and through open chimney flues.

Close the damper on your fireplace if you have one. Leaks through the damper can increase your heating bills by 8 percent or more.

In colder climates, small improvements such as caulking and using plastic films around window frames will stem the amount of heat that's wasted.

"Start with obvious things like weather stripping the house to reduce air conditioning and heating costs," says Gary Foreman, publisher of Stretcher.com. "Any time you can create an air pocket that way, you will save on your heating bill."

Set your thermostat back when you're not home and while you're sleeping. Lower the temperature on your water heater to 120 degrees Fahrenheit. An added benefit is that you'll prevent unnecessary scalding injuries.

Potential Savings: You can save up to 10 percent on your heating and cooling costs. A dwelling that incorporates a "whole-house energy efficiency plan" by using proper insulation, compact fluorescent light bulbs and energy-efficient appliances can cut energy costs by up to 25 percent, according to the U.S. Department of Energy.

7. Entertainment
Just because you're in "savings combat mode" doesn't mean you have to wait until 49-cent-burger-night to treat the gang to dinner and a movie. One way to curb expenses: Invest in region-specific entertainment coupon books at such sites as Entertainment.com.

The books sell for between $25 and $45 each and pay for themselves in short order. The discount coupons offer deals for eating at local restaurants, but an added benefit is you can also save on movie theaters, theme parks and other local stores.

Potential Savings: The coupon book for the Fort Lauderdale, Fla., area claims more than $18,200 in savings if you use every coupon. Of course, you don't want to use every coupon or your entertainment expenses will be through the roof! But even if you were to use just 10 percent of the coupons, you'd save about $1,820.

Copyrighted, Bankrate.com. All rights reserved.

Where real-estate market may be headed, and how to plan for it

2008-09-05T22:18:00.000-05:00

Evidence of a bottomThere are some signs that the relentless foreclosures and price erosion are easing. We may be hitting bottom.
1. Escrow index. Last week, pending home sales, as measured by the National Association of Realtors pending home sales index, were up unexpectedly to 89, the highest since October of last year. A leading indicator of sales, it shows buyers may be coming off the sidelines.
2. Sellers market in lower price ranges? While overall U.S. months-of-inventory remains over 11, the figure appears to be dropping at the lower price ranges. In the Sacramento market, for instance, a previously overheated market, homes under $500,000 are seeing months of inventory between three to four vs. 12 or 13 for higher price ranges... [read more] Yahoo! Finance, Jennifer Openshaw 8/18/08

President Bush signs into law the Housing and Economic Recovery Act of 2008

2008-07-30T11:20:00.000-05:00

Thanks to the advocacy of REALTORS across the nation, homebuyers will soon have access to more affordable financing, and first-time homebuyers (those who have not owned a home for three years) will receive a tax-credit to help them enter the market. This is exciting news for REALTORS, home buyers and sellers alike. Here are more details of the Housing and Economic Recovery Act of 2008:

National Association of REALTORS®
Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)

--------------------------------------------------------------------------------

H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:

GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.
VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.
GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.
LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.
Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

Just Listed! 3,294 sf Ranch with Million Dollar Views

2008-06-15T19:59:00.000-05:00

Remodeled Colonial in Libertytown

2008-05-14T13:11:00.000-05:00

Outstanding Smithsburg Colonial with Mountain Views

2008-05-03T20:17:00.000-05:00

Why Home Buyers Should Understand the Importance of Interest Rate Drops

2008-04-16T19:44:00.000-05:00

Home buyers too frequently treat interest rates as a secondary concern. Many buyers will stress over $300 or $400 in negotiations over purchase price. But when told that interest rates dropped half a point, home buyers will often respond with a shrug...[more] [Broker Agent News, Ki Gray April 2008]

5 Tips for Buying a Home in a Down Market

2008-04-11T15:34:00.000-05:00

The subprime mortgage bust has scared a lot of people away from the housing market. The nightly news is filled with images and stories of everyday Americans who are losing their homes because they made greedy and uninformed decisions, they were taken advantage of by predatory brokers, or a combination of these situations. However, the news isn’t all bad. This decline in the market has dropped prices and made housing affordable to many fiscally responsible renters who never considered home ownership to be an option.

If you find yourself house-hunting, make sure that you follow these five simple steps to take advantage of this downturn in the market; if you don’t, you could be the next sad story on your local news...more [Bankaholic.com April 10, 2008]

Just SOLD in 5 Days! Under Contract on 3/31/08 for FULL MARKET VALUE!

2008-03-28T12:41:00.002-05:00

A Different Approach to Revitalizing the Housing Market

2008-03-16T07:06:00.001-05:00

While U.S. Federal Reserve rate cuts and the economic stimulus package are helpful, they aren't enough to bring the economy back from the brink of recession. Some mortgage lenders' decision to temporarily suspend the foreclosure process through "Project Lifeline" is encouraging, but more drastic steps need to be taken to help a housing market that is obviously in trouble.

Few would disagree that the explosive growth in the housing market (prices and inventory) over the past several years was stimulated by lenders providing easy financing. As is typical with most major purchases, as financing becomes more affordable, an increase in demand will follow.

While it is easy to blame "subprime" lenders, More... [Lyle Martin- Broker Agent News 2008]

Remodeled Colonial in Libertytown

2008-01-15T13:00:00.000-05:00

What Your Real Estate Agent Knows That You Don't

2007-12-01T11:37:00.000-05:00

When you make the decision to sell your home, you are under no obligation to hire a real estate agent or broker to help you with the sale. Nonetheless, most people prefer to hire a real estate agent in order to better protect themselves. And, it also puts them in a better position to successfully sell the home in a short amount of time. more... [Broker Agent News by Eric Bramlett 11-30-2007]

Save Your Home from Foreclosure

2007-11-06T20:35:00.000-05:00

YOU’RE NOT ALONE IF YOU’RE HAVING TROUBLE PAYING YOUR MORTGAGE
The housing boom led to a record homeownership rate of nearly 70 percent, but some homeowners now face problems making their mortgage payments and can’t refinance their loans. Over the last few years, lenders invented new types of mortgages to help families buy their first homes and refinance their existing mortgages. Many of these mortgages helped families without cash for a down payment, or with less-than-perfect credit, qualify for loans known as "subprime" loans. read more...

List Low, Sell High

2007-09-17T15:49:00.000-05:00

In today’s hot sellers market, setting a list price that's lower than market value can be an effective strategy as long as you combine it with an aggressive marketing campaign. In this article from The Boston Globe, the author states that if sellers expose an under priced listing to a broad-enough segment of the market before accepting offers, the market will establish the price through a process of competitive bidding. This strategy is most effective in markets that lack enough homes for sale to meet the demand. Further the author cites that to be a successful seller, you need to manage your expectations. Using gimmicks to attract buyers, may increase the number of showings your listing receives. But, it's unlikely to result in a sale if your listing is priced too high. [Dian Hymer, The Boston Globe, August 27, 2007]

Risky Loans Get Harder To Come By

2007-08-03T20:39:00.000-05:00

Some nontraditional mortgage loans have vanished from
lenders' menus, while others have gotten more expensive during an eventful week for
those in the mortgage industry.
But a looming credit crunch for riskier mortgage debt has not yet spilled over to
traditional, creditworthy borrowers, who can still obtain conventional financing at
market rates, mortgage lenders say.
"What we're seeing is because of the mess in the subprime market world right now. It
is definitely blowing over to the [parts of the] prime market," said Ginny Ferguson,
co-owner and broker of Heritage Valley Mortgage in Pleasanton, Calif.
It's the riskiest part of the nonsubprime market that is feeling the squeeze as the
secondary mortgage market has curbed its appetite for these loans.
Mortgage offerings changed daily this week as some companies took Alt-A loans off
the table...[Amy Hoak, MarketWatch, Aug 3, 2007]

New Free Service- Hot Market Email Alerts for Buyers and Sellers

2007-07-24T23:51:00.000-05:00

BUYERS...Never Miss Out On A Great House Again!
Daily notification, straight to your email box, when homes that match your criteria first hit the market or are reduced in price.
FREE NEW LISTING EMAIL ALERTS click here

SELLERS...Keep Your Finger On The Pulse of the Market!
Need more details on that home that just sold down the street? Want to know what homes in your neighborhood are on the market for right now?
FREE NEIGHBORHOOD SALES EMAIL ALERTS click here

Lakeview Colonial with In-Ground Pool

2007-07-19T11:23:00.000-05:00

Selling your home for the best price in an up or down market

2007-06-20T17:24:00.001-05:00

A good, full service Realtor will be able to help you sell your home for the best possible price, terms and conditions. In this article from Jacksonville.com, the author states that for obvious reasons, the asking price is the most important factor in determining how fast your home sells. Professionals know that the longer a house stays on the market, the lower the selling price will be in comparison to the original asking price. It is important to look at all the feedback with your Realtor to determine the next steps to take. The author further adds that if your home has languished on the market for several months, it may be a good time to take another look at your competition and determine a more aggressive strategy. [Phyllis Staines, Jacksonville, June 08, 2007]

The right price is right way to capture buyer

2007-06-20T17:17:00.000-05:00

Selling a home "as-is" in the current market is not all that easy. In this article from The Washington Times, the author states that there is a very big difference between an as-is sale and a house that has a lot of defects. He further recommends that sellers do not call their property as-is when they list it. Rather, they should raise that with buyers or perspective buyers at contract time once there's an offer being negotiated. Buyers should be interested in all the best properties available on the market. Without doing more research, you shouldn't rule out any property for any reason. Before you decide for certain how to market your home, be sure to consult with a Realtor regarding your state's disclosure regulations. [Sara Sicks, The Washington Times, June 01, 2007]

Will market warm up this spring?

2007-05-30T14:10:00.001-05:00

The spring market always is the hottest period of the year for home sales. The pertinent question is that whether this spring will be better than last spring was. As per the article from The Washington Times, the author states that the increase in traffic that agents were reporting caused some to hope that the spring market would pick up in a big way. Cumulative data for the District actually shows sales there up by 2 percent over the first four months of the year, but that is the only jurisdiction where sales have risen this year. April's lackluster sales meant that home prices are falling or stagnant in most of the region. [Chris Sicks, The Washington Times, May 18, 2007]

Professional Staging Edits Clutter and Smells

2007-04-10T14:48:00.000-05:00

Sellers with small children or pets might consider hiring an accredited professional stager (ASP) who can provide simple guidelines to help them redirect potential buyers' focus to the home's highlights as a welcoming, livable space. As per the author from The Washington Times, professional staging edits clutter, smell. A good stager knows the demographics and can calculate when a property should be staged to sell to buyers with one or more children. Homeowners with a large family, including many pets, may not recognize the disorder and accumulation of items in their homes. A stager can help them with a fresh perspective on how to rearrange, organize and get rid of unnecessary items. [Cary Lee Dailey, The Washington Times, March 30, 2007]

Riverfront Property Available in Emmitsburg, Maryland

2007-03-29T10:21:00.000-05:00

SOLD- Ask Me How I Can Sell Yours!!!

50+ ACRE ESTATE

14909 Sixes Road in Emmitsburg

Exceptional Value at $899,000

Imagine the possibilities! Gorgeous 50.46 ac Estate with Views of the Catoctin Mountains & Monocacy River access! Located just 30 minutes from Frederick, this Custom built Colonial features 4 bedrooms, 2 full baths and 1 half bath. Hard Wood Floors, Crown Moulding and Chair Rails accentuate the Formal Dining Room and Living Rooms as well as the Grand Two-Story Foyer. The Gourmet Kitchen has a Center Island as well as a Breakfast Nook with bay window that overlooks the beautiful fields. A Wood Burning Fireplace with Marble Surround is the center piece of the first floor Family Room. The main level is also the location of the Library or Professional Office. Upstairs, you will delight in the Luxurious Master Suite with 2 huge walk-in closets as wells as a Master Bath with a Two-Person soaking tub, large vanity with Dual Sinks and Separate Shower. Three additional bedrooms with plenty of closet space, a full bath and laundry room complete the second level. The finished basement showcases wainscoting in the Recreation Room, a rough-in for a full bath, utility room, storage room and walk-up outside entrance. The Professionally Landscaped Yard surrounding the house has fencing to include the home and one acre which can all be enjoyed from the Wrap-Around Porch or huge Bi-Level Trex Deck. The farm is two separate parcels with an extensive Fruit and Nut Orchard, 3 Wooded Acres, an 18 Acre 3-Board Fenced Pasture, and 25 Tillable acres. A 30' x 40' Pole Building with water & electric is included as well as access to the legendary Monocacy River. Bring your horses and make this amazing farm yours today! Exceptional value at $899,000 Contact Maggie today for more details &to set up your private showing! (301)418-2135

FR6439912 - (SI14-169)

Additional Photos

Is Remodeling Worth The Expense?

2007-03-01T17:42:00.000-05:00

Prospective home remodelers need to ask themselves whether doing remodeling can be a worth the expense. As per the author from Boston.com, according to one of the report, the cost of remodeling increased at the same time that the return on the dollars invested decreased. This report underscores the importance of remodeling with a long term perspective in mind. It does not make sense to embark on a major kitchen remodel just before selling your home. The report covers 25 remodeling projects, and for the first time PDF files are available for the 60 cities that were surveyed. The author suggest homeowners before they take on a remodeling project, talk to local contractors for input on costs, and to a trusted realtor for information on how much they can expect to recoup when they sell. [Dian Hymer, Boston.com, February 19, 2007]

New Home Sales Post Second Straight Month of Gains

2007-02-13T21:13:00.000-05:00

A report issued by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new homes increased for the second straight month, rising by 4.8 percent over sales in November 2006. According to Quicken Loans, the increase means December new home sales were at their highest level since April 2006. As per the economists the increase is good news for a housing sector that had seen some set-backs earlier this week. The report of increased new home sales comes as a big relief to many, following a week of otherwise discouraging real estate. [ Quicken Loans, January 26, 2007]

November Key to '07 Forecast

2007-01-18T21:14:00.000-05:00

The number of listings in November was down by nearly 3,000 compared to October and that drop could be a sign that things will improve soon for sellers. In this article from The Washington Times, the author states that November's drop in home listings can be a good sign for 2007. One statistic in particular is going to have a lot of impact on them: home listings. According to the author two things are going to make a difference for sellers in 2007: healthy interest from buyers and a drop in the number of listings. However, as listings data become available for December and January, one may gain some insight into the fate of area home sellers this year. [Chris Sicks, The Washington Times, January 05, 2007]

Price, condition, site grab buyer attention

2006-12-28T19:54:00.000-05:00

The best way to determine price in our market is to start looking at two categories of real estate: sold and actives. As per the author from The Washington Times, price and condition is the two most important things that grab buyer’s attention. Sellers need to look at where the competition is priced and price lower than the lowest price. Condition is the second part of this equation that sellers have control over in today's market. Mentioned below are the steps that must be taken for a successful sale. New paint everywhere, New flooring and paint make people drop open their mouths with "wow", getting all the windows cleaned and caulked, new faucets throughout, new hardware on the doors, and new switches and switch plates take the house from merely cleaned up to new. [M. Anthony Carr, The Washington Times, December 22, 2006]

Time to Buy is Before Seller's Market Builds

2006-12-14T19:18:00.000-05:00

When it has been officially deemed a buyer's market by all the national real estate associations then it is said to be a good time to buy. According to the author from The Washington Times, seller’s markets need to build, while buyer's markets happen overnight. Buyers of resales have a while now to choose from the homes they want, and interest rates are still fairly low. Buyers are waiting for the bottom to hit and sellers are holding onto prices or removing their homes from the market. The author think buyers should get off the fence, get financed and purchase a home due to historically low interest rates and high inventory. [M. Anthony Carr, The Washington Times, November 24, 2006]

Holiday Selling Tips

2006-11-06T08:53:00.000-05:00

The following last few months of the year are full of holidays, occasions and year-end must-sell homes often are snapped up by year-end must-move buyers. There is a good chance of a sale if anybody makes an appointment to see your home during the holidays. In this article from Jacksonville.com, the author cites few holiday selling tips. Sellers should work to strike a balance between at-home holiday time with family and time when the house will be available for showing, consider your home's appearance and what your decorations say about it. The bottom line of selling a home at the holidays is that sellers should do their best to make sure the home is shown in its best light and for the right price. [Angela Bauer, Jacksonville.com, October 29, 2006]

Pamphlet Spells Out Risks of 'Exotic' Loans

2006-10-20T17:48:00.000-05:00

Federal banking regulators last month issued a strongly worded warning to lenders about the dangers of nontraditional, or "exotic," mortgages, telling them they feared that borrowers did not understand the implications of the loans. Now regulators have issued a similar warning directly to consumers in a pamphlet that explains how these loans work, including a glossary of terms that represent a new vocabulary for borrowers accustomed to traditional lending. [K. Downey, The Washington Post, October 21, 2006]

BUYERS! Prices, interest rates put a value on buying

2006-10-11T18:06:00.000-05:00

The prospective buyers in this real estate market watches the prices and the interest rates adjustments together and then makes an offer at the optimal time to get the best house for the best price and terms. According to The Washington Times, the reality about real estate is that sometimes you have to buy when your life situation dictates it, not when the price is right. The author recommends buyers to buy when prices are stable with a low interest rate and then hold on for the ride. He also adds that if buyers are waiting for prices to hit bottom, it could happen while they wait or they could create their own bottom price by making an offer now before interest rates start their upward climb once again. Get the house they want for the price they want at today's interest rate. [M. Anthony Carr, The Washington Times, September 29, 2006]

All Home Loans Are Not Created Equal

2006-09-13T20:26:00.000-05:00

Consumers who are looking for home loans can get lower monthly payments in some cases by getting a home loan with mortgage insurance rather than a piggyback loan. In this article from The Detroit News, the author reveals that mortgage insurance has become competitive with piggyback loans because of two developments. First, short-term interest rates rose during the Federal Reserve's two-year rate-hike campaign. Second, mortgage insurance companies started pushing single-premium policies that could be financed as part of the loan. Mortgage insurance is a really good alternative now for consumers. [Holden Lewis, The Detroit News, September 01, 2006]

Get The Most From A Slow Market

2006-09-06T16:57:00.000-05:00

Despite rising interest rates and a glut of homes for sale, homebuyers can still get the most from a slow market. In this article from The Detroit News, the author highlights some important tips on how to do that. Some of the prominent tips are buying quality and not quantity, investing for income and not capital gains, think real estate if you want long-term investments, considering buying several properties at these low prices if buyers can afford to do it, and rent them out. As long as buyers can hold onto them for several years, they eventually see a profit when the market rebounds. [Lynne Meredith Schreiber, The Detroit News, August 18, 2006]

Just Listed!

2006-08-27T17:15:00.000-05:00

55+ LIVING AT IT'S FINEST!

6510 Ridenour Way E, #2B in Eldersburg

FREE RECORDED INFORMATION - 24 HOURS1-800-241-1674 ext 4112

Additional Photos

This lovely, fully accessible, second floor, 2 bedroom, 2 bath condo in the sought after, 55 + community of Nell’s Acres is the perfect home to call your own. Easy access is provided via the Elevator and Secure Entrance. The large (16'x15') Master Bedroom boasts a full bath and walk-in closet. You'll enjoy relaxing on the TREX deck Balcony, through glass sliding doors in the Living Room. There are many seller paid upgrades in this home including the Smooth-Top Range, Built-In Microwave, Oversized Washer & Dryer and Large Ceramic Tile Shower as well as the upgraded Carpeting. Use of the Community Center, Which can hold up to 200 guests, the Gym and Secure Storage are included in the monthly maintenance fee. Assigned parking is also provided. Offered at $234,900. Contact Maggie today to set up your private showing! (301) 418-2135 CR6166236 (RI65-169)

New Listing! Classic Cape Cod in Idlewylde

2006-08-09T16:34:00.000-05:00

Under Contract! SOLD in 8 Days!

920 Overbrook Road in Idlewylde

FREE RECORDED INFORMATION - 24 HOURS1-800-241-1674 ext 4102

Additional Photos
Classic Cape Cod featuring a Remodeled Kitchen with Corian Counters, custom Cherry Cabinets, Ceramic Tile, New Stainless Steel Range, Dishwasher, Disposal & Pantry. Many of the original details like transom windows, moldings, trim, and six-panel doors with skeleton key hardware add to the charm of this classic home. The Living & Dining Rooms, Large Master Bedroom with Walk-In Closet & 2nd Bedroom boast Inlay Wood Flooring. A large, loft-style Bedroom, Family Room, Central AC, New Windows, Venting Skylights & Security System complete interior as the Fenced Yard with Deck, Landscaping & Off-Street Parking for four perfect the exterior. Located in the Stonleigh School District. Home Warranty included! A pre-sale Home Inspection Report is also available. Priced to sell at $264,900. Contact Maggie today to set up your private showing! (301) 418-2135BC6149666 (OV90-169)

Tips Guide Investors To Places Set To Grow

2006-08-02T11:23:00.000-05:00

Real estate, unlike stocks or bonds, is a good investment any time, the only thing one should know is where to buy. According to The Washington Times, the start-up investors need to look around a house in their state first. Then they can use the following points as a guide to whether it is a good time to buy or not. Some of the points that need to be given importance are low housing prices, stable income, while searching for the current economic picture investors should look for what's happening as far as growth is concerned, planned jobs, plants, and federal spending in the state, and rental vacancy rates. Once investors have these points in their plan covered, they’re ready to start looking at property. They need to get together their real estate team and hit the road to building wealth. [M. Anthony Carr, The Washington Times, July 21, 2006]

Juggling a Sale and a Purchase

2006-07-25T09:48:00.000-05:00

When homeowners decide to sell their existing homes and buy new homes at the same time, experts suggest that they should always prefer to sell first; then buy later. According to Boston.com, some of the points that homeowners should note while selling first include considering the timing; with spring and early fall being the best, carrying out comparative market analysis, estimating the minimum amount of cash expected from the sale and getting pre-approved for a loan. In cases where they buy first, the important points include structuring the buying offer to include a long escrow or making the purchase contingent on the sale of your current home, and focus on selling your house. [ Boston.com, 2006]

Take Time When Buying a House

2006-06-12T13:46:00.000-05:00

Prior to buying a house, prospective buyers need to give themselves more time before they come to any home buying conclusions. In this article from The Detroit News, the author wants buyers to pay attention to these five secrets to buying the best house for their money. Prominent among these are getting pre-approved for the mortgages rather than being pre-qualified, selling your current abode, then buy a new one, making a list of things you want in the new place and checking it twice, looking for traffic noise, power lines, community lawsuits, anything that might make an abode less desirable than it appears to be. Further the author adds that if someone promises you a great deal be wary and ask lots of questions. [Lynne Schreiber, The Detroit News, May 26, 2006]

Truths on Remodeling

2006-05-30T09:04:00.000-05:00

Remodeling your home can be an exciting experience, but it is one that you must prepare for and do your homework before embarking. Home remodeling is the best way to protect what is for many their largest investment. In this article from The Washington Times, the author cites the best and effective ways of proper remodeling. Prominent among these are proper planning, looking over other people’s remodeling job an try getting a proper view of remodeling done, getting professionals help that would include landscapers, construction artists and interior decorators, anyone who can take your concepts to fruition, picking up the right contractors for the right job, getting bids in writing from contractors for all the work they would be completing, using storage place to the maximum. [Chris Sicks, The Washington Times, May 12, 2006]

Which Home Improvements Pay Off?

2006-04-12T17:40:00.000-05:00

Home improvements add up to constitute a critical task for homeowners seeking to enhance the market value and consequently help them strike better resale deals. According to Smartmoney.com, though the exact value could be affected by factors like value of homes in the neighborhood, prevailing trends in the housing markets, and the time of sale, homeowners would do well to focus on specific areas where improvements could be carried out that would invariably assist in augmenting its value from the long-term perspective. Prominent focus areas that were found to contribute to its value included kitchen-remodeling, exploring ways to increase functional space within the house, adding extra bathrooms, installing decks and replacing windows, while swimming pools and the gardens were best left alone. [ Smartmoney.com, 2006]

How to Price Property is Seller's Top Challenge

2006-03-30T23:31:00.000-05:00

The challenge for sellers in today’s market is how to price the property because they cannot expect to get the price that they might have gotten a year ago. According to The Washington Times, the author cites that pricing is the key for selling and there are only a few ways to price a home for sale. Sellers need to use the accepted modes of pricing. The first model is probably the most popular, the comparable. And another way to price your home is to come up with a tax assessment model. This one takes a little bit more homework and data mining. The author reminds that if your agent provides feedback from colleagues that your house is overpriced, move from denial into acceptance and price the house right. Seller should remember, the goal here is not to price the property as high as possible, but to sell the house. [M. Anthony Carr, The Washington Times, March 17, 2006]

I LOVE New Technology!

2006-03-16T20:42:00.000-05:00

"RIM: Web Services Will Trump Mobile Browsers"eWeek (Maryland Association of Realtors E-Newsletter 03/01/06) ; Hines, Matt
Though Research In Motion's (RIM) days may be numbered due to litigation over BlackBerry handhelds, senior product manager David Heit believes he has found the key to the future of mobile application delivery for businesses in the design of new Web services-based tools to build new applications and not mobile browsers, as are being pushed by many in the industry. "The assumption is that the mobile browser experience should be the same as the desktop experience, but we believe that the usage patterns are different than when you're sitting at your desktop, versus when you're working with a mobile device," says Heit. "The mobile experience is much more about immediacy and having information available when you need it. Web services represent a third development model beyond browsers and something like Java, and they will greatly increase our ability to extend applications onto the handheld." In accordance to this belief, RIM has launched the Blackberry MDS Studio, a visual platform design and assembly tool that allows software developers to more quickly build applications for mobile devices using the drag-and-drop method. The technology has gained a following: Real estate specialist JJ Barnicke, for example, has built a field sales automation tool for its agents. But analysts say if such technology is to gain a greater foothold, wireless carries will have to embrace it first. "At the end of the day, the U.S. market is all about control by the carriers, and from their perspective pushing Web services through their portals gives them a lot more control, so there could be some resistance," says Current Analysis analyst Brad Akyuz. "I don't think that there's much question that someday the predominant way for delivering applications to mobile handsets will be push-based services built on Web services," he notes. "But the manner in which carriers embrace all of this, which mostly remains to be seen, will have a significant impact on where and when we see these types of applications showing up."

10 Ideas Can Add Up To Success For Sellers

2006-02-26T19:09:00.000-05:00

When buyers gain advantage in a housing market, sellers must try to approach with a favorable outcome enticing buyers to their homes, then to lock in their asking price. In this article from The Washington Times, the author cites 10 different ideas that can help sellers sell their house, if not at their price, at least a little closer to it than what they might have gotten otherwise. Prominent among these are finishing recreation room, decorating allowance, buying down payments to lower the interest rates, paying off bills, paying closing costs up to mortgage program limit. [M. Anthony Carr, The Washington Times, February 17, 2006]

Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year

2006-01-21T18:33:00.000-05:00

Private Mortgage Insurance, PMI, refers to insurance provided by non-government insurers that protects lenders against loss if a borrower defaults and usually comes into force when homebuyers make a down payment less than 20% of the home's purchase price. According to the Federal Trade Commission, The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. The article highlights details wherein homebuyers can avail of benefits on home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. [ Federal Trade Commission, 2006]

Six Key Negotiation Tips For Home Buyers And Sellers

2006-01-04T14:42:00.000-05:00

Success in a slowing real estate market requires paying greater attention to negotiation skills. According to SouthCoastToday.com, there are six key questions for home buyers and sellers to get answered for a successful home sale negotiation. Few of them are why is the seller selling this lovely home, what was the home seller’s purchase price, what is the buyer’s motivation to purchase my home, has the sellers obtained a professional home inspection report. When negotiating a home sale, sellers and buyers cannot ask too many questions to enhance their negotiation position. The prime reason is to determine how motivated the other party is to buy or sell. However, if the other party is highly motivated, then you are in a strong circumstance to negotiate your strongest price and terms. [Robert J. Bruss, SouthCoastToday.com, 2005]

8 Big Mortgage Mistakes And How To Avoid Them

2005-12-19T11:11:00.000-05:00

Among the many services Maggie provides her clients, making sure her buyers have the right financing for their situation is at the top of the list. The process of applying for a mortgage involves not just being aware of the required documentation procedures but also in getting familiar with a whole array of rules, regulations, and terms that may appear complicated to grasp in its totality for prospective buyers. According to the author, when confronting such a situation its all too easy for applicants to commit errors and to this end points out the leading mortgage mistakes that buyers should heed to in advance, prior to purchase. Prominent mistakes include not checking individual FICO scores six months in advance, overlooking state-sponsored first-time homebuyers programs, borrowing in excess of their ability to repay, and paying wasteful junk fees, amongst others. [Liz Pulliam Weston, MSN Money, 2005]

14 Acre Gentleman's Farm in Ladiesburg!

2005-12-05T13:00:00.000-05:00

Under Contract!

12234 Warner Road In Ladiesburg 14 gorgeous and peaceful acres! Come take this diamond in the rough and make it the home of your dreams today! Colonial home has hardwood floors, 4 bedrooms, 2 full baths, fireplace and a beautiful bank barn on property. Tons of potential, an amazing piece of land, all in a great location! Priced to sell at $399,900 Contact Maggie today for more details & to set up your private showing!

FR5393016 (WA12-169)

Which Home Improvements Pay Off?

2005-12-05T12:59:00.000-05:00

The critical task of home improvements can easily add up for homeowners seeking to enhance the market and resell value of their home. According to Smartmoney.com, the exact value could be affected by factors such as the value of existing homes in the neighborhood, prevailing trends in the housing market, and the time of sale, homeowners are advised to focus on specific areas where improvements will increase the long term value of the home. Prominent focus areas, those that would see the greatest return on investment, included kitchen-remodeling, an increase of functional space within the house, adding extra bathrooms, installing decks, and replacing windows, while areas to avoid include gardens and the addition of a swimming pool. [ Smartmoney.com, 2005]

Questions Every Buyer Needs to Know

2005-11-16T12:46:00.000-05:00

When you are buying a home, there are many problems that the seller is forced to disclose, but, these disclosures do not always show the entire picture of the home. According to Daily Herald, there are six questions buyers may want to ask that can offer additional insight about the prospective home before they make a final decision. Some of these questions highlighted are how much did the seller pay for the home, has the seller had any problems with the home in the past, why is the seller selling the house. The article adds that knowing all buyers can about a prospective home, not only helps them decide if it’s the home of their dreams, but what offer to make as well. Buyer’s real estate professional can help them get their key questions answered and give them advice on how to evaluate their findings. [ Daily Herald, November 13, 2005]

What Makes Buyers "Bite"?

2005-11-07T06:17:00.000-05:00

Today's buyers will “bite” on a home that appeal to their senses, which includes the home’s curb appeal, the first impression they have as they drive by the house. In this article from Jacksonville.com, the real estate experts reveal that location and the view from a home are two of the most important features that make buyers bite. Another important tip to make buyers bite is to keep surfaces painted in neutral shades. The experts add that one way to impress buyers from the beginning is to create a foyer space upon entry. While every buyer in every price range has different items he or she looks for in a home, there are certain features that continuously please a majority of people. Overall, maximizing all of the home's positive features is the way to go. [Jill Zehler, Jacksonville.com, October 22, 2005]

Six Mistakes Homebuyers Should Avoid

2005-11-04T13:02:00.000-05:00

In the quest to purchase a house or condo, many home buyers get caught up in the thrill of acquiring a new home and they make potentially costly mistakes. In this article from Bradenton Herald, the author mentions the top six home buyer mistakes that should be avoided during any time of the year. Shopping for a home before homebuyers shop for a mortgage, rushing to buy a house or a condo without carefully researching the local home market in their price range, forgetting to include the two key contingency clauses, buying a home without their own buyer’s agent, not insisting on a comparative market analysis (CMA) before making a purchase offer are some of the mistakes that buyers should avoid. [Bradenton Herald, Robert J. Bruss, October 23, 2005]

National Association of Realtors Trends Report

2005-10-17T15:12:00.000-05:00

The National Association of Realtors (NAR) has revealed trend statistics on the real estate market. The number of U.S. households owned by minorities jumped from 17 percent in 1980 to 26 percent in 2000. The number is expected to increase to a whopping 34 percent by 2020. NAR also reported that 77 percent of American home buyers use an agent or broker, whereas 12 percent buy directly from a builder. It also reports that 66 percent of home buyers were so satisfied with their agent that they would likely use him/her again. [Lynne Schreiber, The Detroit News, September 30, 2005]

New Listing in Violetville

2005-10-06T23:17:00.000-05:00

CONTRACT PENDING!

3704 Clarenell Road
Baltimore, MD

This meticulously maintained All Brick Townhouse features a New Gas Range, New Hot Water Heater, New Carpet in Family Room and Fresh Paint throughout! Many other updates including New Roof ('03), New Furnace ('02), Main and 2nd Floor Carpet ('01), Vinyl Flooring in Kitchen and Dining Room('01) and Replacement Windows. A Front Porch, Walkout Basement, Fenced Yard and Back Patio complete this immaculate home, located just inside the Baltimore City line, in the neighborhood of Violetville. Commuter friendly with easy access to I-95, I-695 and US Rt.1. Affordably priced at $124,900. BA5411263 (CL37-169)

Additional Photos

Contact Maggie today for more details!

A Cooler Seller's Market

2005-10-01T20:30:00.000-05:00

In this article from The Washington Times, the author states that by the last day of August, more than 21,000 homes were still sitting on the market. Today's buyers will find more homes to choose from, so they can slow down a bit and think. Time to think had been a luxury buyers could not afford in this market, particularly in fast-moving communities. But the current sales climate will mean that prices should not jump as dramatically. The author has warned buyers to be sure to get a good assessment of a home's value from their real estate agent before they make an offer, because some sellers might be overpricing their homes on the assumption that prices are still rising as quickly as they were in the spring. [Chris Sicks, The Washington Times, September 23, 2005]

Get finances in order before looking for home

2005-09-29T12:21:00.000-05:00

According to the Auburn Journal, an important early step in purchasing a home is to obtain a lender's "pre-qualification" for financing. Buyers will then know how much home they can afford before stepping foot into an open house. Another step to take before buyers talk to the lender about pre-approval is to get copies of their credit report and review them thoroughly. The article recommends homebuyers to get a copy of their credit report a couple months before they start looking at homes. Buyers need to verify thoroughly that the debts are correct and belong to them. Buyers will be amazed to see how many doors are opened for them with a clean credit report. [ Auburn Journal, September 16, 2005]

Didn't this house come with a washer & dryer?

2005-09-28T14:26:00.000-05:00

The contract to purchase a home needs to say what stays and what goes. In this article from The Washington Times, attached items in a house are, indeed, personal property. Although they can be removed, they generally go along with the sale of the house to the purchaser. This property is defined as “chattel”, an item of personal property which is movable. As the purchaser fills out the contract, the buyer agent will check off the items seen in the house. The seller should check over this list very carefully, in order to make sure they agree with what the buyer believes he's getting with the house. The biggest thing about chattel is that everyone needs to know what's staying and what's being removed. [M. Anthony Carr, The Washington Times, September 16, 2005]

Motivated Sellers!

2005-09-24T21:38:00.000-05:00

UNDER CONTRACT!

1071 Berkley Drive

Eldersburg, MD

FREE RECORDED INFORMATION

24 HOURS 1-800-241-1674 ext 4032

Classic Cape Cod with 3 bedrooms, 2 full baths, finished basement with Family Room. Recent updates ('03) include Kitchen, with New Cabinets, Counters, Sink and Appliances including Smooth Top Range, Built-In Microwave; Refrigerator with ice and water in-door; Both Full Baths; Carpet; Vinyl Floors; Ceramic Tile and more! Gorgeous Extra Large Fenced Yard with shed that backs to trees and open area in a quiet cul-de-sac location. Low Home Owner Association fees. Home Warranty included! Offered at $299,900

Contact Maggie today for more details! Additional Photos

How to sell your home during the second-best sales season

2005-09-24T20:09:00.000-05:00

Robert Bruss: How to sell your home during the second-best sales season Fall is recognized among real estate professionals as the second-best season of the year to sell homes. Mentioned in this article from Naples Daily News, are various steps that need to be followed by the sellers when selling their home during the second-best sales season. The first step is to be sure that they really want to sell and have a strong motivation for doing so. The second step is to get their home prepared for sale. And the final step is to interview at least three successful real estate agents who sell homes in their vicinity. [Robert J. Bruss, Naples Daily News, September 18, 2005]

Bubble? What Bubble?

2005-08-11T07:14:00.000-05:00

It's been a long time! July was a crazy month trying to juggle vacation schedules and work. Today I'd like to talk about the Real Estate Bubble that everyone is worried about. Here in the Mid-Atlantic I feel that we have very little to worry about. I can foresee appreciation of resale homes to level out, some, but in no way will the decrease. After 9/11 the Baltimore- Washington corridor saw an enormous increase in the job market, primarily having to do with homeland security. With unemployment at such a low level and interest rates still at record lows, our market will continue to thrive. Granted, we may not continue to 28% appreciating from month to month, but no bubble will burst here anytime soon. Now if you have real estate in California or New York City...Well that's a different story. And don't just take my word for it. Check out the following articles which support my opinion: Ecommerce Times, WBAL, Consumer Affairs. So feel confident in your purchase of a new home or sale of you current home. And remember if you need assistance, I'm only a phone call or email away! Have a great day!

Happy Independence Day!

2005-07-02T04:50:00.000-05:00

Not too much going on in the Real Estate world this weekend. My husband, daughter, son and I are going to a family reunion today and tomorrow will have some friends over for a bar-b-que. I'm looking forward to a relaxing weekend. I wish everyone a safe and happy 4th of July. Until next week...

Audioblog From The Road

2005-06-29T14:55:00.000-05:00

Get a C.L.U.E.?

2005-06-29T14:29:00.000-05:00

Are you wondering what in the heck I'm talking about? C.L.U.E., an acronym for Comprehensive Loss Underwriting Exchange, is a national database that tracks insurance claims on properties. It's kind of like your personal credit report, except it's all about insurance claims. Remember back in the day when you could just call your insurance agent, give them the address of your new home, they would quote you a rate, you'd mail them a check and you had hazard insurance on your home. Not the case anymore. Most, if not all, insurance companies now pull a C.L.U.E. Report on the home you are buying as well as on the home where you are currently living. They then base your rates on their findings. Some insurers even want to come out to the home and do a visual inspection of the inside and outside. This is why it is so important to apply for insurance immediately after having your offer accepted by the sellers. Don't wait until the last minute to then be surprised when issues arise!

By looking at a homes C.L.U.E. Report, you can see claims on the property for the past five years, which may reveal hidden problems such as mold or water damage that you as buyer would want to know about. Have your Realtor ask the sellers for a copy of their homes report before writing an offer. Also, when selling your home, it's a great idea to offer a copy of your homes C.L.U.E. Report to prospective buyers. Like credit reports, C.L.U.E. Reports can only be obtained by the current owners. It's only a matter of time before the state will have C.L.U.E. Reports as a mandatory part of the seller disclosure documents. Mortgage companies already are starting to order these reports as standard procedure because they don't want to be stuck with an uninsurable property.

Ok, so now you know what a C.L.U.E. Report is, but where do you get one? Go to ChoiceTrust's CLUE Reports page to view a sample CLUE report, to learn how to read reports, and to order your FREE report. This report includes your C.L.U.E. Personal Property loss history, inquiry history, and information on how to dispute the claims in your report. ChoicePoint's subsidiaries, in compliance with the FACT Act, provide homeowners with one FREE report during each 12 month period. Choice Trust also offers a Free Auto Report which includes your C.L.U.E. Auto loss history, inquiry history, and information on how to dispute the claims in your report :)
Real Estate Clue Report

Home Inspections

2005-06-27T20:37:00.000-05:00

Happy Monday to you ;-) Today I participated in a home inspection with clients who are purchasing a home in Frederick County. It was a successful inspection with only three minor things that needed attention: a GFCI receptacle needs to be replace and two sink drains are draining slowly. This was a good inspection! It does make me (an my clients!) happy when inspections go this well but reminds me of times when they haven't. I believe that it is VERY important to have the home you are in the process of buying inspected by a professional inspector, certified by ASHI, NACHI or NAHI. With the proper addendum to your offer, most sellers will not hesitate to agree to having their home inspected (typically at the buyer's expense). Depending on the terms of the inspections addendum, you can then have the sellers repair, replace or reimburse you for any major deficiencies that are found. Also, if it turns out that the house that you've fallen in love with is a lemon, your inspections addendum should provide you the ability to be released from the contract and have any monetary deposits you made, returned to you. Environmental inspections are also important, and sometimes required by your lender, when purchasing a home that has a well and septic system. Other environmental inspections you may want to have include testing for high levels of radon, lead and mold. I would be more than happy to help guide you through this process when purchasing your new home! Questions or comments? Please let me know! Hope everyone has a great week.
Real Estate Home Inspection