Still paying your mortgage eventhough you are underwater?

Over the last few years, the real estate market has seen some serious up and downs. People lost homes, investors made great deals and the rental market really heated up. But more recently, things are starting to look up. Locally, inventory is tight with list to sale price hovering above 95%. Nationally, new home sales are up...they "rose in September to the highest level in more than two years." (U.S. Census Bureau). But what about those homeowners that are fighting each month to pay their mortgage? These are those people that know that their house has lost market value due to the economic collapse, but are still making payments - on time each and every month. Although these people may have had a hardship - unemployment, decrease in salary, death in the family - they are still making their mortgage payment. On time each and every month. Starting November 1, there may be some hope for these homeowners. Under the current rules, eventhough they will now allow a nondelinquent borrower eligibility for a short sale, their credit may still take a negative hit. Following the below link will bring you to more information - but should'nt the "powers that be" come to a realistic solution to FICO score analysis to allow these homeowners some relief?

http://www.inman.com/news/2012/10/23/damage-credit-scores-could-trip-new-fannie-freddie-short-sale-program

What do you think?

Erik Hart
REALTOR®, BPI Analyst
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com
www.topofthemarket.blogspot.com

Not too hot for an Open House

It is going to be hot.

We need to be smart.

Here are some of things that I consider on those especially hot days...

Plan for activities indoors. A good movie, an indoor rock gym or maybe a competitive game of bowling will not only provide some entertainment but also keep you cool.

Ceiling fans can provide some great relief, but remember that they cool you, not the room, so be sure to turn them off when you your family are not around.

I love to get out and hike or ride my bike when there is time...but there is a time and place for exercising outdoors. Stay inside when it is too hot.

Plenty of H2O please...and try to avoid that extra cup of coffee and alcohol.

Multiple coats of sunscreen is recommended. For my very fair skinned kids, an extra coat of sunscreen can really make a difference.

For those of you that are not in to movies, rock gyms or bowling, come say hello in Annapolis today.

Open House - 12-2pm, July 7th

Impeccably maintained home mins from downtown Annapolis! Updates everywhere...chef's kitchen w/stainless appl, updated BAs, custom paint colors, pergo flooring & more. Lg family room w/fireplace & door leading to oversized rear deck. More outdoor space on quaint front porch & lower level patio. Finished lower level w/walkout access to lg backyard. Kitch appl, W/D & hot water heater only 1 yr old!
Directions:
Route 50 to Rowe Blvd (Rt 436). Right onto Taylor Avenue. Left on Melrose Street to Genessee. Turn left on Genessee Home will be on your right List Price: $325,000 Erik Hart REALTOR®, BPI Analyst Severna Park Sales Long and Foster Realtors 410-544-4000 Office 443-889-6860 Cell www.erikhart.lnf.com www.topofthemarket.blogspot.com

Chesapeake Bay and Insurance Thoughts

Ahh, the Chesapeake Bay. One of the many things that I love about Maryland. Whether it is getting out on a boat near the Choptank, looking for sharks teeth down at Chesapeake Beach or fishing off the pier at Downs, the Chesapeake Bay offers recreational activities galore.

But did you also know the following about the Chesapeake?

The surface area of the Bay and its tidal tributaries is approximately 4,480 square miles.

Two of the United States’ five major North Atlantic ports – Baltimore and Hampton Roads – are on the Bay.

The Bay is surprisingly shallow. Its average depth, including all tidal tributaries, is about 21  feet.    A person who is 6 feet tall could wade through more than 700,000 acres of the Bay and never get his   or her hat wet.

About 150 streams, creeks and rivers drain to the Chesapeake Bay watershed.

There are more than 700 public access points on the Chesapeake Bay and its tributaries.

The Bay produces about 500 million pounds of seafood per year.

Forests cover 58 percent of the Chesapeake Bay watershed. The region loses about 100 acres of forest each day to development.

Source: www.chesapeakebay.net

But living so close to a this great body of water can also raise some concerns...did you hear about this...?

Bill Could Increase Flood Insurance Premiums

Daily Real Estate News / Tuesday, June 26, 2012

A bill winding its way through Congress has the potential to more than double flood insurance premiums over the next four years for owners of vacation homes and commercial properties in flood-prone areas, The Wall Street Journal reports.

The proposed jump in premiums is to help ramp up finances for the National Flood Insurance Program, which is a government run program that makes flood insurance mandatory for certain property owners in flood-prone areas. The program currently owes the Treasury Department nearly $18 billion. The increase in premiums is expected to save NFIP $4.7 billion by 2021.

More than 20 percent of the home owners currently in the program receive subsidized rates. The bill would set out to gradually remove subsidies for second homes, commercial properties, and properties with a history of multiple flood damage, The Wall Street Journal reports. Some residential property owners will continue to receive subsidies.

The proposed increases under the bill would likely more than double premiums for about 44,000 policy holders, according to estimates. Those policy holders currently pay on average $1,174 per year.

The Senate is expected to consider the bill this week.

Source: "Senate Bill Would Drive Up Flood-Insurance Premiums, The Wall Street Journal (June 25 2012)

What are your thoughts?

Erik Hart
REALTOR®, BPI Analyst
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
http://www.erikhart.lnf.com/
http://www.topofthemarket.blogspot.com/

 

Incentives, Incentives...

For qualified home buyers, now is a great time to buy. When you take the inventory that is out there, factor in the lower prices that homes are now selling for as well as the incredibly low interest rates, home buying seems like a great choice. However, if you combine the downpayment and settlement cost assistance through various incentive programs, home buying can almost seem like a no brainer.

From http://www.mdhousing.org/, check out the article below on some of the programs that the Maryland Mortgage Program is featuring in recognition of June as National Homeownership Month.

Maryland Mortgage Program Unveils Special Home Buying Incentives for Baltimore City and Other Maryland Targeted Areas

Announcement Promotes June Homeownership Month

CROWNSVILLE, MD (May 31, 2012) – The Maryland Mortgage Program announced today that it is offering a reduced interest rate of 2.875% (APR 3.675%) in targeted areas around the state, including the entire jurisdiction of Baltimore City. The promotion, which commemorates June’s National Homeownership Month, was announced by Maryland Housing Secretary Raymond A. Skinner at a home for sale in the Barclay-Old Goucher community. Joining Secretary Skinner at the event were Baltimore City Mayor Stephanie Rawlings-Blake, City Housing Commissioner Paul Graziano, Healthy Neighborhoods, Inc. President Mark Sissman, Catherine Stokes, Sr. Project Manager of developer Telesis Corp., and homebuyer Sara Prammawat.
"Homeownership is an important goal for many families and young professionals and we want to help them achieve this dream," said Secretary Skinner. "We recognize that Maryland has a top notch workforce and we are offering this attractive low interest rate as a strong incentive to these talented individuals and families to buy homes and invest within Baltimore City and other targeted areas around the state."
The Maryland Mortgage Program offers a variety of low-interest, fixed-rate mortgage loan options with downpayment and closing cost assistance for first-time homebuyers; purchasers in a targeted area are eligible for a one-time exemption to the first-time homebuyer requirement. The reduced rate of 2.875% (APR 3.675%) will be offered to all qualified buyers for approximately three months or until the entire $30 million earmarked for this incentive is committed.
This special promotion also includes incentives for eligible buyers of any foreclosed or short sale property (collectively referred to as the Save-a-Home Loan Progam) in a non-targeted area. The interest rate for this program will be three-fourths percent below the regular Maryland Mortgage Program with a floor of 3.25% (APR 4.082%) and will only be available for the month of June.
Earlier this month Mayor Rawlings-Blake announced the launch of a second round of funding of an additional $500,000 for the Vacants to Value Homeownership Program, making it a total of $1 million for the first 100 buyers of Vacants to Value eligible homes. Other Baltimore City programs include the First Time Homebuyer Program, Buying into Baltimore, Live Near Your Work and the Employee Homeownership program.
"This is an amazing program that will support our goal of bringing 10,000 new residents into the City of Baltimore," said Mayor Rawlings-Blake. "I applaud Governor O'Malley and Secretary Skinner for being innovative with programs that will help Maryland's real estate economy and also serve as a huge boon for Baltimore."
The Maryland Department of Housing and Community Development and Baltimore City Housing are proud to join a strong network of housing organizations that promote home buying in Baltimore City. Additional incentives and resources offered by the following partners can be combined with Maryland Mortgage Program benefits and each other to maximize savings for homebuyers in Baltimore City.
Healthy Neighborhoods, Inc. (HNI) helps strong but undervalued neighborhoods increase home values, market their communities, create high standards for property improvement and build strong connections among neighbors. HNI offers two major home buying programs:

• The Healthy Neighborhoods Loan Program offers low-interest loans to acquire/rehab, refinance/rehab, or make home improvements to residential property. Incentives include a 3% downpayment, loan amounts up to 110% of after-rehab value, no private mortgage insurance, and free design advice.
• The Neighborhood Stabilization Program offers:
  
  1. $6,000 in closing cost assistance when purchasing a home that is fully renovated by one of our developer partners; and
  2. $25,000 to purchase a foreclosed, abandoned or short-sale property in a targeted neighborhood.

More information on Healthy Neighborhoods, Inc., can be found on http://www.healthyneighborhoods.org/
Live Baltimore is the most comprehensive organization focused on Baltimore City Living. It aims to market the City of Baltimore as a great place to live and grow the city's population. Live Baltimore offers numerous education and marketing outreach to the public and details can be found on the organization’s website, http://www.livebaltimore.org/

# # #

Maryland’s flagship mortgage purchase program has been under the purview of the department’s Community Development Administration for more than 30 years. Program loans are administered by a network of approximately 35 private lending institutions across the state. For more information on the Maryland Mortgage Program, especially details on income and purchase price limits and a map of targeted areas, please visit http://www.mmprogram.org/ or contact the Community Development Administration by phone at 410-514-7535 or by e-mail at SingleFamilyHousing@mdhousing.org
The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD’s programs, visit http://www.mdhousing.org/.
News updates also are available by following DHCD on Twitter (www.twitter.com/MDHousing) and Facebook (www.facebook.com/marylandhousing).

For more information:

Erlene Wilson
Director, Office of Communications and Marketing
410-514-7704
wilson@mdhousing.org
Rosa Cruz
Deputy Director, Office of Communications and Marketing
410-514-7712
cruz@mdhousing.org
Andy DeVilbiss
410-514-7710
devilbiss@mdhousing.org

Erik Hart
REALTOR®, BPI Analyst
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com
http://www.topofthemarket.blogspot.com/

Summertime To Dos

Now that we can ask everyone “How was your Memorial Day weekend”, thoughts of long summer days are now in the minds of many. Although you may have made the plans for the summertime activities for the kids, many have not given much thought as to their plans for the summer time maintenance of their home. Whether you are a homeowner that has no plans to move or someone that has been patiently waiting for school to let out to buy or sell a home, following are a few items that many homeowners should consider adding to their summertime home maintenance list along with a few reputable service providers:

Air Conditioning – Having a functional and efficient air conditioning system in a house is something that many people cannot go without. Some simple maintenance, such as changing the filters or cleaning the return/supply vents, can be completed with little effort and knowledge. However, when it comes to cleaning the evaporator or condenser, adding Freon or maintaining the thermostat, professional help is often needed. Jarboe Mechanical and Preferred Heating and Cooling, LLC

Lawn Care – A combination of warm weather and a few good rainstorms can result in a dormant lawn transforming into a bi-weekly chore being added to your list. Although many homeowners prefer to have the frequently mentioned “meditative time” to care and maintain their lawns, many others do not have the time, patience or desire to do so. Martillo Contractors, EarthKare, SidebySide Lawn Care, Gutters and Home Staging, LLC

Pool Inspection – Summertime for many means long warm days that are often filled with barbeques, flip flops and suntan lotion. Summertime also means that many back yard pools are now in business for the season. In addition to ensuring that the pool is clean and there are enough beach towels for everyone, it is also a good time to make sure there are no safety or mechanical issues with your backyard oasis. If you are new to a home or never had one completed, a pool inspection can really provide some good information as to the current condition of your pool. AmeriSpec Home Inspections, AAA Quality Home Inspections, Inc., SafeHome Home Inspection Services

Pressure Washing – Backyard gatherings filled with water slides, popsicles and horseshoes are the ideal weekend activity for many on a warm summer day. Although guests of these gatherings are often tasked with bringing another side dish or drinks for the kids, the hosts of these gatherings are often stressed out with making sure their domain is in the appropriate show stage for their guests. One way to go about this is to get some pressure washing done. Whether it is the side of the house that has mysteriously taken on a green color, the driveway that is in need of some TLC or the deck that is filled with leaves, pressure washing can solve many outdoor cleaning problems. S&J Painting and Remodeling, Jiffy Window & Power Washing Service, EarthKare, SidebySide Lawn Care, Gutter and Home Staging, LLC.

For more tips on home maintenance and to find a dedicated service provider in your area, please contact me or visit www.homeserviceconnections.com.

Erik Hart
REALTOR , BPI Analyst
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com
www.topofthemarket.blogspot.com

April Update

A quick housing trend update for Anne Arundel County for April 2012.

(Note - All figures are compared to April of 2011)

Units Sold - 484, up 3%
Active Inventory - 2817, down 24%  (3865 units)
Median Sale Price - $300,000, up 11% ($270,000)
Days on Market - 105, no change
New Listings - 874, down 15% (1,031)
Current Contracts - 639, up 30% (492)
Sold vs. List Price - 95.9%, down .5%
Months of Supply - 5.8, down 29%
(Months of supply is calculated by dividing current inventory by current sales. Months of supply indicates how many months would be needed to sell all of the inventory available at current rate of demand.)

If you are interested in a market update for your area, just let me know.

Stay on Top of the Market,

Erik Hart

REALTOR®, BPI Analyst

Severna Park Sales

Long and Foster Realtors

410-544-4000 Office

443-889-6860 Cell

www.erikhart.lnf.com

www.topofthemarket.blogspot.com

Open House

A great song brought to you by a country music legend -

http://www.youtube.com/watch?v=4-tsVMHuHrs

And a great open house brought to you by...ME

Open House Announcement

2102 BELL TOWER DR, CROWNSVILLE, MD 21032

Rooms: Living Room, Dining Room, Bedroom-Master, Bedroom-Second, Bedroom-Third, Bedroom-Fourth, Bedroom-Fifth, Kitchen, Family Rm, Unfinished Bsmt, Other Room 1, Foyer, Breakfast Room, Bedroom-First, 2nd Master BR, 2nd Stry Fam Ovrlk, Attic-Unfinished, In-Law/auPair/Ste, Laundry-BR Lvl, Laundry-Kit Lvl, Lndry-Sep Rm, Maids Rm/Quart, Main Lvl BR, Mud Room, Storage Room

Main Entrance: Foyer

Interior Style: Floor Plan-Open

Dining/Kitchen: 2nd Kitchen, Fam Rm Off Kit, Gourmet, Kit-Breakfast Bar, Kit-Island, Kit-Table Space, Sep Dining Rm, Breakfast nook

Appliances: Cooktop, Cktp-Dwn Drft, Dishwasher, Disposal, Dryer, Dryer-front loading, Exhaust Fan, Extra Refrg/Frz, Humidifier, Icemaker, Microwave, Oven-Double, Oven-SCC, Oven-Wall, Oven/Range-Electric, Refrigerator, Washer, Washer-front loading, Water Conditioner, Water dispenser

Amenities: 2 Attach Mstr Baths, Attach Mstr Bath, Attic-Access Only, Attic-Strs Pull Dwn, Auto Gar Dr Opn, Bath Ceramic Tile, Chair Railing, Crown Molding, Double Vanities, Drapery Rods, Drapes/Curtains, Dual Entry Bathroom, Entry Lvl BR, FP gas insert, FP Glass Doors, FP Heatilator, FP Mantels, Granite Counters, MBA/Sep Shwr, MBA/Sep Tub, MBR-BA Full, MBRs Multiple, Master Walk-in Closet, Rough In BA, Separate Vanities, Shades/Blinds, Sump Pump, Tub-2 + person, Tub-Soaking, W/W Carpeting, Wainscotting, Walk-in Closet(s), Washer/Dryer Hookup, Water Closet, Wood Floors, Wpool Jets

Security: Electric Alarm, Monitored, Motion Detectors, Carbon Monoxide Detector(s), Smoke Detector, Security System

Windows/Doors: Bay/Bow Wind, Casement, Vinyl Clad, Dble Pane Wind, French Doors, Insulated Door(s), Insulated Window(s), Low-E windows, Palladian Windows, Recessed Lighting, Screens, Six Panel Doors, Sliding Glass Dr, Wood Frame

Walls/Ceilings: 2 Story Ceilings, 9'+ Ceilings, Cathedral Ceilings, Dry Wall, Tray Ceilings, Vaulted Ceilings Hope to you see you there and until next time... Stay on Top of the Market, Erik Hart REALTOR, BPI Analyst Severna Park Sales Long and Foster Realtors 410-544-4000 Office 443-889-6860 Cell www.erikhart.lnf.com www.topofthemarket.blogspot.com

level small plates lounge

Located just a few blocks away from both the Maryland State House and the historic Dock Street area, Level in Annapolis really delivers an enticing culinary experience. Our first visit to Level came on a Friday evening and although the usual evening crowds were already forming, we only had to loop around the block once to find street parking in an ideal location. As we hit the second block of our two block walk to the restaurant, we were pleasantly greeted by wonderful aromas of our pending dining adventure.

Reservations are recommended, and we arrived around a half an hour before our time but were promptly greeted at the door by the hostess who took our information and explained our seating options. Upstairs was our choice, where we were again reminded of the popularity of the location by the sights and sounds of the many happy patrons.  Happy hour at Level is from 4:30pm to 7:00pm, Monday through Friday and features $6 cocktails and $5 - $6 select plates.

The drinks were fantastic! Upon recommendation, I went for the “Shot and Beer"…a canned Modelo Negro, served with a silver tequila and “El Vocho” shooter – definitely worth considering. We also ordered a smoked margarita, which turned out to be nothing less than extraordinary.

As we were waiting for our friends (who were convinced by the menu to drive over an hour to try it out), we decided to try our first dish of the night. Cuban Pork Spring Rolls it was and to say that it batted a great lead-off hitter to the night may be an injustice…but they were wonderful.

Once we were seated (actually five minutes before our reservation time) our friends joined us and we really let the food tour begin. Two drinks were ordered – the Incredible Hulk and the Pomegranate Caipirinha as well as a variety of dishes. Key information on Level is that they are known for having smaller servings with great attention to detail and us actually finding Level was due to typing tapas in Google. Armed with this tapas knowledge, we ordered the Piedmont Sheep Cheese Platter, Japanese Eggplant, Spicy Tuna Tartar, Grilled Quail, Hand Cut Fries and the Chorizo Pizza.

WOW! All were unique and great in their own way and although we did leave with full stomachs…we also left some with some great recommendations and plans to return in the near future.

POSITIVES: Extensive Drink Menu, Wonderful Food, Great Happy Hour, Unique Menu Choices, Great Service

NEGATIVES: Close Tables, Parking Challenges, Loud

Until next time, keep staying on Top of the Market -

Erik Hart

REALTOR®, BPI Analyst

Severna Park Sales

Long and Foster Realtors

410-544-4000 Office

443-889-6860 Cell

www.erikhart.lnf.com

February Market Update

A quick housing trend update for Anne Arundel County for February 2012.

(Note - All figures are compared to February of 2011)

Units Sold - 346, no change from last year
Active Inventory - 2595, down 24%  (3430 units)
Median Sale Price - $257,300, down 10% ($285,100)
Days on Market - 107, down 1%
New Listings - 731, down 1% (740)
Current Contracts - 594, up 38% (431)
Sold vs. List Price - 95.4%, down .6%
Months of Supply - 7.5, down 24%
(Months of supply is calculated by dividing current inventory by current sales. Months of supply indicates how many months would be needed to sell all of the inventory available at current rate of demand.)
If you are interested in a market update for your area, just let me know.

Until next time, keep staying on Top of the Market -

Erik Hart

REALTOR®, BPI Analyst

Severna Park Sales

Long and Foster Realtors

410-544-4000 Office

443-889-6860 Cell

www.erikhart.lnf.com

Short Sales News

I have recently had the opportunity to work with some short sale properties (from the buyer’s perspective) and since then have really dug in to find some more information to not only share with clients, but also just to be more knowledgeable around the much involved process. 

Some of you may be familiar with short sales, and some of you may not. Following you will find the basic definition of a short sale as well as some interesting and much welcomed news regarding short sales properties.

A short sale, as defined by Wickipedia, is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties.

A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower; however both will often result in a negative credit report against the property owner.

And the welcomed news…

Short Sales Get Shorter: New Deadlines to go into Effect 

Daily Real Estate News | Thursday, March 15, 2012 

As part of a settlement with state attorneys general, the five largest mortgage services are adopting new requirements for short sales, which is expected to speed-up what has been known as a lengthy process.

Here are some of the new requirements for servicers under the settlement: 

• Servicers must provide borrowers with a decision within 30 days after receiving a short sale package request.
• Servicers will be required to notify a borrower, also within 30 days, if any necessary documents are missing to process the short sale request.
• Servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale. They must also provide an estimated amount for the deficiency payment needed for the short sale.
• Servicers are also required to form an internal group to review all short sale requests.
• Banks will be considered in violation of the settlement requirements if they take longer than 30 days on more than 10 percent of the short sale requests. Violations can carry fines of up to $1 million and $5 million for repeat offenses.

“If a real estate broker can get a checklist from the bank detailing what documentation is needed, everything can be provided up front, and the bank will be required to give a thumbs-up or a thumbs-down within 30 days,” short sale specialist Chris Hanson with the Hanson Law Firm told HousingWire. “That’s not a bad deal.” 

Source: “AG Settlement Starts the Clock on Short Sales,” HousingWire (March 14, 2012)

Until next time, stay on Top of the Market,

Erik Hart
REALTOR®
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com

Showings and Open Houses

Open houses and showings can be a great opportunity to not only showcase your property but also to receive some open feedback. Although this is obviously not an all inclusive list, the following tips made my “Top Ten” list of key tasks to complete in order to have a successful showing or open house. 

1. MOW YOUR GRASS AND TRIM THE BUSHES.

First impressions are essential. I have had many instances where a poorly landscaped yard does not match the nice interior…or vise versa. It is a fact however that a great way to turn a scheduled showing into a quick drive by can be the difference between a great yard and one that is not so great.

2. GET A PRESSURE WASHER AND DON’T BE AFRAID TO USE IT.

Also a first impression but maybe not so noticeable is that paneling that is in desperate need of a cleaning or the driveway that is stained.

3. A FUNCTIONAL DOORBELL CAN GO A LONG WAYS.

A door knocker that is polished and clean or a functioning door bell, or lack there of, can send a negative message. This is especially true if you are waiting on your agent to open the door of a property and the homeowner (who you thought was not there) announces that the doorbell does in fact not work…

4. PAY ATTENTION TO YOUR ENERGY SOURCES.

In the ever increasing push to be more energy efficient, heating and cooling mechanisms that appear to not make the mark or are in disrepair can raise many questions. Cleaning out fireplaces, replacing air filters and cleaning exposed duct work are a few tasks that are fairly quick and easy to complete.

5. DO DECLUTTER.

Everyone has heard it before, but clutter in a house sends a message of cramped spaces and sometimes dirtiness. Clean off the counter tops and organize those closets! If needed, do not be afraid to consider renting a storage space to temporarily get rid of extra items.

6. ENSURE ALL APPLIANCES ARE WORKING AND IMMACULATE.

Show off your appliances! All should be eye catching and a topic of conversation. The kitchen is usually the most expensive room in the house and should be treated as such.

7. GIVE YOUR SPACES DEFINITION. 

Short of putting up a table tent to name your master bedroom, it is imperative that you have rooms that have meaning. A formal dining area should have a table, a reading area or office should have a book shelf, etc.

8. HAVE A GARAGE SALE.

One of the best ways to de-clutter is to have a garage sale. Not only will you be able to open up some maybe much needed space in your house, but you will also make a little bit of money towards your upcoming move.

9. DISPLAY YOUR HOMES INDEX.

A great opportunity to really be a homeowner that appears to stand by the quality of the house is to have current and pertinent information on the property available for everyone’s review. The house profile sheet, surveys, appliance information, recent repair/utility bills are all good fillers for this binder.

10. BE AWARE OF ALL THE SENSES.

Potential home buyers always seem have a heightened sense of awareness when they are considering purchasing a property that most often times is the biggest purchase of their lives. Some soft background music along with a nice house scent can really capitalize on this increased awareness.

Having a focused plan that is consistent and focused will give you the best chance to really display all the positive attributes of your home during those showings or open house.

Until next time, stay on Top of the Market,

Erik Hart
REALTOR®
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com

Patapsco Valley State Park

Root Steps

Troubled Tree

Having completed most of our “spring shower defense”, going out for the first official hike of the season was now looking like a well deserved break. Maryland has many great state parks to explore all across the state. Martinek, Gunpowder Falls and Sandy Point all offer some great recreational activities. For me, living in central Anne Arundel County, Patapsco Valley State Park, specifically the Avalon/Orange Grove areas, has always been one of our favorites to visit. Not only are there some great history lessons to be learned at the park – Bloedes Dam, The Swinging Bridge, and the Arch Bridge to name a few – but there are also some great hiking trails.

On this particular day we were going to hit the Cascade Falls trail.

Cascade Falls trail is located directly across from The Swinging Bridge. Although there is a nice initial up hill climb at the start of trail, this was my daughter’s first official hike and she made it at three years old. Once you get to the top of the switchbacks, you are greeted by what I like to call the “Root Steps”, a unique root display from one of the native oak trees. The trail then meanders towards the waterfall and pool. Today the running water could be heard from some distance away as the area had been saturated by a hovering rain storm for the past two days. Use caution when crossing this area as the rocks can be slippery.

Once above the waterfall, you have a choice of taking a left and going down the Valley View trail to the road or continuing on to complete the Cascade Falls loop.

Today we decided to stop and take some pictures and then wonder back down the hill to stop by the playgrounds.

Whether it be doing routine maintenance around the house or enjoying some of Maryland’s unique outdoors, until next time –

Stay on Top of the Market,

Erik Hart

REALTOR®
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com

For more information on Maryland’s outdoors, visit:

http://www.dnr.state.md.us/

Home Inspection Tips

This is the scenario:

Your house is currently on the market with a competitive price. It is staged nicely and you have had many showings. Now a nice offer has finally came in from a qualified buyer.

Aaaahhh….finally. Now on to the home inspection.

Home buying and selling can be a stressful process. It can be even more stressful if you run into problems with your home inspection.

Checking off the below steps prior to your home inspection will not only show the inspector that you have made an honest  effort to maintain the home but will also reduce the chance of any last minute surprises and expenses.

1.   Clean out your gutters and remove any debris from the roof.

2.   Make sure your all water is diverted from the house – downspouts, gutters, condensation drains, and sump pumps should all be given some TLC. Grade should always slope away from structure. Also ensure that that your basement entry drains are cleaned out.

3.   Trim bushes, trees or any extra foliage back away from your roof, siding, chimneys and especially your foundation.

4.   Check your HVAC filters and replace if needed. Also ensure your return/ supply vents and plenum are clean and dust free.

5.   Check that your smoke detectors are in working order.

6.   Clean out your fireplace, woodstove and chimney and ensure that any contracted work is documented and given to the buyer.

7.   All plumbing fixtures – tubs, toilets, sinks, showers – need to be in proper working condition and leak free.

8.   If you have a sump pump, it needs to be in working condition.

9.   If you have light bulbs (smiling), they need to be replaced if they are burnt out.

10. Remove all solvents, paints, gas, dirty shop towels and anything that really should not be stored inside from your basement, crawlspace, attic, etc.

Obviously this is not an all-inclusive list but more of a “hot-list” that can be taken care of with little effort and cost.

Until next time, stay on Top of the Market.

Erik Hart
REALTOR®
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com

Shower defense or an early spring hike...?

An early spring weekend – A state park stroll versus spring shower defense…

As we get closer to spring, thoughts of warm mornings, lazy river days and baseball fill my mind. This is also the time that I want to get out and hit the hiking trails to take in some of Maryland’s outdoors. But as I have grown old and wise (please hold the comments), I also start to think about things like spring cleaning and the phrase ”spring showers bring may flowers”. I start to think about things like gutter cleaning and roof maintenance.

The end result of going on a hike and enjoying the outdoors can have both positive mental and physical effects

The same can be said about taking care of prepping your house for the pending spring showers.

This weekend I am choosing to take a look at my spring shower defense. If you are not aware, moisture problems can result in major problems like structural damage, leaky roofs and can even rot the wood on the overhangs of your roof.

Effective maintenance of gutters and downspouts will help prevent moisture problems in your house and should be given some TLC at least twice a year.

GUTTERS:

A simple visual inspection of your gutters can reveal some great information. Look for things like obvious leaks, blockage or water puddles, corrosion and plant growth. To remove debris and buildup, carefully position a ladder to reach your gutters. You will also need to arm yourself with some waterproof gloves, a small garden shovel and either a lawn garbage bag or a bucket. The leaves and buildup that cannot be removed by hand can be scooped out with the shovel and then put into your bag or bucket (or thrown on the ground if appropriate). You then can go back and either use a standard garden hose to clean out any leftovers or if your H2O pressure is not up to snuff, a pressure washer with an extension will do the trick (just be careful not to remove paint on the outer wall of the gutter). After the gutter is cleared out, leaks can be better identified and patched if needed. This is also the time to ensure that all fasteners are in good shape and that all connected downspouts have an aluminum or stainless steel screen on them to prevent debris from entering the spout.

DOWNSPOUTS:

Properly functioning downspouts are critical to ensuring that water is diverted away from the foundation of the house – which again can have long lasting negative effects on the overall health or your house.

Some key items to consider are:

Do all gutters have attached downspouts?  

Is water flowing through the downspouts and are there any leaks that can be patched? This can be tested by simply pouring a gallon of water down a spout and then (hopefully) getting a gallon of water out of the bottom of the spout.  

Do the downspouts run to a splash backs or drainage systems that divert water at least two feet away from your foundation?

Do all of the downspouts have a stainless steel or aluminum screen at the gutter attachment?

Overall, maintaining your gutters and downspouts can be a pretty simple process that does not require much effort or resources, but can be very beneficial the life of your house.

You just have to decide if you want to go for a hike or do some routine maintenance.

Hopefully next weekend I will be going for a hike.

Until then, stay on Top of the Market.

Erik Hart

REALTOR®

Severna Park Sales

Long and Foster Realtors

410-544-4000 Office

443-889-6860 Cell

www.erikhart.lnf.com

Markets Updated (January)

A quick housing trend update for Anne Arundel County for Janauray 2012.

(Note - All figures are compared to January of 2011)

Units Sold - 305, down 2%
Active Inventory - 2643, down 22%  (3408 units)
Median Sale Price - $275,000, down 7% ($296,500)
Days on Market - 106, up 2%
New Listings - 588, down 15% (695)
Current Contracts - 462, up 17% (395)
Sold vs. List Price - 95.5%, up .7%
Months of Supply - 8.7, down 21%
(Months of supply is calculated by dividing current inventory by current sales. Months of supply indicates how many months would be needed to sell all of the inventory available at current rate of demand.)

So, in other words, now is a great time to buy, and sell. Interest rates are at an all time low, driving both buyer and seller activity. Prices are starting to somewhat stabilize and if you can put up the possible added stress and have a little bit of extra time - there are some short sells out there with amazing potential.

If you are interested in a market update for your area, just let me know.

Until next time, keep staying on Top of the Market -

Erik Hart
REALTOR®
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com

Homeowners Beware

This is taken from the site... http://www.savemdmid.com/

Impact of the Governors Budget on MID


Under the Governor’s proposal, (HB 87/SB 152), Maryland would scale back the most important tax benefit for many homeowners.
The proposal would reduce the Mortgage Interest Deduction and the deductibility of state and local property taxes for many Maryland homeowners.
For nearly 100 years, the tax code has protected mortgage interest deductibility.
Under the proposal, if a single Maryland taxpayer’s federal adjusted gross income exceeds $100,000, or married taxpayers income exceeds $150,000, that taxpayer’s itemized deductions, including mortgage interest and state and local property taxes, would decrease by 10% when calculating Maryland taxable income. Taxpayers with adjusted gross income over $200,000 would see their deductions decrease by 20%.
Mortgage interest and property taxes account for almost 70% of total itemized deductions in Maryland. Homeowners already pay their fair share in our state, contributing almost half of local government revenues in a state with one of the most aggressive real estate tax structures in the country. Housing and real estate contribute generate 20% of Maryland’s gross state product. More tax burdens on real estate and homeowners will only further hurt Maryland’s economic recovery.
Deductions for mortgage interest and state and local property taxes are vital incentives for a strong housing/real estate market recovery. Don’t allow them to be devalued.
With so many Marylanders facing diminished homeowner equity and/or underwater mortgages, this proposal would do more harm. Tell your legislators to PROTECT Maryland’s deductions for homeowners.

There is a rally that has been put together that will take place in Annapolis next week.

Let me know if you have any questions and until next time stay on Top of the Market ....

Erik Hart
REALTOR®
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com

Markets Updated

Maryland Market Update coming soon to a very informative blog (Top of The Market for example) near you...

Short Sale Basics

In these times where short sales are becoming more and more common, I wanted to take the time to answer a few questions that I have came across regarding short sales.

1. What is a short sale?

This is basically a process in which the lending institution is giving the owners of the property a chance to get out of the mortgage with the lending institution usually ending up having to take the loss on the difference in the lien balance and the selling price. If the bank approves of the offer, the mortgage is cleared, no one goes to foreclosure and the bank has one less non-revenue generating property that they have to worry about.

2. Why do lenders approve short sales?

The answer to this question seems to evolve on a continual basis. However, the main reason that I have found is that rather than the lending institution sitting on a property that is not making any money (as sometimes the homeowners have stopped their mortgage payments), they would rather clear the property from their possession. Although the sales price of the property is below the actual mortgage payoff balance, the lending institution would be avoiding delays from borrower bankruptcies, damage to property, cost associated with resale, property tax/insurance and of course attorneys' fees.

3. How long does the short sale process usually take?

This again can depend on many factors but a good answer is usually anywhere from a couple of weeks to a few months. Once the homeowner has an offer that they approve of, they then submit to the 3rd party for approval. A good minimum time frame this point is at least one month.

4. Is the price negotiable?

As with all things real estate, the price is negotiable. However, be aware that there may be short sales out there that are listed at one price, but the lender has another price in mind and just trying to find out what the market will bear for the property. Another thing that is considered is that if the lending institution has agreed to pay off the "short" part of the transaction or not. If Buyer X submits an offer and Seller Y does not have to pay off the difference of the offer price and the mortgage balance, then they are obviously more likely to accept a wider range of offers. The opposite effect - lender holding seller responsible for the deficiency -would result in the seller being much more picky about which offers are carried forward.

I hope this answers some basics regarding short sales.

Until next time, stay on Top of The Market...

Erik Hart
REALTOR®
Severna Park Sales
Long and Foster Realtors
410-544-4000 Office
443-889-6860 Cell
www.erikhart.lnf.com

Short Sales

Short Sale FAQS coming soon...