Guest Post in Baltimore Sun Online

I was honored to be asked by the esteemed Real Estate Wonk, Jamie Smith-Hopkins, to be her first guest post for her Baltimore Sun blog.

Jamie’s posts are always insightful, chock full of information, plus great statistics and details interpreting the data.

Should this post be well received, I may be doing more in the future.

Today’s Baltimore Sun Real Estate Wonk column was about what to do to sell your townhome in Timonium, as I currently have listed two of the 43 townhouses for sale under $400,000 in the 21093 zip code.

In researching the area in detail, and realizing the depth of the number of houses competing for the same buyers, I realized I needed to help my sellers understand the market on a whole new level than ever before. Thus began the blog post. I am hoping this helps sellers best prepare their house for sale.

Homes need to be clean, neutral, and priced well. Remove clutter & consider staging. A buyer needs to be able to see themselves in the home. Remember, once you’ve decided to sell your house, it is no longer your home. Your goal is to have it be someone else’s!

I hope you will enjoy my Baltimore Sun post, and if you have Timonium real estate needs, contact me!

Development at Pot Spring and Old Bosley Rd in Timonium

The development of the acreage at the corner of Pot Spring Road and Old Bosley Rd in Cockeysville near Timonium had its’ plans halted on Thursday, as new Councilman Todd Huff postponed his consideration of the development.

The land is currently zoned for 13 homes, but the developer, Jeffrey C. Kirby, wants to build 33 attached homes for a 55+ community. Over 200 residents came out, many to oppose the resolution last Monday at a meeting, and the work session was scheduled for tomorrow, February 1, 2011. The Baltimore Sun reported in an article on the development’s postponement. This was just one step of many that would have to be approved before the project were to be able to continue.

The lot’s location is the wooded area behind the Lake Apartments on the left side of Pot Spring, south side of Old Bosley Road.

View Larger Map

The proposal is in limbo right now, but not withdrawn or canceled.

Many of the neighbors are concerned with the change in the current zoning, and the traffic issues that could be caused by an additional 20 homes than zoning currently allows for the land. To the west of the proposed development is an already highly developed area of Cockeysville homes.

I will stay tuned as the changes in development continue!

Computerized Appraisal Problems

Computerized appraisals have been an issue for awhile, but recently, they have become a problem for a much larger group of people.

Appraisals done by people in general are both objective and subjective, which means that often if you had two professional appraisers come to your house, you would likely get two different price opinions, if they did not have a target price to go from.

Computerized appraisals are just that. It uses transactional data information but does not take updates and other ancillary details into consideration. According to the Wall Street Journal article by M.P. McQueen,

Automated valuation models were pioneered by Yale economist Robert Shiller, who developed the first systems in the early 1990s. While arguing that these appraisals are more objective than human appraisers, Mr. Shiller and others say that in some situations the models may be providing unrealistically low values, prompting lenders to reject loan applications or lend less money on particular properties.

I have to question as to whether the data is similar to those used by Zillow Zestimates to find value. Baltimore County Zillow Zestimates have been well off in many situations, and the disclaimers on their site are many. Their CEO & CFO explained their data issues to me, and I discussed them in my post about misleading Towson Zestimates.

If owners have tax credits or have lived in the property for a long time, that can easily skew results, creating an incorrectly low “appraisal” or Zestimate.

So, if you are looking to refinance your Baltimore County home, be aware of computerized appraisals.

Economists Predict Growth in 2011

Economists predict growth in 2011, according to an article in the Washington Post on New Year’s Eve.

One of the factors used was that the National Association of REALTORS(R) (NAR) stated that pending home sales were up 3.5%, showing that more buyers are moving into the real estate marketplace, and a sense of confidence about future home prices rising.

The Washington Post article by Neil Irwin also states that many consumers are paying down their debt, and lenders are loosening their credit availability, also adding to the ability of potential homeowners to buy houses. They do think that residential housing still won’t be a huge factor in the growth, saying,

Few forecasters are expecting major improvement in the housing sector, which has been a drag on the economy for four straight years. But neither does housing appear set to be a major drain on growth. Residential investment constituted its lowest proportion of overall economic activity on record in the third quarter, meaning that even if it were to contract a bit, it would have little impact on growth.

There also is a glut of houses in foreclosure, waiting to be released for sale. Banks have estimated these to be in the millions. This year, we do not expect to see housing prices rise in the spring as in the past, as I discussed in my post,”Will My Timonium House Be Worth More in the Spring?”

So what does this mean?

It means we it appears we are in the beginning of recovery in our recession. This takes time.

It also means that sellers need to be aware that low prices are what are driving buyers into the real estate market. To sell your Baltimore County home, you need to be priced aggressively and show beautifully.

For more information on your Baltimore County neighborhood, contact me. I am happy to help!

626 Budleigh Circle – Chapelgate Townhouse
Timonium, Maryland — Offered at $309,000. *UPDATE: RENTED*

• Download the Brochure (PDF)
• Schedule an Appointment
• Ask a Question
• View Virtual Tour

Explore this wonderful Timonium home for sale at $309,000…

• First Floor
• Second Floor
• Finished Basement
• Exterior
• Neighborhood

(Click on Any Picture to Enlarge)

Chapelgate Townhouse in Timonium, Maryland

This townhouse, built in 1991, is located in the Chapelgate community of Mays Chapel in Timonium, Maryland in Baltimore County.

Some new stainless appliances in the kitchen, new heating & A/C units this spring, as well as gleaming hardwood floors in the living room & dining room, super clean carpets up & downstairs, as well as a new roof last year, this home has it all.

Backing to trees, a new deck, plus a garage to park your car, bike, or store things, this home is a great one!

First Floor

Second Floor

Lower Level

Neighborhood: Timonium Real Estate in Baltimore County

The Chapelgate community is located in Mays Chapel off West Padonia Rd and Jenifer Road in the 21093 zip code. Mays Chapel is home to many, as the planned unit development hosts townhomes, condominiums, single family homes, and apartments. The Mays Chapel community has some new condos still being built in the area.

The Chapelgate townhome community has a Homeowner’s Association (HOA), and the monthly fees include law maintenance, mowing and common area maintenance. Don’t miss this gorgeous home!

Will My Timonium House be Worth More in the Spring?

Will my house be worth more in the spring?

Often times, sellers wait for the “Spring Market” to put their house up for sale, since usually buyers are more apt to look, your house looks great with the spring blooms and the winter doldrums over.

The end of 2010 into the Spring 2011 home sales market is looking a bit different — and not in a good way for home sellers.

In reading an article from Keeping Current MattersTM, where the writers reference multiple trend reports, the recovery seems much more likely to be in 2012 than 2011. Once the paperwork is cleared with the banks, more foreclosures will flood the market — with a number coming on that had been held up before. Short sales are still on the rise, which hurt house values.

Economist and trend valueists still show 2011 in a lower curve, expecting prices to drop even more-so in the next 12 months.

So what does this mean for Timonium homes for sale?

Sellers need to price their home correctly to sell within 60 days — before the market drops further!

Sellers should also consider the fact that Timonium homebuyers who are looking right now, are very serious — not just looking for the sake of looking! So if you are a seller considering selling, get it ready, and get it on the market as quickly as possible. Houses tend to look beautiful around the holidays with decorations!

Contact me for more information about selling a Timonium house. I am happy to help!

Clifton Gunderson Hiring Could Be Good for Timonium House Values

Clifton Gunderson is hiring 40 new employees for their Baltimore headquarters located in Timonium, and the positions should be filled by January 1, 2011.

The salaries range from $50,000-$200,000, and the positions are specialized in accounting and auditing, according to an article in the Baltimore Business Journal.

Clifton Gunderson is a public accounting and tax and consulting firm, and since the jobs are very specific, new employees may come from other areas of the country. This is where the company’s hirings could possibly help Timonium house values, because these salaries can help the new employees buy homes in Maryland. And where better than nearby in Timonium?

The Clifton Gunderson offices are located on Deereco Road, which is near Mays Chapel, with condos, townhomes, and single family homes, The Oaks at Five Farms, and many other Timonium neighborhoods.

The uptick would be welcome as Timonium home sales in September were way down. I am hoping to see better numbers for October when they come out later next week.

Contact me for more Timonium real estate questions or concerns. I am happy to help!

Fantastic Master Bath in Timonium Townhouse

A fantastic master bath in a Timonium Townhouse is hard to come by.

Enter 2313 Wonderview Road, a gorgeous townhome in Timonium with a brand new super master bathroom!

Two Cherrywood marble counter top sinks have individual mirrors and dual sconces for good lighting.

A brand new extra long shower showcases ceramic tile work, including built in shelving. The sliding glass door and a window creates a light and airy space.

Recessed lighting overhead and a new ceramic tile floor make for an incredible and inviting place to start your day and end the evening.

The walk-in closet is right off the bath, so you can continue to enjoy the luxury as you choose your clothes.

Spacious, open and warm, this master bath is highly unusual for the Ravenwood / Chapel Hill townhome community.

A gorgeous bathroom in a large, beautiful home!

Contact me for more information on this great Timonium townhouse or other Timonium houses.

Timonium Home Sales Statistics February 2010

Timonium houses have dropped a little in value over the past year — with average 21093 home sales remaining in the low $300,000′s from February 2009-February 2010.

Sold values dropped 10% from February 2009 to $310,000, but under contract was up 1%. Also to note is that there were 34 that settled this February over only 18 last year at the same time.

List prices are down from $349,000 last year to $340,000 this year.

Considering the multiple blizzards we had in one week in February, these numbers are much better than they could have been!

View the February 2010 Timonium Home Sales Report.

Please note that these are statistics from the multiple list. The chart is an overview of the zip code and does not take into account the type (condo, townhouse, single family) or condition of the home. To have a true value understanding of your Timonium home or Lutherville neighborhood, these factors need to be taken into consideration. If you would like a Lutherville or Timonium home price evaluation, please contact me today.

2313 Wonderview Rd – Ravenview Townhouse
Timonium, Maryland – Offered at $325,000.
*UPDATE: SOLD!*

• Download the Brochure (PDF)
• Schedule an Appointment
• Ask a Question
• View Virtual Tour

Explore this wonderful Timonium home for sale at $325,000…

• First Floor
• Second Floor
• Finished Basement
• Exterior
• Neighborhood

Read more

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