Howard County Maryland Real Estate Talk

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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...
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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...
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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 - Montgomery County: July 2007 VS July 2006
2007-08-29 00:21:00
Montgomery County :  July 2007 VS July 2006Sales prices rose from a year ago by 9.85% from an average of $547,991 to $601,995.  Sellers are being negotiated 4.68% off of their original list price versus 4.08% one year ago and homes are staying on the market longer.  In 2006 the average home was on the market for 49 days.  In July of 2007 the average home is on the market for 68 days.  That?s a 38.78% increase.  1815 new listings came to the market and 917 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 - 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 - 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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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 - Baltimore County: July 2007 VS July 2006
2007-08-29 00:14:00
Baltimore County :  July 2007 VS July 2006Sales prices fell from a year ago by 1.03% from an average of $323,544 to $320,221.  Sellers are being negotiated 4.82% off of their original list price versus 3.95% one year ago and homes are staying on the market longer.  In 2006 the average home was on the market for 49 days.  In July of 2007 the average home is on the market for 67 days.  That?s a 36.73% increase.  1520 new listings came to the market and 860 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.
More About: Market , Update , Baltimore

Market Update: Anne Arundel County: July 2007 VS July 2006
2007-08-28 23:57:00
Anne Arundel County :  July 2007 VS July 2006Sales prices fell from a year ago by .80% from an average of $432,290 to $428,848.  Sellers are being negotiated 7.75% off of their original list price versus 6.4% one year ago and homes are staying on the market longer.  In 2006 the average home was on the market for 64 days. In July of 2007 the average home is on the market for 92 days.  That?s a 43.75% increase.  1131 new listings came to the market and 612 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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Drastic changes in the mortgage industry! How will it impact you?
2007-08-05 16:15:00
The mortgage industry has seen drastic changes in the last several weeks that could potentially affect today's homebuyer. These were caused by the deterioration in the sub-prime market segment that has carried over to the Alt-A segment (good credit borrowers that are using stated income, no documentation, and limited documentation loans). The secondary market (where all lenders package and sell the mortgages they originate to Wall Street) has responded with very few buyers for these types of loans. Mort gage banks have been forced to raise rates on these types of loans and/or stop making them. The only reliable source of mortgage funding for most lending institutions right now are FannieMae and FreddieMac. If a borrower is looking for a loan amount of $417,000 or less (Fannie and Freddie loan limits) and they can document income, they will probably see little or no impact.  If a borrower cannot fully document his or her income they may have trouble obtaining a loan.  What ...
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Post your Howard County Real Estate Questions Here.
2007-07-31 13:44:00
Do you have a question regarding Real Estate in or around Howard County Maryland?Have a question about Real Estate in General?Post it as a comment below.
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1.36 Acres in Howard County - 4BR 3.5BA
2007-07-28 00:25:00
Vist 2925SummerHill.com for pictures and more informationOPEN HOUSE on Sunday, July 1st from 2-4pm 2925 Summer Hill Drive West Friendship, Md. 21794 Sophisticated Style You'll cherish the luxurious layout of this 5015 sq.ft brick Colonial on 1.36 acres in Howard County ! Details include: 4 bedrooms, 3.5 bathrooms; a grand two story foyer with hardwood flooring; dual stairs leading to the upper level; a welcoming formal living room with cathedral ceilings that can be used as a library & an impressive Atrium window; elegant dining room with crown moldings and chair railings; a spacious two story family room with a wood-burning fireplace, Atrium windows & hardwood flooring; a gourmet kitchen with multiple 42" cabinets, granite countertops, double Corian sinks, a breakfast bar, side by side refrigerator, double ovens; recessed lighting & more; main floor laundry room located in the mud room; an oversized owners suite with a separate sitting area,cahterdal ceilings, huge...
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$899,900 Brand New Construction in Ellicott City. Loads of options
2007-07-27 19:33:00
Visit http://123move.net/listings4.php?property =5225carson for pictures and informationBedrooms: 4.0Baths: 4.50Sq. Ft.: 4985.00Built: 2007BRAND NEW CONSTRUCTION LOADED WITH OPTIONS! 10K TOWARDS CLOSING COSTS! OUTSTANDING FLOORPLAN W/2-STORY FOYER, 2 STORY FR, GOURMET KITCHEN W/GRANITE COUNTERTOPS & UPGRADED MAPLE CABINETRY, REAR SOLARIUM ADDITION. FULLY FINISHED LL W/REC ROOM & FULL BATH. HARDWOODS THRUOUT 1ST FLOOR (EXCEPT TILE IN SOLARIUM). MBR W/SITTING ROOM & SUPER BATH. 3 FULL BATHS ON UPPER LEVEL. BRICK FRONT. CALL BRIAN AT 410.340.8666!Call Brian at 410-579-MOVE
More About: Construction , Options , City , Brand

$579,900 - 4 bedroom - Single Family Home - Former model! Perfect condi
2007-07-27 19:23:00
This former model home is in perfect condition. Visit http://www.8201RamblingRose.com for more information and pictures8201 Rambling Rose LaneLaurel, MD 20724Russett Bedroom s: 4.0Baths: 3.50Sq. Ft.: 4270.00Built: 1993MLS: AA6481699Lot (ft): 8437Acres: 0.19-Brick front colonial on corner lot-Tall 9? ceilings on the main level-Extensive crown molding, chair rail & wainscoting-Grand 2-story foyer w/hardwood floors-Gourmet kitchen w/upgraded 42? white cabinets, center island w/flat top cooktop, wall oven, built-in microwave, side-by-side refrigerator w/ice-maker, double sink, pantry, desk area, recessed lighting, breakfast area & hardwood floors-Sunken family room w/patio door to deck, loads of windows w/half round transom windows, berber carpeting, gas fireplace w/mantle & eyeball lighting-Formal dining room w/bay window-Living room w/built-in mirrors & moldings-Study w/built-ins & hardwood floors-Powder room w/pedestal sink & hardwood floors-Mud room ...
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Is the Howard County Real Estate market depreciating?
2007-07-08 23:45:00
No!  In fact in May of 2007 vs May of 2006 the average sold price of a home was up .80%.  However, the average days on market was up 90.70%, from 43 in May 2006 to 82 in May 2007.  This is the reason why people believe the market is slowing down.  Why is it taking longer for homes to sell?  There are several factors including higher interest rates, price to income levels, but the main reason is over pricing by sellers and Real tors.  Even though the average price went up by .80%, the average list price is up 2.33%.  As a result of overpricing, it takes longer for homes to sell.  And in the end for the overpricing seller and Realtor, buyers are negotiating harder in 2007 vs 2006.  The average negotiation in 2007 was 96.32% of the list price vs 97.78% of the list price in 2006.  One final fact...20.74% less homes sold in May 2007 vs May 2006.  This means there are less buyers for the sellers.  Sellers need to create more value...
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5BR 3.5BA - 5,500sqft in Emerson
2007-07-02 17:16:00
This Ryland built gem is the largest in the community with over 5,500 finished square feet, three finished levels, five bedrooms and three and a half baths. A grand two-story foyer with hardwood floors and bright Palladian style window; 2 story family room w/gas fireplace; formal dining room w/chair rail and crown molding; spacious living room w/bright windows; study w/crown molding and French doors to living room; gourmet kitchen w/ 42? Maple Cherry cabinets, stainless steel refrigerator, wall oven, built-in microwave, Jenn-Air gas cooktop Corian island w/downdraft, pantry, desk, butler?s station, custom light fixture and recessed lighting; bright morning room off kitchen w/hardwood floors; separate laundry room off kitchen; master suite w/cathedral ceilings, ceiling fan and double walk-in closets; super master bath w/soaking tub and double sink; huge finished lower level w/walk-out to rear yard; lower level features 5th bedroom, 3rd full bath, storage/utility room and rec room w/r...
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