The BrazzelDazzle Blog: November 2009

When trying to understand the real estate market and why prices are what they are, it may help to think of your house as a commodity - not a product. 

• A product is an item that a seller places a value on and prices it accordingly ... think: a sofa, a jar of peanut butter or a shovel.  There will be differences in quality, differences in features, differences in attractiveness.  There will be sales available and some vendors may charge more or less than others ... but the price is the price as set by the seller.

• A commodity is an item whose price is determined by the buyer who has a perception of it's current value.  Think: stocks, gold, and silver.  The buyer places a value on it and pays accordingly - prices of commodities go up and down.  Commodities' prices are influenced by supply and demand.  The more supply there is, the less the price will be.  The more scarce the commodity, the higher the price will be.

Who cares?  What's the difference?  Why does the distinction matter?

A seller should care, understand the difference, and make the distinction ... then price her home accordingly.  In today's real estate environment (in most areas of the country) where there is a plethora of available homes on the market, the prices are lower than when the inventory is sparse.  The law of "supply and demand" is in control.  In real estate, when the inventory is high, it pushes housing prices downward. 

A savvy seller will hire a Realtor who is educated, experienced, and knowledgeable in their area and who will help them price their house accordingly.  Sellers who position their houses correctly (as the commodity that it is!) sell for more money and in less time than those who treat their house as a product whose perceived value by the potential buyers may be different than theirs! 

THINK OF YOUR HOUSE AS A COMMODITY ... YOU'LL PRICE IT RIGHT AND IT WILL SELL!

Following is some great information (written by Home Inspector, Tony Stiles) for Sellers who are preparing for their Buyers' Home Inspection:

Clarksville MD 21029 - Clark's Glen Home Sales Statistics - November 2009 

This Clark's Glen Neighborhood Update with home sales statistics will be a regularly updated feature on my blog.  With this new format, there are no limits to the neighborhood home sales statistics that Dipper and I can update.  Do you live in Howard, Carroll, Baltimore, or Anne Arundel County?  Just post a comment or send us an email with your neighborhood and we will be happy to start updating for you.

Clark's Glen is located in Clarksville, MD, just outside of Columbia's River Hill Village in Howard County.   It is one of the newer neighborhoods in Clarksville where Pulte Builders constructed the first homes 1999 through the early 2000's.  There is a lovely community park area in the middle of the neighborhood with a pavillion seating area and room for family recreational activities. 

The Clark's Glen home sales statistics are in the chart below.   

                         21029 property search

CLARK'S GLEN HOME SALES STATISTICS:

      (Since 1/1/2009)

Clarksville MD 21029 - Clarksville Hunt Home Sales Statistics - November 2009 

This Clarksville Hunt Neighborhood Update with home sales statistics will be a regularly updated feature on my blog.  With this new format, there are no limits to the neighborhood home sales statistics that Dipper and I can update.  Do you live in Howard, Carroll, Baltimore, or Anne Arundel County?  Just post a comment or send us an email with your neighborhood and we will be happy to start updating for you.

Clarksville Hunt is located in Clarksville, MD, in Howard County just outside of the planned City of Columbia.   It is a subdivision of upscale single-family homes that were built by Toll Brothers Builders beginning in 1999 through the early 2000's.  The neighborhood is in a super commuter location, just off of Route 32 and within four or five minutes of Rt. 95 and the Baltimore-Washington Parkway.  So, frequent travellers to Baltimore, Washington, Annapolis or the BWI Airport will find this a wonderful location.  The Clarksville Hunt home sales statistics are in the chart below.

                 21029 property search

CLARKSVILLE HUNT HOME SALES STATISTICS:

      (Since 1/1/2009)

Fulton MD 20759 - Maple Lawn Single Family Home Sales Statistics - November 2009

The Maple Lawn Farm home sales statistics are in the chart below. 20759 property search

This Maple Lawn Farm - Single Family Neighborhood Update with home sales statistics will be a regularly updated feature on my blog.  With this new format, there are no limits to the neighborhood home sales statistics that Dipper and I can update.  Do you live in Howard, Carroll, Baltimore, or Anne Arundel County?  Just post a comment or send us an email with your neighborhood and we will be happy to start updating for you.

Maple Lawn Farm is located in Fulton, MD, in beautiful Howard County, just south of the planned City of Columbia.  The architecture is "quaint" and reminiscent of 18th and 19th century construction.  The housing (which has been built since 2005) is composed of luxurious single family homes (with "hidden" garages), town homes, and condominiums - all with "old town" charm.  Maple Lawn is designed in small city blocks with interconnected streets which encourage walking and visiting with your neighbors.  There is an upscale business and shopping district, a clubhouse, pool, fitness center, and open fields for recreation and relaxation.  The community association offers interesting classes and activities for the residents.

Maple Lawn is a "Traditional Neighborhood Development" or TND.  TND's have been built across the country over the past few years.  They are popular because of their guiding principles of:

• Walk-ability - ease of travel without cars
• Pedestrian friendly environment - safe for walking and minimum traffic
• A wide range of housing styles and prices
• Mixed use - neighborhoods that feature residential, commercial and recreational features

MAPLE LAWN FARM SINGLE FAMILY HOME SALES STATISTICS:

      (Since 1/1/2009)

Fulton MD 20759 - Maple Lawn Farms Town Home Sales Statistics - November 2009

The Maple Lawn Farm home sales statistics are in the chart below. 20759 property search

This Maple Lawn Farms - Town Home Neighborhood Update with home sales statistics will be a regularly updated feature on my blog.  With this new format, there are no limits to the neighborhood home sales statistics that Dipper and I can update.  Do you live in Howard, Carroll, Baltimore, or Anne Arundel County?  Just post a comment or send us an email with your neighborhood and we will be happy to start updating for you.

Maple Lawn Farms is located in Fulton, MD, in Howard County, just south of Columbia.  The first homes were constructed in 2005 and new housing is still being built.  The architecture is quaint and reminiscent of 18th and 19th century construction.  The housing is composed of luxurious single family homes (with "hidden" garages), town homes, and condominiums - all with "old town" charm.  Maple Lawn is designed in small city blocks with interconnected streets - to encourage walking and visiting with your neighbors.  There is an upscale business and shopping district, a clubhouse, pool, fitness center, and open fields for recreation.  The community offers interesting classes and activities sponsored by the Association for residents' enjoyment.

Maple Lawn is a "Traditional Neighborhood Development" or TND.  TND's have been built across the country over the past few years because of their guiding principles of:

• Walk-ability - ease of travel without cars
• Pedestrian friendly environment - safe for walking and minimum traffic
• A wide range of housing styles and prices
• Mixed use - neighborhoods that feature residential, commercial and recreational features

MAPLE LAWN FARM TOWN HOME SALES STATISTICS:

      (Since 1/1/2009)

I often hear the question, "But, Sue, how can I sell my house before I find a house to buy?"

Sellers fear that they will be out on the street ... HOMELESS! ... if they market their home and get a contract before they have identified the house to which they want to move. 

Reasons it makes sense to SELL BEFORE YOU BUY:

• If the seller will accept your offer contingent on you selling your current house (and many will not!), you may have to pay a monetary premium for their house.  You would be an "iffy" (undesirable) buyer at this point (especially in the current market environment).  So, the seller will need to be enticed to consider your offer.  Money talks - and you'll need to put your money where your non-contingent offer should be.
• You'll need to spend money on your (hopeful) new home within a few days (lots of money) ... structural inspection, termite inspection, radon inspection, & appraisal fee.  None of this money will be refunded if you do not buy the house.
• There is usually a "kick out" provision in a contingent offer... the seller will continue to market the home.  After you have spent the money on the  items listed above, you may get notice that the Seller has received another offer they wish to accept ... FROM A NON-CONTINGENT BUYER!!  The seller will "kick you out" and accept the other offer if you can't remove your contingency!  This is VERY upsetting!
• You don't know how long your house will be on the market before you get a contract.  The pricing is always subjective and if the correct price point is not "hit" quickly, the house may linger without a buyer.

Once you do recieve an offer, you can make your acceptance contingent upon identifying your home of choice within a specified amount of time.  THEN you hop into your Realtor's car.  There is a finite number of houses in your price range, with the amenities you desire, and in the location you want at any given time.  Now you are ready to shop ... for the inventory that is available NOW! 

• When you find the desired new house and submit a contract offer, you are now a desirable buyer!  You have your house under contract, the seller is excited to have a "real buyer", and more likely to negotiate favorable terms with you.  The only contingency on your purchase now is that you settle on your current house prior to settlement on the "new" house.

Ready to move?  Call your Realtor, get your house in showing condition, market it at a reasonable price, find a buyer who will give you time to locate your "home of choice", and now go shopping!  You are a ready, willing and able buyer!

Laurel MD 20723 - Stone Lake Home Sales Statistics - November 2009

This Stone Lake Neighborhood Update with home sales statistics will be a regularly updated feature on my blog.  With this new format, there are no limits to the neighborhood home sales statistics that Dipper and I can update.  Do you live in Howard, Carroll, Baltimore, or Anne Arundel County?  Just post a comment or send us an email with your neighborhood and we will be happy to start updating for you.

Stone Lake is a gorgeous neighborhood located in Laurel, Md, jut outside of Columbia.  It is a newer community with ongoing construction and with "older" homes that were built in the 1990's.  Stone Lake features single family and upscale townhomes built by several different builders. It is centrally located in Howard County between Washington, D.C. and Baltimore, and offers  amenities such as a gated entrance (with a gate-keeper!), tennis courts, walking paths, fishing piers, a boat house where you may store your craft, and a community pavilion. Many of the homes surround and overlook the beautiful 25-acre lake/quarry. 

Stone Lake home sales statistics are in the chart below.20723 Home Search

STONE LAKE HOME SALES STATISTICS:

(Active and Sold since 1/1/2009)

Columbia MD 21044 - Banneker Home Sales Statistics - November 2009

This Banneker Neighborhood Update with home sales statistics will be a regularly updated feature on my blog.  With this new format, there are no limits to the neighborhood home sales statistics that Dipper and I can update.  Do you live in Howard, Carroll, Baltimore, or Anne Arundel County?  Just post a comment or send us an email with your neighborhood and we will be happy to start updating for you.

Banneker is located in Columiba, MD, in the Village of Town Center.   It is one of the newer neighborhoods in Columbia - the homes were built in the 1990's.  The neighbohood is comprised of "garden" style and "townhouse" style condominiums.  It is a short walk to The Columbia Mall, several fine restaurants, a public library and the Symphony Woods amphitheater.   The Banneker home sales statistics are in the chart below. 21044 property search

BANNEKER HOME SALES STATISTICS:

      (Active and Sold since 5/15/2009)

• Are you hoping to avoid foreclosure? 
• Worried about making your mortgage payments?
• Already late with your payments? 

You don't need to let your house slip away ... it is not your only option!  You may be able to negotiate with your Mortgage holder and perhaps arrange for a short sale. 

A short sale is when a homeowner's bank agrees to accept less than the full amount owed on the property.  Contrary to a foreclosure which can affect a seller's credit for years, a short sale shows up on a credit report as a debt that settled for less than the amount due.  This may affect a seller's credit score, but is less devastating than a foreclosure.  The seller must negotiate with the bank for a release on the property as well as for the underlying personal debt which is secured by the noteIf there is no option for you to stay in your house, a short sale may be arranged and you can avoid foreclosure with this process.  You may get some good advice from a HUD approved credit counceling agency.  You can go to www.HopeNow.com for information.  A knowlegeable and experienced Realtor can also help you with this process.

Most banks have a short sale "package" that they will provide a seller upon request.  It contains all of the documents and instructions about the short sale so a seller can navigate through this cumbersome process.  A key point to keep in mind is that the seller must be able to demonstrate that making mortgage payments has become a hardship and those reason(s) must be detailed for the bank.  In order to avoid foreclosure, a seller should begin this process as soon as it becomes clear that he has no other option.  The process can take up to six months or possibly even more - so patience is necessary.