The Keys2Day Real Estate Team

Townhomes For Sale In Randallstown

2009-09-28T15:14:00.000-07:00

Townhomes For Sale In Randallstown are a great way to become a first time homeowner in a GREAT community. If you want to find your very own townhome for sale in Randallstown contact us 2day.

Townhomes are known for their simplicity and usually low maintenance, compared with a single family home. Townhomes for sale in Randallstown are no different. You will find many choices with various floor plans and yards large enough to hold a cookout but not so big that you will spend all Saturday mowing:)

One thing that buyers look for, when shopping for townhomes for sale in Randallstown, is convenience. Good news, Randallstown is convenient to work and play.

Not far from the center of Randallstown you'll find the Old Court metro station. Drive your car to the FREE parking lot and ride downtown to work or out to Owings Mills to do a little shopping.

Townhomes for sale in Randallstown also attract buyers who may have school age children. Well never fear - Randallstown has the schools that are central to the entire community.

Looking for someone to help you find townhomes for sale in Randallstown? The Keys2Day Real Estate Team is here to help you. We've got all the tools to help you find just what you're looking for at the best price.

Search properties on our website HERE and then give us a call at 443.812.8555 so that we can start the process.

Also, foreclosures are selling at deep discounts. If you'd like to receive our FREE foreclosure list go HERE and we'll add you to the list.

We're serious about real estate and we know Randallstown like the back of our hand. We'd love to help you search for townhomes for sale in Randallstown - so contact us now.

Randallstown is a GREAT community for individuals and families. So let us help you 2Day.

Baltimore County Real Estate Leader

2009-09-24T14:08:00.000-07:00

Baltimore County Real Estate and the Keys2Day Real Estate Team. It's like chocolate and peanut butter or fish and chips or love and marriage - you can't have one without the other (to paraphrase Sinatra).

The bargains are out there in Baltimore County Real Estate and buyers are taking advantage of them. However, now is the time to make a move (pun well intended) if you want to get the $8,000 tax credit.

Buyers looking for Baltimore County real estate are in a great position. Generally properties are selling for about 10% off - some foreclosure and short sales have deeper discounts than that.

Now just imagine combining the list price savings, the relatively low interest rates and the $8,000 tax credit. Viola - your dream of owning Baltimore County Real Estate just became a reality.

Don't wait around though, thinking that the tax credit will be extended. Although a bill has been introduced the wheels of democracy sometimes churn slowly and sometimes proposed legislation goes nowhere. So if you have any interest in buying Baltimore County Real Estate act 2Day by calling us at 443.812.8555 or sending us an email at info@keys2day.com.

Besides the great bargains Baltimore County also has a variety of features including loads of shopping, restaurants galore, public transportation to Baltimore City and Washington DC, hiking trails, public parks, etc. All of this and your choice of suburban or semi rural settings.

Hey we've said it before and we'll say it again - we're high on Baltimore county real estate because not only do we sell it we own it. So come on in - we'd love to have you as our neighbors.

Home credit crunch time

2009-09-06T11:37:00.001-07:00

Eileen Ambrose

Time is quickly running out if you want to take advantage of the $8,000 first-time homebuyer credit.

The federal credit is available this year through Nov. 30, and you must close on the house by that date to get the benefit. Real estate agents warn that it takes about two months now to close on a house. That gives you until the end of this month or thereabouts to get a house under contract if you want to make sure you meet the deadline.

The credit is part of February's stimulus package. The National Association of Realtors estimates the credit will spur 350,000 sales this year that otherwise wouldn't have occurred. The industry and some economists back legislation in Congress to extend or even expand the credit, but warn buyers not to count on this.

The credit is worth 10 percent of the purchase price of a principal residence, not to exceed $8,000. To qualify as a first-time buyer, you can't have owned a house in the previous three years. The credit phases out as income rises. To get the full credit, modified adjusted gross income must be under $75,000 for singles and less than $150,000 for married joint filers.

The credit is refundable, which means that even if you don't owe any taxes, Uncle Sam will send you the credit as a refund. And the money doesn't have to be repaid, unlike last year's homebuyer credit, unless you sell the house within three years.

The credit pushed many to buy this year, when low interest rates and falling prices weren't quite enough.

If you're undertaking a traditional sale with traditional financing, you could have a house under contract by early October and still make the credit deadline, says Steve Meszaros, president-elect of the Maryland Association of Realtors.

But if you're getting specialty financing, such as a grant for buying a house close to where you work, you should be under contract by mid-September or so to make sure you close on time, says Carol Gamble, an associate broker with Century 21 HT Brown Realty in Howard County.

And with short sales, the timing is even dicier, Gamble says. Short sales occur when a cash-strapped homeowner, with the lender's approval, sells a house for less than the mortgage balance to avoid foreclosure. "They can take a couple of weeks to six months, if they happen at all," Gamble says.

JoAnne Poole, a broker with Poole Realty in Anne Arundel County, says some prospective buyers are starting to hold back.

"People are afraid they won't meet the deadline and are saying 'Maybe I'll just wait and see what happens, see if it's extended,' " she says.

But that's a gamble. "They could be out in the cold," Meszaros says.

Pending US home sales rise for sixth straight month in July to highest level since June 2007

2009-09-01T17:39:00.000-07:00

ALAN ZIBEL

A gauge of future U.S. home sales rose more than expected in July to the highest level in over two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.

The report showed the housing market is rebounding faster than expected from its historic bust. Low prices and the looming expiration on Nov. 30 of a first-time homebuyers' tax credit of up to $8,000 have spurred sales. Prices in much of the U.S. have begun to rise from the depths of the slump.

"The overall trend toward stabilization is undeniable at this point," wrote Mike Larson, real estate analyst at Weiss Research.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in July for previously occupied homes rose 3.2 percent to 97.6. It was the sixth straight increase, and 12 percent higher the same month last year.

Economists surveyed by Thomson Reuters had expected the index to edge up to only 96.5.

The index of pending home sales indicates how sales completed this month and next will turn out. Typically, there is a one- to two-month lag between a contract and a final deal. But delays in getting mortgages approved and appraisals completed have recently lengthened the time it takes to close a deal in many cases.

Analysts predict sales will drop off when the tax credit expires, or if mortgage rates rise from near-record lows. Foreclosures also continue to rise, and banks are forced to sell those properties at deep discounts, pushing prices down.

A 12 percent jump in sales contracts in the West and a 3 percent increase in the South drove July's overall increase. Sales fell in the Northeast and Midwest.

The Realtors group projects that around 2 million first-time buyers will take advantage of the credit this year, and says it is spurring 350,000 additional sales that wouldn't have happened otherwise.

Nationally, home prices in the second quarter posted their first quarterly increase in three years, according to the Standard & Poor's/Case-Shiller national index released last week. Prices are growing in some parts of the country, but "beware a rise in supply as frustrated would-be sellers see their chance," wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics.

While home prices are still 30 percent below the mid-2006 peak, their new direction should bring relief to lenders, homeowners and buyers alike.

Falling property values have wiped out $4 trillion in homeowners' equity, and thousands have walked away from homes that are worth far less than their mortgage balance. But now, with prices stabilizing, many buyers who had been staying out of the market are coming off the sidelines.

Lobbying intensifies to extend first-time home buyer tax credit

2009-08-24T19:47:00.000-07:00

Kenneth R. Harney

Reporting from Washington - It's one of the biggest unknowns bugging would-be buyers of houses and condos this summer: Will Congress let the $8,000 nonrepayable tax credit for first-time purchasers expire as scheduled 14 weeks from now?

Or will the credit get a second life and be extended for six to 12 months, taking pressure off buyers, real estate agents and escrow companies?

That's an especially urgent matter if you're a buyer just starting to shop and you see entry-level prices bottoming out or rebounding in many local markets. The tax credit statute requires buyers to fully close on their purchases -- not just be in escrow -- no later than Nov. 30. This doesn't leave a lot of leeway for people who haven't yet decided on a specific house and who haven't nailed down financing.

The process of negotiating offers, signing sales contracts, applying for a loan and completing the closing can easily extend for two months -- or a lot longer if things get off track.

Given the rapidly approaching deadline, what's the likelihood that Congress will allow at least a little extra time? Here's a quick overview: Although Congress is on its summer break, most members of the Senate and House use part of the August recess to meet with and listen to constituents in their home districts.

This year, the two biggest housing trade groups -- the National Assn. of Realtors and the National Assn. of Home Builders -- are spending the month mounting intense lobbying campaigns to make the case for extending the credit and maybe even expanding it. The effort is targeted first at the districts of members of the two tax-writing committees -- House Ways and Means and Senate Finance -- but is expected to cover most other members as well, according to officials of the two groups.

Delegations of home builders and real estate brokers already have begun descending on district offices, delivering what Jerry Howard, president and chief executive of the builders association, calls "the hard economic facts" -- the numbers of houses sold in each Congress member's district that are attributable to the tax credit; the economic ripple effects on local businesses, manufacturers and service industries; new jobs and income; plus the additional tax revenue that all this activity will help produce for local governments.

On a national basis, according to economists at the National Assn. of Realtors, the credit will be responsible for 300,000 to 350,000 additional sales of houses this year. Each home sale generates about $63,000 in downstream "ripple effects" elsewhere in the economy, they say.

There are some signs that Congress may be getting the message. Bills are pending in both houses to extend the credit for another year. Senate Majority Leader Harry Reid (D-Nev.), whose state has been among the worst hit by the housing bust, reportedly favors an extension of the credit. He was quoted to that effect by the Las Vegas Sun on Aug. 5.

Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, is cosponsoring a bill with Sen. Johnny Isakson (R-Ga.) that would raise the credit amount to a maximum of $15,000. Meanwhile, the Realtors and the builders are pushing not only for extension of the credit, but for broadening it to cover all home purchases in 2010.

4205 Wynfield Drive in Owings Mills - A Luxury Rental

2009-08-23T07:51:00.000-07:00

Exisiting Home Sales Soar in July - Largest Monthly Increase in 10 Years

2009-08-22T05:59:00.000-07:00

ALAN ZIBEL

The U.S. housing market is rebounding faster than expected.

Home resales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires Nov. 30. Sales jumped 7.2 percent and beat expectations, the National Association of Realtors said Friday.

"We've got tens of thousands of homes perfect for the first-time homebuyer and we've taken advantage of that," said George Hackett, president of Coldwell Banker Real Estate in Pittsburgh.

Sales hit a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the fourth-straight monthly increase and the strongest month since August 2007. Sales had been expected to rise to an annual pace of 5 million, according to economists surveyed by Thomson Reuters.

The risks to that healthy pace, however, are job cuts, mortgage rates and the looming end to the homebuyer tax credit. And the last one could be a doozy because first-time buyers are snapping up one out of every three homes.

First-time buyers get a credit of 10 percent of the purchase price of a home, up to $8,000. The credit phases out for singles earning more than $75,000 and couples earning more than $150,000. The real estate industry is lobbying to have the credit extended but its unclear if Congress will be swayed.

More Buyer Protections At Closing

2009-08-16T05:11:00.000-07:00

Kenneth R. Harney

If you're applying for a loan to purchase a primary or secondary home, or planning to refinance, you should be aware of a little-publicized new set of federal consumer-protection rules that took effect July 30.

Among key changes, the new Federal Reserve guidelines require lenders to provide you initial disclosures of your mortgage costs within three business days of your loan application. If you don't get them, you can pull the plug.

The rule also prohibits lenders from collecting any fees - except a reasonable charge for checking your credit - until you've been given the loan-cost disclosures. This means no more out-of-pocket upfront application charges until you've received the truth-in-lending disclosures and an annual percentage rate (APR) calculation of those loan costs.

Read Entire Article Here

Md. spring home sales post one of nation's largest increases

2009-08-12T19:58:00.000-07:00

Jamie Smith Hopkins

Maryland had one of the nation's largest increases in spring home sales, according to numbers released Wednesday morning by the National Association of Realtors.

Home sales from April to June were up 4.4 percent compared with a year ago, the ninth-biggest increase in the country, the trade group said. And sales jumped about 15 percent from the previous three months, topping all but six other states and Washington, D.C. The numbers are adjusted to try to account for typical seasonal variations in buying and selling.

In the spring of last year, by contrast, home sales in Maryland were falling at one of the quickest paces nationwide -- down 30 percent.

Maryland's Washington suburbs drove the spring turnaround. But the Baltimore metro area, which was seeing falling sales at the beginning of the spring, posted a small gain in June and has since picked up the pace.

Other figures from the national trade group show median prices falling almost 10 percent for single-family homes in the Baltimore metro area, compared with a year earlier.

Prices in the Cumberland metro area in Western Maryland rose about 22 percent, the second-biggest increase in the nation.

Home sales in area up 10% over '08

2009-08-11T03:58:00.000-07:00

By Jamie Smith Hopkins

Buyers snapped up 10 percent more homes in the Baltimore metro area last month than they did a year earlier, the biggest increase since 2005 and a sign that the long-depressed housing market could finally be turning a corner.

July was the second month in a row that home sales rose year-over-year, according to numbers released Monday by Metropolitan Regional Information Systems. In June, the increase was 2 percent. The Baltimore-area housing market hasn't seen two back-to-back months of improving sales since the peak of the buying frenzy four years ago.

But home sellers eager for values to follow suit could be in for a long wait. Average prices in the metro area last month were down almost 7 percent from a year earlier, to about $298,000, which is below what they were in 2005. Some economists expect continued declines for a while.

They're predicting two housing-market "bottoms." Sales first. Then prices.

Read Entire Article Here

In good sign, job losses slow as unemployment dips

2009-08-07T08:49:00.000-07:00

Jeannine Aversa

U.S. employers sharply scaled back layoffs in July, and the unemployment rate dipped for the first time in 15 months, sending a strong signal that the worst recession since World War II is finally ending.

A net total of 247,000 jobs were lost last month, the fewest in a year. That compares with 443,000 jobs that disappeared in June. And the unemployment rate for July declined to 9.4 percent from 9.5 percent in June.

The snapshot the Labor Department released Friday offered other encouraging news, too: Workers' hours nudged up after sinking to a record low in June, and paychecks grew after having stagnated or fallen.

"There's clearly been a turn for the better," said economist Ken Mayland, president of ClearView Economics. "The worst is behind us in terms of layoffs."

When the economy is healthy, employers need to add a net total of around 125,000 jobs a month just to keep the unemployment rate stable. And to push the jobless rate down to a more normal 5 percent range, it would take stronger job growth -- of at least 200,000 jobs a month.

Economists say it might take until 2013 to drive down the unemployment rate to 5 percent.
Yet the new figures were better than many analysts were expecting, and they signaled improvements to an economy that has been clobbered by the recession. Analysts had been forecasting that job losses would amount to around 320,000 and that the unemployment rate would tick up to 9.6 percent.

Stocks surged after the report was released. In midmorning trading, the Dow Jones industrial average jumped 155 points, or 1.6 percent, and other stock averages also gained more than 1 percent.

Uptrend Continues in Pending Home Sales

2009-08-04T18:39:00.000-07:00

From The National Association of Realtors

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.

The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. “Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”

Housing begins to reverse 3-year recession in every US region, but 2nd half looks rocky

2009-08-02T18:11:00.000-07:00

ADRIAN SAINZ, ALEX VEIGA, DANIEL WAGNER, DAVID TWIDDY

It was — note the past tense — the worst housing recession anyone but survivors of the Great Depression can remember.

From the frenzied peak of the real estate boom in 2005-2006 to the recession's trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.

A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.

Now take a deep breath and exhale. The worst is over.

Read the rest of this important article here.

2009-07-31T08:22:00.000-07:00

For the 2nd year in a row JD Power has rated Keller Williams as the #1 brokerage among real estate buyers. The Keys2Day Team is excited to be a part of Keller Williams. Read more here.

US home prices rise in May

2009-07-28T13:29:00.000-07:00

By Alan Rappeport

US house prices showed their first monthly gain in three years in May offering another sign that the stricken residential real estate market is stabilising.

Home prices unexpectedly climbed by 0.5 per cent from April to May, but were off by 17.1 per cent year-on-year, according to the closely watched Case-Shiller index, released on Tuesday. The monthly rise was the first since prices peaked in July 2006, while the annual drop marked the fourth straight month that the rate of decline slowed after 16 consecutive months of record falls.

“To put it in perspective, these are the first time we have seen broad increases in home prices in 34 months,” said David Blitzer, chairman of the index committee at Standard and Poor’s, which publishes the Case-Shiller results. “This could be an indication that home price declines are finally stabilizing”.

June new home sales up 11%, largest amount in 9 years

2009-07-27T08:32:00.000-07:00

By Alan Zibel

The government says new U.S. home sales rose by the largest amount in nearly nine years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.

The Commerce Department says sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier.

June national existing home sales rise by 3.6 percent

2009-07-23T08:28:00.000-07:00

By Alan Zibel

WASHINGTON - Signaling a housing recovery is under way in much of the country, sales of previously occupied homes rose for the third month in a row in June.

The National Association of Realtors said Thursday that home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Home sales haven't risen for three straight months since early 2004, during the housing boom.

"The housing market is healing," said Lawrence Yun, the group's chief economist.

Prices, however, are expected to keep falling well into next year because of a backlog of foreclosures that have yet to come on to the market. The median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May.

It was the highest level of sales since last October and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters.

The inventory of unsold homes on the market fell to 3.8 million. That's a 9.4-month supply at the current sales pace and another important sign of a recovery. When the inventory level falls to about 7 months, prices should begin to stabilize, Yun said.

Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year.

For more people, scales tip toward buying a home

2009-07-21T15:18:00.000-07:00

By ALEX VEIGA, AP Real Estate

For Aaron Carter, a musician who was struggling to fit a drum set, a piano and three guitars into his 600-square-foot apartment in Phoenix, the math on owning a home finally began to work in his favor.

Rent for the apartment he shared with his wife: $615. Mortgage payment for a home with twice the space: $760. And the interest on a mortgage is tax-deductible. So they jumped at the chance to buy some elbow room.

"We figured that everything together, getting more space, getting out of the apartment life and also just the prices right now, it just was the perfect time for us as a couple" to buy, said Carter, 20.

For Americans debating whether to buy or rent their homes, the scales are tipping toward ownership. Because of the slide in home prices, low interest rates and tax incentives, renters are realizing they could handle a mortgage for a just little more money.

Read Entire Article Here

A First Time Buyer's Dream

2009-07-19T14:30:00.000-07:00

This fully rehabbed home is priced for the lucky first time buyer. 4 bedrooms, 2 full baths, fully finished basement, central air, great backyard, storage shed - WOW! Check it out 2Day.

June Housing Construction Rises

2009-07-17T07:25:00.000-07:00

WASHINGTON – Construction of new U.S. homes rose in June to the highest level in seven months, a sign builders are starting to regain confidence as they emerge from the housing bust.

The Commerce Department said Friday that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May.

That was better than the 530,000-unit pace economists expected, and the second straight increase after April's record low of 479,000 units.

In another encouraging sign, applications for building permits, seen as a good indicator of future activity, rose 8.7 percent in June to an annual rate of 563,000 units. Economists polled by Thomson Reuters expected an annual rate of 520,000 units.

The jump in housing starts reflected a more than 14 percent rise in construction of single-family homes.

Over the past three years, the collapse in the housing market led to soaring loan losses, a severe banking system crisis and the longest recession since World War II. Even with the better-than-expected figures, analysts don't expect a quick rebound in housing. That's because the economy is still shedding jobs and home prices are falling, making people hesitant to commit to buying a new home.

The National Association of Home Builders said Thursday that its housing market index rose two points to 17 in July, the highest level in nearly a year. Readings below 50 indicate negative sentiment about the market. The last time it was above 50 was April 2006.

While housing normally leads the economy out of a recession, a glut of unsold homes and a record wave of mortgage foreclosures dumping more properties on the market is expected to temper demand. Despite the rise in housing construction for June, activity still was 46 percent below the year-ago level.

More Homes Within Reach of First Time Buyers

2009-07-15T05:36:00.000-07:00

By Jamie Smith Hopkins

If you wanted to buy a home for less than $250,000 three years ago, three-quarters of the market in the Baltimore metro area was out of your price range.

Then sellers got walloped. Housing slump. Mortgage meltdown. Recession.

Now you under-$250,000 buyers - classic first-time home purchasers - have a lot more to choose from.

Properties with asking prices in that range made up 43 percent of the metro area's housing market in May, up from 24 percent in May 2006. More under-$250,000 homes were for sale at the end of May - 8,149 - than in any previous May since 2001, according to a Baltimore Sun analysis of Metropolitan Regional Information Systems data.

"It's really opened up," said Bob Lucido, president of the Bob Lucido Team with ReMax Advantage Realty in Howard County. In some cases, "first-time buyers are able to get single-family homes as their first home because prices have come down."

Better affordability is good news not only for buyers but the housing market, which has suffered from a domino effect after Baltimore metro area prices practically doubled earlier in the decade. When first-timers can't buy, people in starter homes can't sell - which means they can't buy bigger homes, and the owners of those homes can't buy anything else either. Sales have plummeted in the metro area since the end of 2005. Thousands of homes have simply been sitting on the market.

Read Entire Article Here

Everything and the Kitchen Sink

2009-07-13T17:22:00.000-07:00

Just reduced by $40,000 this one is ready to move in. 3 bedrooms, 1.5 baths, central air, finished basement, LARGE yard, quiet block, etc. Combined with the $8,000 tax credit and the $210,000 sticker price becomes even more affordable. See it 2Day!

Area condo sales are on the rise

2009-07-13T05:45:00.000-07:00

By Lorraine Mirabella

Patrick Turner can tell when a prospective home buyer is probably not a Silo Point buyer.

Sometimes, it's the questions the buyer asks. Turner, developer of the industrial grain elevator-turned high-rise condos in Locust Point, recalls the woman who observed the gritty and imposing exposed concrete columns in one luxury unit and asked, "Will these be painted?"

Turner believes he achieved his goal of building an ultra-hip residential tower on the water's edge that would preserve vestiges of the industrial past - the original 1923 structure once stored and weighed tons of grain. Still he admits his vision of loft-living in the sky isn't for everyone. And he acknowledges it's not a particularly optimal time to be opening.

"This is one of the worst economies to be selling residential real estate - unless you're selling at the right price," said Turner, president of Baltimore-based Turner Development Group.

Once bloated housing prices may finally have fallen enough to start pulling buyers back into a sluggish market. Some economists say the market has reached bottom, with plummeting prices making homes more affordable. Now, experts are seeing some improvement in sales of new condos as well.

From April through June, 35 new condos sold in Baltimore, compared with just nine in the second quarter of last year, according to Delta Associates, which tracks regional condo sales. The latest figures also show an improvement from the first quarter of this year, when contract cancellations in the city outpaced sales.

In the Baltimore region, including the city and Baltimore, Harford, Anne Arundel and Howard counties, sales of new condos rose to 162 from 59 a year earlier, Delta said in second-quarter numbers released July 2. The second quarter's sales were the most for any single quarter in the past two years, said William Rich, a Delta vice president.

Read Entire Article Here

A Home of Your Own

2009-07-12T13:13:00.000-07:00

3 Bed, 1.5 bath colonial located in west Baltimore. The home comes with a brand new roof, Mitsubishi electric zoned climate control system (that will save you money and keep you comfortable), fully finished basement, nice backyard and close to employment and shopping centers. Price at $155,000 - let the Keys2Day Team show you how to make it even more affordable with the $8,000 tax credit.

Area home sales rise - first time since Jan. '07

2009-07-10T08:32:00.000-07:00

By Jamie Smith Hopkins

Home sales in the Baltimore metro area rose last month for the first time since January 2007, numbers released Friday morning show.

Residents sold 2,375 homes last month, up 2 percent from a year earlier, according to multiple-listing service Metropolitan Regional Information Systems. Every jurisdiction in the metro area saw an increase except Baltimore, where sales slipped 1 percent -- still a big improvement over the month before.

Average prices continued to fall, down 10 percent across the metro area.

Lots For Sale In Granite, MD.

2009-07-08T20:03:00.000-07:00

Check out these lots we have for sale in the Granite section of western Baltimore County. Talk about serenity - yet only 15 minutes from 695. Come build your dream home 2Day.

Rental housing affordability worsens nationwide

2009-07-05T08:13:00.000-07:00

Associated Press

The financial plight of the nation's 34 million renters has deteriorated rapidly since the beginning of the decade, yet they are rarely included in conversations about housing affordability.

Half of all renters now spend at least 30 percent of their before-tax income on rent and utility payments, that's up from about 40 percent of renters in 2000, according to an analysis by the Associated Press. One in four uses more than half of their income to cover those expenses, up from one in five.

And the AP's analysis of census data through 2007, the latest available, doesn't include the effects of the recession, which hammer renters harder than homeowners. Tough economic times also disproportionately affect minorities and the less educated - both groups are more likely to be financially burdened renters.

The median rent, including utilities, rose 7 percent, to $775, between 2000 and 2007. But the increase felt worse because renters saw their median income drop 7 percent, to $29,000, during that time.

Government funding for renter assistance has been stagnant since 2000. At the same time, the number of affordable apartments has been shrinking and the cost of building new ones rarely pencils out.

During the past six years, about 3 million affordable apartments were destroyed, converted to for-sale condos or upgraded to higher-priced rental units, according to census data released last week.

The waiting lists for Housing Choice vouchers, formerly known as Section 8, are years long in many cities. The program currently serves 2 million families. Renters in this program put 30 percent of their income to rent and the voucher makes up the difference. As the economy worsens, voucher recipients are contributing less money. The program must make up the difference, which means reducing the number of new recipients, said Donna White, spokeswoman at the Housing and Urban Development Department.

The National Housing Trust Fund created last July to increase the supply of affordable housing remains empty. Funds were supposed to come from Fannie Mae and Freddie Mac, but the government has had to give them $85 billion to keep them afloat.

Baltimore Still Losing Population

2009-07-01T05:54:00.000-07:00

By Olivia Bobrowsky Baltimore Sun reporter

Baltimore's population continues to drop, losing 3,231 people during the year that ended July 1, 2008, according to new census estimates released Wednesday.

Except for a small uptick in 2006, the city's population has been on a half-century decline. The most recent census figures put Baltimore's population at 636,919.

The number is an estimate, calculated by using data from the 2000 census and taking into account births, deaths and immigration.

City leaders have annually disputed the census' initial estimates, arguing the numbers are too low. The preliminary count for 2007 was 637,455, but the bureau readjusted the figure to 640,150. This year, Mayor Sheila Dixon said, she will appeal again.

"The census is one of the most important issues in our city," she said. "Every dollar we get for our viable services is [attributed] to the number of people in the city."

When any jurisdiction challenges the bureau, demographers re-calculate, figuring in data such as construction permits and housing occupancy rates.

Other jurisdictions in Maryland, however, are growing, according to the census bureau estimates. Baltimore County gained 212 people, reaching 785,618.

As in 2007, Howard County boasted the largest population growth in the Baltimore region, increasing by 2,384 people to reach 274,995 in 2008. Anne Arundel County added 2,283 to hit 512,790.

Prince George's County was again the only Maryland jurisdiction to lose more people than Baltimore, with a decrease of 4,466 people for a current estimated population of 820,852.

Maryland's population as a whole is also growing, although slowly. The state increased by 14,698 people to the new high of 5,633,597, becoming the 44th fastest-growing state between 2007 and 2008.

Need Help to Refinance or Avoid Foreclosure?

2009-06-28T09:39:00.000-07:00

On February 18, 2009, President Obama announced his Making Home Affordable Program (MHA), designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.

For more detailed information, visit MakingHomeAffordable.gov.

Interest Rates Fall - More Good News For Buyers

2009-06-25T17:27:00.000-07:00

May Existing-Home Sales Continue Rising

2009-06-23T11:46:00.000-07:00

Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors®. May’s increase was the first back-to-back monthly gain since September 2005.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate¹ of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.

Lawrence Yun, NAR chief economist, expected an improvement. “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” he said. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”

Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply² at the current sales pace, down from a 10.1-month supply in April.

An NAR practitioner survey in May showed first-time buyers accounted for 29 percent of transactions, and that the number of buyers looking at homes is nearly 10 percentage points higher than a year ago. “This is the time of year when we see large increases in the number of repeat buyers, who are benefitting from sales to entry-level buyers,” Yun said. “Investors appear less active, but are more prevalent in areas with large price corrections.”

Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in May, but are 10.1 percent below a year ago. The median price in the Northeast was $243,600, which is 12.5 percent below May 2008.

Sen Offers Bill To Expand Home Buyer Tax Credit

2009-06-18T13:36:00.000-07:00

By Jessica Holzer

Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- A tax credit currently limited to certain first-time home buyers would expand dramatically under legislation introduced by U.S. Sen. Johnny Isakson, R-Ga.

Under the legislation, any buyer of a home - not just first-time home buyers - would be eligible for a tax credit worth 10% of the purchase price up to $15, 000.

A tax credit passed into law earlier this year is worth only $8,000 and is limited to individuals and couples making no more than $75,000 and $150,000 respectively.

The legislation, which Isakson introduced Wednesday, quickly attracted co- sponsors from both parties, including Senate Banking Committee Chairman Christopher Dodd, D-Conn.

A beefed-up tax credit has strong backing from business and industry groups. The Business Roundtable earlier this week launched a campaign recommending the key changes to the credit that are proposed in the legislation. The National Association of Home Builders and the National Association of Realtors have also pushed for an expanded tax credit.

Still, the measure faces an uphill climb in Congress because of its price tag, which is likely to be high. Lawmakers would also have to justify assisting high earners purchase a home.

"One of the biggest problems facing the American people today is an illiquid housing market, a decline in their equity, a decline in their net worth and a depression in the housing market that we are obligated to correct if we possibly can," Isakson said in a press release.

The legislation would extend the tax credit, which expires Dec. 1, by one year from the date of enactment. Home buyers would be able to claim the credit on their 2009 tax return for purchases made in 2010.

More Owners KEEPING Their Homes

2009-06-15T08:01:00.000-07:00

Foreclosures fall 6% nationally in May from April

By Alan Zibel |The Associated Press

7:48 AM EDT, June 11, 2009

WASHINGTON - The number of U.S. households on the verge of losing their homes dipped in May from April, and the annual increase was the smallest in three years.

But as layoffs, rather than risky mortgages, become the main reason that borrowers default on their home loans, foreclosures likely will remain elevated this year and into 2010. Many economists expect unemployment, now at 9.4 percent nationwide, to rise as high as 10 percent, and some project it will exceed the post-World War II record of 10.8 percent.

Foreclosure filings fell 6 percent in May from April, according to RealtyTrac Inc. More than 321,000 households received at least one foreclosure-related notice last month -- 18 percent more than a year earlier -- but the smallest annual gain since June 2006. Ohio had one of the highest foreclosure rates, though filings in the state dropped nearly 13 percent from a year ago.

Despite the drop from April, it was the third-highest monthly rate since Irvine, Calif.-based RealtyTrac began its report in January 2005, and the third straight month with more than 300,000 households receiving a foreclosure filing.

Read the entire article here.

First-time buyers help unjam housing market

2009-06-11T09:44:00.000-07:00

As housing prices fall, experts hope for revival
By Lorraine Mirabella lorraine.mirabella@baltsun.com
June 11, 2009

April Longest had a lot of reasons to move from an apartment in Hampden to a house of her own: low interest rates, a first-time-buyer credit and a monthly payment not much higher than her rent.

But one of the biggest motivators of all for buying a semi-detached rancher in Medfield last month came from her competition - other buyers." As I was looking at houses in the area, I was seeing a very good selection, but it started to dwindle," said Longest, a 24-year-old insurance coordinator. "Obviously people were buying, so that pushed me."

Real estate experts say first-time buyers such as Longest are helping to break through a gridlocked housing market, offering some of the first glimmers that Baltimore's housing market may be starting to turn around.

Read The Complete Article Here

Homes sold, prices continue to drop in Baltimore region

2009-06-10T11:25:00.000-07:00

But decline in number sold is slimmest percentage decline in months

By Lorraine Mirabella
The number of homes sold in the Baltimore area fell 8.5 percent in May, and the average sales price plunged 11.4 percent compared to a year earlier, statistics released Wednesday showed.

The number of homes that changed hands last month -- just over 1,900 -- represented the slimmest percentage decline in sales in months in the metro area, which includes Baltimore City and Baltimore, Anne Arundel, Howard, Harford and Carroll counties, according to the report by Metropolitan Regional Information Systems Inc.

The average home price in May fell to $280,015 from an average $315,989 in May 2008, the real estate listing service said. Average prices in metro Baltimore, which took their steepest dive in more than a decade in April, have been below the $300,000 mark each month since November.

Home values in May fell at least 9.25 percent in each jurisdiction except for Harford County, where priced remained flat.

The number of homes sold rose slightly in Anne Arundel County, remained flat in Carroll County, fell nearly 4.5 percent in Baltimore County and more than 13 percent in Howard and Harford counties and dipped by 17.5 percent in Baltimore city.

The May report showed it took nearly four and a half months, on average, for homes to sell. Sellers in May got about 90 percent of their asking price, MRIS said.

Hosuing Stimulus Analysis

2009-02-22T12:22:00.000-08:00

Recently President Obama announced the Homeowner Affordability and Stability Plan. According to the White House the plan is designed to help homeowners at risk of foreclosure due to an inability to pay their mortgage.

The Keys2Day Team has examined this proposal and evaluated it for its potential to help revive the local real estate market.

As of the end of January 2009 Maryland had an available housing inventory of 43,160 units. Many of these houses are foreclosed properties in direct competition with owner occupied properties and investment properties.

For the past 12 months The Keys2Day Team has been a proponent of foreclosure moratoriums and modifications. It is our belief that keeping owners in their homes, while still obligating them to pay for the property, will begin to remove inventory from a market that is already suffering from over supply.

In addition, it is important to remember that homeowners who have not experienced problems paying their mortgages, well over 90% of mortgage holders, are still exposed to the effects of foreclosures in their neighborhoods. Houses that sell at foreclosure usually sell at a discount. This helps decrease values of other homes in the area.

While we do not agree with every aspect of The President’s plan we do think that it will, if executed properly, help stem the tide of foreclosures. This will address, what we see, as the main two issues in the housing market: (1) over supply and (2) devaluation. The results of which should be a supply/demand balance and price stabilization.

Finally, wed like you to examine the President’s proposal for yourself. Take a look at it here. It’s important that we all stay informed about what is the most expensive item most of us will ever purchase.

If you have any questions please do not hesitate to contact us 2day.

Get Stimulated

2009-02-02T12:56:00.000-08:00

The Keys2Day Team is spending the next few weeks focusing on sharing and gathering information designed to help real estate professionals, buyers and sellers move through this market productively. 2Day's topic - the economic stimulus legislation and how it can effect the real estate market.

OK here's the latest - Senate Minority Leader Mitch McConnell, R-Ky., told reporters Monday that "a stimulus bill must fix the main problem first, and that's housing." He promised that Republicans would offer a plan to have the government step in to reduce mortgage rates to the 4 percent range, which could shore up home prices and lower housing payments for millions of Americans.

On the other side of the isle Sen. Charles Schumer, D-N.Y suggested Democrats would support a GOP-backed idea to double a home buyers tax credit from $7,500 to $15,000 and make it available to all home buyers instead of those purchasing their first home.

OK this actually sounds stimulating. Not like the so called Housing Stimulus Bill championed by both Democrats and Republicans last year. You remember the one that raised the FHA down payment requirement from 3% to 3.5%. Yeah bring more money to the table in a recession Oh yeah that's what I call stimulus. The craziest part about it? There were politicians trying to explain this provision as if it made sense.

What do you think about the suggestions offered by Sen. McConnell and Sen. Schumer? Can we expect these ideas to revive the market? Would you be more likely to purchase with these incentives? Talk to us.

Home Warranty May Be An Incentive For Buyers

2009-01-26T08:52:00.000-08:00

Offering coverage for home's systems can be a buying incentive in this tough real estate market
By Nancy Jones Bonbrest Special to The Baltimore Sun
January 25, 2009

When Wayne Williams listed his Carney home for sale last summer, he decided to add a home warranty plan as an incentive to prospective buyers.

Although he had maintained the house well during his 26 years of ownership, it still had the original furnace and heat pump. Williams knew a home warranty would not only elevate the house in a tough real estate market, but would protect the buyers during the first year. The warranty also shielded Williams from covered repairs during the listing period.

"We thought it would be a good incentive," he said.Before the house sold, the unit went out. The home warranty company determined it couldn't be repaired and would need to be replaced. The cost for Williams was $50.

"The timing was unbelievable," he said. "If we didn't have [the home warranty], we would have been stuck with a $3,000 bill and with something we couldn't use.

"Home warranty companies say unexpected home repairs and replacement costs can quickly add up and take a financial toll. With a down real estate market and slumping economy, warranties can also make homes on the market more attractive and offer peace of mind to existing and prospective homeowners.

"There's the cost-saving aspect with homeowners looking for protection against unexpected repair costs," said Douglas Stein, general manager of HMS Home Warranty. "That need is even more pronounced in economic times like these.

"Home warranties are service contracts for existing homes that cover the cost of certain repairs on operational systems and appliances. An average warranty costs $300 to $600 a year.

A house is "the largest purchase of your life. Shouldn't it come with a warranty?" says Carl Knighten, HMS Home Warranty's chief executive officer for the region that includes Maryland.

Traditionally, home warranties are often used as incentives when purchasing or selling a home, but they are available to any homeowner and are renewable. They typically cover air conditioning and heating systems, appliances, plumbing and electrical systems.

When a repair is needed, the homeowner must contact the home warranty company to schedule a service contractor to come out, assess the problem and make the repair. A deductible that ranges from about $50 to $100 is required for each service call.

Real estate agents often recommend sellers offer a home warranty because they say statistics point to a quicker sale. For buyers, it can offer comfort in knowing that many major appliances and repairs are covered.

A study conducted in 2007 and 2008 by American Home Shield in conjunction with a national real estate firm found homes with an American Home Shield warranty sold an average of 23 days faster. The homes also sold on average for 4 percent more than homes without the warranty.

A Winning Real Estate Combination

2009-01-16T18:00:00.000-08:00

The Keys2Day Team has partnered with Bank of America to bring buyers the absolute best in one stop real estate services. Bank of America has chosen the Keys2Day Team to be the exclusive real estate services provider for 4 Maryland branches.

If you’re in the market to purchase a home stop by one of the following branches and get qualified so that you can start your home shopping 2Day.

Westminster - 630 Baltimore Blvd, Westminster, MD 21157
West Friendship - 12630 Frederick Rd, West Friendship, Md 21784
Jackson - 14213 Jarrettsville Pike - Phoenix, MD 21131
Jessup - 7399 Assateague Drive - Jessup, MD 20794

Have you heard of Bank of America’s new protection plan? The Bank of America Borrowers Protection Plan® can safeguard you and your family from sudden income losses from unexpected events, such as:

Disability
Involuntary job loss
Hospitalization
Loss of life

Bank of America can cancel your monthly loan principal and interest payments for up to 12 months if a protected event occurs. Enrollment is simple, hassle free and no cost to you for the first full year.
Read all about it by clicking here.

A Bastion of Growth in a Down Market

2009-01-01T20:19:00.000-08:00

From the Baltimore Sun

Property values in Baltimore are rising faster than anywhere else in Maryland, according to state officials who were to mail more than 730,000 assessment notices this week.

While appraisals were nearly flat statewide for property overall - and even dipped in the more prosperous suburbs - values for homes in the third of Baltimore that will receive the notices rose 21.4 percent since their last assessment in 2005.

State assessors said home values rose 9.7 percent in eastern Baltimore County, 5 percent along the U.S. 40 corridor in Harford County, and 2 percent in the reassessed area of Carroll County. Home values dropped 4.2 percent in Anne Arundel, 7 percent in Howard and 16.3 percent in Montgomery County.

State assessment officials said that higher demand for relatively low-priced houses has driven average values up in some areas.

"Most of the increase you're looking at is in moderately priced properties," said Owen C. Charles, assessment supervisor for Baltimore. A house in South Baltimore that might have sold for $75,000 in 2005 can cost $150,000 now, he said, while decreases in prosperous Howard or Montgomery counties reflect larger drops for higher-priced homes.

Daraius Irani, director of applied economics at RESI, the economic forecasting arm of Towson University, said the new figures show that the Baltimore area has some stability.

"It doesn't mean you go out and leverage yourself to the hilt to buy a home, but it shows there is a strong point in our local economy," Irani said.Last year, assessed values were up an average of 25 percent through a swath of Baltimore's midsection. The city's new assessment area includes South Baltimore and some waterfront areas such as Fells Point.

Market By Numbers

2008-12-28T19:13:00.000-08:00

Average prices for Maryland homes are down 10.7% year over year as of November 30, 2008. Good news for buyers. Home sellers, however, are going to need to consider either lowering their asking price or postponing the sale of their home until the market recovers. This might sound crazy coming from a real estate professional but let's look at the facts.

1. Only 2,740 homes sold in November of 08. That's 1,073 less than last year this time. Demand is down. There are many reasons for this including the country's current economic condition. But the bottom line is supply is high and demand is low - therefore sellers will have to offer a discount to get the property off the shelf, so to speak. If you can not afford to do that right now you may want to wait.

2. If you must move now consider renting your home. If done right renting will cover your mortgage and should provide some income as well. Before renting you must consult a professional, like the Keys2Day Team, in order to find out what your county requires you to do as a landlord. You may have to make modifications to your property, such as installing smoke detectors, in order to obtain the rental certification from your county. Renting is a viable option in many cases.

3. Is the end in sight? No one really knows. What we do know is this - rates on 30 year fixed mortgages fell to record lows this week. The average rate for the week ending December 26, 2008 was 5.14%. Buyers with decent credit will find these rates very attractive. Hopefully this will give the market a boost.

In addition, the current rates also make refinancing a money saving prospect for alot of homeowners. If you'd like to discuss a refi call us 2Day and we'll connect you with one of our qualified mortgage pros who will answer any questions you may have.

To sum it all up - relax. Housing, like the overall economy, will level off and rise again. Over time home values will continue to increase. The Keys2Day Real Estate Team will be here through thick and thin serving as your real estate resource.

Take Me Drunk - I'm Home hicup.

2008-09-23T05:29:00.000-07:00

From 2Day's Wall Street Journal: The success or failure of the U.S. Treasury's plan to spend up to $700 billion on soured mortgages may depend on whether it can stem the slide in housing.
Don't expect too much, said Douglas Elmendorf, a senior fellow at the Brookings Institution. The Treasury plan won't alter the fundamentals of falling home prices, because it can't alter the fact that many people can't afford to live in the homes they are in, he said.

Declining home prices have been at the root of the crisis gripping the financial market. Overextended borrowers who would have been able to refinance or sell their homes and pay off their debts had prices continued to rise have instead seen the value of their homes fall below what they owe. The number of homes going into foreclosure has risen, adding to a glut of unoccupied homes that has helped further depress home prices.

So where's the good news? Well let's consider all sides here. First of all the vast majority - somewhere around 98% - of all home owners are paying their mortgages on time. Secondly, lower prices are now the reality- if you're a buyer that is music to your ears. Prices rose at a stupefying pace for years. You remember - folk were bidding up houses as if they were at a cattle auction. Talk about irrational exuberance.

So what do we do now? 2 things are in order. #1 - Turn the news off. Their job is to sell advertising. They may have a tough time doing that if all they have to report about is good news. If you don't believe me consider this. When the media reports unemployment statistics they always tell you about the percentage of folk who are "unemployed". You never hear about the other side. "THIS JUST IN - UNEMPLOYMENT IS AT 5%!" OK so employment must be at 95%. That is excellent when compared to many other nations - France for example, has an 8.3% unemployment rate while Germany is at 8.4%. So remember to put things into perspective. The media would love it if aliens landed on the White House lawn and announced "We're here to enslave 50% of you and eat the other half."

#2 - The nation has seen its fair share of calamaties - financial and otherwise. We've snapped back each time. All of those in the media comparing this time in our history to the Great Depression are really displaying a ginormous lack of historical understanding. Today is NOTHING like the 30s. We don't have bread lines, we don't have Hoovervilles, we don't have 25% unemployment. In fact in the 2nd quarter we had 3.3% GDP. Unfortunatley the housing market got very drunk and now we're dealing with the hangover. Now it's time to take our medicine, get back up and move on.

Keys2Day Team on HGTV

2008-07-19T12:39:00.000-07:00

The Keys2Day Team recently appeared on an episode of HGTV's "Get It Sold"! It was fun to see the team on national TV - but it was even more fun participating in the filming of the episode.

We're excited to report that the team will be appearing on other HGTV programs in the coming months. HGTV's variety of home improvement and real estate informational programming combined with the Keys2Day Team's love of real estate equals a winning combination. So stay tuned to HGTV to catch the Keys2Day Team.

Don't Believe The Hype

2008-06-27T17:56:00.000-07:00

Recently US News published an interestingly one sided article entitled “Rent, Don’t Buy, Your Home”. The article made the case that buying a home in today’s market made no sense and equated to “renting, from a bank”.

The most blatantly biased point raised in the whole article was one attributed to Fidelity – the big investment firm. According to them renting can actually be a “good investment”. Renting an investment? Fidelity says that “…if renters save even $300 a month—the difference, say, between their rent and a monthly mortgage payment—that money, invested in stocks growing at only 4 percent, could add up to $114,000 in 20 years.”

I’m surprised that this globally recognized investment firm did not illuminate the whole truth of the matter. Sure you can rent long term, as Fidelity suggests, but you need to know what that will truly cost you. For example, a $1,300 per month rent payment adjusted annually at 3% inflation will cost you $290,154 by year 15. Remember, Fidelity proposes you pay rent and invest $300 per month at 4%. So let’s go ahead and save $300 and invest that at 4% for just 15 years. Now you’ve spent $223,298 in rent and, because inflation grew at an average of 4% your $300 a month investment has returned 1% after inflation. I wonder how much in commissions Fidelity made over the course of the 15 years? Remember – they want you to rent for 20 years.

I’m not sure why Fidelity doesn’t just advocate purchasing a house that cost $300 less per month than the maximum of what one can afford and using that $300 to invest. Here’s another example of the hilarity of Fidelity’s advice. $1,500 in rent paid monthly over 15 years and adjusted upward for inflation at 3% annually will make your landlord one happy individual because you would have forked over $314,272 – in 15 years. The average mortgage term is 30 years.

Other facts the proponents of rent ignore are the plain realities of high inventories (which translate into more buyer choice), low home prices and low interest rates. When would be a better time to buy? Of course when it comes to stocks Fidelity will be the first to tell you – “Buy low – sell high.” If there is anyone waiting for a bottom then they will most likely miss out on these lower prices.

Real estate is not a national market. Although Florida is suffering from a glut of inventory and flat sales North Carolina is not. When you take it to the local level the differences become even more pronounced.
Buying still makes sense if you plan on staying in your home for 5 years or more.

The Fire Museum of Maryland's Upcoming Bull Roast

2008-06-08T10:39:00.001-07:00

The Keys2Day Team was out and about in Towson yestersday. You may have seen (or heard) us. We were hard to miss in a 1927 fire engine courtesy of the Fire Museum of Maryland. We were letting any and everybody know about the museum's upcoming Bull Roast and Steam Show which will be held Sat. June 14, from noon until 3pm.

The event will feature a fire engine muster, steam show and antique fire aparatus on display. If you love good food you're in luck - the event will feature pit ham, pit beef and pit turkey as well as pepper turkey shredded beef, hot dogs, hamburgers, sodas and beer.

The Keys2Day Team is a proud sponsor of the event. If you'd like to attend please give us a call at 866.KEYS2DAY - the tickets are only $35.

Keys2Day on HGTV

2008-05-29T08:40:00.000-07:00

If you watched HGTV's 'Get It Sold' progam on the evening of May 28th you may have seen a familiar face or two. That's right - members of the Keys2Day Real Estate Team were featured on the show. We took a look at a property that had been staged and gave our opinions of the redecorations. It sure was alot of fun to be on the show.

Stay tuned to HGTV to see more shows featuring the Keys2Day Team.

God Bless Our Service Men and Women

2008-05-24T18:00:00.000-07:00

On this Memorial Day weekend the Keys2Day Real Estate Team would like to thank all of our proud United States service men and women, past and present, for their hard work and dedication to making America a great country.

We'd also like to remind active service personnel and veterans about the Veteran's Administration mortgage loan program. The VA loan allows veterans 100% financing without private mortgage insurance or 20% second mortgage.

If you are a veteran or the spouse or widow of a veteran and would like to learn more about this program contact us today so that we can put you in touch with a qualified VA loan administrator who will be able to answer all of your questions.

Dealing with Declining Home Prices in MD

2008-05-22T19:06:00.000-07:00

According to the Baltimore Sun Maryland home prices declined more in the first quarter than in all but seven other states, the federal government said yesterday.Home sale prices in the state fell 4.8 percent in the first three months of the year from the corresponding period in 2007, according to the Office of Federal Housing Enterprise Oversight.

So as a home owner, buyer or seller how are you to take this news?

Well if you are an owner with no intention of moving anytime soon sit tight. While it is true your home may have lost value in the past few years that fact should not bother you unless you intend to sell soon or take out some equity.

If you are buying a home this news could mean that you're shopping at the right time. There are bargains to be had right now and as the old adage goes: buy low and sell high.

Selling a home? Well in order to make that happen you need to be realistic. It's a competitive market with alot of inventory. Good news is buyers abound. The national news media would have you believe no one is buying homes. In fact 4.89 million homes sold in America in April. While that's 1.04 million less than sold in April of 2007 it's still indiciative of the fact that people are buying.

Sellers need to seriously consider price. If you are looking for top dollar chances are you may be dissapointed. In order to sell that home you will have to stay mindful of the simple law of supply and demand which dictates that when supplies increase prices fall. Another alternative is to sight tight and wait it out if you can afford to. If you're not in a situation where you need to relocate it may be advantageous to wait this market out and sell when prices rise a bit.

Steak or Burgers

2008-05-22T12:47:00.000-07:00

McDonald’s – ahh the golden arches. They’re the biggest restaurant in the world. Billions and billions served. That’s quite an accomplishment that came out of Ray Kroc’s dream. I still stop by for a Big Mac and fries every now and then. People always talk about the fries – and they are great – but you know what? Mickey Dees has always had the greatest fountain sodas. They always get the mix just right. So what’s this got to do with real estate?

Well it has a lot to do with the Keys2Day Team’s philosophy of real estate. But before we get into that one more great restaurant recommendation. Morton’s. If you like steak you will LOVE Morton’s. Mind you – it’s a different price point than McDonald’s but it is my personal belief that they have the best steaks.

So back to the Keys2Day philosophy. We believe in individualized service tailor made to each unique situation. No two home buyers or seller are alike. It doesn’t matter if you live in the same style house on the same street. Since we are talking about the most expensive single transaction most folks will make wouldn’t you rather get personal attention?

Oh and did I mention Morton’s staff is specially trained to provide you with the best dining experience? Now don’t get me wrong – I’m not taking anything away from McDonald’s. In fact I used to work there in high school. It was a great opportunity that more young people should take advantage of. However, McDonald’s is geared toward being the biggest. Volume sales. They have a $1 menu that’s cookie cutter. That works in fast food because you know you’ll get the same taste from every McDonald’s. I was in Paris once and had a Royale with cheese, our version of the Quarter Pounder. It tasted exactly the same. But I also know what I am getting at Morton’s – top shelf.

What’s the morale? Biggest and best are very often two totally different things serving two totally different purposes. Sure – if you’re hungry Morton’s and McDonalds can solve that. But if you want a higher level of individualized service tailored to your needs and wants – then there is no question. The Keys2Day team will never be the biggest – that’s not our goal. We strive to be the best by providing quality service, home buying and selling education and service tailored to meet the needs of individuals.