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College Park, MD Real Estate News

By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
Years ago, I worked with a husband and wife who were buying their first investment home. They had grand dreams (or, at least, the wife did) of buying a house a year until it was time to retire and they'd live off the rental income or sell a few homes to tide them over in the Golden Years.  Luckily, the husband was a pretty handy guy who wasn't afraid to roll of his sleeves and the wife became the Queen of Craigslist finding all kinds of great bargains for appliances and the like.  They both went in with their eyes open. They needed a mortgage for the first house and it took a little doing but we found one.  This was back in the days when you culd get a mortgage if you could fog a mirror but even so.... Time went by.  They did another deal with a FSBO and didn't call me.  Oh well. Then c...
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By James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes, When Looking to Buy or Sell - Make the Right Move
(Real Living | At Home)
OK; so no laughing...  This is my very first attempt at a Personalized Video.  Trust me - this home is much better than the guy talking about it (me) !!!           CLICK HERE FOR THE TOUR        Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800   Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016  
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
It's not what you know.... You know the rest of that saying, right?  Well, through the magic of Active Rain and one of my Outside Blogs, I got to know New Jersey Home Stager Extraordinaire and Social Media Maven, Juliet Johnson.  Who knew it would eventually turn into an appearance on Blog Talk Radio?  Sure.  It's not exactly Oprah but, hey, it was a lot of fun.  I enjoyed the banter with Juliet and the other guest, New Jersey heavy hitter, Robert Northfield. Hey, I know you're dying to give it a listen.  I mean, who wouldn't be?  Here's the link: just Click Here and you can hear Juliet's wonderful British voice introduce moi.
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
For some of us who can remember the days when FHA mortgages were to be avoided like the plague it almost seems like a quaint notion that Sellers and Buyers didn't have to worry about appraisers coming in behind home inspectors to do a home inspectors job.  The FHA, it seems, wants its appraisers to hunt down "health and safety" issues in addition to their regular job which is simply to ascertain value for the mortgage company or bank. This may be all to the good in a "normal" market. When the market is a hot Seller's market, no one touches FHA because of the dreaded appraisal issues.  Even if the Seller is willing to make repairs or provide a Buyer credit because of the results of a thorough home inspection, they may have to make more repairs - non-negotiable repairs - because of an app...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
Has anyone noticed the proliferation of eBooks hitting cyberspace lately?  It has been said that everyone has at least one book in them.  It seems that with the advent of superior desktop publishing tools and Adobe Acrobat that, yes, everybody, indeed, has a book in them and sometimes two or three or four. Don't get me wrong.  Some of the information conveyed in the eBooks is timely and useful. Some are even written well.  However, I find eBooks to be even more difficult to read than "real" books that come with paper and binding and everything.  Sure, I know I can print out the eBook to read it (as long as it isn't attached to an e-mail that says, "Please consider the environment before printing...").  But reading an eBook on 8.5" x 11" paper from my computer printer vs a nice trade or ...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
Many months ago I wrote a blog post about why I didn't Twitter (or tweet or whatever).  I couldn't understand the appeal.  I mean, what can you say in 140 characters or less and who cares? Well, since then I've been to my first REBar Camp in Fredericksburg, VA and got introduced to Twitter and why I should be there.  So I signed on and started.  Soon it almost became like a Facebook or Active Rain. It wasn't so much the content as it was the amount of information....and how many friends or points or, in the case of Twitter, followers could I accumulate?!? Hey, I wasn't the most popular guy in high school and I mostly kept to myself in college but NOW I have gazillions of friends and more and more followers everyday. I'm sought after! I'm loved!  It's almost better than AR points (almost...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
I admit it.  I'm a bit on the cynical side.  Lately, I've been overwhelmed with all this GREEN stuff that is floating all around and I'm not talking about money. I know Earth Day is coming up sometime this month but, geez, give me a break. I'm really beginning to think this whole GREEN thing is taking on a lot of the aspects of the now debunked and defunct Adkins Diet.  You remember that, don't you?  Everybody and their brothers were on the thing.  Companies were falling over one another to affiliate themselves with Adkins.  The Adkins name was licensed to various food companies and all kinds of endeavors because, for whatever reason, the diet craze/fad just took off. Now, it seems to me, the same thing is happening with GREEN.  There are GREEN real estate designations (with NAR, of cou...
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By Margaret Woda, Maryland Real Estate & Military Relocation
(Long & Foster Real Estate, Inc.)
If you live in Maryland, chances are you're a Terps Fan.  Moving to the area?  Buy yourself a red tee shirt so you can help fill the stands with red!   We've been Terps football fans and season ticket holders for a number of years, and this year the Lady Terps have really grown on us. If you watched the Sports Highlights last night (Saturday), you may have seen a segment on NCAA Women's Basketball and the one-woman show of Marissa Coleman as she scored 42 points in the 78-74 victory over Vanderbilt in the Sweet Sixteen.  She willed and worked her team into the next round, where they will play #3 seed Louisville at 7 p.m. on Monday. (ESPN and ESPN2) Most viewers were probably saying something to themselves like "Wow, impressive!"  On the other hand, I was kicking myself for never uploadi...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
For some odd reason, some of my listings are seeing a big spike in showing activity.  I'm trying to figure it out.  I know there are a few reasons: it's spring it's Daylight Savings Time there's an $8,000 first time home buyer tax credit out there waiting mortgage interest rates are low buyers getting tired of viewing "as is", trashed out "short" sales and foreclosed properties (my listings are in the micro-niche of Sellers With Equity) the prices have stopped falling through the floor Who knows?  All I know is that there seems to be more showings on my listings in the last two weeks than they've had in the last 4 months.  I'm certainly very happy about that.  My seller clients seem to be mildly encouraged. Now, wouldn't it be great to get a real live offer on a few.  I know the rule of...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
I've been working with some buyer clients recently that don't qualify for a whole ton but they do qualify. You'd think with house prices down the way they are you'd think there would be be a few homes out there.  Well, as a matter of fact, there are quite a few homes out there in my clients' price range.  The problem is they're mostly "short sales".  Sure.  Some are bank-owned, some are even owner owned where the owner has a little equity. By and large, though, most are in terrible condition.  Even the ones that have sellers that have equity have let the house got to the dogs and they have zero interest in doing anything to the house that might make it attractive, let alone stand out from the crowd. The thing is, these particular buyer clients don't have the time to wait for a short sal...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
In the ever more desperate search for someone, somewhere to build a brand new, shiny stadium for his personal, professional soccer team, DC Unitied, mult-millionaire Victor MacFarlane has come to Prince George's County. Although both Washington, DC (the DC in DC United) and Virgina have turned down the deal, Vicotr MacFarlane knew where to turn when the chips were down -  good ol' Prince George's and the Maryland Stadium Authority. Let's set aside, for the moment that we are currently in an economy that has alternately been called a "disaster" or a "catastrophe".  Let's leave aside, for the moment, that FedEx Field, home of the Washington Redskins (there's that Washington, DC reference, again!) is not the profit center it was made out to be. Let's juts think, for a moment, about how thi...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
I guess I really shouldn't be surprised. I must've been involved - either as a listing agent or buyer's agent - with about 300 houses over my short real estate career and that doesn't count the ones that I visited with my buyer clients while they looked for the "perfect house". Or the ones that fell through.  Or the listings that ended up not selling for any number of reasons. It doesn't count the houses I've previewed to get an idea of the neighborhood and what a buyer client might be looking for or a seller client might be up against as competition. However, it never fails (with rare exceptions) that when I show up for a listing appointment or consult with a Seller about an offer that's come over, their personal home is "special".  It doesn't matter if it needs a new roof or if the ap...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
Maryland has been an asbestos hot spot due to thriving power plants, paper mills and ship yards. These industries utilized asbestos throughout the 20th century due to its fire resistant and durable qualities. Homes built prior to 1980 still maintain the chance of containing asbestos materials. Unfortunately, asbestos cannot be seen with the naked eye.  The home is not only a financial asset, but a place to live and raise your family. It is especially important for home owners or those seeking to buy or remodel older homes in Maryland, to determine if any health damaging materials are present. There are now green alternatives that allow for a safe and healthy home. Although not all asbestos is considered dangerous, wear and tear can cause its fibers to become airborne, where one will inh...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
Here's a little bit of a confession:  my career path has led me to be mostly (not entirely) a listing agent.  Don't get me wrong.  I'll work with buyers in a heartbeat and I enjoy working with buyers.  It's just that, for whatever reason, I work mostly with sellers.  Here's another part:  I don't really work with short sales and REOs.  I know. I know.  This niche in the market should be an integral part of my business model with so many short sales and REOs on the market.  It's just that I prefer the "other niche" -- houses being sold by sellers with equity in their home. This brings me to my current situation.  I'm currently working with a buyer who was referred to me by a wonderful past client. My new buyer client is financially qualified to purchase.  They are looking for houses in a...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
I recently got a request from someone in an area I market religiously.  It seems they wanted to know what the final price and concessions were for a house I sold in their neighborhood recently.  They also mentioned that they has put their home on the market as a FSBO. Now, I'm not sure whether they were really looking for pricing/comp information so they'd be in the ball park or if they thought they were just trying to get the word out that their home was on the market and would I please find them a buyer.  Perhaps they're just testing the waters or they really don't care if they sell their house this year or sometime in 2011. In any case, when they let me know their listed price I had to chuckle to myself.  It was obviously a price they are fantasizing about and a price they might have...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
The College Park Airport, located in College Park Maryland is home to a wonderful Aviation Museum. The adjacent airport was founded in 1909 by none other than Orville and Wilbur Wright. They used the College Park Airport to teach military flyers. The College Park Airport is the world's longest continually operating airport. Certainly not on the scale of Hartsfield or O'Hare, College Park is the home of many aviation firsts throughout history. At the museum you can see Henry and Emile Berliner's 1924 helicopter. This helicopter, with the rotors on the wings of a traditional airplane was used in the first successful controlled helicopter flight. The museum curator's said that the airport was shut down briefly on 9/11 because of its proximity to Washington, DC. The airport's traffic has sl...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
In an interesting interview on CNBC yesterday between David Faber and Mark (Mr. Mortgage) Hanson of the Field Check Group an observation was made that the current inventory of houses is really not the total picture.  Mark calls this the "Shadow Market." It seems that a lot of the foreclosures from 2008 have not really be released from the bank's inventory yet (the"back end").  More is yet to come.  The interview claims that the banks are busy getting these home priced, etc. before letting them into the open market drib by drab in order to maximize their return.  Can you believe it!?!?  There is supposedly a ton of houses yet to be sprung upon a public that doesn't seem to be buying in the first place.  So, be prepared to see the market inventory jump to new heights (Mark Hanson is predi...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
Many of my clients get a little confused between the meaning and importance of an appraisal and an inspection. The inspection usually comes first.  In my experience, sometime within 7 - 10 days of the fully executed contract of sale.  The Buyer pays for the inspection so they get to choose who the inspector will be.  Sure, it would be nice if the Realtor got to choose or if the Seller got to choose but the plain fact is if the Buyer has a brother-in-law that will give the house a once over, that's the way it is. The inspection is supposed to check out the house from top to bottom checking for defects to the various "systems" of the house including (but not limited to) the plumbing and electricity and whether the roof leaks or windows don't open and close.  Of course, depending on the ho...
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By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
I honestly think this FUNdraiser for the College Park Woods Swim Club was a good excuse for neighbors and friends who have known each other for years to get together and have a great meal and toss back a couple of Franklin's famous microbrews. College Park Woods is this great community minutes from the University of MD that has this wonderful community pool.  They get into water aerobics and everything.  Of course, it's a Memorial Day to Labor Day kind of thing since it is, after all, an outdoor pool. I wrote more about this with some great photos at this post. In a plug for Franklin's -- they have these great FUNdraiser nights where they share 20% of the profits from anything your group comes in and buys.  There are no restrictions on the time of day or the number in the group.  They d...
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