Timonium Condo FHA Approval

At the end of 2009, HUD changed its’ condo approval process for FHA condo financing.

No longer can a community be given a “spot” approval when a unit goes under contract if a buyer desires to use FHA financing.

Condominium developments must be approved in advance of an FHA sale and the approval is only for a certain amount of time.

Many Timonium condo buildings have been approved already.

Luckily HUD has set up a website to check whether a condo development has been HRAP or DELRAP approved.

I entered the Timonium zip code 21093 to see all approved units. You can do this for any zip code if you are unsure of the condo development’s name!

Contact me if you are considering selling or buying a Timonium condo. I can help you navigate these tough waters!

What is a Broker’s Open?

What is a Broker’s Open?

Here in Baltimore County, Wednesdays generally are “Broker’s Open” day. There is a fairly small area where Broker’s Opens tend to be highly successful, and that is in the Towson, Lutherville, Timonium, and Hunt Valley neighborhoods.

A Broker’s Open is where a real estate agent and their brokerage invite agents from their own and other brokerages to come view a new listing they have to showcase. Generally, they provide lunch or snacks to the agents, to thank them for taking their time to come. Visiting agents then give the listing agent feedback on what could be done to make the house more appealing to buyers, about the price, etc, to help the listing agent.

Buyers and neighbors are usually welcome to visit the home, as they would a regular weekend open house.

Please contact me if you would like to learn more about a Baltimore County Broker’s Open and how it may help to sell a home.

Home Valuation Code of Conduct (HVCC) to be Eliminated

The Home Valuation Code of Conduct (HVCC) will be eliminated, thanks to a bill signed into law by President Obama.

HVCC was enacted in 2009, and has been a big issue in the appraisal battle many home sales have been experiencing.

In June last year, Tasha Linton and I wrote about how HVCC Could Negatively Affect Towson Home Values , because the appraisers assigned are the lowest cost one available, not necessarily from the area. Real estate is very local — for example, Towson neighborhoods are very unique — sometimes even street-by-street! An appraiser from outside of Washington, DC will not understand the neighborhood nuances, and this could tremendously effect an appraisal value.

The HVCC going away is a huge relief to many in the real estate community, and homeowners should be very pleased as well.

HVCC will be phased out over the next 90 days, with the end of October closing this sad chapter in real estate housing history.

Baltimore County Home Sales Up in June 2010

Baltimore County home sales were up in June 2010.

Baltimore home sales had not seen an increase in the past year, so this is great news.

From RealEstate Business Intelligence, Inc. through MRIS, the Metropolitan Regional Information Systems (our local MLS), the numbers show that the Baltimore County average sold price is up 8.25%!

The other very positive number is that the days on the market dropped 12.93% from 116 to 101 June 2009 to June 2010.

These statics are partly due to the Homebuyer Tax Credit, where buyers originally had to settle by the end of June to receive their credit.

573 Baltimore County homes went under contract in June 2010, and 681 homes sold. The good news is that those 573 homes that went under contract did not rely on the tax credit.

Here is the report for June Baltimore County home sales.

What the statistics tell me is that right now is a great time to sell a Baltimore County home. Prices are up, average days on the market are down, so the inconvenience is less.

If you are considering the possibility of selling your Baltimore County home, contact me today.

8702 School Rd – Parkville Summit Colonial
Parkville, Maryland 21234 – Offered at $249,900.

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Explore this wonderful Parkville home for sale at $249,900…

• First Floor
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• Finished Basement
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President Obama Signed Tax Credit Extension Into Law

This morning, President Obama signed the tax credit extension into law, helping about 180,000 buyers who were unable to settle by June 30, 2010 to hopefully receive their due tax credit.

NAR reported that around 180,000 eligible buyers were unable to settle by the original deadline to no fault of theirs, causing them to lose out if the extension were not to become law.

On June 29, the House voted to extend the settlement deadline, but had a provision about unemployment in the same bill.

The Senate rejected that version, but agreed unanimously to extend the tax credit deadline by itself.

Congratulations to those buyers who had done everything in their power to settle on time yet could not, and will now be able to take advantage of the tax credit for which they were eligible.

Senate Passes Homebuyer Tax Credit Extension

The Senate passed the homebuyer tax credit extension today, allowing those who were under contract by April 30, 2010 to move past the original deadline of today, June 30, 2010 to settle by September 30, 2010.

NASDAQ reported this wonderful news a short time ago.

The House voted in favor of the homebuyer tax credit extension yesterday. The Senate voted unanimously today. President Obama must still sign it into law.

What a wonderful thing for those approximately 180,000 homebuyers who were unable to settle today due to circumstances out of their control.

House Votes to Extend Tax Credit Three Months Now in Senate Hands

In a last effort push, the House voted to extend the tax credit three months and the decision to be put into law is now in Senate hands.

The House voted 409-5 in favor of bill H.R. 5623.

This would be a welcome relief for the estimated 180,000 homebuyers who would lose out on the tax credit due to no fault of their own because they are unable to settle by tomorrow’s deadline.

The Associate Press quotes Representative Sander Levin, chair of the House Ways & Means Committee:

“We owe this to the people who have essentially followed the rules who are caught by a closing date.”

The bill enters the Senate for vote now, hopefully passing in this attempt, separating this issue from the others that caused it to fail in passing prior to now.

The countdown is on with one day until the deadline to close passes.

Up to 180,000 Homebuyers May Lose Tax Credit if Not Extended

Up to 180,000 homebuyers may lose the tax credit if the deadline is not extended past June 30, 2010 — and not by any fault of those buyers.

NAR reports that in Maryland, that number is around 2,630 homebuyers.

This is due to waiting on short sales, foreclosures, or lender delays, none of which these homebuyers have any control over.

According to NAR President Vicki Cox Golder,

“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a workflow jam with lenders or other delays such as lapses in the National Flood Insurance Program, Rural Housing Service, and new home construction, and might not be able to complete the purchase of their homes by the current deadline,” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”

This is bad news for these qualified buyers who have done everything in their power to meet all deadlines for the tax credit that they are eligible to receive.

98 Maryland High Schools Rank in Newsweek Survey

98 Maryland High Schools ranked in a Newsweek survey out of 27,000 high schools across the country.

Only 6% of all high schools (about 1,600) make the list.

Baltimore County Public Schools had 12 schools on there!

The Baltimore Sun reported on the list, stating the Baltimore County Schools that made it and their ranking:

Dulaney, 253; Towson, 334; Carver Center for Arts, 470; Eastern Tech, 564; Pikesville, 590; Hereford, 632; Catonsville, 951; Western, 1,179; Owings Mills, 1,240; Loch Raven, 1,302; Franklin, 1,457; Perry Hall, 1,525.

Towson High School was ranked at # 334, and Dulaney High at 253. Many Towson homes are in the Towson High School district, and many Cockeysville and Hunt Valley homes are in the Dulaney High school district.

To be certain of a particular Baltimore County home’s school district, www.bcps.org has a link to discover what schools a particular home is set to attend. One thing to be aware of, though, is that homes can be redistricted at any time.

If you are considering buying homes based on Baltimore County school districts, these scores are a great beginning to discover what may be a good fit for you.

Contact me today for Baltimore County real estate.

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