Buyers' Market?; Maybe Not For quite some time now we have been hearing comments from buyers that would be typical in a Buyers' Market.  "I'm not going to pay full price; it's a Buyers' Market.  I'm looking for a good deal." However, more and more often comments are starting to be heard that are sounding like those heard in a Sellers' Market.  "All of a sudden, they have three offers on the house when I want to buy it." Certainly there are some factors in the real estate market which are making this an ideal time to purchase a home.  Interest rates are at 60 year lows and home prices have come down to where they were prior to the boom which preceded the recession. From the sellers' standpoint, there has to come a point where they can simply not drop their prices any further, a point whi... 11/26/2010

20 Percent Reduction; Wow! Remember back at the end of 2009 when mortgage interest rates were in the range of a whopping 6 to 7 percent. I know; it sounds funny to call 6 to 7 percent whopping, that is until you recognize that today they are in the range of 4 to 5 percent. Yes, that's right, 2 percent less. But what does that mean?  Why should you care?  What can you do with this information? Well, let's take a closer look at what this means For every 1 percent drop in your interest rate, there is approximately a 10 percent drop in your mortgage payment. That means that mortgage payments are about 20 percent lower today than they were at the end of last year. Even if you are making no additional money, the house that you can now afford is close to 20 percent more than it was just 1 to 2... 11/24/2010

Mortgage Interest Reduction Tax Break Repealed It is not true, that the mortgage interest reduction tax break has been repealed, however it is being considered by the Deficit Reduction Commission. The Deficit Reduction Commission is a bipartisan commission whose responsibility is to make suggestions for reducing the federal debt. The New York Times, on November 10, 2010, published a misleading story stating that the Commission will recommend a plan that would repeal or modify a number of popular tax breaks, including the deductibility of mortgage interest payments. At this point, this plan has not been released.  The plan is in its draft stages and will not be released in final form until December 1 at the earliest.  The New York Times article is reporting on possibilities, rather than ... 11/12/2010

Half Full or Half Empty How do you view the glass?  As half full or as half empty?  They mean the same thing, but if you say half full, then you tend to think more optimistically, while if you say half empty, then you tend to think more pessimistically. However, I suggest that this is an outdated psychological analogy to determine one's attitudinal outlook inclinations. When you are at the restaurant, how often does the waiter top off your drink when it is already 90 to 95 percent full?  Never, because it is considered to be almost full. Now in our current economy, 10 percent of the people are not employed, but the other 90 percent acts as if the number is closer to 50 percent.  I feel for the group who are in the 10 percent, but acting like it is much worse does not help them or the pe... 11/11/2010

Maryland: New Law Affecting Motorists Passing Emergency Vehicles Driving a client in your car to see a new listing? Make sure that you are aware of a new law designed to protect police officers and other emergency workers on the road. The law, HB 499, took effect on October 1 and requires any motorist passing an emergency vehicle to move to a lane not adjacent to the emergency vehicle, or, if such a lane is not available, slow to a "reasonable and prudent" speed in light of the road and weather conditions.This new law applies to emergency vehicles such as police, fire, ambulance, rescue services, and hazardous spill response vehicles if those vehicles are stopped on the side of the road with their lights flashing or sirens emitting noise. Any motorist in violation of the new law may fac... 11/05/2010

Baltimore County Maryland Public Schools Are you considering a move to Maryland, but are concerned about the educational opportunities available for your children?  Do not worry, the schools of the Maryland public educational system are rated among the best in the entire country. Maryland tracks key performance indicators to determine how it compares to the nation as well as to compare the school districts within its own boundaries.  Maryland continually strives to improve its performance in all of these areas. In all categories, Maryland is at or near the top.  Maryland has information regarding important factors such as: graduation rates; college acceptance rates; SAT and PSAT scores; and assessment scores for math, reading, and writing. Also provided are demographics for the various ... 11/04/2010

It's Bank Owned; We Don't Need Marketing Compare a bank owned listing to an individual owned listing and see the differences. Pictures The individual owned home will have lots of flattering photos of the home which show the exterior and the interior. The bank owned property will have a picture of the exterior and that is only because the MLS requires it. Details The individual owned home's listing will provide details about rooms, room sizes, amenities, and other details about the property. The bank owned property will have the minimum amount of information that the MLS system requires. Staging The individual owned home will be clean and staged to show the potential buyer the house in its best light.  This will be true even if the owners have moved out of the home. The bank owned proper... 10/20/2010

Maryland Mortgage Program: Rates at 3.875% CDA now has rates for its Maryland Mortgage Program of 3.875 percent with no points. Or, they have rates at 3.750 percent with 1 point, 3.625 percent with 2 points, or 3.500 percent with 3 points. The Maryland Mortgage Program features: 30 year amortizing mortgages; low interest rates; fixed rates only; no Adjustable Rate Mortgages; Downpayment and Closing Cost Assistance. Go to the Maryland Mortgage Program for more details.   10/18/2010

Proposed FASB Accounting Change Could Impact Credit Availability On September, 24, 2010, The National Association of Realtors (NAR) submitted comments to the Financial Accounting Standards Board (FASB) on a recently proposed accounting rule change that, if implemented, could severely impact liquidity for businesses and consumers. Under this proposal, financial institutions would be required to book their loans at current market value, a method known as "fair value" or "mark-to-market" accounting. As a result, some banks would be forced to take huge write downs or losses, particularly during periods of economic distress. Consequently, credit to the real estate industry would be further constrained, hindering our nation's economic recovery. NAR is concerned that the recent FASB mark-to-ma... 10/15/2010

The Sun and Its Expanded Role We have always known about the enormous power of the sun.  In fact, without the sun we would not be here. But now, it seems as if the sun is trying to take a new role.  Of course, the sun has always been a source of warmth and energy. However, ingenious creatures that we are, we have learned how to harness the sun's power to provide for much of our electrical needs. Actually, this ability has been around for some time, but it was not widely used because it was thought to be too costly. The cost is no longer a deterrent as can be evidenced by the many solar panel arrays which are springing up all around the country. In a current project, Supervalu Supermarkets is having solar arrays installed on several of it stores. ------------------------- WEBSTER, Mass. ... 10/13/2010

New Reporting Requirements For Landlords The Small Business legislation, (HR 5297) recently signed into law, includes a new revenue provision that will create additional burdens for anyone who receives rental income. Under current law, property managers are generally required to provide Form 1099 on many of the expenditures they incur as part of their management of rental property. The new law expands this rule so that ANY person who receives rental income, not just property managers, will be required to report all expenditures of more than $600 to anyone from whom they purchase services. The landlord will file IRS Form 1099 with the IRS and with the person who provided the service. Thus, any landlord who purchases such services as plumbers, yard or garden workers, electricians or any o... 10/08/2010

Maryland: New Bicycle Laws NEW LAW PROVISIONS Senate Bill 51: Requires a driver of a vehicle to safely overtake a bicycle, electric, unless at the time, the bicycle, EPAMD, personal assistive mobility device (EPAMD), or a motor scooter at a distance of at least three feet or motor scooter rider fails to ride to the right side of the roadway, comply with a requirement to ride in a bike lane or shoulder, or maintain a steady course.   The passing rule under the bill also does not apply if the highway on which the vehicle is being driven is not wide enough to lawfully pass the bicycle, EPAMD, or motor scooter at a distance of at least three feet. Senate Bill 624: Repeals the general requirement that a bicycle operator use the shoulder if it is safe and paved to a smooth surface.   Specifie... 10/06/2010

10 Percent Reduction In Home Prices Well, not exactly; it just feels that way. Mortgage interest rates are at a fifty year low with rates down close to 4.00 percent. If you compare that to interest rates of just a year ago at nearly 5.00 percent, which by the way was still a great rate, then you see a substantial difference in the mortgage payment. A one percent change in the interest rate is about the same as a 10 percent change in the home price. In other words, a house which was purchased last year for $200,000 with a 5 percent interest rate, today at the same price of $200,000 and a 4 percent interest rate would feel like a purchase of only $180,000 when comparing the mortgage payments. Just think; that is equivalent to a $20,000 difference just because the interest rate dropped by ... 10/01/2010

Do Not Let The FSBO Seller Bully You Perhaps you are new to an area and have decided to rent until you get to know the region and its neighborhoods better.  Once you have a good feel for the area, then you will look to buy a house. As you travel through some neighborhoods, you take some time to look at some open houses, you even find a house here or there where you call and make an appointment to see it. Eventually, you come upon a For Sale By Owner (FSBO) home and wouldn't you know it; this is the one. At this point in time you do not have a real estate agent and you are not sure how to proceed. What Happens? The Owner says that he does not want to work with an agent.   The Owner says that if you have an agent, he will not pay for the agent.   The Owner says that the price is firm and ... 09/30/2010

FHA and Seller Concessions Currently, FHA permits seller concessions up to 6 percent of the purchase price of the home. FHA is proposing a change that would permit only 3 percent of the purchase price of the home instead of 6 percent. This change could be detrimental to the recovery of the housing market. As such, the National Association of Realtors is urging FHA to reconsider this change. NAR Letter to FHA 09/28/2010

He Does Not Bite I did not know that the house had a dog, until I got to the front door for my scheduled showing and saw a little note. It stated that the dog was friendly, did not bite and they would appreciate if we would keep him locked in the laundry room. If the dog is so friendly, then why didn't you let us know about him when we called to make the appointment?   If the dog is so friendly, then why didn't you take him with you when people were looking at your house on a Sunday afternoon?   If the dog is so friendly, then why is he locked up in the laundry room?   If the dog is so friendly, then why did he start growling at me and my client as we opened the laundry room?  Were we not supposed to look in the laundry room?   In addition to the house not living up to anything close to... 09/26/2010

Maryland: New Cell Phone Law This is a fact sheet for the new cell phone law for Maryland. What is Maryland's Cell Phone Law that takes effect on October 1, 2010?Maryland Senate Bill 321 and House Bill 934 were signed into law by Governor O'Malley.  The new law will prohibit all Maryland drivers from using a cell phone without a hands free device while operating a motor vehicle in motion on a street or highway.  In addition, the new law would prohibit a school bus driver or a holder of a learner's permit, or provisional license who is 18 years of age or older, from driving a motor vehicle while using a handheld telephone.  A driver under 18 already is prohibited from using any cell phone. What exceptions are allowed?Phone calls placed to 9-1-1, ambulance, hospital, fire, or law enforcem... 09/25/2010

Electricity Dump Sites There has been a nationwide push to produce more electricity from alternative, renewable, and more environmentally friendly means. Two of the primary methods of achieving this goal are solar and wind electricity generation systems. A major concern with either of these methods is that they take up large areas, especially the wind powered means of power generation. Although, solar arrays take a sizable area to produce a reasonable amount of power, creative ideas have been used for their placement. One of the most popular locations for solar arrays is on rooftops. The rooftop of a single family home is usually sufficient to produce enough electricity for the house itself. On a larger scale, industrial buildings, such as warehouses, have expansive rooftops, which can ... 09/14/2010

Maryland: Governor's Race: The Environment The two main candidates for the upcoming election for the governor of Maryland are Martin O'Malley and Robert Ehrlich. Both claim to be concerned about the environment, so this is a report from an independent source for each of the candidates. The report is from The Maryland League of Conservation Voters. The Maryland LCV is best known for its comprehensive yearly scorecard that evaluates the environmental votes of individual state legislators.  They also grade the environmental record of the Governor.  In addition, they regularly alert the public and the media of key actions of elected officials and closely monitor agencies and executive appointments. Rating for Governor Martin O'Malley The Maryland League of Conservation Voters is pleased to ... 09/13/2010

Carbon Monoxide Detector Laws: Baltimore City and County Both Baltimore County and Baltimore City have enacted carbon monoxide detector laws that are now in effect. Under Baltimore City's law, the following dwelling units are required to have at least one carbon monoxide detector centrally located outside of sleeping areas:  Units that use gas or fossil fuels for heating, cooking, hot water or clothes drying; Units that have an attached garage; or Units that have a gas or wood burning fireplace. Newly constructed units must have a hard wired detector with battery back-up installed on the ceiling or wall in accordance with the manufacturer's instructions.  Existing units may use either a hardwired model with battery back-up; a model that plugs into an outlet not controlled by a switch; o... 09/10/2010