Top Four Inside Secrets To Selling Your Home in This Buyer’s Market

Gary Keller, the owner of the company I work for, Keller Williams Realty, was interviewed this morning along with a few agents on Good Morning America about HOW to sell your home in this market.

These tips hold true in the Towson real estate market as well as others across the US.

Tip #1: When Pricing Your Home, Don’t Try to Make Money. If a similar house down the street is on the market for a certain amount, list your home just under that amount. Buyers will perceive your home as a deal, and will more likely move on yours versus others on the market.

Tip #2: Don’t Be Lazy When It Comes to Presentation. Staging is a great way to get your home to look its best. Remember, once you decide to sell your home, it is no longer *your home*. The goal is for it to be someone else’s! A Staging Professional is a good investment along with a REALTOR(R). As Gary Keller said, “Price gets you interest. Staging gets you offers.”

Tip #3: Some Photos are Priceless. When listing in winter, especially when you have feet of snow still to melt like here in Towson, share any photos you have of the yard, landscaping, etc, from when it is nice out with your real estate agent. Your agent can incorporate these into their marketing of your home. You know how great your yard is to enjoy, but when others can’t see it at the moment, they don’t know what a difference that makes in your home versus another. With these additional photos, it could make the difference.

Tip #4:Don’t Be Cheap When It Comes to Fixes. Have a faucet that drips? A floorboard that squeaks? A carpet that needs replacing? DO IT. Have older appliances? Buy new ones. Yes, new ones. They don’t have to be expensive, but more modern helps to sell!

I disagree with Tip #5 because my buyers find it extremely uncomfortable when the owner is home, and I find that they tend to not take the house seriously if the seller is there. It is good to have brochures and photos there to share information about your home, and your agent is an important facilitator in this process in speaking with the buyer’s agent and getting buyer’s questions answered. But do NOT be there for showings. Buyers want to open cabinets, closets, and feel like it could be their home. If you are there, they can’t imagine themselves as the owners there.

I hope Towson home sellers find this information useful as they prepare to sell their homes. Please contact me to help you further!

Ryland Homes Names New Chairman and New Homes To Be Built in Baltimore County

Ryland Homes Inc., a builder who has been behind many popular communities in the Baltimore area, has named Bill Jews as its new Chairman, reports the Baltimore Business Journal.

Mr. Jews was the CEO of Maryland’s own Carefirst BlueCross BlueShield and brought it back from the point of it almost shutting its doors in 1993 to a successful company by the time he stepped down in 2006.  Jews is on a number of boards in the Maryland area, including Fortress International in Columbia, Maryland, and Camden Learning Group in Baltimore.

Though Ryland Homes is based in California, they are a pillar in the Baltimore real estate community. Their developments have won awards and have shown to be well planned.

If you would like more information on new Ryland Homes in Baltimore County, Harford County, and surrounding areas, please contact me so I can help!

Nine Weeks Left in Homebuyer Tax Credit Extension — Will It Be Extended Again?

A discussion I have been involved with here in the Baltimore area about the crippling snow and the effect on the Baltimore real estate market has people in the real estate world wondering if the homebuyer tax credit may be extended again.

On Monday, the Wall Street Journal wrote an article about the credit, and how lobbyists are gearing up to try to have it extended.

In the northeast, the sheer fact of houses not being able to be shown for the majority of a month due to the snow is a big part of the issue.

Other areas of the country make the point, as recounted in the Wall Street Journal article, that banks often are often taking a long time to approve short sales. I personally have found that this delay creates the issue of buyers who qualify for the credit not considering these homes as options.

It will be interesting to see if it will happen. Washington stated that it would not be extended further, and I can understand if that does not happen. Without the urgency of it ending, the credit cannot do its’ job, which is to help people get into homes.

The other looming deadline we have right now is the upfront Mortgage Insurance Premium for FHA loans, and the fact that that rate is going up from 1.75% to 2.25% for loans whose case numbers are assigned after April 5, 2010. This means that buyers desiring to use FHA financing should be pushing to have a home under contract by the third week in March, giving them about three weeks from now, to ensure their case number is assigned prior to April 5, 2010.

Two very important deadlines are looming, and I will be following how the Baltimore real estate market responds to them.

More Snow on the Way for Baltimore Homeowners Already Hurting From Heavy Snow and Ice

Well, of course, the snow is hurting the entire areas, but many homeowners are already having major issues with their homes due to this heavy snow and ice damming, and it appears a major amount of heavy snow may visit us tonight through tomorrow, freezing those gutters back up and re-creating problems.

The other issue that it appears we will have is high winds, which could possibly knock out power — so sump pumps and other drainage systems in homes may not work properly.

Baltimore homeowners, if they can, need to try to knock down as much ice from their gutters as they can, to free it up for when this round begins to melt.

As I mentioned in my post last week about the possibility of more storms, this is truly hurting the Baltimore real estate market.

Buyers are having trouble envisioning yards, homes as they truly are, and neighborhoods as they really are.

The mounds of snow in front of homes on cul de sacs make it difficult to even see the home from the street. My listing at 3136 Eden Drive in Abingdon, MD, has a great location — but right now it doesn’t appear that way! The snow is mounded so high in front of the house that you can’t see how nice it looks. Its location on the cul de sac is wonderful for extra yard space, more parking directly across the way, and a sense of privacy — but you can’t tell because of the snow pile up! Their yard has beautiful landscaping and shows such a pride of ownership — but you can’t tell because of the deep snow covering the gardens and plantings.

These things that would usually create such nice curb appeal and make it feel like home to a buyer are hidden behind the wall of snow. And another 8-12″ will only hinder things further.

We hope that buyers can imagine, but as my sellers have found while searching for their next home, it is very hard to do!

Here’s hoping that March will bring a little warmer weather and a LOT less snow. Our sellers and buyers need it!

Baltimore Real Estate Market Third Week of February 2010

As we enter the fourth and final week of February, I am reminded as to where the market was last year at this time versus this year.

I have seen showings become more frequent in the past week and the excitement over spring’s arrival in the next few weeks definitely brings people out to look.

The snow storms we had this month really put a halt to the market, as some homes were inaccessible (all of them for a long period of time) until just recently.

February is not notoriously a great time to sell your house. Often times people wait “until spring” to make sure the snow is over and the buyers are out looking.

This year we have the First Time Homebuyer Tax Credit end looming, and sellers are taking notice and attempting to get their homes on the market. The other driving force we have right now is the April 5, 2010 deadline for FHA to avoid the higher up front mortgage insurance premium.

It appears that tomorrow we will have heavy rains which should melt a lot of snow, and may cause some flooding. These are issues that sellers most likely usually don’t have to handle, and buyers need to be aware that these are highly unusual circumstances.

Many gutters have fallen, and one of my clients, who is making a claim on his gutter system said that his insurance company told him they are declaring the Baltimore area a “disaster area”. This means that roofers are overwhelmed and not available, which means this rain tomorrow and possible snow Thursday could be big problems for many Baltimore homeowners who no longer have their usual defense against water coming into their basements and main levels on their homes.

Sellers have to be aware of what is happening, and be prepared. Buyers need to be understanding and patient, and realize that these homes most likely do not usually let the elements enter!

Hopefully March will bring us much needed warmer weather so Baltimore homebuyers can get out and take advantage of these credits and lower upfront PMI, and sellers can have their homes returned to their usual states.

Understanding Whom Real Estate Agents Represent in Maryland

In Maryland, upon first meeting, buyers need to be made aware of agency relationships.

In this day & age with internet contact and the ability of agents to provide market data instantly through services, agency relationships may be created without buyers or agents truly being aware that this has been done.

On my site, I do share market data, and wanted to ensure that people reading understand that the data I provide is public information, and it does not create an agency relationship.

The best way to understand agency is this document provided by the Maryland Association of REALTORS (R) called Understanding Whom Real Estate Agents Represent.

There are three agency relationships that can be created in the State of Maryland.

One is Agents Who Represent the Seller. This is an agent who has listed a property and has a written agreement with a seller. Buyers need to be aware that LISTING AGENTS CAN NEVER ACTUALLY REPRESENT A BUYER. Agents who represent the seller can handle the entire transaction and must treat everyone with honesty and be fair in all dealings, but CANNOT give up their fiduciary relationship with the seller, and MUST, by law, tell the seller any information provided to them by a buyer that may help the seller in their negotiations.

A cooperating agent is one who works for a different company but does NOT represent the buyer in the transaction.

Then there are Agents Who Represent the Buyer. An agent is considered a PRESUMED BUYER’S AGENT when showing homes, as long as the property is NOT listed with the agent’s company. One note to be aware of: “A presumed buyer’s agent may not make or prepare an offer or negotiate a sale for the buyer.”

Once a buyer decides to put an offer on any property the presumed agency must end. The buyer must decide whether that agent is a true buyer’s agent, where they have an actual Buyer Agency Agreement drawn up, or the presumed buyer’s agent must represent the seller. Those are the choices in the State of Maryland when it comes to writing an offer to a seller.

What could POSSIBLY happen, is that the property the buyer wants to buy is listed with the agent’s company. If the buyer wants this agent to represent them as a buyer’s agent, this creates DUAL AGENCY. This is where the broker represents both sides in a transaction, but each individual agent within the company still represents their clients’ interest. If a buyer or seller does not agree to dual agency, then a buyer’s agent who has a written buyer agency agreement would not be allowed to show houses that his or her company has listed. I will write another post addressing this topic by itself in more detail.

Confused yet?

The best way to find out more is to speak with a Licensed REALTOR (R) in Maryland, so they can explain it further. If you would like to know more from me, please contact me!

More Winter Weather On the Way for Sunday Night into Monday February 21-22 Hurts Baltimore Real Estate Market

It looks like the beginning of next week will bring us more snow or ice, possibly mixed with rain or sleet.

What does this mean for the Baltimore real estate market and Baltimore area homes?

More trouble.

In a city still in recovery mode from two blizzards last week, additional winter weather is not welcome to Baltimore homeowners.

Those gutters that I spoke about the other day, that may have been holding on may not be able to hold on much longer (if they haven’t broken or fallen already).

Those roofs with snow that I discussed are getting heavier as the snow melts. Additional snow & ice may cause them to collapse or fail.

Water that may be coming in from under the iced-over gutters will have less places to go outside of your house, and be forced back inside.

So be prepared.

If you haven’t already, shovel or rake the roofs that you may have that don’t have much of a pitch to them.

Look out for those icicles and knock down any that you are able to.

Have towels, plastic bags, duct tape, and buckets or tupperware on hand.

If you are a buyer looking for a Baltimore home right now, know that these conditions are not normal. Homes that are well maintained and don’t usually have issues may be having some. These are extraordinary circumstances and most likely not a true representation of how a home usually handles snow or other weather elements.

So now we have to sit and wait. There is nothing we can do to change the weather, all we can do is be prepared and try to help prevent problems when and where we can. Buyers and sellers need to understand that the situations we are facing are highly unusual. The Baltimore real estate market certainly has been affected by these storms, and I am hoping to see some recovery as we head into March.

Additional Home Perils From the Lasting Ice and Snow in Baltimore

As I showed condos today in the Stevenson area of Baltimore County, I was reminded of a few more issues that the snow/ice build up is causing to homes in the Baltimore area.

As the weather warms some, and the snow melts, but then nights get cold and it freezes back up, large icicles can cause lots of harm inside and out due to the ice build up in the gutters.

I briefly mentioned this in my post last week about the Ramifications of the Snowpocalypse on homes. A week later, these issues are even more prevalent and some even a bit more dangerous.

The icicles are forming long & large with extremely pointed ends. One fell to the ground as we were looking at the front of the building, and we felt very lucky that we were not underneath it. It was like a dagger.

The roof line had large icicles that were dropping water — which was forming on the sills of even a second floor unit. The weight of the ice was bowing the window sill. In this case, this would be the condominium association’s responsibility if the window leaked or the sill fell, but in a home where the exterior maintenance is your responsibility, this could be a big issue.

We all are wishing for the warmer weather to come and this snow to melt. We do, though, need it to melt slowly to prevent flooding and more major damage to our homes.

3136 Eden Drive Virtual Tour

3136 Eden Drive in Abingdon, MD, is a beautiful home in a very convenient community.

Beautifully maintained and updated, this home has it all including a new virtual tour to showcase its many amenities!

Don’t miss out on this fantastic home — the only end unit currently on the market in St. Clair.

So if you are looking for a gorgeous townhome in Abingdon with larger yard, a large kitchen with eat-in bump-out, plus a gas fireplace in the walk out lower level, this is the place for you.

Showing Houses in Harford County with Six Foot+ Piles of Snow

Yesterday was an interesting day as clients and I viewed seven homes in the Bel Air and Forest Hill areas of Harford County. We were lucky that all of the properties we were viewing had driveways, because street parking was an impossibility!

It is difficult to tell how large or small a yard is, how the yard looks, and how the house sits on the yard. You really can’t tell how the whole driveway looks, the front walk, the roof, or base around the house.

The large amount of snow really creates issues for buyers to imagine a home in its real state and understand how the home can really work for them.

My current listing has the same issue, as people really can’t see the deck with the under storage, the large side yard as it is an end unit, and the great location on the court — which currently has an 8′+ bank of snow piled in front of it!

Luckily the storm we had set for today did not happen as strongly as it was supposed to, and hopefully we will have some warmer weather and maybe some rain to melt some of the over 6′ piles of snow we have covering many of the street corners and driveway edges.

Buyers and sellers in the Baltimore area need & want it!

Next Page »