Timonium Home Sale Statistics Past Six Months June-December, 2009

My compilation of the 21093 real estate market statistics for the last six months are here!  The full chart in the link includes data on sales, contract, and active homes from June 22-December 6, 2009.

 

The full chart shows that prices and inventory have stabilized in the Lutherville and Timonium real estate market. There are 4% more houses on the market in the past 12 weeks compared to the 12 weeks prior, but prices have dropped for those sold a small amount — around 2.4%. The prices of houses going under contract have dropped about 5%.

Consistently, there have been about 200 homes for sale in 21093, while on average 9 of those homes are going under contract each week (and 9 new ones listed on average, evening it out). An average of 9 are also settling each week.  There is a large inventory for Timonium homebuyers, so now is the time to buy!

These 21093 home sale statistics show me that pricing correctly is extremely important, to be able to be one of those 9 selling each week. Having your home in move-in condition, and good marketing are also needed in this Lutherville housing market.

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 Timonium or Lutherville home price evaluation, please contact me today.

My Timonium Real Estate Office is Collecting Toys for Tots and Gloves and Hats for Lanvale Center in Baltimore

Last year my Keller Williams Excellence office in Timonium was approved to be an official drop off for the Toys for Tots campaign, and we are in again this year!

We had boxes and bags and cars full of toys for the Marines to come pick up last year, and were so proud to be a part of such a wonderful organization and drive.

This year we are also collecting gloves/mittens, scarves and hats for children living at the Lanvale Center in Baltimore. The children who have come to Lanvale have nothing when they arrive, including coats and gloves to protect them from the cold, harsh winter. Usually these children have been removed from their homes by Child Social Services and this provides a safe place for them to begin to rebuild their lives.

Donations of both toys and winter clothes for children can be dropped off at my office Monday-Friday 9am -5pm, or I would be happy to pick them up or arrange for additional drop off times for you. Our collection ends December 18, 2009.

Thank you for any help you are able to give. These children will appreciate it more than you can imagine.

 

My Timonium real estate office, Keller Williams Excellence, is located at 1850 York Road, Suite K, Lutherville, MD 21093. Phone: 410-560-5858. We are located in the business park behind the Starbucks, Quizno’s, and Chipotle just north of Ridgely Road. We are the third & final building in the park. Our main entrance is located off the driveway from Ayelsbury Road.

Graul’s in Ruxton Holiday Tasting Events December 4-6, 2009

This Friday, Saturday and Sunday, you can enjoy living in Towson near Ruxton if you want to try some great food at Graul’s in Ruxton or be happy you live in Timonium near the Graul’s in Mays Chapel.

Friday from 4-7 enjoy yummy appetizers that are easy to make! Saturday and Sunday, try some ”Over the Top” Holiday Favorites from 11-5.

As the email they sent says, “Bring your family to join our family for a Taste of the Holiday Season”!

Graul’s continues to be a great cornerstone for both the Ruxton and Mays Chapel communities, offering good food both local and imported, and wine shops attached to complement your meals.

I love living near the Graul’s in Ruxton for both the convenience and these neat events they hold. We are there on a regular basis — and the staff really does make you feel like family!

So join their family this weekend and enjoy some delicious food while you are there. Another great reason to live in Towson or live in Mays Chapel!

St. Paul’s Lutheran Church in Lutherville to host a Craft Fair November 7, 2009 9am – 2pm

Located in Historic Old Lutherville, St. Paul’s Lutheran Church is a beautiful pillar of the community.

The parish is holding a craft fair on November 7 from 9am-2pm in Spangler Hall. If you are a crafter and would like to sell your wares, please contact them at 410-252-3768 — the tables are inexpensive!

If you enjoy crafts, but are not one yourself, get ready to shop! There will be some great items for yourself and for gifts.

St. Paul’s Lutheran Church is located at 1609 Kurtz Avenue, Lutherville, MD 21093.

Senate Agrees to Extend Homebuyer Tax Credit — Now onto a Vote and the House — What does this mean for Towson Homebuyers?

According to the Associated Press, per their article of 8 pm October 28, 2009, the Senate agreed to extend the Homebuyer Tax Credit for people writing contracts through the end of April, 2010, and settling by the end of June, 2010.

They are also including a reduced credit of up to $6,500 for repeat buyers who have owned their current homes for at least five years.

There will be income limits and sales price limits, all of which will be spelled out when the legislation is officially circulated.

If this passes both the Senate and the House, it is great news for the Towson homebuyers who were hoping to benefit from this credit but were unable to find a home to close on by the current deadline of November 30, 2009. It also helps reduce the artificially inflated market they were competing in due to this looming deadline.

This would also be good news for the Towson home sellers below the agreed price limits because they now have time to get their houses truly ready to sell, get their houses staged, and price it right — without the rush!

I will keep you updated as it hopefully passes through the Senate and hopefully in the House as well before heading to our President’s desk for his signature!

Towson and Timonium House Values Volatile Week by Week

The past year, as most of us know, has shown a volatile real estate market in the Towson, Timonium, and Hunt Valley marketplace.

The statistics revealed, however, were very unusual. The sale prices varied very widely BY WEEK! (View the full two page chart here)

What does this mean for Towson homeowners?

It means that an exact number can’t be reached in terms of the value of your home. The price fluxuation is consistent with the interest rate flux. Depending on the interest rate, your home could be worth more or less this week!
It also means that if you are thinking about selling, you have to anticipate the market, and price on the lower side. Page two of the Market Dynamics chart shows median prices, and the ones they don’t sell are the ones that are priced too high!

First Time Homebuyer Tax Credit is Running Out of Time

November 30, 2009 seems far enough away. It’s after Thanksgiving, and it’s currently 95 degrees out. Who’s counting?

Towson First Time Homebuyers should be, that’s who!

If you want to take advantage of the First Time Homebuyer Tax Credit, you must get MOVING NOW!

It can take some time to find a house. If we start looking tomorrow, it could take you 30 days to find the perfect place, couldn’t it? Today is August 24. 30 days brings us to September 24. If you are using an FHA mortgage, banks are stating 45-60 days to ensure issues that may arise are covered/taken care of. That brings you to yes, November 24th. What is November 24th? The Tuesday before Thanksgiving. Think of all of the First Time Homebuyers across the US trying to take advantage of this credit. All under the same guidelines, deadlines, etc. How well do you think a closing may go on November 24th????

Keep in mind, if you settle December 1, you will NOT receive the tax credit benefit, even if the delayed closing is NOT YOUR FAULT. You would still not be eligible.

So what does this mean?

Contact me today to GET MOVING and get $8,000 back from the government on your taxes next year. WHAT A GIFT!

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Here is a great chart by Chik Quintans of Blue Sky Mortgage Strategies in Seattle, Washington showing just how little time is left!

Towson Realtor : One Year Blogging Anniversary on Towson Real Estate

Happy Anniversary — to ME!

One year ago today, July 28, I wrote my first blog. I wasn’t certain what to write about, how to go about it, or what to do.

I didn’t begin writing about Towson real estate because I had to learn about what topics would be useful and how to write them in the best way.

I wrote about the most wonderful time of the year, which is, yes, upon us again. FOOTBALL SEASON! Baltimore Ravens training camp has begun yet again, and next Tuesday I will be out there cheering on the boys of the Ravens.

My posts about the Ravens have certainly dwindled as my focus has moved mostly to Towson real estate and what laws, changes, etc are effecting Towson house values both positively and negatively. As writing has become easier, I may throw in the Ravens more frequently because I am posting more often.

So, thank you to those who have joined me on my journey this first year, and I look forward to many more!

Towson Condo Owners Need to Be Aware of New Law

Beginning June 1, 2009, Maryland Law HB287, approved by the Governor May 19, went into effect. The bill discusses Real Property Condominiums — Damage and Destruction. Here is a copy of the bill .

What this means for the Towson condo owner is that before this bill, condominium associations, for the most part, were responsible for structural repairs and maintenance to common areas and units, while individual unit owners were only responsible for personal property in their own units. (Some condo association policies were not this way to begin with, so this new bill will not affect you if the general insurance policy in your community did not cover this before).

The new bill states that the associations are required to maintain insurance ONLY on the common areas and not on individual units. In addition, any damage to common areas originating from YOUR unit would have YOU responsible to pay up to$5,000, the maximum deductible allowed on the insurance policy of the association.

Also, to be clear, you as a unit owner, are responsible for damage caused by your unit to other units. For example, if you live on the third floor of your Towson condo building, and you have a leak from your shower that flows down through the second floor unit down to the first, YOU, as owner of the unit where the issue originated, would be responsible to the repairs to the OTHER units as well.

Here is a summary of the bill from State Surge, a great site where you can read & review laws enacted by your local government.

The best course of action for Towson condo owners (and for ALL Maryland condo owners), is to call your insurance agent right away to find out what your personal insurance policy is, and ensure you have complete coverage so that in the event of a problem, your insurance may pay that $5,000 deductible — instead of YOU personally!

Incorrect Towson Zillow Zestimates Strike Again

Memorial Day brings families together, and discussions many times go to real estate, especially when you have a member of your family who specializes in that field.

I like to know my Towson real estate marketplace so when I am asked how much a home is that someone passed on the way to my house, I know the answer.

One family member who lives not too far away, said he went on Zillow to find out how much his home is worth. He is not selling anytime soon, and didn’t want to “bother me”, but couldn’t believe that his home was worth over $210,000 less than he bought it for just 2 1/2 years ago.

Now, a neighbor’s house is on the market for $624,900. This area is very diverse, much like Towson, so the neighbor’s house is much smaller, with significantly lesser acreage. It’s Zestimate? $440,500. $184,400 difference (30%!).

This brought me to show them my past posts about Misleading Towson Zillow Zestimates and the one about how my past client’s HELOC was reduced based on the very incorrect Zillow Zestimate on his home.

Pulling two homes that are on the market near my Towson home (that he passed, and yes, had asked me about), I found one listed for $2,495,000. Zestimate? $971,000. Over $1.5 MILLION difference (39%!) The smaller one down the street from there? On the market for $615,000, Zestimate $489,000. (20% difference).

I wrote about it on a Realtor website called ActiveRain to find out if others are having similar issues. I also sent the information to my two contacts at Zillow. Responses have been that the site is very off in areas across the country. The one contact at Zillow, David Gibbons, stated in an email to me:

“It appears as though the Zestimate values for unique homes in this area that have not recently sold (like this one) seem to be driven largely off the tax values. For some reason, this homeowner pays incredibly low taxes (half that for homes selling at $2M.) I’m pretty certain that that is why our estimate is indeed off…”

Again, this emphasizes that real estate truly is LOCAL. However, if a site is designed to helps consumers determine values, shouldn’t those values be SOMEWHAT accurate?

If you would like an accurate Towson home value estimate, please contact me. I can help you anywhere in the Baltimore real estate market area, or can refer you to an agent anywhere across the country.

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