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...