Crofton, MD Real Estate News

By Margaret Woda, Maryland Real Estate & Military Relocation
(Long & Foster Real Estate, Inc.)
It's not too late for you and your office to participate in Operation Christmas Stocking, the nationwide mega-effort to provide Christmas stockings or gift bags to deployed troops.  However, time is getting short, since they have to be received in the Salt Lake City warehouse BEFORE NOVEMBER 1.   Just purchase some stockings or holiday gift bags at your local dollar store and ask other agents, lenders, closing attorneys, and even past clients to drop off goodies for filling them.  Items don't need to be expensive. We found it efficient to have only about 3 or 4 people actually stuffing the bags, or dividing into teams might be a good option if enough people are participating in the stuffing effort. Here are some ideas for filling the bags: Hard candy, socks, games, toileties (toothbrush...
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By Martha Brown, Your Homes Around Annapolis Agent
(Long & Foster Real Estate, Inc., Annapolis MD 21403)
Out and About Loving Annapolis   Christophers Restaurant In Crofton This past weekend was my monthly dining out with friends night and this time around we chose a restaurant located in Crofton. Located in a small shopping center across from the main gates of Crofton on Route 3 Christopher's Restaurant exterior belies the comfortable and tasteful interior. Rich wood tones along with fresh flowers on each table and booth warms you to a menu of delectable combinations that will delight any ones taste buds. We joined our friends already nestled in a quiet corner booth and began our night of great conversation, delightful service, and food that tickled our tastebuds. From salad to main course Christopher's menu is a blend of Contemporary American Cuisine with a casual flair with each selecti...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
It wasn't all that long ago that FHA loans were rejected by sellers in Crofton, MD pretty routinely. Look what happens when the market turns. In September, 2009, FHA loans outnumbered any other type of financing for Crofton, MD home buyers. Conventional financing was a very close second with VA financing pretty strong as well. Two buyers came up with the cash to purchase their Crofton, MD home. I don't know why, but this still amazes me. Especially when you consider the average Crofton, MD home was $353,841 in September, 2009. As you can see, if you're a Crofton, MD home buyer, you should consider an FHA loan. Right now, you can receive an FHA loan with 3.5% of the purchase price as a down payment. If you're not already working with an agent to find your Crofton, MD home, I can help. I...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
  2009 2008 % Change Sold Dollar Volume $13,799,800 $10,567,800 +30.58% Average Sold Price $353,841 $340,897 +3.80% Median Sold Price $325,000 $320,000 +1.56% Total Units Sold 39 31 +25.81% Average Days on Market 80 94 -14.89% Average List Price for Solds $381,069 $360,958 +5.57% As you can see from the data above, Crofton, MD home sales had a pretty good month in September, 2009 compated to September 2008. It's been pretty rare to see every category improve. Prices are increasing, more units are being sold, and homes are selling faster. During the month of September, 2009, 35 new listings were added to the Crofton, MD home inventory, while 39 were sold. In a peek at the near term future, 46 homes went under one of the various contract categories. A deeper look at the data seems to ind...
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By Margaret Woda, Maryland Real Estate & Military Relocation
(Long & Foster Real Estate, Inc.)
Owing more than your home is worth in today’s Crofton real estate market is just one of the factors determining whether a lender will approve your short sale.  That alone is not enough to qualify for a short sale.  According to America's Home Rescue, you must first be able to satisfy your lender(s) regarding these three factors before most lenders will consider your short sale application: 1.  You are behind in your mortgage payments. 2.  You have a genuine hardship. 3.  You have no equity in the property. In fact, some lenders have a much longer list and they all require a lot of supporting documentation. On the flip side, some lenders are flexible about these three factors.    Please don’t stop making payments on your home just to qualify for a short sale.  The fact is that you’re pro...
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By Margaret Woda, Maryland Real Estate & Military Relocation
(Long & Foster Real Estate, Inc.)
My rental client's application was accepted this week for a condo in Crofton, MD.  'Doesn't sound like a big deal in this world of high-stakes real estate buying and selling, but it was very important to him.  It meant the difference between having a roof over his head or not - or, at the very least, between keeping his son in the same school or having to move to another neighborhood when his current landlord decided to sell. Telling this client the bad news when his first rental application was rejected was tough... and the second... but the third time was charmed, and I couldn't have been happier if it was a multi-million dollar sale. This rental wasn't a huge victory, like the one Katerina and Nestor Gasset told us about earlier in the week (Short Sale Strategies- When The Lender Bla...
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By Diane Donnelly, Anne Arundel County, MD Real Estate
(Keller Williams Flagship)
Time to show off your new home! This townhome has the special touches that even interior designers love! From the soft custom paint choices, to the upgrades throughout, to the private wooded view from your deck or patio, this townhome looks and feels like a model home! When you visit us on Sunday, you will find the following details of the home: Two light filled, HUGE bedrooms with spacious closets and closet organizers A gorgeous designer ceramic package in the hall bathroom with upgraded lighting, upgraded cabinetry and upgraded hardware A cook's delightful kitchen includes designer cabinetry, upgraded countertops, upgraded hardwood flooring, upgraded lighting, upgraded appliances, upgraded hardware, and a bay window to enjoy the view! The living room enjoys upgraded flooring, a slidi...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
  2009 2008 % Change Sold Dollar Volume $9,072,291 $16,591,700 -45.32% Average Sold Price $348,934 $345,660 +0.95% Median Sold Price $342,000 $297,000 +15.05% Total Units Sold 26 48 -45.83% Average Days on Market 59 85 -30.59% Average List Price for Solds $380,357 $367,389 +3.53% The Crofton MD real estate market took quite a hit when comparing August 2009 to the same period in 2008. A 45% reduction in the sales volume and units sold is very uncharacteristic of the Crofton MD market. I don't believe that there is any specific reason to point to, especially since overall sales in Anne Arundel County were up once again. It does seem though, that new listings are selling quickly. This can be evidenced by the Average Days on Market reduction of -30.59%. That is a pretty big reduction from ...
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By Margaret Woda, Maryland Real Estate & Military Relocation
(Long & Foster Real Estate, Inc.)
Has the Crofton Maryland real estate market stabilized?  That's a question many people are asking these days, and there is no simple answer.  There are so many factors to consider, and here are a few of them tracked over a number of years:   If you prefer colorful graphs, I have some of those, too.  Here's one illustrating how many homes sold in the 21114 zipcode vs. how many active listings there were in recent months: There were 46 new listings in Crofton during August, compared to 13 new non-contingent contracts. Ideally, the two numbers would be about the same, because these figures indicate that the housing inventory is growing - and that's not what home owners want to see.  (Economics 101:  Supply and Demand)  It is good for home buyers, but many of them are still sitting on the f...
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By Margaret Woda, Maryland Real Estate & Military Relocation
(Long & Foster Real Estate, Inc.)
The Crofton Civic Association annual meeting is tonight at Crofton Elementary School (7:30 p.m.) and the “hot topic” will be the future of Lake Louise. Once the jewel of Crofton’s curb appeal, Lake Louise has been an eyesore for years.  In the early days of my real estate career, prospective home buyers were always impressed at the lovely entrance into “Old Crofton” – the beautiful pond known as “Lake Louise” and the meticulously maintained lawns.  No more.  Now their first impression of our neighborhood can be summarized in one word, “OLD”.  Contrast this with their impression as they drive into other nearby communities and even shopping centers where the lawns and beds at the entrance are impeccably maintained, seasonal flowers are in bloom, and water features often include a fountain...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
  A slow week after Labor Day saw Crofton MD with four houses going to settlement. Once again, three of the settlements were in the price range below $250,000. This is the price range which is the sweet spot for first time home buyers. The fourth house was a nice Colonial priced at $403,000. So what did last week tell us about potential future settlements? Three houses in Crofton MD moved to the Contract stage. At this point, all contingencies are removed and settlement is approaching. No houses went under contract with a kickout. Five houses went under contract with no kick out. Some contingencies still exist but a contract with no kick out is pretty solid.  Three new rentals became active last week in Crofton MD. Monthly rental prices ranging from $1,325 to $1,800. Eight houses became...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
Reserve the date to give blood through the American Red Cross right here in Crofton MD. Date: October 6, 2009 (Tuesday) Time: 2:00 PM to 8:00 PM Location: St. Elizabeth Ann Seton Parish                1800 Seton Drive                Crofton, MD 21114 Here is another opportunity to recycle right here in Crofton MD. A unique recycling effort no doubt. Recycle your blood to help someone in need. If you're looking for just that little extra bit of incentive, a donation to Susan G. Komen for the Cure will be made on behalf of all donors. I'm not sure but they'll probably have cookies too.       Richard Iarossi, REALTOR®Long and Foster® Real Estate, Inc.Crofton, MD 21114410-451-6255 Office443-995-9595 Cell Web: http://www.RichSellsHomes.comeMail: Rich@RichSellsHomes.comAnnapolis MD Real Estat...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
Your Crofton MD home purchase contract is ratified, now what do you do? Early on you received pre-approval or pre-qualification from your lender. Now that the contract on your Crofton MD home is ratified, you need to formalize, and get a commitment for the loan. In the contract is a specified period of time when you have to apply for a loan, and when the loan will actually be committed to by the lender. All this has to happen before settlement. Your agent will help make sure that the dates specified in the contract are met. The formal application is first and the lender will require documentation of your assets and income. Your credit check and FICO scores should have been done earlier. They'll be checked again to make sure nothing has changed. REMEMBER, don't go out and buy that new ca...
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By Margaret Woda, Maryland Real Estate & Military Relocation
(Long & Foster Real Estate, Inc.)
“But I can’t run from my front door to the corner mailbox!” That’s a quote from my daughter Susan a few years ago when someone challenged her to participate in the Cherry Blossom Run.  And she wasn't kidding, when she said that.  After her doctor advised that asthma was no excuse for saying “no” – in fact, it would be good for her – she went online and found a training program for beginning runners.  And yes, she did finish the race.  If she could do it, you can, too!   Now you can train with local resident and prominent runner, trainer and author Christine Hinton, also known as The Running Coach. Christine is offering her 10–week training program for Crofton area runners, beginning on September 19 at Crofton Country Club or Christine’s house, depending on the size of the group.  They’l...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
I've been living in Crofton MD since 1991 and the issue of what to do with Lake Louise seems to come up periodically. If you live anywhere in the area, you know that "Lake Louise" sits on the left side of the main entrance to Crofton MD. Since it's really not a naturally fed lake, it does have pretty dramatic swings in water level. Most of Lake Louise is runoff from the townhouse community just off of Crofton Parkway. On September 21, 2009, the issue of Lake Louise and other important community issues will be discussed at the General Membership Meeting. There are some who want Lake Louise to remain "as is," basically a catch basin for water runoff. Let nature take its course. When there is a drought, the lake will be low, and when there is heavy rain, it will be overflowing. Pretty much...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
Last week Crofton MD had three houses go to settlement. Once again, two of the settlements were in the $200,000 to $300,000 price range, which is the sweet spot for first time home buyers. The third house was more than likely a move up priced at $539,900. So what did last week tell us about potential future settlements? Three houses in Crofton MD moved to the Contract stage. At this point, all contingencies are removed and settlement is approaching. Two houses went under contract with a kickout. One of the kick outs was for a home inspection which is pretty minor and the other one was for a third party approval on a short sale. Crofton MD doesn't have all that many short sales but they do occur. The remaining two houses went under contract with no kick out. Some contingencies still exis...
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
Once your offer on a Crofton MD home is submitted, it is reasonable to expect a counter-offer from the sellers. Being in a position where the seller actually does submit a counter isn't all that bad. When the sellers provide a counter offer, they feel that there's room for negotiation. After all, they could have rejected your offer and moved on, but they didn't. How you react to the counter offer is something we need to discuss. You can accept it, reject it, or actually provide another counter offer to the sellers. Remember, it's not just price that the sellers may counter on. Each contract is complex, and there may be other terms and conditions that may not be acceptable to the seller. This can go on for a while, but at some point one of the parties, buyer or seller, may stop negotiati...
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By Margaret Woda, Maryland Real Estate & Military Relocation
(Long & Foster Real Estate, Inc.)
Chapman Farm is a community of more than 500 detached homes built in the 90's on the west side of Reidel Road in Crofton, Maryland. It's a beautiful community of well-kept homes built around a designated "historic" home and outbuildings on a site now used as a community clubhouse and playground, with ample parking. No doubt about it... home buyers love Chapman Farm!  Nearly 30% of all detached homes that went under contract during August in Crofton were located in Chapman Farms.  These homes ranged in price from roughly $485,000 to $585,000.  Now there are only four active listings remaining on the market, so you'd better go check them out!  
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By Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate
(Coldwell Banker Residential Brokerage)
Buying a home is complex and costly. You want to make sure you end up with as many features you want, and can afford. The home you eventually get may not have everything you wanted, but for the price, you're getting the features most important to you. Even in the highest price ranges, it's rare that a buyer gets everything on their wish list. Crofton MD has a large real estate inventory to start your search for the home of your dreams. At some point, you'll find that perfect home for you, and we'll write an offer. In Maryland, all real estate purchases have to be in writing. No handshakes allowed. That offer we write together is going to take a while. The standard real estate contract is 11 pages but when we add all the required addenda, it can easily blow up to close to 40 pages. Get o...
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By Margaret Woda, Maryland Real Estate & Military Relocation
(Long & Foster Real Estate, Inc.)
Want to know what your neighbors paid for their Crofton home?  You don't have to dig through their trash bags at the curb and you don't have to watch for the information to be published in a local newspaper.  And no, I'm not going to suggest you just ask.  It's online at the Maryland Department of Assessments and Taxation website. Just click on the image or the link above it, and scroll within the little box (red arrow) to find Anne Arundel County; then you'll probably want to search by Street Name or Property Sales (highlighted in green).  You'll be prompted to further define your search, so just follow the directions on your screen.   If you search by Street Name, this is the information you will learn about any property: Date of purchase Amt. of purchase Date built Amt. of assessment...
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