Contact MargaretArchive for the 'Real Estate' Category
Sell Your Crofton Home in the Next 51 Days
March 10th, 2010 Categories: Real Estate
If you’re thinking of selling your Crofton home any time in the next year, it’s probably in your best interest to get it on the market now.
That’s because April 30 is looming (51 days), and the opportunity for home buyers to get the $8,000 first-time buyer or $6,500 repeat-buyer tax credit will end. I’m guessing we’ll see a big lull in Crofton area real estate sales for quite a while after that.
While real estate market conditions do favor buyers right now with the tax credit, low interest rates, and high inventory, home sellers aren’t likely to see better conditions for selling any time soon.
But your home won’t sell if it’s not on the market. So pick up the phone… call me or your favorite Crofton area REALTOR to find out what it will take to get a contract on your home before April 30, when the tax credit ends.
If you missed my earlier posts about the tax credit, here they are again:
- Early End Likely for Spring Home Buying Season
- IRS Releases Rules for Repeat Buyer Tax Credit
- Begin Your Home Search Online
- Home Sellers, Find Out What’s Selling in Your Neighborhood
__________________________
FocusOnCrofton.com is your one-stop source for information about Crofton, Maryland, and the surrounding area. It’s my way of keeping current residents informed about their community and real estate matters while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton). Please feel free to contact me any time for more information.
| Discussion: No Comments »
The Five Stages of a Short Sale
March 3rd, 2010 Categories: Real Estate
Some Crofton MD home sellers are facing a short sale situation. If this describes you, it may help to know what to expect.
If you’ve been following me on Facebook, you already know that my husband Larry had both knees replaced last month. He’s recuperating right on schedule, and now he’s getting around with a cane after just three weeks.
It’s been an interesting journey for the entire family, and I can attest to the five stages they told him (and us) to expect:
1. Anxiety.
2. Oh my goodness… what have I done!?!?!?
3. Okay, this hurts but I can handle it.
4. I can see the light at the end of the tunnel.
5. Why did I wait so long?
This is not too different from the emotional journey some of my clients experience when their home value is lower than their mortgage balance. In other words, a short-sale is their solution to a problem – somewhat like knee replacement was a solution for my husband’s knee issues.
So let’s look at those five stages from the perspective of an “under-water” homeowner:
1. Anxiety. Making the decision to begin the short-sale process and choosing the right REALTOR to represent you.
2. Oh my goodness… what have I done!?!?!? – Completing all the paperwork required for a short sale is time-consuming and emotionally difficult, as you spill out every detail of your personal financial history.3. Okay, this hurts but I can handle it. The wait for approval by your lender – many weeks and sometimes months.
4. I can see the light at the end of the tunnel. Short-sale approval by your lender! (Now you can “just” deal with normal seller concerns such as appraisal, home inspection, and title search.)
5. Why did I wait so long? Settlement.
Once the short-sale is behind you and you’re “back on your feet”, in a manner of speaking, it is such a relief. Now you can begin to rebuild your credit and your life. This is, indeed, a question you’ll be asking yourself… Why did I wait so long?
A short sale is something no one wants to face, but it is a fact of life for many people today. Your neighbors, your relatives, prospective buyers… they WILL understand that your situation is a result of market conditions and not a flaw in your character or a failure on your part.
They won’t judge you, so stop worrying about that and pick up the phone to call me or another Crofton area REALTOR for help.
__________________________
FocusOnCrofton.com is your one-stop source for information about Crofton, Maryland, and the surrounding area. It’s my way of keeping current residents informed about their community and real estate matters while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton). Please feel free to contact me any time for more information.
| Discussion: No Comments »
Odenton, Gambrills, and Davidsonville Real Estate News
February 19th, 2010 Categories: Real Estate
Crofton MD real estate sales were up 160% in January 2010 (13) compared to January 2009 (5), but what about the Greater Crofton Area?
Units Sold:
Odenton - 16, down 20% from 20 sold in January 2009
Gambrills – 1, down 50% from 2
Davidsonville – 5, up 15% from 2
Crofton real estate statistics improved in virtually every category last month. How did nearby communities compare?
Days on Market:
Odenton – 144, up 22% from 118 in January 2009
Gambrills – 219, up 133% from $394,375
Davidsonville – 126, up 9.57% from 115
Crofton – 86, down 47.56% from 164
Average Sold Price:
Odenton – $322,005, relatively stable with only a 2.33% drop from $329,690 in January 2009
Gambrills – $285,000, down nearly 28% from $394,375
Davidsonville – $759,400, up 8.74% from $699,000
Crofton – $15,552, up 17.57% from $268,400
Median Sold Price:
Odenton – $281,000, down 7.18% from $302,745 in January 2009
Gambrills – $285,000, down nearly 28%
Davidsonville – $749,000, up 7.15% from $699,000
Crofton – 290,000, up 16% from $250,000
With only one sale in Gambrills (21054) during the month of January, there’s really not enough information to draw any conclusion(s) except that the absorption rate in Gambrills is over 4 years, with just one of the 51 homes on the market selling each month - and that assumes no new listings come on the market during that period, which is unlikely. Let’s hope this is an anomaly, and that real estate picks up in Gambrills during the spring months.
The Greater Crofton Area, as a whole, just didn’t do as well as Crofton (21114) in January. I think we should keep that champagne on ice and hold off any celebration until the entire community has similar positive news to report.
Home buyers, what do these numbers mean to you?
If I were a betting woman, I would bet you can get a better “deal” on a home outside the 21114 zipcode, because Crofton homesellers will be feeling a little cocky after such a great month.
I recommend you check out the detached homes for sale in Four Seasons Estates to get the best bang for the buck in this area.
Home sellers, what do these numbers mean to you?
It’s still a “buyer’s market”, even in the 21114 zipcode. Homebuyers are still in the driver’s seat when it comes to demanding their price, terms and condition because the home inventory is very high.
A sub-text that isn’t evident in these statistics is the impact of the temporary tax credit for both first-time and move-up home buyers; once the April 30 deadline passes, it’s likely we’ll see a negative turn in the real estate market.
If you want to sell your home any time soon, you must be aggressive in your pricing, terms, and marketing for the next 75 days.
While it’s good for you to be familiar with real estate statistics in your zipcode, it’s better for you to know the ones for your own neighborhood. If you’re thinking of selling or buying a home, contact me or details about specific neighborhoods or types of homes (detached, condos, townhomes).
RELATED LINK: Crofton Real Estate Sales Up 160% in January 2010
__________________________
FocusOnCrofton.com is your one-stop source for information about Crofton, Maryland, and the surrounding area. It’s my way of keeping current residents informed about their community while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton). Please feel free to contact me any time for more information.
| Discussion: No Comments »
Crofton Real Estate Sales Up 160% in January 2010
February 17th, 2010 Categories: Real Estate
Good news for home owners in Crofton MD… The number of homes sold in the 21114 zipcode during January 2010 was UP 160% from the same month in 2009. This year’s magic number was 13 compared to only 5 units sold in January 2009.
Unlike some other months, when there was just one item of good news to report, we have other positive indicators for real estate in Crofton - at least for January 2010:
- AVERAGE SOLD PRICE - Up 17.57% from $268,400 (2009) to $315,552 (2010)
- MEDIAN SOLD PRICE - Up 16% from $250,000 (2009) to $290,000 (2010)
- AVERAGE LIST PRICE OF SOLD PROPERTIES - Up 13.39% from $297,360 (2009) to $337,169 (2010)
- UNITS SOLD - Down 47.65% from 164 to 86. Now THAT is good news!
It was fairly easy to explain a similar increase in “units sold” for November, given the fact that November 30 was initially the expiration date for the first-time homebuyer tax credit. That was somewhat confirmed when December numbers were much different - In fact, a 38% drop in “units sold” from the previous year. I really can’t explain why the pendulum swung back in January since there was no huge incentive, change in mortgage rates or other single stimulus.
I guess we should just be grateful for the good news, as homeowners, and hope the trend continues.
Homebuyers, of course, would prefer to see the market continue favoring them over sellers, and buyers can take heart in the fact that there were 40 new listings in Crofton last month and only 8 new non-contingent contracts. With a ratio of more than 4 to 1 for new listings to new contracts, it looks like the inventory isn’t shrinking any time soon. It’s likely, therefore, that buyers will still have options - and that’s what gives them strength in any real estate negotiations… the ability to walk away from one property and choose from others of similar size, features and condition.
For more specific information about your own neighborhood or type of home (detached, townhome, or condo), please contact me any time. I’ll be happy to sit down with you and explore how real estate market conditions are likely to impact your home sale or purchase. I’ve been helping Crofton homeowneers since the 70’s, and it would be a privilege for me to help you now.
Originally posted at Maryland Real Estate Blog 2.15.10
__________________________
FocusOnCrofton.com is your one-stop source for information about Crofton, Maryland, and the surrounding area. It’s my way of keeping current residents informed about their community while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton). Please feel free to contact me any time for more information.
| Discussion: 1 Comment »
Will I Owe Taxes on Cancelled Debt in a Short Sale?
February 12th, 2010 Categories: Real Estate
The Mortgage Debt Relief Act of 2007 spared distressed borrowers from paying income tax on any cancelled mortgage debt for their principal residence. Some situations in which this could occur might be a short sale, loan restructuring, foreclosure, or bankruptcy.
Although this relief was scheduled to expire on 12/31/09, it was extended shortly before the 2008 election to last through 2012.
I’m glad to be the bearer of good news on this topic, but I’m “just” a real estate agent – not a CPA or tax expert. Let me refer you to the IRS website for more information about cancellation of taxing on mortgage debt relief.
Related post:
Do You Qualify for a Short Sale on Your Crofton Home?
__________________________
FocusOnCrofton.com is your one-stop source for information about Crofton, Maryland, and the surrounding area. It’s my way of keeping current residents informed about their community while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton). Please feel free to contact me any time for more information.
| Discussion: No Comments »
