Ellicott City Realtor Catonsville Realtor

How Will You Market My Home?  Maybe Not the Answer You Expected.  Frequently I am asked by prospective clients "How Will You Market My Home for Sale?".  I always answer this question by explaining that when I enter into a contract to market a home for sale, the Homeowner and I are on the same team, with the same goal in mind: to sell the house. As part of this team, I have a number of tools and techniques I use to promote and market a home.  These include old school methods of newspaper advertising and mailers, as well as high tech methods that that put your home at the top of search engine results for the most relevant features of your home.

What surprises my clients the most is when I say - "Now I've told you what I do to market your home - what will you do to market your home?".  Sellers know there are many things that are not within their control in this market, but in my experience, many Sellers overlook the things they can control.  For instance:

Price.  Were you aware that pricing your home is part of the home's marketing?  In fact, not only is it part of the marketing, right now, here in our local market, the pricing of your home is the #1 thing that will determine how quickly your home will sell.  I will give you the benefit of my experience and education, and make a recommendation as far as price positioning - will you take my advice?

Condition.  I always provide my Sellers with a list of recommendations to make their home more appealing for Buyers, as well as some guidance to make showings more successful.  Will you follow to my recommendations about emptying that packed garage, or touching up the paint on your exterior trim?  Will you make your home easy and pleasant to show?

Getting the word out.  I will get the word out about your house to my friends, colleagues, relatives and facebook friends - will you?    You never know where that Buyer will come from.  Perhaps someone at your church has a relative looking to move into the area, or maybe one of your cousins has always admired your home.   Will you tell people at your church or at your PTA meetings that you're selling your home? Will you send out an email to your email list, or post a status on Facebook that your home is for sale?

Concessions.  In this market, you have to ask yourself  what are you willing and/or able to do to get a Buyer into this house?  I will advise you of what's customary in the current market.  Will you make your home's ‘total package' comparable to what's being offered?  Will you help with closing costs?  Will you give a concession to replace the worn carpet?

Selling your home has got to be a team effort.  We've got to work together, each of us doing our part, to market your home.  What will I do to market your home?  All of the above and then some.  What will you do to market your home?  If your answer is ‘all of the above and then some', then we're on the same page.  Let's work together and get your home SOLD.

Top Seller Tuesday:  Absorption Rate - Questions and Answers for the Maryland Real Estate Market

Q:  What is an Absorption Rate?
A:  The absorption rate for a market is a statistic that tells, based on the recent sales volume, how long it would take to sell the current inventory of homes in a given area.  The statistic is usually provided in weeks or months.

Q:  So, will this number tell me how long it will take to sell my home?
A: No.  But it can give you an idea of how much competition you are facing, and how ‘hot' your market is.  Or is not.  Here in the Greater Baltimore area, an Absorption Rate of about 22 - 26 weeks is considered to reflect a stable market.  Absorption rates of less than 22 weeks would suggest a Seller's market, and Absorption Rates of more than 26 weeks would Suggest a Buyer's Market.  It's also important to note how the Absorption Rate varies over time.

Q:  So why do I care?
A:  If you're selling your home, the Absorption Rate is a very valuable statistic.  It is one statistic that many Realtors don't talk about in their listing presentation.  Depending on your goals, and on what's most important to you, this statistic can help you plan the marketing strategy for your home.

Each week for Top Seller Tuesday I will be posting the current Absorption Rate for a particular zip code.  The Absorption Rate in your zip code, or even just in your neighborhood could be very different.  It can vary by price point within a neighborhood or zip code (for example, the Absorption Rate of $350,000 homes in 21042 could be vastly different from the Absorption Rate of $800,000 homes in 21042).

If you'd like the Absorption Rate for a particular market and/or price range, please feel free to contact me.

Featured Listing Friday - Wonderfully Maintained Former Model Catonsville Brick Front Colonial Home South of Route 40

 

Open Sunday 9/26 1-3pm

 

 

 

Freshly Painted and Carpeted Second Floor. Large L Shaped Finished Lower Level with Walk Out and High Finished Ceilings. Very Nice Rear Yard with Deck and Outdoor Storage.  Finished Garage.

• 4 Bedrooms
• 2 Full Baths
• 2 Half Baths
• Living Room complete with Bay Window
• Crown Moldings and Chair Rail
• Master Bedroom Suite with Vaulted Ceiling
• Master Bath Tub with Whirlpool Jets
• Separate Shower & Double Sink in Master Bath
• Family Room with Cathedral Ceilings and Wood Burning Fireplace
• Eat in Kitchen and Formal Dining Room
• Currently Districted for Westchester Elementary School, Catonsville Middle School and Catonsville High School
• Located off Rockwell Avenue, close to shopping, Patapsco Valley State Park, and commuter routes 40 and 695.

To see more, visit the property's website.

 

 

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Tenant Thursday - Maryland Real Estate Investing Advice. A Weekly Series on handling Tenant issues when investing in Real Estate in Maryland.

You've gotten a tenant for your property, and you've all agreed to a year's lease.  Six months into the agreement, the Tenant informs you that they're going to buy a home and want to terminate the lease early.  What are your options?

I always inform my tenants right up front that if a lease is broken early, the Tenant remains responsible for the monthly rent payment - no if's, and's or but's.  This has helped prevent further issues down the line.  But what if you forgot to mention that part, or what if your Tenant didn't get the message?  Here are some of your options:

1. Stick to the original agreement you and the Tenant made in writing (the lease), and continue to hold the Tenant responsible for the monthly rent (as they contractually agreed).  It's always nice when people honor contractual agreements, especially the ones made concerning the roof over your head.
   
2. Hold the Tenant responsible for further rents until you are able to find another suitable Tenant.  This protects you against further loss while still providing the Tenant with a way out of the agreement.  I can't stress it enough - get it in writing.
   
3. Let the Tenant break the lease.  Get it in writing.  In many cases, the Tenant's future Lender may require a copy of the lease and especially the agreement to terminate the lease.

Or, you could find some other way to work it out.  How would you handle this situation?

 

 

 

Photo credit: http://www.flickr.com/photos/umjanedoan/497345293/

For Sale by Owner - Deal or No Deal?  So, you're looking for a home and you are looking online, and checking out Open Houses and generally getting a feel for what it is that you're looking for when it happens:  you find a For Sale by Owner home that has every quality you desire, is listed for a great price, the neighborhood is perfect, and best of all, the Owner seems knowledgeable, honest and forthcoming and will take care of all of the paperwork.  You may be thinking that this is the home of your dreams, and you're getting a great deal!  SOLD!

Not so fast.  I'm not here to tell you not to go through with the purchase of a For Sale by Owner, but I'd love to take a minute to educate you about the pitfalls so you know what to look out for.  These days you can get anything off the Internet - you can even get a contract for the purchase of a home off the Internet.  Unless you read contracts regularly and are informed regarding the laws concerning the sale of real property, you probably won't know if the contract is slated in the favor of the Seller, in the favor of the Buyer, or is fairly neutral.  Do you know which fees here in Maryland are customarily paid for by the Seller, and which fees are paid for by the Buyer?  The Seller may not know the answers to these questions (although she may tell you she does).  The Seller may not even fully understand the contract he is handing to you.

Do you know the laws here in Maryland regarding lead paint?  Does the Seller?  Can you trust what the Seller has to say regarding this matter?  Do you know the laws regarding Disclosures?  Did you even realize that there were laws regarding disclosures?  There are, and here in Maryland they are very specific.  The Seller must sign the Disclosures and the Buyer must review them and sign an acknowledgement prior to signing the contract.  As a Buyer, who will you trust to explain these laws to you?  And what do the Disclosures mean?

What about Inclusions and Exclusions?  Here in Maryland, chattel is supposed to stay with the property.  Do you know what chattel is?  What if there's a light fixture that's a family heirloom?  The Seller may decide to take it and not think twice about not replacing it - how do you handle that scenario?

And what about that fourth bedroom in the attic?  Looks like a fourth bedroom, feels like a fourth bedroom, and the Seller will tell you all the reasons why it is a fourth bedroom.  The fact remains that a For Sale by Owner Seller can say whatever they want about a property, whether it is factual or not.

So - is that For Sale by Owner Home really a Deal?  Or will you end up paying for it in the end?  Dream home or not, get educated, and get good advice.  If you love the home, there is nothing stopping you from getting a Realtor and being represented in the purchase.  The Seller may pay the fee.  If the Seller refuses - you might want to ask yourself why?  It may be in your best interest to simply say ‘No Deal' and keep looking.

 

 

For Sale by Owner Photo courtesy of:  http://www.flickr.com/photos/thetruthabout/

Market Report Monday - Howard County Market Update, Month, Year. 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.

Open House Report for September 18 -19: Baltimore County:  Catonsville, Halethorpe and Arbutus.  Below are this weekend's Open Houses:

Catonsville

Halethorpe and Arbutus

If you have any questions, please feel free to contact me.

Open House Report for September 18 - 19: Howard County:  Elkridge, Ellicott City and Columbia.  Below are this weekend's Open Houses:

Elkridge Open Houses

Columbia Open Houses

Ellicott City Open Houses

If you have any questions, please feel free to contact me.

 

Open House information has been provided by the listing agent, and is not guaranteed to be correct.

Can the Home of Your Dreams Fit Your Eco Friendly Lifestyle?  You may have heard that when looking for Real Estate, your top 3 considerations should be: location, location, location. And while location certainly matters, I've found that for most Buyers, the important factors to evaluate include:

• Location
• Schools and Family Life
• Neighborhood
• Nuisances, or the lack thereof - privacy, noise, etc.
• Lifestyle - how does a home or community fit in with a Buyer's choices in lifestyle

The last item on that list - lifestyle - I've seen a big shift recently toward Buyers who are preferring to look for homes that suit their other Eco Friendly Lifestyle choices.  While it may not be at the top of Buyers' lists, it certainly is a factor for many people looking for homes today.

The home at 8100 Hunterbrooke Lane has much to offer a Buyer interested in reducing the amount of resources they use, and in living more efficiently:

Location.  Located halfway between Baltimore and Washington D.C., close to commuter routes like Route 29 and Interstate 95.  Also located nearby is the Maple Lawn planned community with convenient shopping, medical offices, and local business.

Schools and Family Life. School Rankings and reports for this Home*:

• Fulton Elementary School
• Lime Kiln Middle School
• Reservoir High School
• Howard County Public School System

Neighborhood.  Community report for Fulton, MD.

Nuisances. Located on more than 10 acres, this home offers the ultimate in privacy, yet is also part of the Hunterbrooke neighborhood.  The lot backs to the Rocky Gorge Reservoir and a Patuxent Watershed protected Forest Preservation Area.

Lifestyle. For those choosing an eco friendly lifestyle, this home has so much to offer.  Organic, all natural shopping is available at David's Natural Market, MOM's, as well as Roots right down the street.  The Tai Sophia Institute is just minutes away, as is the Columbia Mall, with an LL Bean Retail Store.

Your own 10 acre lot is perfect for hiking and biking, and the Rocky Gorge Reservoir is an excellent place for kayaking, shoreline fishing, horseback riding, hunting and picknicking.  A permit is required for these activities; the cost is minimal, and you can contact WSSC for more information.

The home itself incorporates many natural materials, with wood, stone, granite, and marble surfaces in nearly every space.  One of the most interesting features of this home is the heating system.  The whole home can be heated with wood, oil or coal, and the furnace can simultaneously be used to heat the water heater.

Most eco-friendly homes in Howard County, MD will be in the price range of $500,000 to more than $1,000,000.  Although the expense may be higher than the average Howard County or Montgomery County home, for those who can afford it and for whom the lifestyle is a priority, 8100 Hunterbrooke Lane offers everything you would look for in the home of your dreams.

 

Rocky Gorge Photo Courtesy of http://www.flickr.com/photos/chrisbrenschmidt/
*School districting can change from year to year, and should be independently verified.  Visit www.hcpss.org for more information about the Howard County Public School System.

Market Report Monday - Maryland Real Estate Market Activity Update for August 2010 Including Days on Market, Average List Price, Median Sale Price and More.  Click on Full Screen to view the complete report.  If you have any questions, please feel free to contact me.

Aug Market Activity