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Nellie’s Notes LAZY, HAZY DAYS -- may be the theme for summer living, but not for the local real estate market! In the torrid heat at the end of June, we had 6-10 buyers touring Sunday open houses, lured by interest rates below 5%. May's sales figures were low because many buyers went into contract before April 30 to qualify for the tax credit. But we are seeing an upsurge that should last well into next year. MORE THAN 20,000 NEW JOBS -- will come into the Fourt Meade area over the net 3+ years because of base realignment, increased NSA hiring, and the new CyberSecurity Agency. Popularly known as BRAC, this movement and its supplemental private-sector jobs started with the first relocations coming in earlier this year. These relos will continue, with a bog push a year from now in anticipation of the completion of a new building in September 2011. Many of these folks are heading to Howard County because of our school system. THIS DEMAND FOR HOUSING HERE -- will start to pull up our calules and, of course, prices. We already get multiple offers on some houses, even in this erratic market as it transitions. We expect a housing shortage, possibly as soon as late next year. HOW WILL THIS AFFECT YOU? Whether you own or rent, here's how: OWNERS -- Your property value will increase over the next few years. Now is a good time to think about whether you want to stay in your house, or move to something else. While you will get more for your house in another year, if you want to continue to live in this area, the house you will wish to purchase will also get more expensive. You may want to sell your townhouse or smaller single famly house and buy something else, or you may want to do those renovations you've been considering. Or you may want to crunch some numbers and decide if you can keep the townhouse to rent it out, then buy a larger house. Contact Nellie at Nelllie@MarylandHouse.com to help you! BUYERS -- Owning a house means stabilizing your housing costs, getting tax benefits, creating your personal wealth and, by the way, getting to paint the living room! And purchasing a home may not require as much cash as you think! This is a good time to call Nellie at 410-715-2703 for a pre-purchase counseling session. YOU WILL SAVE $22,000 -- for every $100,000 you borrow at 5% ratgher than 6% over the life of the loan. And you will pay $63 less each month. So, if your loan is $250,000, you will save $55,000 over the life of the loan, and pay $157 less per month for the same house! That's already a great savings even before considering increased housing values a year from now. QUICK AND CHEAP -- updates that make a difference! Brushed nickel or oil-rubbed bronze cabinet knobs and pulls, dinign room chandeliers, and bathroom faucets. Decor switchplates for room entry lights. Lightweight and large ceramic-look pots planted with small shrubs at the front door.
MARKET NUMBERS FOR HOWARD COUNTY -- show sales volume up 30% over March of 2009, and sales prices up about 4%. The price increase is relative since it reflects buyers moving up in price ranges this year. But the increase in numbrs of sales is notable. Historically, having less than 6 months' inventory of homes in a given price range is considered a normal market -- and that is the case in price ranges up to $650,000. And Howard County was the only jurisdiction in the Baltimore metro area to show an increase in sales. THE BALTIMORE AREA WAS RECLASSIFIED -- for mortgage lending on 4/19, improving from a declining market to a less stressed market. This gives us hope for less pressure on appraisals by mortgage lenders' underwriters, and slightly eased loan limitations. WHILE BUYERS NEED TO MAKE FASTER -- decisions on houses (one house recently had 10 ofers because it was prced so well and was in great condition), this is not a sellers' market by any means. Houses on the market hae to be priced right (and may need to be adjusted even then!) and in good condition to compete successfully. Since most marketing is based on the Internet, photography has to be representative of the property -- not necessarily professional quality but certainly including views of most if not all rooms, and panoramas that give prospective buyers an understanding of the floor plans. It's exciting when one of Nellie's listings gets as many as 100 'hits' in the first few days it's on the market because of great Virtual Tours. Call Nellie for details at 410-715-2703, or check our websites such as www.HouseinMaryland.com or www.MarylandHouse.com. They're part of my comprehensive marketing plan! NOW, MORE THAN EVER -- successful negotiations involves good communications, coooperation, and professional courtesy by not only the agents, but the buyers and sellers. That's another important expertise we offer our clients. KITCHEN READY FOR A RE-DO? Nellie is about to start hers. She's found kitchen cabinet stores have quality brands which are less expensive than the heavily advertised ones at the home improvement stores, and emplloy experienced designers with great ideas. Cherry may not be priced much more than ape, depending on door styles (straight panel tops on doors save money over arched designs). Quartz composite counters manufactured in the United States are cheaper because transportation costs are less. Black appliances require less care and run about $100-$300 less than stainless versions. And taking advantage of sales promotions can cut costs as much as 15%. By the way - check porcelain and ceramic tiles carefully -- many have the pattern 'printed' on them, not glazed into the surface. HAS THE VALUE FOR YOUR HOUSE STABILIZED? Find out fast!! In just moments you can learn what houses like yours -- in YOUR neighborhood -- have sold for, and even what your neighbors are askign for their house! Check out our website at www.HouseinMaryland.com, scroll down to "What is the Value of My House?' and enter your information. You'll get a great report (and can receive it by e-mail every 4 weeks!) showing all of the homes listed and sold in your area, plus charts and graphs to answer many of your questions. A free service from Nellie Arrington! AND THE NUMBERS DON'T LIE -- We are selling more individual houses than we did in 2009, especialy between $500,000 and $650,000. With first-time buyers and move-up buyers who have owned homes at least 5 years needing to be in contract by April 30, March and April primise to be busy months for sales of townhomes, then creating move-up buyers in this range. IF YOU HAVE ANY THOUGHTS OF MAKING A MOVE -- please contact Nellie at 410-715-2703 or Nellie@MarylandHouse.com. With a faster average market time, well-priced houses are selling -- even with multiple offers -- quickly out of my office. BUYERS ARE PICKY -- about condition however, That doesn't mean your decorating has to be magazine perfect, but the house needs to be well-maintained. TAX CREDITS FOR APPLIANCES -- and new windows with energy savings should encourage those updates for homeowners whether you're selling now or in the future. Make sure your purchases meet the criteria, and know there are limits to eligibility for the tax credit -- generally up to $1500 credit/year. SPRUCING UP FOR SPRING? With February's snows, it's easy to be enticed by the thought of spring flowers. Primroses, with their intense colors and toleration of cool weather, will be in garden shops such as Frank's on Old Waterloo Road behind Costco, Lowe's and Home Depot and even supermarkets. Besides Frank's which is locally owned and operated on-site, check out The Good Life Market (outstanding herbs!) in the shops along the main municipal parking lot in Historic Ellicott City -- keep our neighbors in business! SPRUCING UP INSIDE -- seems to bring spring faster too! A fresh coat of paint works wonders. Behr paint, sold at Home Depot, now has a version with primer in the paint itself, so you only have to do one coat rather than a coat of primer and a coat of color. Consider a soft bllue, light terra cotta, warm creamy yellow, or pale grass green to brighten a room, and accessorize with fabric in a coordinating graphic print on neutral background. pale taupe is a wonderful neutral color for walls, especially when set off by white-white ceilings and trim. Great background for espresso, paprika, cobalt, charcoal, and fern!
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NELLIE ARRINGTON, CRS |
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