Carlyn Lowery, Associate Broker, Lowery Home Team at eXp Realty, Annapolis and Anne Arundel County MD Real Estate

Annapolis Real Estate Owners Affected by Adjustable Rate Mortgage (ARM) Resets

Annapolis real estate owners will be affected by upcoming adjustable-rate mortgage (ARM) resets, and time will tell exactly who and how.

I’ve been hearing a lot lately about the large number of option-ARMs and Alt-A loans  that are due to reset in 2010 and 2011, and people are wondering what the effect will be on our local real estate market.

If you want to read about the doom and gloom, and review lots of data, an interesting source is the book
More Mortgage Meltdown: 6 Ways to Profit in These Bad Times, by Whitney Tilsen and Glenn Tongue, or the authors’ web site More Mortgage Meltdown.

[tomatoframe width=”120″ height=”240″]http://rcm.amazon.com/e/cm?t=koalaconcepts-20&o=1&p=8&l=as1&asins=0470503408&fc1=000000&IS2=1&lt1=_blank&m=amazon&lc1=0000FF&bc1=000000&bg1=FFFFFF&f=ifr[/tomatoframe]

I like these guys, and not just because I’m biased because Glenn Tongue is another Wharton grad. They’ve put together a lot of data, and assembled a detailed Powerpoint presentation which they share on their web site. Reviewing them made for a frightening Halloween for me!

Of course, after calming down, the question everyone wants to know is, “How does this affect me and our local market?”  Lots of Alt-A notes and fewer option ARMs were issued in the Annapolis area during the boom.  American Home Mortgage (AHM), a major Alt-A lender, was extremely successful in Annapolis and Anne Arundel County (and all across the country), due to their combination of low rates and easy approval process.  Perhaps that had something to do with them being the first lender to stop funding loans and quickly file for bankruptcy in August 2007, starting the mortgage meltdown.

Our local Annapolis and Anne Arundel County market is strengthened by many factors, among them our being the Maryland state capital, sited on the Chesapeake Bay, being close to Washington, DC, and having Homeland Security and the Baltimore Washington International Airport in the area. These are some of the factors that give confidence on our real estate values over the long term.

Perhaps the most important questions for your consideration at this point are: What type of loan or loans do you have?  Do you know?  And does your income continue to be sufficient to afford your payments, or has the recession put that in danger?

Do you have a 30-year fixed mortgage?  Or are you paying interest only?  Or do you have a choice of how much to pay?   Will your loan convert and start amortizing? Will your payments adjust based on some formula and interest rates in the coming months or years? If you are not sure, you might pull out your closing documents, call your lender, or call me, and get clear.   If your payments are likely to change within the next year or two, this is a good time to plan ahead so you are not caught by surprise. And if you know someone who anticipates trouble, please put us in touch.

P.S.  Call me today for all your Annapolis real estate needs.

Mayoral Debate October 22 at 7 pm – Local Government Affects Annapolis Real Estate Values!

Don’t miss the Annapolis Mayoral Debate October 22, from  7 pm to 9 pm.  As you know, local government affects Annapolis real estate values, as well as many aspects of living in Annapolis.  This is an opportunity to make a more informed choice in the upcoming election for our new mayor.  This event is being publicized by the sponsors, the Murray Hill Residents Association, Ward One Residents Association, Annapolis Forum, and What’s Up? Magazine.  Since I couldn’t find a trace of info in The Capital, I wanted to make sure to help get the word out.  Rick Cooksey, President of the Murray Hill Residents Association, said by email:

Thursday 22, October Ward One and Murray Hill
Residents Association will host a Mayoral Debate at Maryland Hall.
The debate will be sponsored by Annapolis Forum and What’s Up
Magazine.  All three candidates will participate and are ready to face
challenging questions and an opportunity to tell their story to the
voters.  The debate is open to the public, so
please encourage your friends and neighbors to attend.

The moderator will be Chris Nelson, President of St. John’s College.
A distinguished panel will helping with questions from the audience.
Panel members are:
?        Cynthia McBride, owner of McBride Gallery, Annapolis, and
Benfield Gallery, Severna Park; Chair of the Annapolis Gallery
Association; and past President of the Annapolis Chamber of Commerce.
?        Dan Nataf, PhD, Associate Professor of Political Science;
Director, Center for the Study of Local Issues, Anne Arundel Community
College.
?        Howard Ernst, PhD, Associate Professor, Political Science, US
Naval Academy; and author of Chesapeake Bay Blues.

The debate will be in three parts:
1.  The moderator will ask questions of the candidates;
2.  Candidates will ask questions of each other; and
3.  The panel will select questions from the audience and pose them to
the candidates.

I hope to see you there!

P.S. Call me today for all your Annapolis real estate needs.

Annapolis Real Estate Agents – Do You Have a Great Real Estate Office?

Annapolis real estate agents, like agents across the country, are reaching the time of year when we size things up – where are we with respect to our annual goals, what can we change to do better.  This year is a good year for my business, and it’s a good year for my brokerage, eXp Realty of Annapolis, Maryland.   We are expanding market share, in one of these cases of “When the going gets tough, the tough get going.”   This office provides ongoing training in how to deal with this changing market, including handling foreclosures and short sales, using first-time homebuyer programs and incentives, and presenting listings to sell.   The education and experience is proving its value in today’s challenging market, as we succeed in helping our clients meet their goals while also meeting ours.  It’s a win-win.

If you or someone you know in the real estate business is considering how to build their business, and open to exploring opportunities with different real estate companies around Annapolis, or elsewhere across the US or in Canada, let’s set up a time to chat about joining us.   I love this company.

eXp Realty

eXp Realty

P.S.  Call me today for all your Annapolis real estate needs.

Annapolis Rotary Crab Feast on Friday, August 7, 2009

Summer is time for outdoor fun, like the 64th annual Annapolis Rotary Crab Feast.

This the Annapolis’ biggest summer event and the best darn crab feast in the world, as well as the signature fundraiser of the Rotary Club of Annapolis.

Last year’s crab feast donated $70,000 directly to local charities and non-profit groups. More than $1 million has been awarded since the first Annapolis Rotary Club Crab Feast in 1946.

Check out the details and order tickets at http://www.annapolisrotary.com/crabfeast.asp or get your tickets from me in person.

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

Maryland Schools Ranked Best in the Nation

The Maryland state school system was just ranked best in the nation .  Our schools got a great report card in the study Quality Counts 2009, produced by Editorial Projects in Education, the publisher of the trade newspaper Education Week .

How Do You Find the Best Schools?

People often want to buy homes in good school districts.  The question is, what makes a good school district? You can discover a great deal by doing research on line , talking to friends and neighbors, and visiting schools.   It’s far better to research schools and choose the neighborhoods of interest, before falling in love with a home.

What do you think?

Do you know of some good resources for local school information?  How would you suggest people size up a school to choose if it is right for their family?

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

Here are some client reviews of Carlyn Lowery…

“Carlyn got us a quick sale above the asking price. She qualified prospects well, used a professional photographer for advertising photos, and provided expert advice during negotiations. Carlyn is what other Realtors aspire to be!”
– Paul Donnelly

“As first time home buyers, Carlyn Lowery was very attentive to our basic needs of walking us through each step of the home buying process from a novice standpoint. The long detailed list of items due at specific times from the start of the contract all the way through to the week of closing was greatly appreciated. It was great having an agent who took the time to clearly lay this all out for us. End result – a very smooth time at settlement. No surprises!”
– Ann Hannam

“We wanted a professional who would work with us to sell our home
quickly for a good price and protect our interests as sellers through the process.
Carlyn’s business acumen is her (and will be your) greatest asset.”
– Sue Bogard

“Carlyn was wonderful. She was organized, prepared, and knew the steps to take to sell our home quickly and used a wide array of marketing to get the job done. She gave great advice
during each of the phases, and in particular on the negotiation.”
– Michael Morgan

 

Questions? Call Carlyn Lowery today.

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