The Housing Market
People keep asking me about the ever changing housing market and has it leveled off. In my opinion prices have leveled but hard times are not over yet. Here are some statistics for March 2010 vs. March 2009
21228 (Catonsville) – Prices increased by 1%
21227 (Arbutus) – Prices declined by 2 %
21042 & 21043 (Ellicott City) – Prices increased by 18%
21045 & 21046 (Columbia) – Prices Increased by 6%
21117 (Owings Mills) – Prices Increased by 12 %
21093 (Lutherville) – Prices Increased by 19%
Don’t jump to any conclusions yet because much of this could be caused by the increased demand from buyers who want to get a home before the Tax Stimulus expires on April 30th. Both January and February showed a decline in the sales price in 2010 compared to 2009. The other factor is interest rates are still at record lows.
Many people like to know what their current home values are if for no other reason than pure curiosity. If you would like to know what homes are selling for in your community please feel free to email me with your address and I will send you a Market Analysis FREE.
“If you know of anyone looking to purchase or sell a home I hope you will send them my way. I love referrals”
Monday, April 26, 2010
Housing Trends
Real Estate Trends
I have had the opportunity to attend a number of seminars recently on future housing trends and they all seem to point in the same direction. According to many of these urban planners both the younger generation Y, 25-39 year old and the Baby Boomers will be looking for homes that are closer in requiring less travel to work and less use of the automobile. These people will want somewhat smaller homes with higher end amenities and close to recreational facilities and parks. They are looking for the walk able communities. I have noticed that many are looking at Townhomes and Condo’s.
Both Baltimore County and the state of Maryland are very aggressive in their planning to meet these changing needs. According to a recent Maryland Planning Forum that I also attended, Maryland’s population is expected to grow over the next 20 years from 5.6 million residents to over 7 million. Geographically Maryland ranks 46th in size to other states but we currently are ranked 19th in population. We have one of the highest population of attorney’s and scientist in the United States. Maryland is also recognized as having the best educational system in the country.
I have had the opportunity to attend a number of seminars recently on future housing trends and they all seem to point in the same direction. According to many of these urban planners both the younger generation Y, 25-39 year old and the Baby Boomers will be looking for homes that are closer in requiring less travel to work and less use of the automobile. These people will want somewhat smaller homes with higher end amenities and close to recreational facilities and parks. They are looking for the walk able communities. I have noticed that many are looking at Townhomes and Condo’s.
Both Baltimore County and the state of Maryland are very aggressive in their planning to meet these changing needs. According to a recent Maryland Planning Forum that I also attended, Maryland’s population is expected to grow over the next 20 years from 5.6 million residents to over 7 million. Geographically Maryland ranks 46th in size to other states but we currently are ranked 19th in population. We have one of the highest population of attorney’s and scientist in the United States. Maryland is also recognized as having the best educational system in the country.
Friday, April 23, 2010
Increase Your Homes Value
Like most Americans, your home is probably your single largest investment. While the value of your home is largely determined by such things as location, size, condition and amenities, there are still steps you can take to maximize its worth.
First, you need to evaluate your plans carefully if you're improving your home to put it on the market. Cutting corners could hurt rather than help your prospects, but you don't want to go overboard either. Your home's value should be no more than 20% above the average. That means a $10,000 kitchen improvement project might be a better idea than a $10,000 hot tub, especially if no other homes in your area have hot tubs.
In other words, it's best to keep changes simple.
Here's a list of remodeled projects that buyers are likely to find valuable:
First, you need to evaluate your plans carefully if you're improving your home to put it on the market. Cutting corners could hurt rather than help your prospects, but you don't want to go overboard either. Your home's value should be no more than 20% above the average. That means a $10,000 kitchen improvement project might be a better idea than a $10,000 hot tub, especially if no other homes in your area have hot tubs.
In other words, it's best to keep changes simple.
Here's a list of remodeled projects that buyers are likely to find valuable:
- Add a bedroom: Three- and four-bedroom homes are most desirable.
- Install a master bathroom: When a bedroom has a bathroom, it means extra value.
- Install a new shower: A new shower says a modern home.
- Change your fixtures: Get a faucet that adds a decorative element to the bathroom.
- Re-grout the tile: If the tiles are in good shape a new grouting does wonders.
- Install new kitchen cabinets: Even just a paint job and some new handles will give your cabinets a fresh look.
- Improve functionality: If you've got the space, an island is the way to go. New appliances make a difference too.
- Expose the floors: Remove old carpet and show off the original floor. If you don't have hardwood floors, consider new carpeting.
- Install new doors: Doors set off a room and make a great difference.
- Paint the interior: A new paint job speaks volumes. Good colors to use are white, off-white, and a light yellow.
- Add new light fixtures: Replace any that are damaged or out-of-style.
- Add a fireplace: Even if you don't plan on using it much, it adds great value.
- Take advantage of unused or underused space: If you can convert a basement or attic into a useful room, do it.
- Landscape: A few strategically located plants and a neat-looking yard will impress.
- Add a deck: It's a great use of exterior space because it increases your total entertainment area.
- Dress up your porch and entrance: A freshly painted door with a new door handle can make a great first impression.
- Replace the windows: New windows not only give your home a new look, they can also lower your energy bill.
- Thermostat: If you don't have one yet,get one. it saves on energy and is a selling point. Call BG&E, they will install one for FREE.
Remember, when it comes to your home, it's important to keep pace with your neighbors. Don't let your home become the most expensive on the block - but don't fall behind either. This is a case where it's best to be right in the middle!
Energy Saving Tips
- Windows and Doors: Holes in windows and doors allow conditioned air to leak and outdoor air to infiltrate. Caulk around windows and doors. Also caulk areas where plumbing lines or electrical wiring extend to the exterior of home.
- Floor and Wall Insulation: Insulation acts as a barrier to heat and helps keep homes cooler in summer and warmer in winter-all while using less energy. Make sure insulation is used at gaps around attic stairway or over attic access door
- Shedding a Little Light on a Simple Solution: Replace traditional incandescent light bulbs with compact fluorescents which typically use up to 75% less energy
- Appliances and HVAC Systems: Change HVAC filters regularly and consider upgrading older appliances to take advantage of newer more efficient designs
- Buy a Programmable Thermostat: An energy-saving step that can have a positive and noticeable impact right away. Easily installed, programmable thermostats can be adjusted as the weather changes. For every degree a thermostat is set back, homeowners may realize a 1-3% savings on heating or cooling bills
Thursday, April 22, 2010
Buying A Credit Score
The use of scores is growing, and now Congress is looking at how these numbers are created and used .
Everyone's got your number - a credit score, that is - and as a savvy consumer, you might want to find out exactly what they've got.
This three-digit number tries to predict whether you're a credit risk and can dictate the terms you get on credit cards, mortgage loans and insurance premiums. Once secret, scores are now widely pitched by companies - often for a price.
One problem: The score you buy might not be anywhere close to the one your lender or creditor uses. Even a small difference in scores could mean that you don't get the terms you expected. "They show you a score but don't tell you it's not the one that's used by the lender, or not even used by a majority of lenders," says Evan Hendricks, author of "Credit Scores & Credit Reports." "That ain't right."
Scores and credit reports wield increasing influence on our financial lives, and that's the reason they were the subject of a recent congressional hearing on how they are created and used. There's been a push on Capitol Hill to make credit scores more accessible. As part of financial reform now being debated, a provision in the House bill would allow consumers to buy the same scores used by creditors. And next year, federal regulations take effect that could make free scores available to consumers applying for credit.
Credit scores remained a mystery until about a decade ago, when legislative pressure starting forcing mortgage companies and credit bureaus to share scores with consumers. Now credit scores flood the marketplace. Fees run about $15 for a score and credit report, or $15 to $40 a month for a service that provides scores, reports and other features.
FICO is the oldest and most widely used score by creditors and lenders.
The three major credit bureaus - Experian, Equifax and TransUnion - four years ago created the VantageScore.
Consumer advocates say it's not broadly used by creditors, though TransUnion spokesman Steven Katz says VantageScore is used by many of the top financial institutions and credit card issuers.
There also are knock-offs or so-called FAKO scores that are purely educational and sold only to consumers, not lenders.
Creditors select the score they want to use. It could be one that's tailored for a specific product, such as autos or credit cards, and not sold to the public. Or they can supplement a score with their own model. Sometimes the score you buy closely matches what lenders use; other times, not so much.
It's not just that the score isn't the same. A score is generated by information in a credit report. Scores that look at different credit reports at different times won't yield similar results.
Mortgage brokers find that the scores a consumer buys can be 30 points to 100 points higher than the FICO score they use, says Liz Pulliam Weston, author of "Your Credit Score." That can mean "not only don't you have a good score, but you're subprime," she says. It doesn't take many points to change the credit terms you're offered.
Some creditors adjust terms every 20 points, Hendricks says. If you buy a score that says you're a 740 but the lender is looking at a score that pegs you at 720, the interest rate on your loan could be a quarter-point higher than you expected, Hendricks says.
If you're just curious, try one of the free online credit scores through Quizzle, Credit Karma and Credit.com.
But if you plan to refinance or make a big purchase using credit, buy your score at least three months in advance so you have time to improve your score, if necessary. (To boost a score, pay bills on time, avoid new lines of credit and reduce credit card balances.) Buy the FICO score because it's likely closest to the one your lender will use, credit experts say. Go to myFICO.com to get scores based on a TransUnion or Equifax report for $15.95 each. (Consumers no longer can buy a FICO score based on an Experian report, although lenders can get this).
Get both FICO scores in case the results vary significantly, a sign that one report holds more negative information on you than the other, Hendricks says.
"We focus so much on the credit score we forget the score is driven by the report," says John Ulzheimer, president of consumer education for Credit.com.
If the negative information is wrong, correcting it can quickly raise a score - and get you a better interest rate.
Credit bureaus generally must investigate disputed entries within 30 days and remove the information if it's wrong or can't be verified at that time.
But consumer advocates say fixing errors can be difficult. The Federal Trade Commission received 31,629 complaints last year about credit bureaus and the companies that supply information to them, making this category No. 11 on the top consumer complaints.
New federal rules might alleviate this problem.
Starting in July, consumers will be able to dispute information directly with the business that gave it to the credit bureaus, and that company must investigate and respond to the consumer within 30 days with its findings, says Pavneet Singh, an FTC attorney. The company must correct mistakes with any credit bureau that received the wrong information.
Access to credit scores also might improve. Currently, creditors must notify consumers if they are denied based on information in a credit report. Starting in January, creditors must tell consumers if something in their reports results in them getting less favorable terms.
Creditors will have two options: They can send a letter to the affected customer, who will be entitled to a free credit report, says FTC attorney Manas Mohapatra. Or, they can provide free scores to all consumers applying for credit. The latter option means even more consumers will have access to a credit score.
Of course, all this emphasis on credit scores has caused some consumers to obsess over their number.
"We are too focused on scores. It's kind of like our weight," says Linda Sherry, a spokeswoman for Consumer Action.
"People really do want to see how other people see them."
Everyone's got your number - a credit score, that is - and as a savvy consumer, you might want to find out exactly what they've got.
This three-digit number tries to predict whether you're a credit risk and can dictate the terms you get on credit cards, mortgage loans and insurance premiums. Once secret, scores are now widely pitched by companies - often for a price.
One problem: The score you buy might not be anywhere close to the one your lender or creditor uses. Even a small difference in scores could mean that you don't get the terms you expected. "They show you a score but don't tell you it's not the one that's used by the lender, or not even used by a majority of lenders," says Evan Hendricks, author of "Credit Scores & Credit Reports." "That ain't right."
Scores and credit reports wield increasing influence on our financial lives, and that's the reason they were the subject of a recent congressional hearing on how they are created and used. There's been a push on Capitol Hill to make credit scores more accessible. As part of financial reform now being debated, a provision in the House bill would allow consumers to buy the same scores used by creditors. And next year, federal regulations take effect that could make free scores available to consumers applying for credit.
Credit scores remained a mystery until about a decade ago, when legislative pressure starting forcing mortgage companies and credit bureaus to share scores with consumers. Now credit scores flood the marketplace. Fees run about $15 for a score and credit report, or $15 to $40 a month for a service that provides scores, reports and other features.
FICO is the oldest and most widely used score by creditors and lenders.
The three major credit bureaus - Experian, Equifax and TransUnion - four years ago created the VantageScore.
Consumer advocates say it's not broadly used by creditors, though TransUnion spokesman Steven Katz says VantageScore is used by many of the top financial institutions and credit card issuers.
There also are knock-offs or so-called FAKO scores that are purely educational and sold only to consumers, not lenders.
Creditors select the score they want to use. It could be one that's tailored for a specific product, such as autos or credit cards, and not sold to the public. Or they can supplement a score with their own model. Sometimes the score you buy closely matches what lenders use; other times, not so much.
It's not just that the score isn't the same. A score is generated by information in a credit report. Scores that look at different credit reports at different times won't yield similar results.
Mortgage brokers find that the scores a consumer buys can be 30 points to 100 points higher than the FICO score they use, says Liz Pulliam Weston, author of "Your Credit Score." That can mean "not only don't you have a good score, but you're subprime," she says. It doesn't take many points to change the credit terms you're offered.
Some creditors adjust terms every 20 points, Hendricks says. If you buy a score that says you're a 740 but the lender is looking at a score that pegs you at 720, the interest rate on your loan could be a quarter-point higher than you expected, Hendricks says.
If you're just curious, try one of the free online credit scores through Quizzle, Credit Karma and Credit.com.
But if you plan to refinance or make a big purchase using credit, buy your score at least three months in advance so you have time to improve your score, if necessary. (To boost a score, pay bills on time, avoid new lines of credit and reduce credit card balances.) Buy the FICO score because it's likely closest to the one your lender will use, credit experts say. Go to myFICO.com to get scores based on a TransUnion or Equifax report for $15.95 each. (Consumers no longer can buy a FICO score based on an Experian report, although lenders can get this).
Get both FICO scores in case the results vary significantly, a sign that one report holds more negative information on you than the other, Hendricks says.
"We focus so much on the credit score we forget the score is driven by the report," says John Ulzheimer, president of consumer education for Credit.com.
If the negative information is wrong, correcting it can quickly raise a score - and get you a better interest rate.
Credit bureaus generally must investigate disputed entries within 30 days and remove the information if it's wrong or can't be verified at that time.
But consumer advocates say fixing errors can be difficult. The Federal Trade Commission received 31,629 complaints last year about credit bureaus and the companies that supply information to them, making this category No. 11 on the top consumer complaints.
New federal rules might alleviate this problem.
Starting in July, consumers will be able to dispute information directly with the business that gave it to the credit bureaus, and that company must investigate and respond to the consumer within 30 days with its findings, says Pavneet Singh, an FTC attorney. The company must correct mistakes with any credit bureau that received the wrong information.
Access to credit scores also might improve. Currently, creditors must notify consumers if they are denied based on information in a credit report. Starting in January, creditors must tell consumers if something in their reports results in them getting less favorable terms.
Creditors will have two options: They can send a letter to the affected customer, who will be entitled to a free credit report, says FTC attorney Manas Mohapatra. Or, they can provide free scores to all consumers applying for credit. The latter option means even more consumers will have access to a credit score.
Of course, all this emphasis on credit scores has caused some consumers to obsess over their number.
"We are too focused on scores. It's kind of like our weight," says Linda Sherry, a spokeswoman for Consumer Action.
"People really do want to see how other people see them."
Remodeling-What's Your Best Return on Investment
Do you remodel and stay....... or sell? How do you know if your remodeling dollars are well spent? How much can you expect to recoup from your investment?
According to the 2009 / 2010 survey published by Remodeling magazine, here's how it breaks down:
For a mid-range priced home, you can expect the average cost and recoup for the following projects:
Average Cost vs Expected Return on your investment
Bathroom Remodel $19,000
Recoup 60% of your costs
Bathroom Addition $48,000
Recoup 56% of your costs
Garage Addition $72,000
Recoup 63% of your costs
Convert a Bedroom to a Home Office $32,000
Recoup 47% of your costs
Major Kitchen Remodel $65,000
Recoup 72% of your costs
Minor Kitchen Remodel $24,000
Recoup 76% of your costs
Window Replacement (vinyl) $13,000
Recoup 74% of your costs
Backup Power Generator $17,000
Recoup 75% of your costs
According to the 2009 / 2010 survey published by Remodeling magazine, here's how it breaks down:
For a mid-range priced home, you can expect the average cost and recoup for the following projects:
Average Cost vs Expected Return on your investment
Bathroom Remodel $19,000
Recoup 60% of your costs
Bathroom Addition $48,000
Recoup 56% of your costs
Garage Addition $72,000
Recoup 63% of your costs
Convert a Bedroom to a Home Office $32,000
Recoup 47% of your costs
Major Kitchen Remodel $65,000
Recoup 72% of your costs
Minor Kitchen Remodel $24,000
Recoup 76% of your costs
Window Replacement (vinyl) $13,000
Recoup 74% of your costs
Backup Power Generator $17,000
Recoup 75% of your costs
Tuesday, April 20, 2010
Baltimore Co. Seeks to Construct Walking/Bicycling Network for Employment Centers
The Baltimore County Office of Planning is hosting four workshops to seek public input for an action plan to
construct pedestrian and bicycle improvements in the urban sections of western Baltimore County.
The workshops will seek public input on opportunities to make improvements to sidewalks and crossings, on-street bicycle facilities and off-road trails to provide a more complete network of walking and bicycling facilities.
The Western County Pedestrian and Bicycle Access Plan is the second phase of a county-wide plan to develop a
comprehensive network of pedestrian and bicycle facilities providing access from major residential areas to schools, recreation areas, shopping and employment centers. The first phase included the eastern side of the county, and the County adopted that plan in 2006. The third and final phase of the plan will target the County's rural areas.
"The goal is to help make Baltimore County a better and safer place for walking and bicycling," said County
Executive Jim Smith. "As many as 50 percent of household trips are 3 miles or less and most of them are made by car. The goal is to encourage that short trips be made on foot or by bike, while at the same time promoting recreation, fitness, better health, and environmental sustainability."
Workshop Dates
There will be one workshop in each affected Council District, from 7 - 9 p.m., on the following dates:
Wednesday, April 21 - Council District 3
Cockeysville Middle School
10401 Greenside Drive
Cockeysville, MD 21030
Tuesday April 28 - Council District 1
Catonsville Public Library
1100 Frederick Road
Catonsville, MD 21228
Complete Online Survey
Citizens unable to attend one of the meetings can still provide comments by completing the online survey that is accessible on the project web site, found here:
http://www.baltimorecountymd.gov/Agencies/pla...
The Baltimore County Office of Planning is hosting four workshops to seek public input for an action plan to
construct pedestrian and bicycle improvements in the urban sections of western Baltimore County.
The workshops will seek public input on opportunities to make improvements to sidewalks and crossings, on-street bicycle facilities and off-road trails to provide a more complete network of walking and bicycling facilities.
The Western County Pedestrian and Bicycle Access Plan is the second phase of a county-wide plan to develop a
comprehensive network of pedestrian and bicycle facilities providing access from major residential areas to schools, recreation areas, shopping and employment centers. The first phase included the eastern side of the county, and the County adopted that plan in 2006. The third and final phase of the plan will target the County's rural areas.
"The goal is to help make Baltimore County a better and safer place for walking and bicycling," said County
Executive Jim Smith. "As many as 50 percent of household trips are 3 miles or less and most of them are made by car. The goal is to encourage that short trips be made on foot or by bike, while at the same time promoting recreation, fitness, better health, and environmental sustainability."
Workshop Dates
There will be one workshop in each affected Council District, from 7 - 9 p.m., on the following dates:
Wednesday, April 21 - Council District 3
Cockeysville Middle School
10401 Greenside Drive
Cockeysville, MD 21030
Tuesday April 28 - Council District 1
Catonsville Public Library
1100 Frederick Road
Catonsville, MD 21228
Complete Online Survey
Citizens unable to attend one of the meetings can still provide comments by completing the online survey that is accessible on the project web site, found here:
http://www.baltimorecountymd.gov/Agencies/pla...
Real Estate Trends
I have had the opportunity to attend a number of seminars recently on future housing trends and they all seem to point in the same direction. According to many of these urban planners both the younger generation Y, 25-39 year old and the Baby Boomers will be looking for homes that are closer in requiring less travel to work and less use of the automobile. These people will want somewhat smaller homes with higher end amenities and close to recreational facilities and parks. They are looking for the walk able communities. I have noticed that many are looking at Townhomes and Condo’s.
Both Baltimore County and the state of Maryland are very aggressive in their planning to meet these changing needs. According to a recent Maryland Planning Forum that I also attended, Maryland’s population is expected to grow over the next 20 years from 5.6 million residents to over 7 million. Geographically Maryland ranks 46th in size to other states but we currently are ranked 19th in population. We have one of the highest population of attorney’s and scientist in the United States. Maryland is also recognized as having the best educational system in the country.
I have had the opportunity to attend a number of seminars recently on future housing trends and they all seem to point in the same direction. According to many of these urban planners both the younger generation Y, 25-39 year old and the Baby Boomers will be looking for homes that are closer in requiring less travel to work and less use of the automobile. These people will want somewhat smaller homes with higher end amenities and close to recreational facilities and parks. They are looking for the walk able communities. I have noticed that many are looking at Townhomes and Condo’s.
Both Baltimore County and the state of Maryland are very aggressive in their planning to meet these changing needs. According to a recent Maryland Planning Forum that I also attended, Maryland’s population is expected to grow over the next 20 years from 5.6 million residents to over 7 million. Geographically Maryland ranks 46th in size to other states but we currently are ranked 19th in population. We have one of the highest population of attorney’s and scientist in the United States. Maryland is also recognized as having the best educational system in the country.
Subscribe to:
Posts (Atom)
.jpg+L%26F.jpg)