Graph shows rates from 1972 through February 2009 The real estate market in Anne Arundel County is experiencing a renewed buyer interest as a result of a convergence of changes in the market place that have created  5 compelling reasons for the consumer to buy and motivated sellers to sell. Inventory is down 25.5% when comparing  January 2008 vs. 2009 For the year 2008 vs. 2009 inventory is down 14.6% The affordability index has climbed to 152% - The affordability index measures housing affordability for the MRIS (regional multiple list) region, the higher the number the more affordable housing is.  Last February  the affordability index was 119% Rates are at historic lows The news media will start to report the market upswing eventually, but since they report settlements ( from sales ... 02/26/2009

Finally a bailout for responsible, hardworking folks who pay their bills. Last week, Congress approved an $8000 tax credit for homebuyers. And it is not just for first-time homebuyers. This applies to anyone who has not owned a home in the last three years. Some of my retired clients are planning to take advantage of this free gift. They sold their home in Ohio at the peak of the market, and have been waiting for the right time to buy in the Annapolis, Maryland area. Who do you know who does not currently own their own home and could use an extra $8,000? Coworkers, kids, grandkids, nieces and nephews, friends, sports buddies? Let's share the wealth with our friends! They may not know how easy it can be to own their own home, and with a little help from friends like you, they can do it t... 02/26/2009

The Maryland state school system was just ranked best in the nation . Our schools got a great report card in the study Quality Counts 2009, produced by Editorial Projects in Education, the publisher of the trade newspaper Education Week . How Do You Find the Best Schools? People often want to buy homes in good school districts. The question is, what makes a good school district? You can discover a great deal by doing research on line , talking to friends and neighbors, and visiting schools. It's far better to research schools and choose the neighborhoods of interest, before falling in love with a home. What do you think? Do you know of some good resources for local school information? How would you suggest people size up a school to choose if it is right for their family? 02/26/2009

As of February 25, 2008, there were 236 condos that had not yet sold in Anne Arundel County.  The average days on market for these condos was 191 days.  And the average asking price was $319,905.  There were 27 condos that were pending sale that had been on the market an average of 126 days with an average asking price of $236,788.  In the past 90 days 25 condos had sold.  They were on the market an average of 162 days and sold for an average price of $258,014 (92.3% off their original listing price). In Annapolis there were 105 condos that had not yet sold.  The average days on market for these condos was 174 days.  And the average asking price was $415,244.  There were 10 condos that were pending sale that had been on the market an average of 121 days with an average asking price of $... 02/26/2009

This Credit Could Be Your Ticket to Owning a Home in the Annapolis Area Buried somewhere deep in the 1,000+ pages of the new stimulus bill - also known as the American Recovery and Reinvestment Act of 2009 - is a little bonus that Annapolis area home buyers should like: a tax credit of up to $8,000. I say should like because I've been surprised at the number of people who have expressed outrage over not just the credit but the entire package. A few Governors are even threatening to refuse some or all of their shares, on principle, which is fine with me: I'll be happy to take what they don't need. Getting into the Nitty Gritty of the Home Buyer Tax Credit I'll save you the trouble of wading through those thousand pages by recapping some of the highlights of the credit below: To qualify f... 02/25/2009

Out and about Loving Annapolis Maryland State Capital Building Downtown Annapolis was my playground growing up. Mom and Dad were hard working entrepreneurs who owned and operated a office supply company right on Church Circle. During the school year instead of going home and playing with friends I played at the store. Over time Daddy would send me out on deliveries to many of the businesses in the area now and again. One of my favorite places to go was the State Capital Building. I loved walking the marble floors, seeing and touching the beautifully carved woodwork. Many a time I would use the staircases from floor to floor and as I touched the rich patina of the bannisters I would walk grandly down those steps my head held a little bit higher.Some days I would go exploring and read the... 02/23/2009

Look at the  Bright Side 94.2% of Marylander's are employed according to recent unemployment figures release by the Baltimore Business Journal         #1 - Maryland,  the Richest state in the nation -for the past 2 years There are 3142 counties in the USA According to Wiki    4 of Top 100 in income per capita are in Maryland #15 Montgomery #29 Howard #70 Talbot #82 Anne Arundel   9 Counties in the  Top 100 Median Income per Capita are in Maryland #10 Howard                 #13 Montgomery #32 Calvert                  #57 Charles #62 Anne Arundel        #73 Frederick #98 Harford                 #99 Queen Anne The economy is not perfect but in Maryland things are pretty good. 02/21/2009

Out and About Loving Annapolis       Ahhh...have a hankering to eat out but just couldn't bring yourself to spend the money? Well fret no more as Restaurant Week is here and 35 restaurants all across Annapolis are offering incredible 3 course lunches for $15.95 and 3 course dinners for $29.95. What a great way to enjoy the best that Annapolis has to offer in a wide variety of cuisines. Whats really nice about this inaugural Annapolis event is that not only are downtown restaurants participating but many on the outskirts of the city are participating as well. The event runs from Monday February 16th thru Friday February 20th. Reservations are highly recommended so visit www.annapolisrestaurantweek.com to save your seat.  What a great way to treat yourself to something so special at a pri... 02/15/2009

   Multiple Offers are on the Rise! As the market in Annapolis and Anne Arundel County heats up on well priced properties the probability of multiple offers is on rise.  Multiple offers in some situations may increase the net to the seller or result in an earlier settlement date.  However, if they are not handled right they can also turn off a buyer from submitting an offer or lead to concerns questioning the fairness and full disclosure of the offer and counter offer. Here are some tips to a successful negotiation. •1.      In our state we are required to have the seller's preference in the listing agreement whether to disclose the existence of multiple offers or not.  •2.      If the seller says no to disclosure then the listing agents does not disclose to anyone; if the seller says i... 02/15/2009

Funky, Eclectic, Upscale and Down, the Market for Well-Priced Eastport Properties in this Peninsular Neighborhood of Annapolis Looks Good We've just listed a great home in Eastport on Boucher Ave (right), that will go active in the MLS in about a week. It's just down the street from two others we sold about a year ago, in the million dollar range, so we know the neighborhood very well. I think we met pretty much everyone who lives in this part of Eastport over the course of many open houses.  Eastporters love to take Sunday walks and think nothing of dropping by an open house, if for no other reason than to exercise their curiosity muscles. Fine with us: we love to get to know the neighbors at our listings. And these neighbors sometimes end up hiring us to sell their homes - which is pr... 02/15/2009

This morning I decided to go out to the Annapolis City Dock to see the sun rise in the East over the water. What a spectacular sunrise this morning just before 7 AM. Thinking I was going to be alone at that time on a chilly February morning, I was surprised. Dog walkers, joggers and other sunrise watchers were all around. Those masts you see in the foreground will be in use soon. Enjoy the beautiful sunrise and what looks to be another great day in Annapolis, MD.   Richard Iarossi, REALTOR®Long and Foster® Real Estate, Inc.Crofton, MD 21114410-451-6255 Office443-995-9595 CellWeb: http://www.RichSellsHomes.comeMail: Rich@RichSellsHomes.com Annapolis MD Real Estate SpecialistBowie MD Real Estate SpecialistCrofton MD Real Estate Specialist ©2009 - RichSellsHomes, All Rights Reserved 02/14/2009

It is probably too soon to be certain, but the bottom is certainly coming into view. MRIS ( Metropolitan Regional Information System) the large regional multiple list system serving, Washington, Maryland, Northern Virginia, Southern Pennsylvania and the West Virginia pan handle in the Weekly Market Report  published February 2, 2009 was full of great news for buyers, sellers and agents. The number of active listings for sale was down year over year with the last 3 months average down around 10,000 units.  The report also showed that the last 3 month average of new pending sales was up 14.6%. The bottom is a hard thing to see but in our region the bottom is becoming clearer and if current trends continue it could be behind us.  The housing affordability index in the MRIS service area was... 02/12/2009

Staging is an important part of preparing a property for sale. It can make the difference between languishing on the market and having a competitive advantage over similarly priced properties.  Staging does not take the place of pricing the property correctly but in a competitive environment it may tip the scales to your advantage.  Most of staging is focusing on lots of little things that collectively make a big difference.  Immaculate kitchens and baths are a must with fresh towels and empty counter tops.  Odors are a real turn off to buyers, so litter boxes and other types of pet odors and strong food smells must be addressed. Lights are important, keep them on, have light switches in bedrooms associate to lamps that are prepared to light up.  Keep lights on so the house always looks... 02/08/2009

 Out and About Loving Annapolis A Sunday Stroll Through Annapolis We were blessed with a beautiful Sunday last week so off I went with camera in hand to stroll the streets of downtown Annapolis. A town rich in history beholds stories of times gone by. And though I will not elaborate on the stories this time around I will share some photos that give a glimpse of the beauty of our architecture, the pull of the waterfront and the love of a town I call home. Paca HouseSt. Johns CollegeGovernors Mansion with State Capital in backgroundSt. Annes Episcopal ChurchMaryland State CapitalLooking Down Main StreetCity Dock All photos taken by Martha Brown and copy rights apply  A Sunday Stroll Through Annapolis    02/07/2009

Every buyer is looking for uncluttered, roomy living area and storage. When the buyer looks at a de-cluttered property, it allows them to imagine themselves comfortably moving their stuff in! As a buyer is looking at property they wonder if does this property have the room I need for all my stuff? Countertops filled with appliances, closets that are filled, attics and basements that are  over the top says "no room" to buyers.   T The easy answer for the seller is to pack. If the seller is serious about moving and is committed to a price and terms that reflect current market conditions then packing is part of the process. There are a variety of options, portable off site storage containers, yard sales, and  charitable donations are a good start. 02/06/2009

Dodging the Brisket and Potato Chips in Search of the Truth About the Annapolis Real Estate Market If I'm in a talkative mood, I like to walk into the grocery store - or any public place - wearing one of my Realtor pins. As almost any agent will tell you, wearing a Realtor pin in public nowadays is akin to tacking a sign on your forehead that says Ask Me About the Real Estate Market! Which is preciscely what happens: total strangers start firing off questions at the checkout counter as they stack their potato chips and brisket onto the conveyor belt. How's the market? Are you selling any homes? Have we reached the bottom yet? I like this - in part because it gives me the chance to right some wrongful impressions about how the Annapolis area real estate market is behaving...and to debunk... 02/05/2009

I have to admit, I am skeptical! I am the type to sit on the sidelines until I understand something before jumping in with two feet. And with this skepticism comes my first blog post on Active Rain. Yes, I have known about the site and service for quite some time and have turned to it in the past for advice from fellow agents on short sales, foreclosures and broker price opinions. And as an independent contractor I've also thought, "sharing my practices and strategies only threatens my livelihood." But the possibility of helping the greater good is far too valuable to not share a very simple concept that literally anyone can and should implement into their business. Before I dive in, here are a couple of questions to consider: when people ask you: How's the market? Do you know any great... 02/02/2009

The difference of $251 a month, for many folks that's a car payment! The economy is still a mess, but for those who are working that didn't over extend, affordability has rarely been better.  Showing activity was similar to January of a year ago appointments were down 2%, but the number of new contracts were up! We are experiencing multiple contracts on some particularly well priced listings.  Multiple contracts indicate that in that area and price point the floor has been indentifed. This tells me price and value still sell property.  Lower interest rates have brought many buyers back into the market place. If a buyer stopped looking in November, when the market rate was around 6%, with rates down 1% since November, their purchasing power has gone up 10%.  Principal and interest on a $... 02/01/2009

Top of the Deck! Given the projected sales pace and your time line, is the property listing positioned close enough to the top of the deck to be the next to sell? The listing inventory is like a deck of cards it gets shuffled every day. Your listing could be at the top of the deck today, positioned as the next to sell and then because the deck gets shuffled you need to re-adjust the price and or terms or wait.   Assume the absorption study indicates that there are currently 20 homes on the market competing with you and based on recent sales the projected sales pace is 2 sales per month. That means there is currently 10 months of inventory presently on the market.    New listings come on the market every day.  Your competition  may reduce their price or offer a new incentive and move to ... 01/30/2009

Pricing property in an uncertain economic environment is a challenge.    The study is used to get a broad overview of the market or a market segment by understanding how may properties have sold and or gone under contract during the previous 3 to 12 months. Once you know how many sold then count the  number of active listings currently on the market that meet the same criteria. This will help you project how many should sell in the next 3 to12 months.  It is particularly effective when you are researching in a particular price range or geographic area. How many 4 bedroom 3 ½ bath homes may went under contract in the last 90 days?  How may are active now?   If 6 sold in three months that means on average 2 sell every month.  If there is an active inventory of 20, then there is 10 months ... 01/24/2009