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Howard County Maryland Real Estate Talk

Howard County Maryland Real Estate Talk
Blog about the real estate market in and around Howard County Maryland. Written by a top Real Estate team in the sate and their network of induxtry professionals.

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Articles

Are we at the bottom of the market?
2008-03-24 22:16:00
I have been telling many of my clients that it feels like we maybe at or close to the bottom of the market. Buyers are starting to act again, although buyers are still price sensitive. This means sellers still need to create value and price correctly. This is from the "Dow Jones Tomorrow's News Today" Article dated 3/24/08. This is strong data from the nation. Our local market typically does better than the national market, so time will tell if in fact we are the bottom.Demand rose for used homes during February, the first increase in seven months andan indication sales have hit bottom in the housing slump.Existing-home sales climbed 2.9% to a 5.03 million annual rate, the NationalAssociation of Realtors said Monday. The last time sales increased was July.Buyers took advantage of falling prices. The median home price was $195,900 inFebruary, down 8.2% from $213,500 in February 2007.?We seem to be finding a bottom in home sales even as prices keep falli...
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Tax Refund Info - 2008
2008-03-21 13:17:00
* Please consult your tax advisor for legal tax advice. * Our federal government is hoping to spur additional economic growth and therefore starting in May, the Treasury will begin sending economic stimulus payments to over 130 million qualified households. To receive a payment, taxpayers must: 1 - have a valid Social Security number 2 - have $3,000 of reported income 3 - file a 2007 federal tax return. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Note: Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. PAYOUT SCHEDULE Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. People who use direct deposit also will be amon...
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update on mortgage rates
2008-03-21 13:11:00
The Fed's action this week (reducing the Fed Funds rate by 3/4%) has brought some more much needed relief to the American homeowner. Anyone with a HELOC tied to Prime (currently 5.25%) is seeing immediate savings. The mortgage market remains extremely volatile however, with most lenders receiving multiple reprices to their rates each day. The rates that are quoted in the morning are very often different by the afternoon. This is largely due to the continued lack of appetite by the end investors for mortgage related debt. Adjustable Rate Mortgage s are priced worse than 30 year fixed rates in most cases (although ARMs do seem to be one of the decent options in the Jumbo market). With the extreme swings in interest rates daily and even intra-day, it is important that you protect your buyers. Encourage them to work with a lender that you are confident will deliver. Have the client call their lender the day they actually make any offer, even if they spoke to their lender t...
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Your credit score is now going to have a huge impact on your home interest
2008-01-16 01:47:00
As many know, the mortgage industry went through serious turmoil in 2007! Now, the lenders are going to be smarter about how they lend money and at what rate. Your credit score is going to either save you money or cost you. Please see the link below to a great article that explains the credit score and interest rate increase that you may incur. Due to the ever changing mortgage market, it is more important than ever to use a trusted mortgage lender. I highly encourage all our clients to either use a mortgage lender that we know or with whom they've had previous dealings with. This will insure you are receiving good honest advice and rates.If you would like to find out your credit situation, what you may qualify for, or need assistance to clean up your credit to increase your score and receive better rates, contact me today. You can reach me at 410.579.MOVE or at www.123move.net. I have 5-7 high quality lenders who can help you and offer you...
More About: Credit , Interest Rates , Home , Mortgage , Interest

New Application Requirements to Maintain Your Homestead Tax Credit
2008-01-08 16:37:00
* Please consult your Tax advisor for legal tax advice.** IMPORTANT: New application requirements to maintain your homestead tax credit see the red text below. What is the Homestead Credit ? To help homeowners deal with large assessment increases on their principal residence, state law has established the Homestead Property Tax Credit. The Homestead Credit limits the increase in taxable assessments each year to a fixed percentage. Every county and municipality in Maryland is required to limit taxable assessment increases to 10% or less each year.View a listing of homestead caps for each local government. Technically, the Homestead Credit does not limit the market value of the property as determined by the Department of Assessments and Taxation. Instead, it is actually a credit calculated on any assessment increase exceeding 10% (or the lower cap enacted by the local governments) from one year to the next. The credit is calculated based on the 10% limit for purposes of ...
More About: Application , Tax credit

Town housefor rent in Howard County Maryland
2008-01-05 22:33:00
Visit http://www.howardrent.com for more pictures and informationCall Brian at 410-340-8666 Bedrooms 3 Bathrooms 3 full, 1 partial Sq Footage 2,280 Parking 1 dedicated - plenty of overflow Pet Policy No pets Rent (Deposit) $1,795 per month (1,795 deposit) Available Immediately. Welcome to this well maintained 3-finished level town home, ideally located in Willowood, Howard County ! Located at the corner of Rt 100 and Rt 103, it is less than 1 mile to I-95 and borders Ellicott City. Minutes to the Columbia Mall, Merriweather Post, 3 move theatre complexes, grocery stores, Snowden River Parkway shopping and restaurants, Ft Meade, NSA, BWI Airport and commuter rails ? Large eat-in kitchen with island, gas range, double sink, updated light fixture and ceiling fan ? Hardwood foyer and dining room ? Separate dining room with new chandelier ? Powder room with ceramic tile flooring ? Sunken living room with sl...
More About: Maryland , Town

Active Howard County Maryland Listings
2007-12-22 17:09:00
Photo Address Details Price 2925 Summer Hill Drive West Friendship, MD 21794 TourID: 381815 Sophisticated Style!Bedroom: 4Full Bath: 3Half Bath: 15019 Sq. Ft. $899,900 4570 Doncaster Drive Ellicott City, MD 21043 TourID: 412139 GORGEOUS COLONIAL W/POOL!Bedroom: 5Full Bath: 3Half Bath: 14464 Sq. Ft. $750,000 5328 Dunteachin Drive Ellicott City, MD 21043 TourID: 388158 The Ultimate Lifestyle!Bedroom: 5Full Bath: 2Half Bath: 15099 Sq. Ft. $724,000 10005 German Road Ellicott City, MD 21042 TourID: 0 CUSTOM RANCHER W/ 3700+ SQ.FT.!Bedroom: 5Full Bath: 3Half Bath: 3777 Sq. Ft. $599,999 707 Old Donaldson Ave Severn, MD 21144 TourID: 424876 REMODELED & EXPANDED!Bedroom: 4Full Bath: 2Half Bath: 10 Sq. Ft. $575,000 9103 Montague Ct Laurel, MD 20708 TourID: 422679 REMODELED 4 LEVEL SPLIT ON IDEAL CUL-DE-SAC LOT!Bedroom: 4Full Bath: 2Half Bath: 13910 Sq. Ft. $439,900 5303 Butler Court Co...
More About: Listings , Maryland , County , Howard , Active

The FED just announced another .250% rate cut at today's meeting
2007-12-11 23:17:00
The FED just announced another .250% rate cut at today's meeting, the third rate cut in three months. Also, last week the President announced a plan to lock in ARM adjustments for five years for sub prime loans that would have adjusted to higher rates. The hope is that this will prevent / postpone foreclosures on many homes, but there are many limitations on the plan that exclude a great majority of sub prime borrowers (you can not be currently delinquent, etc..). We will all have to wait and see how this shakes out and for now it is business as usual. The good news is that rates are still low! Call me if you need anything. Happy Holidays!
More About: Interest Rates , Mortgage , Rate , Meeting

"Rate Freeze Plan" Gains Traction
2007-12-11 23:11:00
Attention Home Owners: If you?ve got a 7% adjustable mortgage that?s about to skyrocket past 10%, getting a break may get a lot easier. One solution to the foreclosure problem gaining traction would freeze rates at lower levels. Lenders quietly began offering such freezes during the summer. Last week California officials announced a rate-freeze deal with four major lenders. And now the Hope Now Alliance, coalition of lenders, servicers, investors and community groups, put together by the Treasury Department, is working on its own version of a freeze. Details of the Hope Now plan have not been finalized, according to Kurt Pfotenhauer, a senior vice president for government affairs with the Mortgage Bankers Association, which is part of the Alliance. But for a borrower with an adjustable rate mortgage (ARM) at 7 percent on a $200,000 loan, a freeze would mean substantial savings. If the loan were to reset to 10 percent, the monthly payment would jump from $1,331 to $1,755. Judging fro...
More About: Freeze , Plan , Rate

US October Pending Home Sales Climb
2007-12-11 23:10:00
A forward-looking indicator of home sales in the U.S. rose during October , the second climb in a row. The National Association of Realtors? index for pending sales of previously owned homes increased at a seasonally adjusted annual rate of 0.6% to 87.2 in October from September?s 86.7, the industry group said. The level of the gauge was 85.5 in August and 91.4 in July. The NAR is forecasting sales and prices to drop in 2007 and rise weakly in 2008. NAR chief economist Lawrence Yun said the worst part of the credit crunch has been accounted for in the data, and that mortgage conditions have gotten better. ?Some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels,? he said.Finally we have some good press. The Howard County market is typically much stronger than the national market. Recently, I have been saying the market slow down is overrated. There are a l...
More About: Sales , Home , Climb , Limb

Fannie Mae and Freddie Mac conforming loan information
2007-12-01 15:25:00
Fannie Mae and Freddie Mac have kept the conforming loan limit at $417,000 for the coming year. They have also instituted mandatory charges for loans with credit scores below 680. Clients with credit scores less than 680 are going to start seeing higher interest rates for conforming loans than clients with higher scores - similar to the tiered rate pricing that has been in place in the Jumbo market for years. I would strongly advise anyone who is considering buying a home to get in touch with a reputable lender as early in the home buying process as possible in order to have their credit pulled. There are many things that buyers can do to bring their scores up if they have the right guidance. I'd be happy to help prospective buyers make sure that they are in the best position to buy a home. Feel free to call anytime. Pat ShepleeLoan OfficerNational City Bank15400 Calhoun Drive Suite 100Rockville, MD 20855301-279-4697 Direct301-580-7709 Cellpatrick.sheplee@ncmc.com
More About: Information , Mortgage , Freddie Mac

Motivational Quote
2007-12-01 15:24:00
Motivational Quote Every once in a while a great quote will roll across our desks here at Pakulla Properties. These quotes can be inspiring or moving or just down right true to life. Here is one we fell in love with today. ?The most expensive piece of real estate is the six inches between your right and left ear. It?s what you create in the area that determines your wealth. We are only limited by our mind.? Dr. Dolf de Roos We here at Pakulla Properties are driven by this quote! Visit us on the web at www.PakullaProperties.com
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October Market Update
2007-11-27 17:03:00
The October numbers are out and they look good! Anne Arundel, Baltimore City, Carroll, Howard, and Montgomery County's sales prices from October 2007 are higher then that of last year. Only Baltimore and Frederick County's numbers are down. The most surprising number I found was the activity from September to October of this year. There are more homes being purchased in every county! The number of homes under contract is up across the board! Anne Arundel County: October 2007 VS October 2006Sales prices rose from a year ago by 0.49% from an average of $417,301 to $419,355. Sellers are being negotiated 7.66% off of their original list price versus 7.35% one year ago and homes are staying on the market longer. In 2006 the average home was on the market for 81 days. In October of 2007 the average home is on the market for 123 days. 927 new listings came to the market and 451 where put under contract. These numbers sho...
More About: Market , Update

They Did It! Now What Happens?
2007-11-01 12:50:00
They Did It! Now What Happens? On September 18th the Feds dropped the key interest rate a half percent which has sparked excitement throughout Wall Street, sending it over 300 points today. The Commercial banks have agreed, and quickly from what we hear, to drop their prime lending interest rates also. What does this mean for you and me? It will reduce the cost of borrowing money to purchase big ticket items such as homes. Of course, even though this all happened just today it may take a few days up to weeks for us to see the positive side, but we feel better knowing that it will be coming soon. We have a very soft economy and if the Feds didn't lower the rates then the economy could fall into a recession," said Mark Zandi, chief economist at Economy.com.
More About: Interest Rates

Fed announces another 1/4% cut in the Federal Funds Rate
2007-11-01 12:49:00
The Fed announced another 1/4% cut in the Federal Funds Rate at today's meeting citing continued weakness in the housing sector. The Fed is doing its best to avoid an economic recession, which is at least in part due to the ongoing turmoil in the mortgage market. Most major financial institutions have been forced to write-down billions of dollars in mortgage loans. Consequently, investors are extremely weary of investing new money into the market, causing a liquidity crisis for many banks/lenders. This is the second time the Fed has cut rates in as many months. Prime rate is now 7.5%. Good news for anyone who is carrying a balance on their home equity line of credit or credit cards. It will also put some needed positive news in our market. Business as usual for us here at National City. Feel free to call me if there is anything I can do for you. Pat ShepleeLoan OfficerFNMC A Division of National City Bank15400 Calhoun Drive Su...
More About: Interest Rates , Mortgage

A Tax Break To Plan For Right This Minute!
2007-11-01 12:41:00
You?ve heard it before that buying a home gives you a nice tax break, but did you know that making energy smart improvements is yet another tax break for homeowners. In 2006 the IRS unveiled 2 new residential energy credits that allow you to improve your home and get a tax break. One more reason to buy a home over paying rent! These tax breaks only apply to your primary residences and has a $500 lifetime limit, but something extra back from Uncle Sam is still a good thing. Some of these items noted below have different levels of a tax credit, restrictions and the home must be in the USA, so please make sure you check with your tax advisor first. Metal roofs coated with heat-reduction pigments, exterior doors, exterior windows including skylights, insulation materials designed to reduce heat loss or gain, qualified electric heat pumps, electric heat pump water heaters, geothermal heat pumps, and central air conditioners, natural gas, propane, and oil furnaces and qualif...
More About: Break , Plan , Minute

How are home prices in Columbia?
2007-10-07 00:40:00
In Aug 2007 vs Aug 2006....average sold price in Howard County was up from 1.90% year over year....($493,656 vs $481,551). In Columbia in particular here is each zip code for August 2007 vs August 2006: -1.19% for 21044 -4.64% for 21045 -5.00% for 21046 Columbia is not doing as well as other parts of Howard County when comparing these numbers, say Ellicott City 21043, where home prices are up 5.52%. Columbia is essentially fully developed. The others parts of the county have an increase in average sales price due to higher prices of new construction homes. Understand these numbers also fluctuate from month-to-month...let's look at July 2007 July 2006 -6.20% for 21044 +5.02% for 21045 +.62% for 21046 21043 still did well .... up 12.80% in July 2007 vs July 2006. Again, I personally don't think Columbia home prices have performed any different than the rest of Howard County due to the new construction higher price sales that beef up the rest of the county. Columbi...
More About: Home , Prices

Federal Reserve cuts Fed Funds rate .500%
2007-09-19 13:29:00
On September 18, the FED announced that they are cutting the overnight rate by .500%. This is the first cut by the FED in four years and will immediately reduce the prime rate for home equity lines. This cut was expected, although most thought the cut would be .25%. The hope is that this will give some relief to the mortgage and real estate markets. What this means to consumers is that the interest rates that they are paying on HELOCs will go down by .500%. Most HELOCs are tied to prime which is directly tied to the Fed Funds rate. While 30 year fixed rate mortgages are not directly tied to this rate cut, the general consensus is that those rates should stay in the low 6% range for the forseeable future. For the home buyer out there this is great news. Pat Sheplee Loan Officer National City Mortgage patrick.sheplee@ncmc.com 301-580-7709
More About: Interest Rates , Federal Reserve , Rate , Cuts

The Federal Government is gearing to drop the Key Interest Rate.
2007-09-19 00:59:00
The Federal Government is gearing to drop the Key Interest Rate . Back on August 17th the government pushed more money in the banking market to ease some pressure and they announced a half point cut in the discount rate - this is the interest the Feds charge to make direct loans to the banks. However, even with this the economy still appeared to be heading into a recession. The Feds are hoping to stabilize the fears of Wall Street, foreign investors, you and me by dropping the key interest rate. What we hear is the government just might not stop there as potentially three more cuts could come if fears do not lighten up soon. More to follow....
More About: Interest Rates , Interest Rate

THE SKY IS NOT FALLING
2007-09-19 00:16:00
; What you?re reading in the national newspapers, and hearing on the news regarding the real estate and mortgage market is true. We are going through a historically rough time. It?s harder to get a loan than it was 3 years ago. Home prices are falling. Houses are staying on the market longer. Sellers are throwing in boats, cars, even cruises in order to get their homes sold. ; Although the sky is falling nationally, there seems to be an umbrella over the central Maryland region. In the latest numbers produced by Metropolitan Regional Systems, Inc (MRIS) comparing August of 07 to the sales numbers of August 06, Montgomery, Howard, and Baltimore Counties as well as Baltimore City all showed sales price increases. Montgomery County was the largest gainer increasing 6.8% over last year. Baltimore County (3.01%),...

BRAC impact on Howard County real estate
2007-09-03 22:55:00
WHAT IS BRAC? Federal Base Real ignment and Closure It is a process that the Department of Defense (DOD) uses to reorganize its base structure or military towns so that they can more effectively support our forces. In 1998 the pentagon determined that it had 20-25% more installation capacity than it needed or would need in the future. They figured they could save money and improve operational effectiveness by consolidating operations. By Law: B.R.A.C. process started in 2005 and must be completed by September 2011 WHY IS FORT MEADE GROWTH IMPORTANT TO HOWARD COUNTY? Surprisingly to many people, there is much more to Fort Meade growth than just BRAC. In fact, it is the planning assumption of the Howard County Task Force that growth at Fort Meade will include 22,000 new jobs on the installation during the next 5-7 years. Jobs will grow in four areas. They are: BRAC: 5,695 New job positions NSA: 4,000 New job positions EUL: 10,000 New job positions Ad...
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Maryland is ranked the richest state
2007-09-03 22:13:00
In an estimate released by the U.S. Census Bureau, Maryland ranked as the richest state in the US and Howard County ranked as the richest county in Maryland. The ranking based on median household income, estimated Maryland's household income to be $65,144 annually. The estimated median household income for Howard County came in at $94,260. This makes Howard County the third richest county in the US; only Fairfax and Loudoun county Virgina are wealthier. Rank State Median Margin of Error 1 Maryland 65,144 +/-659 2 New Jersey 64,470 +/-658 3 Connecticut 63,422 +/-824 4 Hawaii 61,160 +/-1,162 5 Massachusetts 59,963 +/-623See the full list at the US Census Bureau website.Some of Howard County's success is attributed to their excellent school system and proximity to Washington and Baltimore, where many residents find an abundance of jobs. Read more in an article printed August 29th by Kelly Brewington of the B...

Market Update - Baltimore City: July 2007 VS July 2006
2007-08-29 00:21:00
Baltimore City : July 2007 VS July 2006Sales prices rose from a year ago by 3.51% from an average of $192,277 to $199,019. Sellers are being negotiated 5.69% off of their original list price versus 5.16% one year ago and homes are staying on the market longer. In 2006 the average home was on the market for 58 days. In July of 2007 the average home is on the market for 83 days. That?s a 43.10% increase. 1751 new listings came to the market and 795 where put under contract. These numbers show there is a large supply of homes on the market and it is getting bigger every month.If you would like a more detailed valuation of your home, contact us today.
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Market Update - Frederick County: July 2007 VS July 2006
2007-08-29 00:21:00
Frederick County : July 2007 VS July 2006Sales prices fell from a year ago by .71% from an average of $369,503 to $366,884. Sellers are being negotiated 6.14% off of their original list price versus 3.53% one year ago and homes are staying on the market longer. In 2006 the average home was on the market for 69 days. In July of 2007 the average home is on the market for 115 days. That?s a 66.67% increase. 571 new listings came to the market and 251 where put under contract. These numbers show there is a large supply of homes on the market and it is getting bigger every month.If you would like a more detailed valuation of your home, contact us today.
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Market Update - Howard County: July 2007 VS July 2006
2007-08-29 00:21:00
Howard County : July 2007 VS July 2006Sales prices rose from a year ago by .52% from an average of $461,900 to $464,294. Sellers are being negotiated 4.14% off of their original list price versus 2.94% one year ago and homes are staying on the market longer. In 2006 the average home was on the market for 48 days. In July of 2007 the average home is on the market for 68 days. That?s a 41.67% increase. 626 new listings came to the market and 347 where put under contract. These numbers show there is a large supply of homes on the market and it is getting bigger every month.If you would like a more detailed valuation of your home, contact us today.
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Market Update - Carroll County: July 2007 VS July 2006
2007-08-29 00:21:00
Carroll County : July 2007 VS July 2006Sales prices rose from a year ago by 4.20% from an average of $354,877 to $369,771. Sellers are being negotiated 5.18% off of their original list price versus 3.83% one year ago and homes are staying on the market longer. In 2006 the average home was on the market for 54 days. In July of 2007 the average home is on the market for 101 days. That?s an 87.04% increase. 323 new listings came to the market and 167 where put under contract. These numbers show there is a large supply of homes on the market and it is getting bigger every month.If you would like a more detailed valuation of your home, contact us today.
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