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Annapolis, MD Real Estate News

By Charles Kraus, Retired
(None)
Get to know the Annapolis, MD area by viewing our high definition videos of the area at http://AnnapolisLandscape.tv New videos recently posted are - Navy - Marine Corps Stadium - The home of Navy football! A Drive Across the Chesapeake Bay Bridge - Experience what it's like to drive over this 4.3 mile bridge which reaches a height of 186 feet above the Chesapeake Bay's shipping channel which facilitates ocean-going shipping vessels heading to and from Port of Baltimore. St Michaels, MD, A Quaint Village - A visit to the popular eastern shore tourist attraction.   Stay tuned to Annapolis Landscape TV for new HD video  and get to know why Annapolis, MD is a great place to live, or if you just want to visit, please do. You are always welcome in Annapolis! For property inquiries, please e-...
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By Diane Donnelly, Anne Arundel County, MD Real Estate
(Keller Williams Flagship)
I took this photo of the Great Blue Heron from my deck overlooking Deep Creek in Annapolis, MD.  For some reason, this gorgeous, patient bird, has chosen this as his perch on a regular basis.  Birding is one of the activities that has drawn me to the area, as Annapolis is surrounded by water and is graced by the Chesapeake Bay and the activities that the water offers.  Living on the water has been a dream of mine since I was a month old.  Today, owning waterfront homes in Annapolis, MD has become much more affordable due to the decline in the market.  Waterfront buyers are able to get into a home where years ago would have been out of reach. If Deep Creek is unfamiliar to you, it is a small, quiet creek off the Magothy River which is off the Chesapeake Bay.  On a weekend on the water, ...
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My Daughter Is Living in Tuscany Until June and She Wants Us To Come Visit. This Is Probably As Close As We'll Get As invitations go, this one was a no-brainer: We're opening a new restaurant at the Annapolis Towne Centre - BRIO - and you're invited. This is a private, invitation-only event; the masses will have to wait. All you have to pay for is drinks, and be as understanding as possible if our staff-in-training brings you the wrong order or drops linguine in your lap. Okay, so I made that last part up - but show up we did. Everyone knows that if you invite Realtors to anything, your chances of a turnout are much better if you include food, since most of us are too busy to eat.   See the ladder leaning up against the roof? They really are putting on the finishing touches even as you ...
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By Pat Savani
(Champion Realty, Inc.)
Seller Appeasement advertising is a disservice to everyone. That’s an ad that is placed in the newspaper to make the seller feel good but really doesn’t get results. In my last Blog I focused on the challenge that the newspaper industry has in identifying a new delivery system for the daily news. Their revenue is down because advertisers are not getting the results they need from newspaper advertising. The ability to search for products and services on the Internet has made newspaper ads literally yesterday’s news. In today’s economy you cannot spend money on ads that don’t produce results. You also need the information to be current, compelling, available on demand everywhere a potential prospect is looking. In 2002 the consumer placed newspapers as their number 2 source with the Inter...
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The Federal Reserve Announced Wednesday That It Will Inject $1 Trillion Into the Financial System By Purchasing Treasury Bonds and Mortgage Securities Bottom line for Annapolis area home buyers? The best interest rates you're likely to see for a while. I just got off the phone with a lender who told me he's quoting rates of 4.75% on 30-year fixed rate conforming loans and 5% on FHA loans. He also told me this: the appraisers he's been talking to in the last couple of weeks are coming in with appraisals that are above selling price - a good indication that home prices have bottomed out. From the street level, we sense something is happening here. Buyer confidence is on the rise as the stimulus package gains traction. Showings on our listings are up and more buyers are calling to schedule...
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About to Spend Big Bucks on that Annapolis Fixer-Upper?  You Might Want to Call This Guy First and See If You Can Realize Your Homeowner Fantasies Without Busting Your Budget So you've picked out the cutest little Annapolis bungalow you've ever seen and you're thinking about making an offer. But you've got some...concerns.  You're not sure how an expanded kitchen would fit into the overall design. You're wondering if the new master bedroom is going to change the roof line. And you'd really like to see your new home "go green" as much as possible. Where do you turn? To someone like Chris Neumann, design consultant, who deals with these sorts of issues all the time.  Chris is a former owner and manager of one of the DC area's top Design Build Remodeling firms, where he was the design dire...
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By Michelle Bowman, MD Realtor, GRI
(Keller Williams Flagship)
From the Desk of Rich Shull........... Market Statistics for Annapolis, MD in February 2009: Number of Homes Sold - 21 Average Sold Price - $588,205 Median Sold Price - $375,000 Average Days on the Market - 171 Average Sale Price as a percentage of Average List Price - 88.58%. Source: Metropolitan Regional Information Systems, Inc (MRIS) I'm not a big fan of Average and Median Sold Price Numbers.  Many variables can skew this data.  A large sale ($1-$2 Million Dollars) can raise the average sold price but not be characteristic of what's going on throughout the entire market.  In February, the bulk of the homes sold in Annapolis, MD (14 homes) fell between the price ranges of $200,000 and $499,999. We know that the market has significantly slowed down but it bares repeating with the help...
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By Pat Savani
(Champion Realty, Inc.)
There has been a paradigm shift in the delivery of daily news. Recent articles have been posted on the web regarding the "Demise of the Newspaper" and how that may be the end of investigative journalism;  that four major newspaper companies that include the  Los Angeles Times, Chicago Tribune and The Philadelphia Inquirer have sought Chapter 11 bankruptcy protection in recent months.   News is not dead but the vehicle it is delivered in has changed.  A shelf life of a day isn't long enough.  Dated information isn't good enough.   Newspapers aren't in the news paper  business, they are in the business of reporting the news.    Using the daily newspaper as a marketing vehicle has also changed.  If you want current, timely access to products and pricing would you look in a newspaper or on ...
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By Michelle Bowman, MD Realtor, GRI
(Keller Williams Flagship)
Market Statistics for Annapolis, MD in January 2009: Number of Homes Sold - 17 Average Sold Price - $454,794 Median Sold Price - $347,500 Average Days on the Market - 146 Average Sale Price as a percentage of Average List Price - 86.85% Source: Metropolitan Regional Information Systems, Inc (MRIS) I'm not a big fan of Average and Median Sold Price Numbers.  Many variables can skew this data.  A large sale ($1-$2 Million Dollars) can raise the average sold price but not be characteristic of what's going on throughout the entire market.  In January, the bulk of the homes sold in Annapolis, MD (12 homes) fell between the price ranges of $150,000 and $449,999. We know that the market has significantly slowed down but it bares repeating with the help of numbers.  As you can see, it took an a...
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As Elsewhere, Buyers Are Calling the Shots in the Annapolis Real Estate Market. Here Are 5 Ways to Really Get Their Goat I was reading Active Rain the other day and came across an article with a very similar title to the one above. It doesn't beat around the bush, and that's a good thing: the market is too competitive right now for bush beating. I've cribbed the 5 "things", but the observations are mine. #1. Odors. If your home has off odors, you're a dead duck. Odors have essentially the same irritating effect on buyers as an alarm that goes if when they enter and never stops until they leave.  You may not even smell the odors anymore, which is why you need an outside opinion. Do whatever it takes to eliminate the offensive odors - replace carpet, clean air ducts, etc - if you expect a...
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By Pat Savani
(Champion Realty, Inc.)
In our Annapolis office we have been using this to successfully negotiate a win win solution for our buyers and sellers.  In this example the buyer pays $45,000 more for the house but pays $15.00 less in payment than their lower offer and saves more than $50,000 in interest over the life of the loan.  Don't let the negotiations fail use a buy down to reduce the buyer's rate by 1%.  Consider this example. The buyers like the house and makes an offer that achieves their max monthly P and I payment of $2191.67. The seller won't go that low.  They can't agree on price, but they can still make the transaction happen with a buy down.  Things to consider- 1.  Are the parties motivated to make the transaction work? 2.  Does the buyer sees the value in the property, but is more concerned with th...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
Yes, that's right, a full $8,000 tax credit for purchasing a house between 12/31/08 and 12/1/09. This is a full credit for 1st time home buyers, and doesn't have to be paid back, as long as you live in the house as your primary residence for three years. If you qualify, and it's not that hard, the government will send you a check for $8,000, for buying a home. There are some restrictions but not that many for a government program. For example, the IRS states, "The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers." Another requirement, "They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date." You can read more from the IRS site directly at th...
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By Stephen Howell, Annapolis MD Homes For Sale 443-994-8043
(Coldwell Banker Residential Brokerage)
Over the last couple of weeks in the $0-500K price bracket it seems like property is starting to move.  Perhaps this is just an early spring market, or there is some demand that hasn't been satisfied, but, now that demand is being fulfilled.  I've been working with a few clients who after looking at a house, thinking about it, finally getting interested in it, only to find that there were now multiple contracts to contend with!!!  Hmmm ... feels like a "tipping point" from buyer's market to seller's market and maybe we're transitioning into a new market.  You see, it's like a recession ... you don't know that you're in one until after it's almost over.  My intuition (gut instincts) suggests that we're certainly transitioning from the winter market to a spring market.  Showings are up, c...
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By Pat Savani
(Champion Realty, Inc.)
Multiple contracts are happening more as the Anne Arundel County spring market heats up.  Here are some tips to have your offer viewed favorably.   An offer is more than just sales price, try to consider all the terms of your offer from the seller's vantage point. Settlement date, financing, inclusions, inspections, home warranties, repairs, seller concessions and the earnest money deposit are all part of an offer. When competing I ask the buyer to consider making an offer at terms where they will have no regrets if their offer is unsuccessful. Nothing is worse than the frustration of loosing the house at terms that you would have offered given a second chance. When each party, buyer and seller, feel that it's a fair negotiation a deal is usually struck. Most folks don't accept an offer...
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By Pat Savani
(Champion Realty, Inc.)
  Pending Sales for the region by week   These graphs are published by MRIS the regional multiple listing service, servicing Maryland, Washington DC, Northern VA and Southern PA The graph shows February sales continuing to out pace sales for the same time period in 2008. As buyers recognize the benefit of lower interest rates and increased affordability.    The Anne Arundel County graph below shows the number of new listings taken is down. The reduction of inventory is balancing  supply and demand and is  positively affecting the increased sales pace. The market continues to be price sensitive and sellers priced at market value are the first to sell.   New Listings for the Month of January for Anne Arundel County              
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By Michael Hamby
(Champion Realty, Inc)
Thanks to Pat Savani for forwarding this great piece of information from the National Association of Home Builders Frequently Asked Questions About the Home Buyer Tax Credit The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation. Who is eligible to claim the tax credit? What is the definition of a first-time home buyer? How is the amount of the tax credit determined? Are there any income limits for c...
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By Michael Hamby
(Champion Realty, Inc)
GREAT NEWS!Fannie Mae just adopted a new rule that prohibits banks from reducing the real estate commission on short sale transactions for their loans. Specifically, the rule reads:No Negotiation of Preforeclosure Sales CommissionServicing Guide, Part VII, Section 504.02: Contacting Selected BorrowersEffective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate. Servicers are reminded that they must continue to obtain any approvals that may be required by interested third parties in connection with preforeclosure sales.Original source from F...
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  17 Homes Active, 2 Under Contract, and 9 Sold in the Last 90 Days Last week I posted market information for homes $750,000 and up in the Eastport, which you can find here. As you may know, Eastport is the peninsular neighborhood of Annapolis more-or-less circumscribed by Spa Creek to its north, back creek to the south, and the Severn River at its tip. It's an eclectic neighborhood, with million dollar homes and modest bungalows often coexisting side-by-side - an arrangement that seems to suit the citizens of Eastport just fine, thank you.  Things are changing, of course. Every year, more and more of the old bungalows are being renovated or torn down and replaced by modern homes. But still, Eastport holds onto its charm and friendly, small town feel. The Eastport Market in a Snapshot O...
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By Pat Savani
(Champion Realty, Inc.)
$8000.00 Tax Credit Opportunity for first time buyer in the new tax $8000 credit! Visit http://www.federalhousingtaxcredit.com/ to view all the particulars.  Just a few points of interest: •·          A parent homeowner, buying a home with a first time home buyer child may qualify for the credit. •·          Owning a rental property or vacation home and not a primary residence in that last 3 years may qualify you for receiving the credit. •·          After your purchase you may be able to decrease your withholding because of the tax credit to increase your take home pay to benefit from the tax credit on as more immediate basis for that year. •·          This credit is not a loan it is an actual credit   Visit the website posted for all the details to see if you qualify!
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It Doesn't Take a Genius to Read Between the Lines of the Buyer Feedback We've Been Getting Lately  If you've sold a home recently, you know all about Feedback. Feedback is the stuff buyers and their agents have to say about your property after a showing - the good, the bad, the indifferent. Agents being busy - and this being the electronic age - feedback flies back and forth between agents in e-mail snippets. We're lucky if we get a complete sentence from a showing agent. A paragraph is the equivalent of a novel. Feedback can be useful - if ten would-be buyers complain about pet odors, you know you better do something about it. It's also a barometer of the market at any given moment in time, and a clear reflection of buyer behavior. Here - with very little exaggeration - is a sampling ...
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