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

FHA Mortgages and Minimum Credit Scores On September 3, 2010, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2010-29, Minimum Credit Scores and Loan-to-Value Ratios. This is in accordance with Federal Register Notice FR-5404-N-01, which proposes minimum credit scores and loan-to-value (LTV) ratios.Effective October 4, 2010, borrowers with a credit score below 500 are not eligible for FHA-insured mortgage financing. Borrowers with a credit score between 500 and 579 are limited to 90 percent LTV, which requires a 10 percent downpayment. Borrowers with a credit score of 580 or higher are eligible for maximum financing, which requires a minimum 3.5 percent downpayment. Borrowers with nontraditional credit histories may be eligible for maximum financing. M... 09/10/2010

Maryland: Smart, Green, and Growing Awards: 2011 The Smart Green and Growing Award Program is designed to feature groups and individuals that have gone above and beyond to make Maryland a better place with their practices. Nominate Groups or Individuals for Maryland Smart Growth Awards Today! Together let us make Maryland a Smart, Green, and Growing Community. 2011 Smart, Green & Growing Partnership Awards   Application process now open   Nominate Groups or Individuals for Maryland Smart Growth Awards Today!   The Smart, Green & Growing Partnership Award Program is designed to recognize groups and individuals that have gone above and beyond to make Maryland a better place with exceptional smart growth projects and practices.    Awards are given in the following recognition categories: G... 09/09/2010

Maryland: Industry Growth Strong During the recession which impacted all fifty states, the rate of job loss in Maryland was far below the national average. Coming out of the recession, Maryland maintains a much lower than national average unemployment rate and a steady increase in new jobs. Here are some statistics for a few particular industries, which shows the growth over the one year period for 2009.    Top Maryland Job Gains by Industry   1 year growth Change Health Care and Related 5,800 1.8% Computer Systems Design 5,300 8.7% Management, Scientific 4,500 13.8% Federal Government 4,100 3.2% Educational Services 3,600 4.9% Scientific R&D 1,000 3.1% State Government Education Services    600 1.2% Accommodations    300 1.3% Management of Companies and Enterprises    100 0.5%   Over t... 09/04/2010

Maryland: August Commission Discount (Extended Through September) On a home sold for $250,000, the savings would be $6,125, which is very similar to the tax credit which move up buyers were receiving just a few months ago. Maryland: August Commission Discount That is right.  A discount on the real estate commission which I would normally charge to list your house. The discount is good for houses listed by the end of August 2010. How much? The commission will be discounted by 2.5% of the normal amount. This will not have any impact on the amount offered to other brokers. You will still be given full service. Call today to see if your house is eligible. Do not let anyone tell you that I can not do it; I can. Contact Ron at 410-935-5844 or at ront@mris.com. 08/31/2010

Personal Income for Metropolitan Areas, 2009 Personal income declined in 2009 in most of the nation's metropolitan statistical areas (MSAs), according to the U.S. Bureau of Economic Analysis. In Maryland, Baltimore and Cumberland bucked this trend. Among large MSAs, Baltimore had an increase in personal income, despite a decline in net earnings. Cumberland was one of only five MSAs where the private sector accounted for most of earnings growth in 2009. On average, MSA personal income fell 1.8% in 2009, after rising 2.7% in 2008. Personal Income for Metropolitan Areas, 2009   08/29/2010

REQUEST A FREE HOME VALUE AND SALES REPORT FOR YOUR NOTTINGHAM, MD HOME AND SEE WHAT PRICE YOUR NEIGHBORS SOLD THEIR HOMES FOR!  All you have to do is visit WWW.ISELLMDHOMES.COM and click on the FREE HOME EVALUATION LINK located on the left hand side of the page.  Then fill out some brief information about your home and Michael will complete your FREE HOME VALUE AND SALES REPORT and email it to you.  Turn around time from your request is approximately 24-48 hours from your initial request.  Upon receipt of your FREE HOME VALUE AND SALES REPORT request, Michael will research in detail all of the immediate homes in your neighborhood that are ACTIVE, UNDER CONTRACT, and SOLD within the last few months and then he will email you the results INSTANTLY! NOTE: THIS REPORT IS NOT AN APPRAISAL R... 08/26/2010

Real Estate: You Know What You Are Getting Assuming that you work with a professional real estate agent who knows the business, then, indeed, you do know what you are getting when you purchase real estate. The law requires the seller to provide numerous disclosures about the property and common practice allows for inspections and feasibility studies to be routinely placed into purchase contracts. With the sale being scrutinized by real estate agents, lenders, appraisers, inspectors, title attorneys, and such, it is hard to make a purchase of an unknown, when buying real estate. Now compare this type of investment to other types, such as investing in the stock market.  Certainly there are regulations which help the investor in this type of purchase, but rarely to the extent that is seen ... 08/25/2010

SELL THAT HOUSE: PROFESSIONAL ORGANIZING You want to sell your house.  It is a nice house, which you have kept well maintained, and it has served you well. . . . but how can you sell it with all of this clutter, these precious possessions, which are, of course, everything that you have ever owned. Do you find yourself making the following statements? The buyers will understand; after all, they are buying my house not all of my possessions. I can sort everything when I move. I can not get rid of anything, because as soon as I do, I will need it. I need my school books for reference. I need that newspaper; I have to catch up on the news and I need to clip out the coupons. My daughter needs to come by and pick up her clothes, since she now has a place of her own. Those auto parts will come... 08/21/2010

Walk; Just a Little The parking lot is not even close to being full. Most of the cars in the lot are parked closer to the building, which makes sense. When you pull into the lot and look for a place to park, you can look for a place which is closer to the building or you can park a little further away.  If the spot is close, then you might as well take it. But when you see a place where a car is getting ready to possibly pull out, keep in mind that it is not yet a free space. If you pull up to that spot and wait for that car to pull out, then you may, and from what I have seen usually will, be getting in the way of that car getting out of the space. If there is another car that has to stop because you want to wait for the closer spot, then you now may be getting in the way of two cars. ... 08/18/2010

FSBO: I Can Give You Reliability Are you trying to sell your house on your own? Your home was the biggest investment of your life and the next home that you purchase will probably be an even bigger investment. Do you want to take a risk with such an important investment. With military weaponry, with air travel, with space vehicles, and other sophisticated creations of every day use it is critical that they perform.  If they do not perform, then it could result in catastrophic consequences. One way to assure the reliability of these systems is through the use of redundancy and back up systems.  Reliability is, also, verified through testing and through the use of sufficient statistical analysis. The same applies when I provide real estate services to my clients. The contracts which I use... 08/11/2010

Maryland: August Commission Discount That is right.  A discount on the real estate commission which I would normally charge to list your house. The discount is good for houses listed by the end of August 2010. How much? The commission will be discounted by 2.5% of the normal amount. This will not have any impact on the amount offered to other brokers. You will still be given full service. Call today to see of your house is eligible. Do not let anyone tell you that I can not do it; I can. Contact Ron at 410-935-5844 or at ront@mris.com.     08/11/2010

Put Things into Perspective There is someone I know who has difficulty watching the local area's professional football team. She is a fan and she wants them to win, but she is so afraid that something will go wrong in the game, such as a fumble, an interception, a missed field goal, or whatever that will make them lose the game.  Like many, she can get so involved, that it could lead to a heart attack. I have to admit that I have had those feelings myself until I started to put it into perspective. I found that after a game, whether my team won or lost, that my life would still go on the same way.  I would still have all of the same responsibilities and the same real joys in life. Additionally, in reflecting upon my own experiences in playing sports, I never felt the same kind of frustr... 08/03/2010