The S&P/Case-Shiller Home Price Indexes were released on Tuesday.  Prices in the Metro-Washington DC area fell 15.7% in June 2008 versus the same period last year while only falling 0.9% from May 2008.  In Anne Arundel County the home price index (caluclated using a similar methodology to the Case-Shiller index) for June 2008 was down 2.3% was down from June 2007 and the index was up 3.0% in June from May.  In Annapolis the home-price index (again, caluclated using a similar methodology to the Case-Shiller index) was up 6.8% in June 2008 over one year ago while the the index was up 11.0% in June over May. Although the Washington DC Metro S&P/Case-Shiller Home Price Index is not yet out for July 2008, the Anne Arundel County home price index is down 5.1% in July 2008 from July 2007 and i... 08/29/2008

These days, it seems like the media is bombarding us all with real estate stories. Depending on what you read or watch, the news is usually based on regional or national statistics. Do you know the stats for the homes surrounding your Annapolis home? If not, now you can! Our free Market Snapshot allows you to enter your address and receive reports by email that show a wealth of information about Annapolis homes, including: Addresses of Annapolis homes for sale and those that have sold. List and sold prices for Annapolis homes. Days on market Number of bedrooms, bathrooms and square footage of most homes Lowest, highest, average and median prices Asking vs. sales prices Numbers, charts and so much more! Here is an example of the free Barron Team Market Snapshot. It is a truly interactive... 08/24/2008

Imagine waking up every summer morning to the sun filling your bedroom and just the perfect breeze flowing through the room. You look out to see your boat, waiting for you, your family or friends later in the day. The water is glistening. You are in paradise. For the lucky few, that is a reality when living on the Annapolis waterfront. Backyard cookout’s are made more fun with swimming, jet skis and other water activities. Many of those cookout’s may end with the perfect evening of sailing or power boating out on the calm waters of the Chesapeake Bay or one of its connecting rivers. The Annapolis waterfront offers homeowners endless activities, many involving water. Bonding with a child seems that much easier when sitting out on the pier on a lazy day, crabbing or fishing. Even your dog... 08/21/2008

For the fourth month in a row, inventory levels were above the 4,500 level. In July the number of active units in Anne Arundel County trended down 0.6% but was up 9.1% from last year. The average sold price dropped below $400,000 and was down 8.5% from last year. The pending transaction to active listings ratio was 9.8% - about the same as last month but down 30.8% from last year. So, how much worse will it get? Well, that's anyone's guess. In Anne Arundel County in July the total sold volume was down 20.0% from June. The average sold price in July was down 7.1% from June. The number of homes sold in July was down 13.8% from June.  And, the average days on market in July was unchanged from June. There were 411 units sold in Anne Arundel County in July, up from 411 units sold in June. Th... 08/19/2008

AmericanStyle magazine (sidenote: the publisher used to be one of my clients in a previous profession) ranked Annapolis, Maryland as a top destination for art. Currently ranked 13th, Annapolis has moved up one place from last year (14th in 2007) and way up from 21st place in 2006.  The ranking is determined by readers. The annual poll asks readers of AmericanStyle to rank the best small cities for art collectors and gallery patrons. Santa Fe, NM ranked first and Asheville, NC ranked second.  Cumberland, Maryland was the only other Maryland small city/town to make the national list. This is just further proof that Annapolis is a great place to live or visit! 08/19/2008

I get asked a lot of questions.  Luckily for me, answering questions is one of my favorite activities.  Most of the time, it gives me an opportunity to shine (I am a news junkie and it is always great when it pays off) -- sometimes, it leaves me embarrassed for not knowing about something.  I am [usually] the first to admit when I do not know something and always promise to get back with the answer. Over at talk.realtor.com, I notice a lot of blog entries based on questions that were posed to the authors.  Tonight, it dawned on me that a "Ask Jesse" feature at Annapolis Homes and Happenings would be a great interactive addition.  I only recently launched that newest blog and it is already getting a lot of visitors through search engines.  My goal is to make the site "sticky" through aut... 08/14/2008

The recent legislation that Congress sent to the President, which he signed eliminates a program that many first time buyers have relied on and will miss once it is phased out on October 1st, 2008. Many banks are already pulling back from these seller funded down payment assistance programs in advance of the October 1st, 2008 date. Ameridream, The Genesis Program and Nehemiah among the seller funded down payment assistance programs will fade into the sunset and be replaced by a federal tax credit that appears as if it will fall short of the job these programs acheived. There is a grass roots effort to fight off the demise of these programs. Here's a reprint from a Nehemiah Email announcing the grass roots effort to save the program. If you feel as I do that this is an important program ... 08/14/2008

As of August 13, 2008, there are 82 waterfront homes for sale in Annapolis, Maryland, ranging in price from $1,099,990 for a 5 bedroom, 4 1/2 bath Annapolis waterfront home in St. Margarets Farm up to a 5 bedroom, 6 1/2 bath Annapolis waterfront home in Stonewater Estate for sale at $11,600,000. Click here to view a list in Microsoft Word document of Annapolis Waterfront Luxury Homes for Sale Listed at $1,000,000+. The Annapolis, Maryland waterfront homes for sale list includes the MLS number, street address, list price, bedrooms, full baths, half baths, levels, fireplaces, garage, basement, acreage, age, days on market, subdivision and type of home. If you are interested in any of these beautiful Annapolis waterfront luxury home listings, please contact Jesse Barron of The Barron Team ... 08/13/2008

The Northwoods restaurant, located in West Annapolis, is shutting down after being open for almost a quarter of a century. Known for it's intimate experience (think tablecloth dining), the restaurant is closing after having much lower sales over the previous six months, according to chef/owner Russell Brown. He cited the weakening economy and rising food prices as major contributors. On some days, sales are down 40 to 50% over last year. The restaurant will be closing within two weeks, so be sure to go for one last meal if you are a fan of the restaurant! 08/11/2008

On July 30th the President signed into effect the "Housing and Economic Recovery Act of 2008" without much fanfare from the Whitehouse or the Press. I don't even remember hearing anything about it on CNN or any other network news shows. So, what's the big deal? Well, maybe there is no big deal for homeowners or elected officials. What provisions of the Housing Stimulus Bill might impact you whether selling or buying? First there is GSE (Government Sponsored Enterprises like Fannie Mae and Freddie Mac) and FHA Reform making permanent conforming loan limits up to $417,000 or 115% local area median home price, capped at $656,500.  For Anne Arundel County, the HUD median home price is calculated at $448,000, setting the GSE and FHA limits for 2009 at $515,200.  Although the effective date i... 08/04/2008

A comparison of the New Incentives offered by Fannie and Freddie for Short Sales, Deeds-in-lieu and Workouts.  Home owners seeking workouts, short sales or deed-in-lieu of foreclosure should see my Blog, Foreclosure Docket for analysis and commentary.                                                  Fannie Mae                           Freddie Mac Repayment Plans     Previous Policy         $200                                   $250                               New Policy            $400                                   $500 Workouts                Previous Policy            uk          a                       $400                               New Policy            $700                                   $800 Short Sales              Previous Policy           uk           b          ... 08/01/2008

YES THERE MOST CERTAINLY IS! AND IT'S HUGE!  Effective June 25th, 2008.  Fannie Mae, in their Announcement 08-16, ( https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf )  has clearly indicated their preference for homeowners to do Short Sales rather than giving a Deed-in-lieu of Foreclosure or simply allowing the house to go to foreclosure. To wit: Minimum time a borrower will have to wait to qualify for a Fannie Mae loan follwing: Short Sale: 2 years Deed-in-lieu of Foreclosure: 4 years Foreclosure: 5-7 years Regardless of how FICO scores these events (identically), this is important information for distressed homeowners.  Especially for those who are upside down on their mortgages and borrowing money from every possible source to keep up with their mortgage and especial... 07/27/2008

      Appraised Value?    What exactly does that mean?     During the loan application of any refinance, at some point we ask the     question, “ what’s your house worth? ”  I typically ask my refi prospect that question a few different times and a few different ways. It is that important. Credit and income play a part in the approval process but so does loan to value or LTV. I ask my prospect Henry Jones how much how much is his house worth. He tells me $450,000. Ok, next question is when did you buy it and how much did you pay for it. Henry tells me almost two years ago, I paid $375,000. He tells me he “stole the house”. By the way, Henry owes $375,000 because he did one of those 100% interest only arm loans that were so popular in the early to mid 2000’s. Most of us, including myself... 07/25/2008

The buyers' market continues with no cooling in sight. Sellers, now facing the dog days of summer, are likely to see the inventory level reach new highs and falling prices hit new lows with no relief in sight. In Anne Arundel County in June the total sold volume was down 31.8% from June 2007. The average sold price was down a modest 3.3%. The number of homes sold was down 29.4% and the average days on market was up 28.5%. There were 477 units sold in Anne Arundel County in June 2008, up from 407 units sold in May. The number of active listings was 4,729 in June, up from 4,629. The number of new listings taken in June was 993, down from 1,080. The number of listings with pending contracts in June was 452, down from 509. The average sold price was $427,655 in June, up from $399,726. The a... 07/15/2008

After a long hiatus, I am cranking up my writing efforts on Active Rain again.  Most of my comments will focus on issues related to foreclosure, shortsales, market conditions and finance having become heavily involved in short sales and loan workout's for clients in the Annapolis, Anne Arundel County and greater Baltimore and Washington Suburban Area over the past year.  So please stop by and don't forget to check out my new blog at www.foreclosuredocket.com . Today, I want to comment briefly on the recent IndyMac collapse, the largest thrift collapse ever (expect more).  And I also want to comment on the hammering of Fannie Mae and Freddie Mac's stock prices and what it means to us in the Real Estate Business. You have it from no less a source that Chuck Schumer, the Sr. Senator from N... 07/13/2008

As a homeowner, hiring a contractor can be effortless or a disaster.  Below are tips for Annapolis and Davidsonville, MD homeowners who are hiring a contractor: Out of your many options, develop a short list. Prequalify each and every contractor with a phone call.  Make sure they are licensed and insured.  Also make sure that they carry workers compensation insurance for their employees.  They should also carry liability insurance -- many contractors carry $1,000,000 in liability insurance, but the more, the better.  Request references (names and phone numbers) from each contractor for the type of work they are going to perform for you.  Call them references and ask pointed and well thought out questions.  Also, ask them if you can visit their house to see the contractors work (their an... 07/13/2008

ANNE ARUNDEL COUNTY, MARYLANDFACTS AND FIGURES AT A GLANCE County Executive, John R Leopold Community Over 500,000 residents call Anne Arundel County home. Our superior quality of life on the Chesapeake Bay, our rich heritage, and our proximity to Baltimore and Washington, D.C. attract residents to our County. Anne Arundel County offers lifestyle options to suit the needs of our diverse community, including: urban, suburban, rural and mixed-use. Rural Anne Arundel County covers approximately 267,230 land acres. Thirty percent (30%) or 80,169 acres are currently zoned agricultural. Large and small enclaves of agricultural lands are located in the southwest portion of the county. Although the amount of farmland in the county has continued to decline, the county has recently revised its fa... 07/11/2008

MRIS -- the MLS for much of Maryland -- has recently released the June, 2008 market statistics for Annapolis, Maryland.  Although Annapolis is comprised of several zip codes, the data presented below is based on the 21401 zip code. If you live in another part of Maryland, or are interested in receiving a market update for a different city or zip code, please contact The Barron Team for a customized report. The Barron Team specializes in Anne Arundel County real estate, including homes in Annapolis and hope that you will give us the opportunity to become your real estate consultants for life. The Barron Team:  Real Estate Made Easy 07/10/2008

 Out and About Loving Annapolis Celebrating the 4th of July- It's here already and we have opted to stay home. A 3 day staycation. We are firing up the grill, playing and working around the house, and enjoying some leisurely downtown time.  We are heading to downtown Annapolis for a leisurely walk and taking Maggie, our golden, with us. Annapolis is a fun walking town. Narrow streets full of color with baskets of blossoms hanging from light posts, street side cafes, and of course the waterfront. You can't be in Annapolis and not stop and watch the boats as they head up Ego Alley ever so slowly, then turn around and head back out. The Naval Academy is bustling with the influx of new plebes and their families right now so downtown will be busy. A ice cream cone from the local ice cream s... 07/03/2008

More of the Same for 12 to 18 More Months The current real estate market is likely to continue to remain the same for the next six to twelve months. After the upcoming election it may take six to twelve months for the new President to implement policies that will have an impact and stopping the recession if we haven't plummeted into a depression before then. After the election, consumer confidence may return, but, not until oil prices ease (which are a large component of everything we purchase, from food to fuel). It is difficult to imagine that conditions are going to improve in the immediate future. So what is likely to happen in the real estate market over the next few months? Home Prices To Decline Home prices may fall another ten percent or more before buyers perceive there is valu... 07/02/2008