Buying into Baltimore $4,000 Incentive Fall 2010

Buying a home Baltimore just became a little sweeter for homebuyers looking on the east side.

The Housing Authority of Baltimore City sent a press release out this morning with this great announcement that 50 eligible buyers participating in the Buying into Baltimore event on September 11, 2010 will receive $4,000 towards their new home, an increase of $1,000 over the past 13 years of the program. These are 5 year forgivable loans, meaning that if the buyers remain in the home for 5 years, they will not have to repay.

The Spring Buying into Baltimore Fair was held on May 8, and was a great success.

September’s Buying into Baltimore Event & Tour will begin at Mergenthaler Vocational Technical High School on Hillen Road in Baltimore from 8:30 am – 2 pm.

From the press release:

To receive the money, participants must:
1) live in the desired home as the primary owner/occupant,
2) possess a valid homeownership counseling certificate,
3) participate in the “Buying into Baltimore” tour and have the tour ticket validated at four homes,
4) buy in the eastern part of Baltimore (see Live Baltimore website for boundary details),
5) purchase a home that is less than $417,000, and
6) sign the home sales contract after the event takes place.

Funds are distributed on a first-come, first-served basis. Participants must close on a house within 90 days of the eastern region fair to receive the $4,000 award. There are no income restrictions on this program, nor does a recipient have to be a first-time homebuyer.

The Boundaries, from the Live Baltimore website are:

Boundary dividing line:

Starting from the North (Baltimore City/Baltimore County Line)…

• Head South on Charles St.
• To West on 29th St.
• To South on Howard St.
• To West on Camden St.
• To South on Russell St. and continue to County Line

So if you are considering buying a house in East Baltimore City, contact me to learn more!

Realtormarney.com is Baltimore’s Best Real Estate Blog on Zillow

Realtormarney.com was voted by readers as Baltimore’s Best Real Estate Blog on Zillow!

Though I have my issues with Zillow and the very incorrect Towson Zillow Zestimates, it is still an honor to be nominated for best Baltimore real estate blog, and even more so to have the voters choose my blog to win!

The race was very tight between myself and Jamie Smith-Hopkins from the Baltimore Sun. To have it be a close one between a full time professional writer and myself made it even more exciting to me!

The night before the final votes, I had been down a lot, and thought the contest was over. I used Twitter and Facebook to put a call out for help — and my online friends and “fans” came through to help me win with 46% of the votes!

It shows how powerful these social media sites are, and what connections you can make and relationships you can build.

I want to thank each of you who voted and got the word out to vote for me, and the amazing amount of support I received. I am overwhelmed and grateful.

THANK YOU!

Don’t forget to contact me for your Baltimore real estate needs. I am here & ready to serve!

Silo Point Baltimore Condo

Silo Point condominium in Baltimore is an amazing community located in Locust Point in Downtown Baltimore.

The amenities are abundant and spectacular. You are greeted at the front desk by staff, ready, willing, and able to help. The full service gym on the lower level has everything you could need to work out. Across the hall is a lounge with pool tables, comfy chairs, and a WINE BAR!

There are elements of the original grain silo kept throughout, making it such a unique place.

No detail has been overlooked with the variety of units from the warehouse feel to the “Roland Park” (quoted) feel of some of the larger units.

One condo even had the television in the mirror in the master bathroom!

The views are spectacular from most of the units, especially on the higher floors. You can see all over Baltimore from the Harbor to the Ravens Stadium, on a clear day even into Baltimore County north!

The Sky Lounge is a place where residents can hang out or have parties — and it is open for rent for outside groups to use as well!

Silo Point townhomes are located on the building as well, many of which are actually less expensive than some of the condo units.

I really enjoyed my tour of beautiful Silo Point. What a luxurious, fantastic piece of Baltimore real estate. If you want to buy a Silo Point condo, contact me to get started on your path to luxury!

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!

Baltimore House Values Still Struggling

Baltimore house values are still struggling compared to much of the rest of the US in July 2010.

Finally, Baltimore homes are seeing an increase in value, with the first quarter of the year up 2.9% over 2009. The rest of the country, on average, saw an increase of 7.9%. The rough news is that values in July 2010 were down 2.7% in Baltimore, while the US saw an 11.1% increase.

The increase over the first quarter is very encouraging, though, and should be the focus of the regaining Baltimore housing market.

The Baltimore Business Journal’s article quotes the senior statistician from Clear Capital, who put the report together, saying:

“Home prices continue to show positive growth from the first quarter of the year,” Villacorta said in the report. “This trend indicates that the initial upward momentum created by the tax credit expiration is being sustained.”

Baltimore homebuyers should contact me to take advantage now before the prices start to recover at a quicker rate!

This Month in Real Estate August 2010

This Month in Real Estate August 2010 has been released.

As I mentioned in my July 15 post, “Mortgage Rates at Lowest Point in Five Decades,” mortgage interest rates have dropped to their lowest level in the past 50 years. On July 29th, that number was 4.54%! Freddie Mac’s current average interest rate is at a historic low of 4.6% — right at the lowest since it began recording in 1971 (but up from Thursday!).

While it is tempting to wait for a price for a home to drop, what tends to happen is that when prices drop, interest rates rise. Therefore, your payment, even if the price of the house is lower, may be the same or higher than it would be right now!

Contact me more information on buying a Baltimore home using historically low interest rates!

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.

Emergent BioSolutions Jobs in Baltimore

Emergent BioSolutions will have 120 new jobs in Baltimore in the next few years.

The company, based in Rockville, had a ribbon cutting ceremony on their 56,000 square foot facility on Lombard Street in Downtown Baltimore on Friday.

Emergent is the maker of the only FDA approved anthrax vaccine. The Washington Post reports that they are hoping that this location near Johns Hopkins Bayview will help them get into more commercial biotechnology and pharmaceuticals.

This is great for Baltimore residents because there will be more job opportunities opening in the area, which could also help the Baltimore real estate market, especially Canton house values, since it is so close by and right on public transportation routes!

Mortgage Rates at Lowest Point in Five Decades

Mortgage rates are at the lowest point they have been in five decades.

The national average is 4.57% for a 30 year fixed conventional loan.

MSNBC reports that:

Rates have fallen over the past two months. Investors, concerned with the European debt crisis, have poured money into the safety of Treasury bonds. Treasury yields have fallen and so have mortgage rates, which tend to track yields on long-term Treasurys.

Though the rates are very low, many people have already taken advantage of the low rates that have been in place for months now. These rates also don’t include add on fees, which Freddie Mac reports right now theirs are averaging about 0.7% of the loan amount.

Others are not refinancing due to the fact that they actually cannot. They have less equity in their home than is on their current mortgage, and do not have the money to make up the difference. So despite the possible lower payments, these distressed people cannot take advantage of the historically low rates.

Many Baltimore homeowners are in the same situation, putting them at risk for a short sale if they need to sell.

People who have been on the fence about buying a home should consider the moment to be now. With rates this low, plus Baltimore home prices being so low, there has rarely been a better time to buy!

If you are ready to buy a Baltimore home, contact me today to take advantage of these incredible low interest rates.

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.

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