According to the Maryland Association of REALTORS(R) Action Alert about the reduction in tax deduction,

“Under the proposal, if a Maryland taxpayer’s federal adjusted gross income exceeds $100,000; single taxpayer’s itemized deductions would decrease by 10% when calculating Maryland taxable income – that’s an INCREASE in your Maryland taxable base! Taxpayers with adjusted gross income over $200,000 would see their deductions decrease by 20%!”

That is A LOT of money that 38% of Marylanders would lose!

20% of Maryland homes are already underwater, and this could bring values down further, as I talked about last January when the government wanted to remove the mortgage interest tax deduction across the US.

That bill was voted down, and now our state is trying it to reduce our deficit.

The Maryland Bill in discussion is Budget Reconciliation and Financing Act of 2012 (BRFA, HB 87/SB 152).

If you feel that the reduction in mortgage interest tax deductions could affect either you or your home’s value, this link should take you to the Action Center, where you can enter your information and email your upper & lower state chamber representatives.

I hope we can keep our Maryland real estate market on the upturn, rather than see it turn downward.

The new members need to sign up by Feburary 29, 2012 or the project will be terminated.

According to the Towson Patch article about the issue, the Club has $318,000 in funds raised by members joining, but in applying for a new loan, plus paying for an engineering contract, they need to secure more members to make it happen.

The cost, according to the paperwork from their website, is $1,975 per household plus $250 application fee and $275 initiation fee. The charter membership may be transferable when you sell your Towson home.

Summer fees range from $495 individual memberships to $685 family memberships, with lower Senior memberships also available.

The Towson Swim Club was originally slated to open Memorial Day 2011. It was then postponed to Memorial Day 2012 when a private investor backed out. Now the opening has been pushed back another year to 2013, and only if 135 new members join by February 29, 2012.

I do truly hope that West Towson homeowners can come together and get this pool financed. It would be a wonderful additional bonus to living in West Towson.

According to an article in the Baltimore Business Journal, the Greater Baltimore region jumped 40%, while the more local Baltimore-Towson region rose 6%.

The December 2011 data for contracts for future residential construction rising a very large amount — $116 million versus $39.2 million in December 2010.

Towson new homes under construction, I am sure, helped a lot with these local numbers. The Towson Green community is well under way and should be delivering new homes in the upcoming months.

New construction tends to be a good indicator of a recovering market because builders won’t build if buyers aren’t there to buy them.

If you’d like more information on Towson new homes or Baltimore new homes, contact me. We’d love to help!

I’ve been wearing purple all week to support my boys, and today have my Joe Flacco jersey on (even with dress pants and heels for work! ) I haven’t gone so far as to get a purple Fu Manchu, but there is no question I support my Baltimore Ravens!

So Sunday I’ll be on my feet cheering on my Baltimore Ravens, wearing my purple, supporting from afar.

GO RAVENS!

The article does clarify, though, that prices are still expected to drop in many areas, but there should be more home sales, and more houses being built, which are usually indicators of the beginnings of a recovery.

The reason prices are expected to fall in many areas would be due to the large number of foreclosures still out there. Many were delayed because of the “robo-signing” scandal last year, but will be moved forward this year.

The economy is an important piece in the housing recovery. Last month, the unemployment rate dropped to 8.5%, and 200,000 jobs were added. These are good signs for the economy, and housing usually follows economic recovery.

There are many factors that affect the housing recovery, and Baltimore real estate is extremely local. Some neighborhoods, like those I’ve noted in Towson home sales in December and Timonium December home sales, have seen some increases or at least stabilization.

Real estate is extremely local — as much as street-by-street or neighborhood-by-neighborhood.

To find out where your Baltimore house currently stands in the housing recovery, please contact me. I would be happy to help!

I am excited about this weekend when the Ravens take on the Houston Texans here in Baltimore on Sunday. It looks like it is going to be C-O-L-D out there, but I will have my many layers on (I’ll have someone take a picture so you can see “Michelin Man Marney.”

I’ve been wearing purple all week, but today have my Joe Flacco jersey on, and am ready to cheer on the Ravens!

Last time we took on the Texans was in October, and we won then, we are hoping for the same this Sunday.

Baltimore has gone Purple with lights going purple, grasses being painted with the Ravens logo, and a sea of purple shirts & jerseys everywhere!

My son’s school even let them wear Ravens Jerseys as their uniforms today!

Baltimore is in deep support of our team this week, and it will continue.

As far as Sunday, I’ll be there, cheering on the Ravens!

GO RAVENS!

This year again, the restaurants are supporting “The Journey Home,” a program designed to end homelessness in Baltimore City within the next ten years. This year, the United Way is offering that if you text “JOIN” 20222, from January 20-29, you will donate $10 to The Journey Home.

Participating restaurants will have prix-fix menus. Three course dinners will be $30.12 or $20.12, depending on the place (though when I looked, I only saw four in the entire list that were only $20.12). Many will also offer two course lunches for $15.12.

You should check baltimorerestaurantweek.com to see which restaurants are participating, who is serving lunch, and to make reservations, which are highly recommended.

So come to Downtown Baltimore and enjoy some delicious food at delicious prices. Make your reservations now, because some places are very popular and book up quickly!

Mangia & Enjoy!

Home sales activity was down to 4.4 million homes last month, a drop from the pace set from December 2011 This Month in Real Estate of 4.97 million. It makes me wonder about the number of sales that may have been canceled last month. It is up, though, according to the numbers, 12% over the same period of 2010. The median home sale price was $164,000. The average interest rate for December was 3.91%, down from November.

The Top News, presented by Jay Papasan, is about home buyers, and the surprising things they look for in a home.

Most homebuyers start their searches online, and it takes, on average, about three months to find a home. Weather is less of a factor than in past years, because so many buyers view the house and the areas online to see if they are places they would want to consider.

In News You Can Use with Bryon Ellington, he discusses why listing your house NOW instead of waiting for the Spring may be a good decision.

1) As noted earlier, it takes, on average, about three months for a buyer to find their house. That will be Spring — so you are listing for those who are looking to settle in that time frame!

2) You have less competition. Many people wait to list in the Spring. If you list now, there are fewer houses for buyers to choose from — which may make yours more attractive!

3) Lenders, appraisers, movers, home inspectors, contractors, and other vendors also see a decline in business during these months. Therefore your sale/home/buyer gets more attention.

If you’d like more information on whether now is a good time to sell your house in Towson, contact me. I would be happy to help!

For those who know me, know that 2011 was a difficult one for my family.

We lost my father a week before Christmas, after a long battle with cancer. He died exactly a year from the date that my brother’s wife had surgery for a major brain tumor.

Though we’ve had challenges, I feel very lucky to have such a wonderful, supportive, and loving family.

I am hoping 2012 will bring more happiness, love, and joy into our lives, and just a few less challenges, please!

So, my plan now is to be back on schedule for regular updates.

Are there any posts you’d like to see from me? Updates on your neighborhood? Let me know!

Here’s to a WONDERFUL 2012!

Unlike the Department of Public Works for Baltimore County tree pickup, the Baltimore City Department of Public Works asks residents to put their trees out where their trash is normally collected, and will remove them on the days when their trash is regularly picked up.

All trees must be empty of ornaments, lights, and tinsel, and must not be in bags.

The Baltimore City Department of Public Works also offers the ability to bring your tree in to have it mulched. If you take your tree in and bring bags or other containers, you can take that mulch for your own personal use! This year the Reedbird Avenue Citizen Drop-off Center, 701 Reedbird Avenue, will provide this service from 9am-2pm Monday through Saturday.

If you had a real tree for your holiday celebration in Baltimore City, you have some time to still enjoy it, or you can put it out for collection as soon as Tuesday.

Happy New Year!