Home Buying Archives - Page 28 of 29 -

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

Anne Arundel County Maryland Real Estate Market Statistics – August 2008

The National Association of REALTORS® (NAR) reported a decrease in the rate of existing home sales through the month Surface of June, which fell 2.6 percent. NAR’s revised With home sales forecast now stands at 4.86 million units for 2008.

Despite the decrease, REALTORS® are reporting activity in all regions across the country. NAR president Richard F. Gaylord explains, “Timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth.”

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

01/08	245,500	298,400	178,800	206,500	335,600
02/08	242,000	292,700	175,100	204,600	333,100
03/08	247,100	310,800	183,200	209,600	325,200
04/08	247,200	294,400	188,500	212,900	327,000
05/08	252,600	309,100	190,700	219,000	326,700
06/08	257,500	292,600	204,200	229,900	330,500

Statistics from the National Association of REALTORS®

To stimulate market activity, the Federal Housing Administration has increased loan limit guarantees for 2008. FHA programs are available with a modest 3 percent down payment, and allow borrowers more buying options when purchasing a home. The national median existing home price was reported at $215,100 in June, down from a year ago when the median price was $229,000 for all housing types.

Anne Arundel County figures for July 2008 are shown below.

	2008	2007	% Change
Total Sold Dollar Volume:	$ 163,200,495	$ 247,874,259	– 34.16 %
Average Sold Price:	$ 397,081	$ 428,848	– 7.41 %
Median Sold Price:	$ 332,900	$ 362,403	– 8.14 %
Total Units Sold:	411	578	– 28.89 %
Average Days on Market:	121	92	31.52 %
Average List Price for Solds:	$ 437,012	$ 459,905	– 4.98 %
Avg Sale Price as a percentage of Avg List Price:	90.86 %	93.25 %

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

Free E-Mail on Maryland Real Estate for Sale

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New Federal Tax Credit for "First-Time Homebuyers"

Prospective first-time home buyers now have an additional financial incentive to buy. Here’s a Legal Bulletin with details by Service Andy Levy, Esq., of Capital Title in Crofton, Maryland:

On July 30, 2008 President Bush signed into law the Housing Assistance Act of 2008 which includes a tax credit for eligible, “first-time homebuyers” of property which is to be used as a principal residence. For purposes of this legislation, a “first-time homebuyer” is an individual who had no present ownership interest in a principal residence during the three-year period ending on the date of the purchase of the Estate principal residence to which the credit applies. The tax credit is phased out for taxpayers with adjusted gross incomes which exceed $75,000 ($150,000 for joint filers). The tax credit is equal to the lesser of $7500 or 10% About of the home’s purchase price and applies to properties on which closing occurs after April 8, 2008 and before June 1, 2009. Eligible taxpayers get the full benefit of the credit, even if their tax liability is less than the credit amount. By way of example, if an eligible taxpayer clams the full $7500 credit in 2008 and owes the IRS only $5000 in taxes, the taxpayer will get a $2500 refund from the IRS. Taxpayers who claim the credit are subject to repayment (“recapture”) of the credit over a 15 year period (6&2/3 % Finding of the credit received per year) commencing with the second year of ownership, but the recapture amount cannot exceed the amount of the taxpayer’s gain (if any) on the sale of the Nfl residence. The credit, therefore, functions like an interest free loan for up to $7500 because only the principal must be repaid. You cannot use the credit if you are a nonresident alien, finance ?????? the property using a state or local housing agency’s tax exempt bond mortgage or do not plan on using the property as your principal residence. Homebuyers in the District of Columbia who use the District’s first-time- buyer credit program can not also use the new federal credit.

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

Intentional Investors Buying Maryland Real Estate

Anne Arundel County Maryland Real Estate Market Statistics – August 2008

Free E-Mail on Maryland Real Estate for Sale

New Federal Tax Credit for "First-Time Homebuyers"

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