Real Estate in the D.C.-Baltimore-Annapolis triangle, by Margaret Woda

Sunday, March 25, 2007

What I Won't Tell You

Why Agents Don't Answer Your Questions

This is the topic addressed in an article appearing on MSN’s homepage today, and I opened it with the expectation of reading yet another attack on professional real estate agents. As it turns out, the article gave a relatively fair and honest analysis:

“Fair-housing laws prevent agents from talking about neighborhood demographics, and they often don't want to discuss other details, such as crime stats. Luckily, the Web picks up where agents leave off.”

The fact is that your agent probably DOES know “who” lives in the neighborhood – the demographic mix, crime statistics, and the school’s reputation. Candidly answering the question, however, could get the agent and their broker in a lot of trouble, especially if the individual asking about these details happens to be a “tester” looking for fair housing violations. As the article indicates, agents are forbidden from giving information that could be interpreted as "steering," i.e. directing a client toward or away from a particular property in a discriminatory manner.

Ten years ago, I would have suggested to a customer or client that they return to the neighborhood after our appointment to talk with residents and visit local schools, shopping and recreation facilities. Today, with almost everyone having access to the Internet, I suggest they go online for answers to their questions.

If you visit my website at
http://www.margaretwoda.com/, you will find over a hundred links to resources that include the Maryland Sex Offender Registry and School Matters, a snapshot of academic performance that allows you to compare your child’s current school with any prospective school. Other helpful links mentioned in the MSN article are:

Before you buy real estate, it is important to be familiar and comfortable with the neighborhood and broader community, as well as the home itself. So don’t hesitate to ask questions because your real estate agent may suggest additional helpful websites. Yet it’s still not a bad idea to do it the old-fashioned way: make a personal visit to the neighborhood to become better acquainted with your prospective neighbors, schools, shopping, and recreation facilities BEFORE you buy a home.

And please understand that your real estate agent is not trying to be coy when they don’t give you a straightforward answer to your questions. They are trying to follow the law.

Related Sites:

What I Won't Tell You

Copyright 2007. All rights reserved. Margaret Woda

Saturday, March 17, 2007

Loan pre-approvals falling through!

The following information was contained in an email I received this week from Chris Washburn, a branch manager for FNMC Mortgage. He was kind enough to give me permission to share it with you:


I've received a bunch of calls recently from REALTORS who heard or read alarming news concerning the sub-prime mortgage market troubles and how that might affect their business.

The sub-prime mortgage market
generates approximately 15-20% of the real estate business done in the Washington Metropolitan Area. As you are probably aware, the sub-prime mortgage market has gone through drastic changes and overhauls over the past thirty days. How does this affect you?

Loans available 30 days ago for buyers may be gone now. Pre-approved customers who qualified for a sub-prime loan in December may not qualify today. Don't worry though, we have many in-house programs that can approve your buyers or bail you out of a bad situation. With our community reinvestment loans, FHA and other aggressive in-house underwritten mortgage programs, we are #1 in this area for a reason
.
Long term, the tightening of sub-prime mortgage rules is a good thing as some loans really put people in a bad situation. The future foreclosures
that will happen because of this may put a drain on the economy as evidenced by the recent stock market jitters. The silver lining may be lower rates if the economy does slip as some suggest. Lower rates typically boost home sales….

In this fast changing mortgage world, stick with a lender who has everything in-house. We process, underwrite and close the loans here in my office. Your business is too important to let a rule change or uneducated underwriter kill your borrowers dreams. We understand the importance of each customer and don't take your business for granted.

Chris Washburn, FNMC Mortgage
301-220-1000


Related articles:
Sub-prime Market's Sinking Fortunes
Sub-prime Market Gets the Squeeze from Freddie Mac
A Subprime Market for Subprime Securities
What is a Sub-Prime Mortgage?
FHA Comes to the Rescue
A Full-Court Press on Bad Loans, But Who Will Referee?

Questions and comments:

Loan Pre-approvals Falling Through
Source: Chris Washburn

Tuesday, March 13, 2007

Crofton (21114) - February Sales Statistics

I consider it great news that last month's home sales (59) exceeded new listings (56) in the 21114 zipcode. This is important because the size of the housing inventory directly impacts the days on market and prices.

Here is some additional data from MRIS regarding the February market in Crofton:
  • Average "sold" price DOWN 4.45% to $359,269
  • Median "sold" price DOWN 6.3% to $325,500
  • Total homes sold UP 7.5% to 43
  • Average days on market UP 58.8% to 87

If you would like information about another zipcode, please contact me or leave a comment.

Other articles regarding market trends:

Questions and comments:

Crofton (21114) - February Sales Statistics

Copyright 2007. All rights reserved. Margaret Woda

Thursday, March 08, 2007

Sentinels of Freedom

There were many inspirational moments during my last week at the International RE/MAX Convention in Atlanta, Georgia. None touched me more than the introduction of Sentinels of Freedom - a grassroots effort initiated by a California RE/MAX associate to help severely wounded veterans transition to their new realities of lives without limbs, hearing, sight or with other serious handicaps. Dave Liniger, Founder of RE/MAX, has joined this effort as a national sponsor and invited interested RE/MAX associates to "make room at their table" for one of these American heroes. My husband Larry and I have made a commitment to do just that.

Let me share this article with you, and perhaps you will join us in our efforts to bring "Sentinels of Freedom" to Maryland:

'We Owe Them Our Support'
By Amanda Okker, RE/MAX Times Associate Editor

Mike Conklin knows something about the struggles disabled veterans face as they transition back into society after months of rehabilitation. He's personally helped four readjust to civilian life and their new physical challenges through a community program he founded: the Sentinels of Freedom Scholarship Foundation.

Recognizing its sound framework and meaningful mission, RE/MAX International has become the foundation's first national sponsor and aims to support Conklin in expanding the Sentinels of Freedom program to deserving and qualified service members across the United States.

"We have a unique opportunity to be part of something that's never been done on this scale before," says Dave Liniger (ABR, CRB), RE/MAX International Chairman and Co-Founder. "I know our Broker/Owners and Associates have the heart and drive to get behind the program, too, and we're ready to see just how far we can go."

The father of three Army Rangers, Conklin - most recently an agent with RE/MAX Accord in Danville, Calif. - was inspired to reach out to wounded veterans after one of his sons was injured in Iraq three years ago. "I was so impressed by the level of care my son received at the military hospitals that I decided I wanted to do something tangible to support our troops - aside from wearing a yellow ribbon," Conklin says. "I wanted to put my support into action. It didn't take long before I realized that my community could sponsor a disabled veteran."

News of one soldier's impending return to the San Ramon Valley area of Northern California caught Conklin's attention. Jake Brown was severely injured when he was run over by a tank while serving in Germany in 2003. Word that Brown had no family or friends to turn to for support upon his return home motivated Conklin to create a program that would keep Brown from slipping through the cracks.

Conklin created the Sentinels of Freedom Scholarship Foundation in 2003 just in time for Brown's return to the community just east of Oakland.

Criteria

The criteria for qualification are straightforward: Only service members who've suffered service-related amputations, blindness, paraplegia or severe burns on or after Sept. 11, 2001, are eligible for the program.

"The program applies to this war and all future wars," Conklin says. "Anyone with severe wounds directly connected to their military service are on my radar. They don't necessarily need to have served in Iraq or Afghanistan to qualify."

After enduring 26 surgeries and nearly a year of rehabilitation, Brown was welcomed back to San Ramon in 2004. He was introduced to the support system Conklin created by recruiting help from friends and business associates.

"We call the servicemen and women who join the program Sentinels, because that's just what they are," Conklin says. "They've guarded our country and protected our freedoms, and they deserve our thanks and support."

Today, Brown is on the dean's list at his college, has been promoted twice by his company, UPS, and is entirely independent.

Conklin saw potential for the program to extend across the United States and rally other communities looking to give back to men and women who've served the country.
"So many people want to help but don't know how," Conklin says. "Our program gives people a way to reach out."

The program

Started as a grassroots effort, the program remains community-focused. The foundation calls on volunteers to set up and carry out the program in their areas. A core team of mentors forms to coordinate local efforts and to provide friendship and guidance to the Sentinels.

"There are hundreds of support groups for disabled veterans popping up, but there's no telling how long they'll be around," Conklin says. "The Sentinels of Freedom is designed to go beyond this war to future wars. We've built it plumb level and square so others can follow our design."

The Sentinels of Freedom Scholarship Foundation framework includes assistance with rent-free housing, household supplies, adaptive vehicle needs, career-placement assistance, tuition assistance and mentoring - all for up to four years.

Each service member's needs vary, so not all scholarship recipients will require every component. However, communities commit to meeting a Sentinels' unique needs.
"We're not talking about a community helping hundreds of individuals," Conklin says. "We're talking about one community, one wounded warrior at a time. It's as simple as that."

By mid-2006 the foundation and the San Ramon Valley had accepted three more severely wounded veterans into the program: Manuel Valencia, Joey Bozik and Ben Crowley. Valencia, like Brown, was from the Bay Area; Bozik and Crowley were invited to build new lives there.
Each Sentinel is welcomed home with a ceremony in his or her honor. Local military leaders, dignitaries, veterans and community groups, and area residents are invited to show support and gratitude.

Word spreads

Soon after forming, the Sentinels of Freedom Scholarship Foundation established solid partnerships with local builders and corporations who hired the Sentinels, as well as with military leaders at the Pentagon. The program also attracted a good deal of high-profile attention in the area, including extensive local newspaper coverage and meetings with California Gov. Arnold Schwarzenegger and other state leaders.

It certainly caught the attention of RE/MAX Accord Co-Broker/Owner Jerry Stadtler, a Vietnam veteran who saw potential for the program to grow. He invited Conklin to join his brokerage in early 2006.

"I was just in awe of what he was doing - the time, effort, heart and soul," Stadtler says. "It struck a chord in my heart. I don't always have time to do it all, but this was something to be involved in vicariously by supporting Mike through RE/MAX."

Conklin sees the Sentinels of Freedom extending to other communities across the country - and says RE/MAX Broker/Owners and Sales Associates are uniquely positioned to support that mission.

"My vision is that if I get a call from the Pentagon and there's a guy from Biloxi on his way home, I can pick up the phone and give an agent or broker in Biloxi the heads-up," Conklin says. "Whether they're directly involved and become part of a mentor team or not, who knows better than a RE/MAX agent or Broker/Owner where to go in town to find the support these soldiers need?"

First national sponsor

Liniger, also a Vietnam veteran, was drawn to the program's potential as well.
"When Mike presented the program to me, I knew RE/MAX could play an important part in helping it become a national scholarship," Liniger says. "Like our sponsorships with Children's Miracle Network and Komen, supporting Sentinels of Freedom adds to our goal of Premier Community Citizenship in a way that really hits home."

Lending marketing and advertising support along with other resources, RE/MAX International encourages Broker/Owners and Sales Associates to be aware of how they can help, too.
"We can put our referral network to great use to get the word out," Liniger says.

Affiliate involvement can range from donating money to volunteering on a community team to picking up the phone and contacting a local builder about donating housing. Other business associates and acquaintances may be willing to help out also, and perhaps serve as mentors to a scholarship recipient.

"No one has refused to lend support yet," Conklin says. "People of all ages have pitched in at the community level. And politics doesn't come into it. It doesn't matter who sent the soldiers to war or who our president is. None of that matters. These wounded veterans are our responsibility, and we owe them our support."



Copyright © 2007 RE/MAX International Inc. 3/5/07
If you are interested in helping Larry and me bring The Sentinels of Freedom to Maryland, please contact me at mwoda@remax.net

Saturday, March 03, 2007

Annapolis Sales Statistics - January

If you did not read last week's article - Top 7 Habits of People With Great Credit Scores - be sure to scroll down and check it out. This is GREAT information!

Now is a GREAT time to buy a home in Annapolis, based upon this snapshot of the market for Annapolis (21401) zipcode during January 2007 (comparing it with January 2006):
  • Total Sold Dollar Volume is down 26.27% to $16,035,510
  • Average Sold Price is down 12% to $ 517,275
  • Median Sold Price is down 6.59% to $425,000
  • Total Units Sold is down 16.22% to 31
  • Average Days on Market is up 80.33% to 110
  • Average List Price for Sold Properties is down 10.34% to $559,300

As I've mentioned before, two statistics that always grab my eye are New Listings and New Sales. I like to see both numbers about the same. In January, however, there were 81 new listings in the 21401 zipcode of Annapolis and only 49 new sales. As inventory grows, supply and demand get further off balance and prices are more vulnerable - NOT good news for home sellers, but GREAT news for home buyers!

To obtain learn about real estate activity in YOUR neighborhood, click on Market Snapshot.

Larry and I are headed out to the RE/MAX International Convention in Atlanta, Georgia, where we expect to meet other RE/MAX pros from around the world and attend education sessions from dawn 'til dusk. In the coming weeks, I promise to share some of the new and innovative real estate solutions that we learn, so be sure to check back. I try to post a new article each weekend.

Feedback and questions:

Annapolis Sales Statistics - January

Source of Data: MRIS

Copyright 2007. All rights reserved. Margaret Woda

About Me

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Crofton, Maryland, United States
Helping home sellers, buyers and military personnel in the Annapolis/Baltimore/D.C. triangle is still my passion after thirty years in real estate. How can I help you?

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