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

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Some folks read these blog posts with their favorite RSS reader such as iGoogle, some subscribe by email, some follow me on Twitter, and some find it most convenient to discover the latest news when checking in with friends on Facebook.   The formatting seems nicest here, yet some of the other delivery methods are more convenient.

I’m still experimenting with Facebook and Twitter, and would love to hear how you like to use them for both work and play.

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

“Stop My Double Mortgage Payments, and Get This House Sold Now!” Say Annapolis Real Estate Owners with Vacant Homes

Vacant House in Annapolis

Vacant House in Annapolis

One mortgage payment is bad enough, but two is sometimes just too much to bear. And vacant homes cause all kinds of problems.

Insurance coverage may lapse after thirty days.
Little problems may turn into big problems, because no one was around to notice.  A small trickle becomes toxic mold.
Lawn mowing, leaf blowing, gutter cleaning, snow shoveling – enough to deal with when you live in a home, and a real hassle when you live elsewhere.
Neighbors get mad when the home and yard deteriorates.
The city issues fines for code violations.
Realtors recommend low sales prices, or say they can’t help.

What’s the alternative, renting the home out and risking bad tenants who might trash it?

For those who have had enough, and are determined to stop the double mortgage payments and other ongoing expenses and hassles, other options are available.  Our growing network of Annapolis real estate professionals includes people who create custom solutions, with a little flexibility on everyone’s part.

Professional rehabbers who renovate homes for resale, “hard money” lenders who fund rehabbers, landlords who like to have property and tenants to manage, investors who subsidize mortgage payments for a portion of the equity, note buyers who convert seller financing to cash, insurance experts who provide policies for vacant homes, Realtors who bring home buyers and renters, people who want to “rent to own” or buy with a “lease-purchase.”

If you’d like to participate in these ways or others, please get in touch, and let’s see how we can work together to get more of these vacant homes occupied!

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

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.

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.

443-569-3977 – Direct
888-860-7369 x146 – Main Office
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