Archive for February, 2009
Annapolis Home Buyers Are Taking Their Time. Or So We Hear. Some Feedback on our Feedback
February 27th, 2009 Categories: Buyers, Fun Fridays, One Minute Realtor
It Doesn’t Take a Genius to Read Between the Lines of the Buyer Feedback We’ve Been Getting Lately
If you’ve sold a home recently, you know all about Feedback.
Feedback is the stuff buyers and their agents have to say about your property after a showing – the good, the bad, the indifferent.
Agents being busy – and this being the electronic age - feedback flies back and forth between agents in e-mail snippets. We’re lucky if we get a complete sentence from a showing agent. A paragraph is the equivalent of a novel.
Feedback can be useful – if ten would-be buyers complain about pet odors, you know you better do something about it.
It’s also a barometer of the market at any given moment in time, and a clear reflection of buyer behavior. Here – with very little exaggeration – is a sampling of feedback we’ve gotten recently.
-
- Showed buyer 18 condos this weekend. They’ve decided to buy a farmhouse with 10 acres on the Eastern Shore.
- They loved the house – it made their Top 15 list.
- Clients have decided to write an offer on the home if it is still available when they get back from Hawaii this summer.
- Clients loved the home. They thought it was spacious, bright, had good flow, a nice yard, killer kitchen and master. Met all of their criteria. They want to keep looking.
| Currently No Comments »
Buying a Home in Annapolis? The New First Time Home Buyer Tax Credit Can Help
February 25th, 2009 Categories: Buyers, Real Estate News
This Credit Could Be Your Ticket to Owning a Home in the Annapolis Area
Buried somewhere deep in the 1,000+ pages of the new stimulus bill – also known as the American Recovery and Reinvestment Act of 2009 – is a little bonus that Annapolis area home buyers should like: a tax credit of up to $8,000.
I say should like because I’ve been surprised at the number of people who have expressed outrage over not just the credit but the entire package. A few Governors are even threatening to refuse some or all of their shares, on principle, which is fine with me: I’ll be happy to take what they don’t need.
Getting into the Nitty Gritty of the Home Buyer Tax Credit
I’ll save you the trouble of wading through those thousand pages by recapping some of the highlights of the credit below:
- To qualify for the credit, you must have bought a home after January 1, 2009 and before December 1, 2009.
- You must be what the law considers a “first time home buyer” – someone who has not owned a principle residence during the three year period prior to a purchase.
- The tax credit is equal to 10% of the home’s purchase price, up to $8,000.
- To be eligible for the credit, buyers must meet certain income requirements. Eligibility is based on what’s known as your modified adjusted gross income – you’ll be asking your tax preparer about that one.
- If you’re single, and your modified adjusted gross income exceeds $75,000, the credit will be reduced. For married taxpayers filing a joint return, the figure is $150,000.
- The difference between this and the previous $7,500 credit is that this credit does not have to be repaid. (The other was, essentially, a tax free loan).
Will Annapolis Area Home Buyers Take Advantage of this Credit?
I can’t see why first time buyers wouldn’t be all over this (perhaps limited) opportunity. Several lenders I’ve spoken to have already written loans for buyers who are taking advantage of the credit.
One tells me that his borrower is getting gift funds from a relative to purchase a condo; the borrower will then repay the relative when Uncle Sam writes a check after the borrower files his 2009 tax return.
If you’re thinking about taking advantage of this credit, email me at kenhaedrich@gmail.com and I’ll email you a special free report on the 21 Most Frequently Asked Questions About the New Home Buyer Tax Credit.
If you’d rather, email me your home address, and I’ll send you the report and a complete First Time Home Buyer Kit, with everything you need to know about buying your first home.
If you qualify, you don’t want to miss this great opportunity. We’d love to help you take advantage of it. Just call me at 410-507-7222 if you have any questions.
| Currently 1 Comment »
The Eastport Real Estate Market Report: $750,000 and Up
February 15th, 2009 Categories: Buyers, Neighborhood Sales & Stats, Sellers
Funky, Eclectic, Upscale and Down, the Market for Well-Priced Eastport Properties in this Peninsular Neighborhood of Annapolis Looks Good
We’ve just listed a great home in Eastport on Boucher Ave (right), that will go active in the MLS in about a week. It’s just down the street from two others we sold about a year ago, in the million dollar range, so we know the neighborhood very well.
I think we met pretty much everyone who lives in this part of Eastport over the course of many open houses. Eastporters love to take Sunday walks and think nothing of dropping by an open house, if for no other reason than to exercise their curiosity muscles.
Fine with us: we love to get to know the neighbors at our listings. And these neighbors sometimes end up hiring us to sell their homes – which is precisely what happened in this case.
Here’s How the Eastport Market Stacks Up Right Now
Our new listing will be priced in the mid-$700’s, so let’s look at the market at that point – $750,000 – and upwards. Later in the week, we’ll look at the market south of $750,000.
Currently there are 20 active listings. On the high end is a 3 bedroom home on Lockwood Court fronting Spa Creek for $1,950,000…and on the low end is a 2- bedroom on Chester Ave for $775,000. The former has been on the market for 24 days, and judging by the photos, most of the value is in the land. The latter has been listed for 330 days.
Three listings are under contract: one on Bay Ridge Ave listed at $785,000, one on Springdale at $1,270,000 and a third on Horn Point Drive which started at $3,000,000 103 days ago and went under contract listed at $1,300,000. Heaven only knows what’s up with that one.
Four homes have sold in Eastport for more than $750,000 in the last 90 days. The most expensive – a new home on Fifth St - went for $1,300,000 and took 223 days to sell. Another new home at 306 State St. sold for $797,653 in 85 days.
Uniqueness Always Sells Well in Eastport
The Eastport market has not been immune to the softening of the local real estate market, but it has held up better than other neighborhoods. The reason is this: the uniqueness of the homes, and walking distance to town.
For many residents (and homebuyers) Eastport represents the Annapolis maritime culture at its best – and they wouldn’t live anywhere else. Eastporters cherish the very things others complain about – the small yards, closeness of properties, the funky mix of expensive homes and cheaper bungalows, often side by side.
Sign Up for Our Free Eastport Hot List
If you’re a potential Eastport homebuyer, seller or resident – or you’re simply interested in keeping an eye on the Eastport market - why not subscribe to our Eastport Hot List? Our hot list – from which the above data is taken – is a detailed market report that comes directly to your email inbox whenever a new listing comes to market, goes under contract, or sells.
To subscribe, simply email your name to me at kenhaedrich@gmail.com and tell me you’d like to be put on the Eastport Hot List.
And if There’s an Eastport Home You Need to Sell…or Would Like to Preview…
…just email or call me at 410-507-7222. We work extensively with buyers and sellers throughout the Annapolis area, many in Eastport. And we’d welcome the opportunity to work with you. You’ll like us: we’re consultative, not pushy. And we love our work.
| Currently 1 Comment »
Focus on The Pointe: More of the Latest Home Sales in Edgewater’s South River Colony
February 8th, 2009 Categories: Buyers, Neighborhood Sales & Stats, Sellers
A Recap of the Most Recent Real Estate Market Activity at this Popular Community of 122 Luxury Townhomes
The response to last week’s post here about sales activity at the estate homes in South River Colony only validated what we already knew: that South River Colony is never far off the radar screens of homebuyers on the search for a lovely, amenity–rich community near Annapolis.
I thought I’d follow up with a synopsis of the real estate market at The Pointe, one of South River Colony’s ten neighborhood clusters. The community sits just off Route 214 and borders over 100 acres of South River Colony woods and wetlands.
Construction on these luxury townhomes was completed in 2006. They average around 3,000+ square feet on 3 levels. Over the years we’ve been in quite a few of these units and they are – on the whole – beautifully constructed with attractive architectural detail and high end finishes in the kitchens and bathrooms.
How The Current Market for South River Colony Stacks Up on the MLS
Currently there are 6 active listings in The Pointe, priced on the high end at $525,000 to $439,950 on the low end. Five of them have been on the market for 32 days or less. The other – priced at $515,000, has been listed for 114 days.
There have been 2 sales in the last 90 days including an end unit that was originally priced at $568,900 and sold for $528,000 in mid-November.
More recently, in mid-December, a townhome with a list price of $500,000 sold for $476,000. This one was on the market for 28 days; the former for 188 days.
The MLS does not show any townhomes that are currently under contract.
While sales at The Pointe compete directly with newer townhome developments such as The Vineyards of Annapolis (off Riva Road) and, to a lesser extent, Admiral’s View (just off Rt 2), neither of those communities can offer the great amenity package South River Colony can.
Given fair market pricing, we see no reason these townhomes shouldn’t continue to be an attractive buy for anyone who is looking for a newer luxury townhome package in the Annapolis area. We’d be happy to show you any of the active listings, if you’re interested.
Here’s How to Get Your South River Colony Hot Lists
If you are a buyer or homeowner who is keeping an eye on the market in South River Colony, email your name to me at KenHaedrich@gmail.com for a hot list of the latest market activity.
Specify whether your interest is The Pointe or the estate homes, and we’ll send you a detailed, up to the minute market report…and updates as they occur.
If you are a seller who has a South River Colony home to sell – or any other home to sell, for that matter – email or call me at 410-507-7222 and I’ll be happy to sit down with you and show you how we use our extensive marketing toolbox to get our clients’ homes sold.
| Currently No Comments »
10 Real Estate Myths – Debunked – For Anyone Who Wants to Buy or Sell Their Annapolis Home
February 5th, 2009 Categories: Buyers, Sellers
Dodging the Brisket and Potato Chips in Search of the Truth About the Annapolis Real Estate Market
If I’m in a talkative mood, I like to walk into the grocery store – or any public place – wearing one of my Realtor pins.
As almost any agent will tell you, wearing a Realtor pin in public nowadays is akin to tacking a sign on your forehead that says Ask Me About the Real Estate Market!
Which is preciscely what happens: total strangers start firing off questions at the checkout counter as they stack their potato chips and brisket onto the conveyor belt. How’s the market? Are you selling any homes? Have we reached the bottom yet?
I like this – in part because it gives me the chance to right some wrongful impressions about how the Annapolis area real estate market is behaving…and to debunk some deeply held myths that homeowners, sellers and buyers tend to cling to.
Here’s an article I stumbled upon that puts some of these myths to bed once and for all. It’s a good read, and a sobering one at that. Homebuyers should pay special attention to Buyer Myth #’s 2 and 5…and sellers to Seller Myth #4.
Incidentally, if you are considering buying a home in the Annapolis area, email me at KenHaedrich@gmail.com to find out more about Myth #3, and how you can purchase a home with an FHA loan for just 3.5% down. Most people think you need 20% down today, but that’s just not the case.
| Currently No Comments »
The Latest Home Sales in South River Colony in Edgewater
February 4th, 2009 Categories: Buyers, Sellers
A Search of the MLS Shows That Sales are a Little Slow in this Popular Subdivision Near Annapolis…and a Great Opportunity for Home Buyers
Speaking of Edgewater – home of The Fifty Dollar Home mentioned in the previous blog post – I just checked the MLS to get the latest activity on home sales in South River Colony.
Things aren’t exactly going like gangbusters. I’m referring to the larger estate homes now…where there are 14 active listings, 2 homes under contract, and only one home sold in the last 120 days.
To be sure, this is not the end of the market where homes are flying off the shelf. The lowest priced home is one at $650,000 – a real steal for this neighborhood – with the highest priced home coming in at $1,950,000.
The average Days on Market for the active listings is 147. Five of the homes have been on the market for more than 200 days. On quite a few of the homes, the prices haven’t budged, even after many days on the market. Makes you wonder just how badly these sellers want to sell. (With lovely golf course views like this from many of the homes, you can’t blame them for having mixed feelings about moving.)
If you’re a buyer keeping an eye on South River Colony, sign up for our South River Colony Hot List. Email me at kenhaedrich@gmail.com with your name and email address and I’ll send you a detailed report with the latest sales activity, along with instant updates on any new activity.
If you’re a seller who would like to sell your South River Colony home, email or call me at 410-507-7222 and I’ll show you how we can sell your home and you can avoid become one of those listings that just linger on the market.
Thanks for logging on to AnnapolisHomeDigest, brought to you by The Moss Haedrich Team of Keller Williams, Annapolis. Stop by again soon, or subscribe by filling in your email address in the form on the upper left.
| Currently 1 Comment »
; ?>/images/MatoChiclet.gif)
