Intentional Investors Buying Maryland Real Estate

How’s the real estate market? Everyone is asking me these days. Recent headlines in The Capital, our local Annapolis newspaper, include:

  • County home sales drop 31 percent in July
  • Shaky economy hits schools, kids
  • Restaurants closing reflects disturbing trend (about the closing of our much–loved locally-owned Northwoods Restaurant)
  • State unemployment rate creeps upward
  • Rumor has it that some of the new upscale chain restaurants in Park Place near Murray Hill may be closing. What will happen with Morton’s and Fado? Today’s Wall Street Journal reports:

  • Financial Unease Trips Up Stocks
  • Housing Downturn Hits Home Depot
  • Fannie, Freddie Are Pounded
  • Things are looking pretty bleak, one might say. Of course, it all depends on your perspective.

    Here are some other facts from our local multiple listing service:

  • Of the 38 single-family homes sold in Annapolis in the last thirty days, the net price when sold averaged 87% of the original list price.
  • A lovely property is listed in Murray Hill now for over $100,000 below the last sale on the street in 2006.
  • For those who are intentional about building wealth through real estate investing, this market is outstanding. Remember “Buy Low, Sell High”? Now is the time to find motivated sellers and acquire properties at great prices with excellent financing.

    We are increasing our services to investors, so if you want to buy more rental property in Maryland, and you want to work with someone who understands your vision, let us know.

    We’re building a new web site at http://www.IntentionalInvestor.com

    Check it out and let us know your thoughts and suggestions.
    P.S.  Call me today for all your Annapolis real estate needs.
    Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

    How Much Is My Maryland Real Estate Worth?

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    Anne Arundel County Maryland Real Estate Market Statistics – August 2008

    The National Association of REALTORS® (NAR) reported a decrease in the rate of existing home sales through the month Surface of June, which fell 2.6 percent. NAR’s revised With home sales forecast now stands at 4.86 million units for 2008.

    Despite the decrease, REALTORS® are reporting activity in all regions across the country. NAR president Richard F. Gaylord explains, “Timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth.”

    Average (Mean) Sales Price of Existing Homes by Region

    Date

    U.S.

    Northeast

    Midwest

    South

    West

    2006

    268,200

    299,700

    205,300

    230,000

    371,300

    2007

    266,000

    307,100

    200,500

    225,600

    365,900

    01/08

    245,500

    298,400

    178,800

    206,500

    335,600

    02/08

    242,000

    292,700

    175,100

    204,600

    333,100

    03/08

    247,100

    310,800

    183,200

    209,600

    325,200

    04/08

    247,200

    294,400

    188,500

    212,900

    327,000

    05/08

    252,600

    309,100

    190,700

    219,000

    326,700

    06/08

    257,500

    292,600

    204,200

    229,900

    330,500

    Statistics from the National Association of REALTORS®

    To stimulate market activity, the Federal Housing Administration has increased loan limit guarantees for 2008. FHA programs are available with a modest 3 percent down payment, and allow borrowers more buying options when purchasing a home. The national median existing home price was reported at $215,100 in June, down from a year ago when the median price was $229,000 for all housing types.

    Anne Arundel County figures for July 2008 are shown below.

    2008 2007 % Change
    Total Sold Dollar Volume: $ 163,200,495 $ 247,874,259 – 34.16 %
    Average Sold Price: $ 397,081 $ 428,848 – 7.41 %
    Median Sold Price: $ 332,900 $ 362,403 – 8.14 %
    Total Units Sold: 411 578 – 28.89 %
    Average Days on Market: 121 92 31.52 %
    Average List Price for Solds: $ 437,012 $ 459,905 – 4.98 %
    Avg Sale Price as a percentage of Avg List Price: 90.86 % 93.25 %

    Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
    Copyright 2008 – Information deemed reliable, but is not guaranteed.

    P.S.  Call me today for all your Annapolis real estate needs.
    Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

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    New Federal Tax Credit for “First-Time Homebuyers”

    Prospective first-time home buyers now have an additional financial incentive to cheap nba jerseys buy. Here’s a Legal Bulletin with details by Service Andy Levy, Esq., of Capital Title in Crofton, Maryland:

    On July 30, 2008 President Bush signed into law the Housing Assistance Act of 2008 which includes a tax credit for eligible, “first-time homebuyers” of property which is to be used as a principal residence. For cheap nfl jerseys purposes of this legislation, a “first-time homebuyer” is an individual who had no present ownership interest in a principal residence during the three-year period ending on the date of the purchase of the Estate principal residence to which the credit applies. The tax credit is phased out for taxpayers with adjusted gross incomes which exceed $75,000 ($150,000 for joint filers). The tax credit is equal to the lesser of $7500 or 10% About of the home’s purchase price and applies to properties on which closing occurs after April 8, 2008 and before June 1, 2009. Eligible taxpayers get the full benefit of the credit, even if their tax liability is less than the credit amount. By way of example, if an eligible taxpayer clams the full $7500 credit in 2008 and owes the IRS only $5000 in taxes, the taxpayer will get a $2500 refund from the IRS. Taxpayers who claim the credit are subject to repayment (“recapture”) of the credit over a 15 year period (6&2/3 % Finding of the credit received per year) commencing with the second year of ownership, but the recapture amount cannot exceed the amount of the taxpayer’s gain (if any) on the sale of the Nfl residence. The credit, therefore, functions like an interest free loan for up to $7500 because only wholesale nfl jerseys the principal must be repaid. You cannot use the credit if you are a nonresident alien, finance ?????? the property using cheap mlb jerseys a state or local housing agency’s tax exempt bond mortgage or do not plan on using the property as your principal residence. Homebuyers in the District of Columbia who use the District’s first-time- buyer credit program can not also use the new federal credit.

    P.S. Call me today for all your Annapolis real estate needs.
    Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

    Why Maryland Single People Miss the Boat on Housing (And What To Do About It)

    Annapolis Singles and Maryland Singles Thinking of Homebuying: Do wholesale mlb jerseys you remember when you bought your first couch?  Or are you still waiting?  For many, buying a couch is such a sign of being an adult, it’s a big deal.  When you did buy one, odds are it provided a nice place to relax in your first home away from home.  The place where you could do what you wanted, when you wanted, unsupervised!

    What about owning the home?

    The Contractors way things used to be, or at least the way Hollywood tells us, you would finish school, get married, buy a house, buy a car, buy life insurance, have kids, live happily ever after.  That’s not the way it is any more!   Collect (And maybe it never really was!) Lots of people are single and living on their own – in fact, in America today, there are now more households consisting of single people living solo than of households comprised of mom, dad, and kids.

    Yet many wholesale jerseys single folks are waiting before investing in real estate – waiting to see how life will shape up – waiting to see how finances will turn out – waiting to see how their current job will work out – waiting for “the one” to show up – putting off lots of things until that day arrives when everything will be clear.

    Did you wait to buy a car?  Did you wait to set up an IRA or 401k? Are you waiting to invest in real estate?  Or is a For single friend of yours waiting?

    Putting things off means missing the boat on the real estate investment opportunity now – the opportunity to build equity and establish financial security, the opportunity to control your home environment and design it exactly the way you want it, the opportunity to entertain your friends and family in your dream home, the opportunity to buy in a buyers’ market and choose from lots of inventory and make a great deal.  Do you really need to wait?

    These days, not so many people are Market missing the boat – we’re seeing a lot more singles buying homes – they are getting roommates, or mothers and daughters or single parents are buying together.  They are buying rental properties, and learning to manage them well.

    Many renters, who are now living in expensive Annapolis apartments such as those at 1901 West and Spa Cove, could easily become homeowners.  One of my single clients recently invested in a condo in Riva Trace, and his new payments are barely more than his rent had been – plus he was able to move out of his apartment at Archstone Annapolis Bay off Forest Drive, and leave his landlord behind.  I just love helping Bowl people discover how cheap nba jerseys easy and fun it is to own their own homes.

    For those who are ready to take the next  step, attend our free Homebuying Workshop for Singles on Tuesday, August 12th.  Please join me then, or get in touch today.

    P.S.  Call me today for all your Annapolis real estate needs.
    Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

    How to Find The Best Contractors and Service Providers in and Around Annapolis Maryland

    As you may guess, my wholesale jerseys team and I receive many requests from friends and associates for referrals to professional trades and services in Annapolis and Anne Arundel County – everything from painters to attorneys.

    Because we receive such a cheap MLB jerseys large number of requests, and because we operate our wholesale jerseys own business by referral, we have decided to commit some of our time and resources to compiling a Referral Directory that lists the finest individuals and companies serving our community.

    With this in mind, we want your input! Chances are you know contractors, home repair persons, CPAs, doctors, attorneys, window cleaners, auto mechanics, etc. whose services have been exceptional and extremely valuable to you and your family. Speaking of people who do an excellent job, perhaps you provide a service you would like us to include in this Directory, which will be distributed to all our clients, friends and associates.

    In any case, we will be mailing a questionnaire to the people who are in our Client Appreciation Program. When it arrives, cheap nfl jerseys please complete it and return it to us. Or, if Saga you prefer, email us with your recommendations, as well as the referrals you will be needing in the next twelve months. If cheap jerseys you are not in our Client Appreciation Program, and would like to be, Football please let us know! This is a great program where we keep in touch about real estate, send out regular mailings, and have fun events.

    This Directory will list the most reliable and professional people we can find. We look forward to your input and plan to publish the Referral Directory within the next three or four County months. our We know it will be of great value to you and all our friends and clients.

    Once again, we thank you for your business in the past, present, and future, and we look forward to providing you and the people you refer to us with the highest quality of service in the purchase, rental, or sale of real estate.

    P.S. Call me today for all your Annapolis real estate needs.
    Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

    Anne Arundel County Maryland Real Estate Market Statistics – July 2008

    The wholesale nfl jerseys national cheap jerseys China median cheap jerseys home Significant price Overcoming was How reported at $208,600 in May. According to NAR President Richard Gaylord, “Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages,” he said. “Today’s buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth.”

    Average (Mean) Sales Price of Existing Homes by Region

    Date 

    U.S.

    Northeast

    Midwest

    South

    West

    2006

    268,200

    299,700

    205,300

    230,000

    371,300

    2007

    266,000

    307,100

    200,500

    225,600

    365,900

               

    01/08

    245,500

    298,400

    178,800

    206,500

    335,600

    02/08

    242,000

    292,700

    175,100

    204,600

    333,100

    03/08

    247,100

    310,800

    183,200

    209,600

    325,200

    04/08

    247,200

    294,400

    188,500

    212,900

    327,000

    05/08

    253,100

    309,300

    192,900

    219,000

    327,200

    Statistics from the National Association of REALTORS®

    Freddie Mac reported the national average 30-year, conventional, fixed-rate mortgage rose to 6.04 percent in May, up from 5.92 percent in April. Despite the recent increase, overall mortgage rates are down from 6.27 percent, available May 2007.

    Existing home inventory is reported at 4.49 million units. According to Lawrence Yun, chief NAR economist, “The large supply of homes on the market clearly favors buyers, and it should take several months to draw the inventory down. Stabilization in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets.”

    A number of areas nationally are experiencing increased activity over May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, Florida, and Battle Creek, Michigan.

    Anne Arundel County figures for June 2008 are shown below.

        2008   2007   % Change
    Total Sold Dollar Volume: $ 203,991,516 $ 299,060,159 – 31.79 %
    Average Sold Price: $ 427,655 $ 442,397 – 3.33 %
    Median Sold Price: $ 339,000 $ 359,900 – 5.81 %
    Total Units Sold: 477 676 – 29.44 %
    Average Days on Market: 125 97 28.87 %
    Average List Price for Solds: $ 472,746 $ 468,347 0.94 %
    Avg Sale Price as a percentage of Avg List Price: 90.46 % 94.46 %
    Total Number of NEW listings
    taken for the month: 993
    Total Number of Properties   
    marked Contract for the month: 310
    Total Number of Properties   
    marked Contingent for the month: 142
    Total Number of NEW pendings        
    (CONTRACTS + CONTINGENTS): 452

    Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
    Copyright 2008 – Information deemed reliable, but is not guaranteed.

    P.S. Call me today for all your Annapolis real estate needs.
    Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland