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Anne Arundel Real Estate Market Statistics – October 2008

The National Association of REALTORS reported in late September that recent sales for existing homes declined slightly, to an estimated annual volume of 4.91 million units for 2008. Recent tightening in mortgage lending has created challenges for some of today’s home buyers. According to Freddie Mac, the thirty year fixed rate mortgage hovered around 6.5 percent during the month of August, up slightly from the month before.

Officials are hoping that recent actions taken by the Federal government will create stability in the housing market. Lawrence Yun, chief economist for the National Association of REALTORS, says, “With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability.”

Average (Mean) Sales Price of Existing Homes by Region

Date	U.S.	Northeast	Midwest	South	West
2006	268,200	299,700	205,300	230,000	371,300
2007	266,000	307,100	200,500	225,600	365,900

05/08	252,600	309,100	190,700	219,000	326,700
06/08	257,900	298,700	201,900	230,500	328,500
07/08	253,300	307,100	196,900	221,100	322,400
08/08	245,400	300,600	196,400	220,400	294,500

Statistics from the National Association of REALTORS®

Anne Arundel County figures for September 2008 are shown below.

	2008	2007	% Change
Total Sold Dollar Volume:	$ 156,630,704	$ 199,884,468	– 21.64 %
Average Sold Price:	$ 403,687	$ 441,246	– 8.51 %
Median Sold Price:	$ 320,000	$ 345,000	– 7.25 %
Total Units Sold:	388	453	– 14.35 %
Average Days on Market:	136	114	19.30 %
Average List Price for Solds:	$ 466,403	$ 480,279	– 2.89 %
Avg Sale Price as a percentage of Avg List Price:	86.55 %	91.87 %

Total Number of NEW listings
taken for the month:	887
Total Number of Properties
marked Contract for the month:	326
Total Number of Properties
marked Contingent for the month:	106
Total Number of NEW pendings
(CONTRACTS + CONTINGENTS):	432

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2008 – Information deemed reliable, but is not guaranteed.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

The Tao of Annapolis Real Estate

When will the local real estate market hit bottom and values resume their upward climb? What will be the impact of the federal bailout? Whose opinion should you listen to? Said Lao Tzu, “Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.”

While we may not know when the market will turn, we do know that today offers tremendous buying opportunities – low interest rates, lots of inventory, and motivated sellers. And we live in a great place to own real estate, near our nation’s capital, paradise by the Chesapeake Bay.

If your long-term financial plan includes acquiring more real estate, observe the yin and yang – the dark chaos is accompanied by tremendous opportunity. Are you focused on the gloom or present to the opportunity?

Don’t miss the moment.

Some of our clients are now negotiating great deals to acquire properties with 100% owner financing and with lease-options, some are leverage existing assets to create down payments and getting great rates with bank financing. And many are waiting.

“When the highest type of men hear Tao,
They diligently practice it.
When the average type of men hear Tao,
They half believe in it.
When the lowest type of men hear Tao,
They laugh heartily at it.
Without the laugh, there is no Tao.”
– Lao-tzu, The Way of Lao-tzu

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Good News for Veterans

On September 11, the House of Representatives passed the Veterans Construction and Extension Act of 2008, which helps Veterans achieve their dreams of home ownership. The legislation provides assistance for veterans who need to refinance their Sub prime or adjustable rate loans into a safer, more affordable loan backed by the US Department of Veterans Affairs. The bill has been passed on to the Senate for finalization. If you’re in the market for a home, contact us for information on FHA, VA, and other mortgage programs that might be right for you.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

SOLD! 2009 Bell Point Court, Odenton, Maryland 21113- A Beautiful Home with a Perfect Price

2009 Bell Point Court, Odenton, Maryland 21113 is a beautiful home with a perfect price. Just listed, and a great buy particularly for a first-time homebuyer or investor. It’s always a good time to buy a good piece of real estate, so if you know someone who is renting and would like to own their own home, or an investor who would like to expand their portfolio, please let them know about this opportunity.

2009 Bell Point Court, Odenton, MD 21113

Click here for further details.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

How On Earth Can I Sell My House in Maryland Today?

With the national and global financial markets in chaos, and consumer uncertainty at a record-high level, lots of people are wondering how they can make the move they want to make, especially if they have a house to sell. Such times call for creativity – for making deals and designing transactions to meet the needs of the people involved, taking into consideration their positions and their objectives, rather than requiring people to fit into standard molds. This can be tricky to do when people are under pressure; it takes patience, flexibility, and a skilled team.

For a creative real estate deal that we recently structured, we were featured in the September 2008 issue of What’s Up? Annapolis. Click here to read the article.

As I mentioned last month, now is the time to find motivated sellers and acquire properties at great prices with excellent financing, and to structure deals that work for everyone.

We are increasing our services to investors, so if you want to buy more rental property in Maryland, and you want to work with someone who understands your vision, let us know. And of course, if you know someone who needs to sell today, please call us right away.

We’re building a new web site at http://www.IntentionalInvestor.com

Check it out and let us know your thoughts and suggestions.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Free Money for Annapolis Non-Profits – Act Now – They're Giving it Away!

The end of the fiscal year often results in last-minute dashes, and I just learned about a great opportunity through a colleague in the Rotary Club of Annapolis. Commerce Bank is expanding to the Annapolis area, and as part of their commitment to actively supporting our community, they offer grants, sponsorships, and community development and service programs.
According to Commerce Bank’s Annapolis Manager and Assistant Vice President Jen Simon, the bank’s funds for this year are not fully allocated, and these programs are not yet well-known locally, so we have a great window of opportunity for funding projects that benefit local residents. As are result of Jen Simon’s recent efforts to get the word out, many of our local non-profits are now busy writing grant applications – which are due this week!
More information and an on-line application are available at http://www.commerceonline.com/communityrelations/overview.cfm
Let me know if you’d like more details, as I’ll be learning more over the next few days. We’re putting together an application for the Rotary Club of Annapolis, and I’d love to come up with a project to support affordable housing, a growing issue in Annapolis and Anne Arundel County, especially as federal backing for 100% financing is vanishing. And it would be a pleasure if this news is of benefit to you, or a non-profit that you support, so let me know!
P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Free Money for Annapolis Non-Profits – Act Now – They’re Giving it Away!

According to Commerce Bank’s Annapolis Manager and Assistant Vice President Jen Simon, the bank’s funds for this year are not fully allocated, and these programs are not yet well-known locally, so we have a great window of opportunity for funding projects that benefit local residents. As are result of Jen Simon’s recent efforts to get the word out, many of our local non-profits are now busy writing grant applications – which are due this week!

More information and an on-line application are available at http://www.commerceonline.com/communityrelations/overview.cfm

Let me know if you’d like more details, as I’ll be learning more over the next few days. We’re putting together an application for the Rotary Club of Annapolis, and I’d love to come up with a project to support affordable housing, a growing issue in Annapolis and Anne Arundel County, especially as federal backing for 100% financing is vanishing. And it would be a pleasure if this news is of benefit to you, or a non-profit that you support, so let me know!

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Annapolis Real Estate Investors Change the Landscape

This classic rancher at 118 Academy Street in sought-after Murray Hill in downtown Annapolis was recently sold. It was listed on January 5th at $899,000 and closed on July 24th for $775,000. The house featured 4 bedrooms, 2.5 baths, and perhaps most important to the buyer, it was sited on three buildable lots. (Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data)

Within a few days after settlement, demolition began.

And it wasn’t too long before everything was gone, except for a few trees (and the environmentalist in me is very happy that these were saved).

Odds are that we’ll soon have three houses, and that they’ll be on the market for a pretty penny.

This is one real estate investor who is playing to win. I recently heard that eight times the number of people become millionaires in a down market as in an up market. In the face of so much bad news about the economy, it’s great to see an entrepreneur in action, acting boldly, creating value. It’s a great time to take calculated risks.

Yet I must say, I will miss the old house!

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Intentional Investors Buying Maryland Real Estate

How’s the real estate market? Everyone is asking me these days. Recent headlines in The Capital, our local Annapolis newspaper, include:

County home sales drop 31 percent in July

Shaky economy hits schools, kids

Restaurants closing reflects disturbing trend (about the closing of our much–loved locally-owned Northwoods Restaurant)

State unemployment rate creeps upward

Rumor has it that some of the new upscale chain restaurants in Park Place near Murray Hill may be closing. What will happen with Morton’s and Fado? Today’s Wall Street Journal reports:

Financial Unease Trips Up Stocks

Housing Downturn Hits Home Depot

Fannie, Freddie Are Pounded

Things are looking pretty bleak, one might say. Of course, it all depends on your perspective.

Here are some other facts from our local multiple listing service:

Of the 38 single-family homes sold in Annapolis in the last thirty days, the net price when sold averaged 87% of the original list price.

A lovely property is listed in Murray Hill now for over $100,000 below the last sale on the street in 2006.

For those who are intentional about building wealth through real estate investing, this market is outstanding. Remember “Buy Low, Sell High”? Now is the time to find motivated sellers and acquire properties at great prices with excellent financing.

We are increasing our services to investors, so if you want to buy more rental property in Maryland, and you want to work with someone who understands your vision, let us know.

We’re building a new web site at http://www.IntentionalInvestor.com

Check it out and let us know your thoughts and suggestions.
P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

How Much Is My Maryland Real Estate Worth?

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Anne Arundel Real Estate Market Statistics – October 2008

The Tao of Annapolis Real Estate

Good News for Veterans

SOLD! 2009 Bell Point Court, Odenton, Maryland 21113- A Beautiful Home with a Perfect Price

How On Earth Can I Sell My House in Maryland Today?

Free Money for Annapolis Non-Profits – Act Now – They're Giving it Away!

Free Money for Annapolis Non-Profits – Act Now – They’re Giving it Away!

Annapolis Real Estate Investors Change the Landscape

Intentional Investors Buying Maryland Real Estate

How Much Is My Maryland Real Estate Worth?

Here are some client reviews of Carlyn Lowery…

Questions? Call Carlyn Lowery today.