Ellicott City Realtor Catonsville Realtor

I have a house that is currently listed at $475,000.  The home has been at the market for about 60 days, and at the time it was listed, I had numerous comps to support the list price.  The home, although older, has had many updates with newer windows, newer HVAC, a recently finished basement, fully updated kitchen and bathrooms, and is decorated neutrally throughout.  Further, it is districted for a high school that is considered desirable by many in the area.  It is a dream home to list and show.

In the past 60 days, nothing has sold in the neighborhood.  We've had a lot of showings - more than average - and all of the feedback comes back that the price is too high.  After the first 30 days, based on this feedback, the Seller agreed to reduce the price by $25,000.  The Seller is not under any duress, and is simply motivated to get this home sold.  Again, after this price reduction, the feedback was suggesting that the price was too high.

The Seller is again asking to reduce the price (how often does that happen?).  With this next price reduction, we will be under anything else that has sold in the neighborhood by at least $20,000.  If you're a buyer, this is a great deal.

I know this home will sell at some price, but what is the magic number?  Given the current state of the economy, and the Seller's willingness to get this house moved, in terms of price reductions, when is enough enough?

Pristine Home, Completely Updated with Lots of Charm
$275,000

Open Sunday
2 - 4 pm

Move in today - you don't need to do a thing!

 

• 3 Bedrooms (Possible 4th Bedroom)
• 2 Full Bathrooms
• Kitchen and Full Bath are New and Fully Updated
• Hardwoods, Fresh Paint throughout
• Lower Level is Newly Finished with Family Room, Office/Bedroom and Full Bathroom
• Fenced Rear Yard
• Large Multi Level Deck is great for entertaining
• Quaint front porch with ceiling fans

For more information, click here.

 

 

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Thursday Q & A - Your Maryland Real Estate Investing Questions Answered
Q:  How do I go about purchasing a home at foreclosure auction?

A:  So far we've talked about due diligence, and what to do on the day of the auction.  Today, it's time to talk about the Bidding Process.  The most important part of the Bidding Process in a Foreclosure Auction is keeping your emotions in check.  The Auctioneer's job is to get people to pay more money for the home.  You've got to be able to keep your head on straight and remember that this home is an investment - you're not going to live there.

Before you go, know exactly how much you are willing to pay at the foreclosure auction.  If you're not comfortable committing to a specific number, have your ideal number in mind, and consider going a specific percentage above that number.  Use this method to figure out the most you are willing to pay for this home, and don't go $1 over this number.

It is especially important at a foreclosure auction that the auctioneer reads the entire ad.  Request it if you have to.  In the case of a foreclosure auction, if you purchase the home for less than market value (which you'd really like to do), the Homeowner can dispute the auction process (particularly if your purchase price is drastically less than market value).  My attorneys have explained to me that in cases like this, that a Judge will probably rule in favor of the Homeowner because the process wasn't followed, and the auction will be invalid.  Judges don't want to see people losing their homes if they don't have to.

The Bidding Process begins after the reading, and it goes very quickly.

If you'd like more information about purchasing a home at foreclosure auction in Maryland, please feel free to contact me.

All the Reasons NOT to Buy This House - Does Your Agent REALLY know what you're looking for?

After we show a house here in our Maryland home market, we receive an automatic form to send back our Buyer's feedback on the property to the Seller's Agent.  This information is invaluable as it helps the Seller stay on top of marketing their home.

The questions that are included in the automatic response form are:

•             Is the customer interested in the property?
•             How well did the property show?
•             Your (and the customer's) opinion of the price?
•             Please rate this property:  (scale of 1-10)
•             Comments and Recommendations

Feedback from one of my listings from this past weekend showed that the Buyer was somewhat interested in the property, that the home showed ‘Excellent', that the home rated as an 8, and that the price was too high.

If the price is too high...why not make an offer for the amount that seems reasonable?  At what price does a Buyer go from "somewhat" interested to "very" interested?  This has me questioning if the Buyer's agent really knows what the Buyer is looking for.

Buyers - if you are working with an agent, are they asking you questions?  Are they asking you why you want to buy a house?  Are they asking you why you want to buy a house now?  Are they asking what's most important to you?  When you tell them that the price seems a little high, are they showing you the comparable sales of area homes?  Maybe the comparable sales support your opinion, or maybe the comparable sales support the price, but are you at least getting the information from your Agent?

An Agent can show properties all day long and help Buyers come up with reasons not to purchase a home.  No home on the market is a "Perfect 10", priced cheap, move in ready and in a dream location.  That home just doesn't exist.

When I work with Buyers, I find out what matters most to them.  And not just 3 Bedrooms and 2 Bathrooms, but bigger things.  Things like living near parents, or having a short commute to work, or being in a certain school district.  Things that aren't going to show up on a computerized property search.

Once I know what matters to my Buyers, I try to find them the homes that satisfy their needs.  When we find a home together that seems like a good fit, we look at comparable sales, the condition of the property, the location, and their list of what's most important, and write an offer that makes sense.

I could certainly help my Buyers come up with reasons NOT to buy a house, and I could continue to show them homes all day long.  That's pretty easy.  Helping Buyers identify and achieve their goals?  Much harder.

In the end, though, it's well worth the effort.

photo courtesy of:

Top Seller Tuesdays - Spend a Little, Get a Lot! A series of weekly tips for sellers that are simple, quick and designed to bring you top value.

• Replacing a cracked and broken walkway with cement stepping stones purchased from a home improvement store is an inexpensive but attractive way to create a new path to the front door.

If you'd like more information about preparing your home for sale, feel free to contact me.

Market Report Monday - Howard County Real Estate Market Update, March 2010. Real Estate Market Statistics for Howard County. Includes median price, closed listings, pending listings and days on market for Howard County Homes.

Click on Full Screen to view this report.
If you have any questions about this report, feel free to give me a call, or click here to request more information.

Howard County Real Estate Market Update, April 2010

Space and Size Meet Current Design in this Roomy Updated Colonial
Now Only $447,900

Open Sunday 2 pm - 4 pm

Situated on nearly half an acre in the Village of Long Reach, this large Colonial Home features spacious rooms. Paired with updates throughout the home and stylish design selections, this home offers a perfect combination of the space of years past and the lifestyle of today.

Recent Updates include New Carpet through-out, New Kitchen Cabinets & Countertops, Recent Appliances, Fresh Paint, Finished Walkout Lower Level,Cermaic Bathrooms with Artistic Vessel Sinks. Huge Bedrooms have Oversized closets, Ceiling fans, room for sitting areas, and more. Deck overlooks fenced Rear Yard. Stop by and see for yourself - you won't be disappointed!

The Village of Long Reach is an active and involved community. Programs offered by the Village include*:

• Classes such as karate, belly dancing and a full ballet program
• Renting space for parties and meetings
• Special community events, such as block party kits, cul-de-sac landscaping grants, Long Reach Country Fair, neighborhood pool parties, Village-Wide Yard Sales and Kids' Clothes Swaps
• Children's activities, including holiday events and our summer camp, Camp Oasis
• Senior citizens' events, such as the Holiday Lights Tour

Visit www.longreach.org for more information.

Nearby local amenities include Fairway Hills Golf Club, Centennial Park, The Mall in Columbia, Columbia Tot Lots, Walking Paths, Village Centers and More!

*Information provided by the Village of Long Reach. Please visit their website to verify programs offered.

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Thursday Q & A - Your Maryland Real Estate Investing Questions Answered

Q:  How do I go about purchasing a home at auction?

A:  Last week, I talked about some of the due diligence you need to perform before the auction.   On the day of the auction, you need to be prepared as well.  You'll need to have a deposit check in certified funds for the amount listed in the auction notice.  You'll need to give yourself plenty of time to get to the auction.  Don't be late - the auctions happen very quickly and if you're just two minutes late, you could have missed your opportunity.

On the way to the auction, call the auctioneers at least twice to see if the auction has been cancelled.  Many times the auctions are cancelled at the last minute and it can be a big waste of your time if you get to the courthouse and the auction is off.

Preparation to buy a Maryland home at auction is essential.  If you're a first time investor, knowing what to expect can help lead you toward success.  Next week:  The Bidding Process.

March 2010 Baltimore Metro MarketWatch Video - Housing Sales Statistics for the Baltimore Metro Area Including Baltimore County, Carroll County and Howard County

Featured Listing Friday - Custom Home Nestled in the Deep Forest - Private 10 Acre Lot Backing to Rocky Gorge Reservoir

Absolutely Beautiful Ten Acre Setting, yet conveniently located, this home offers many recent Upgrades include Gourmet Kitchen, Large Year Round Solarium, First Floor Master Bedroom Suite, Inlaid Hardwood Floors, Slate Foyer. Two Floor to Ceiling Fireplaces, High Cathedral and Vaulted Ceilings throughout. A Rare Opportunity!
Showings By Appointment Only

 

4 Bedrooms

3 and a Half Bathrooms

In Ground Pool, Pool House and Deck

Wine Cellar

Loft

Beautiful Landscaping including Stone Patios

Family Room includes Two-Story Floor to Ceiling built-in bookshelves

Fulton Elementary School

Lime Kiln Middle School

Reservoir High School

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