298 Locust Avenue, Annapolis, Maryland 21401

For more details, click here!

P.S. Call me today for all your Annapolis real estate needs.

Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

It seems to be a pretty neat way for people to put that retirement money to work, and it’s not too difficult to do things like making loans or splitting ownership with a friend who is more experienced at property management or renovations. Also, because IRA money is usually invested for the long term, it’s great for buying in a down market and holding the investment for a while. Let me know if you’d like to know more.

Chief NAR economist Lawrence Yun remains cautiously optimistic about the national housing market. “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. ‘We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010. However, the job market remains a concern and could dampen the housing recovery – job creation is key to a continued recovery in the second half of the year.”

Anne Arundel County figures for January 2010 are shown below.

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data Copyright 2010 – Information deemed reliable, but is not guaranteed.

If you would like specific information on what is happening with home sales in your neighborhood, I’ll be happy to help.   Call for a free, no-obligation consultation.  Get the information you need to help you enjoy the home of your dreams.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Much of the recent activity was sparked by first time buyers looking to take advantage of an $8,000 tax credit, which was initially due to expire at the end of November. NAR expects market demand to remain strong as the tax credit program has been extended and expanded through April 30.

Current inventory levels in all price ranges have dropped to 3.57 million units nationally, creating a 7-month supply. “Low-end inventory has become very tight in many areas and in some cases buyers are becoming more aggressive,” explained NAR president Vicki Cox Golder. Multiple offers are not uncommon in the lower price ranges, and foreclosed properties are selling more quickly.

Anne Arundel County figures for November 2009 are shown below.

Many friends and clients were upset when their tax assessments rose while sales prices had declined.  Most complained and then simply paid their taxes.  A few decided to take action.  Some asked me for comparable sales data, advice on how to determine the market value for their homes, and tips on how to convey that information to others.

According to the State Department of Assessment and Taxation’s web page The Assessment Appeal Process :

Property owners sometimes feel that the department’s estimate of their property value is wrong. The assessment appeal process is available to allow property owners the opportunity to dispute the value determined by the department. Property values rise and fall to reflect the market. A property owner should file an appeal when they believe that their property is not valued at its current market value.

Appeals may be filed on three occasions:

1. upon receipt of an assessment notice;
2. by a petition for review; and
3. upon purchase of property between January 1 and June 30.

While it may seem like a hopeless effort to dispute your tax assessment, it can be done!   After all, the mission of the department is:

To promote fairness in taxation for Maryland property owners by uniformly appraising all taxable property at market value, certifying property values to local governments, and offering programs of property tax relief and business services in a manner that is courteous and convenient.

Some neighbors in Murray Hill just told me they succeeded in appealing, using neighborhood sales data that I had provided to them.  They said they were able to shave about $40,000 off of their assessment, which will save them a bundle.  For 2009-2010, real property taxes charged by Annapolis City are 0.53/$100, by Anne Arundel County are 0.523/$100, and by the State of Maryland are 0.112/$100, for a total of 1.165%.

Some long-term real estate investors make a practice of disputing every assessment that they get, because the tax increases really add up over the years.

You can dispute it at any time – you don’t need to wait until your next assessment comes out.  For specific details on your Anne Arundel County property taxes, visit Electronic Anne Arundel.

And if you’re in West Anne Arundel County, keep your eyes open for a new assessment notice in late December.

I am curious, do you think your assessment is too high?  Have you tried disputing it?

For more details, visitA Homeowners Guide to Property Taxes and Assessments

P.S.  Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland, 410-268-0160

Always looking to learn more about property management, and also looking for books to recommend to friends and clients, I just picked up a copy of The ABC’s of Property Management, by Ken McElroy.

Click here to view the embedded video.

If there were ever a book to convince you not to try to manage an extra home yourself, this is it! Full of stories of things that happen to people when they haven’t mastered the business of property management.

I discovered long ago that property management works fine if you treat it like the business that it is, but not so well if you treat it like a hobby or an afterthought. (Yes, I learned that the hard way.) Here are some handy references for those who choose to do it themselves.

Click here to view the embedded video.

Click here to view the embedded video.

And if you do it yourself, be sure to learn the Maryland state laws, as well as those of the county and city where your property is located.

Of course, it often pays to bring on a specialist. For those who’d like to team up with a professional property manager, I can make some recommendations in the Annapolis area. You need to be prepared to compensate them somehow, typically by paying a percentage of the rent.  Sometimes you can negotiate a guaranteed rental payment, regardless of vacancy.

Oh, you want to know how to get it free? Some will do it for a portion of the future increase in your property’s value. Let me know if you’d like further details.

P.S.  Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Buyers are taking advantage of low interest rates and a first time buyers tax credit available through the end of November. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” said Lawrence Yun, NAR chief economist.

Total housing inventory is trending down across the country, reaching its lowest level in two and a half years. Inventory fell to 3.6 million homes available for sale at the end of September. This represents a 7.8 month supply at our current sales pace. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year,” Yun said.

Anne Arundel County figures for October 2009 are shown below.

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data

Copyright 2009
- Information deemed reliable, but is not guaranteed.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Carlyn Lowery Real Estate Team

Promote Your Page Too

Some folks read these blog posts with their favorite RSS reader such as iGoogle, some subscribe by email, some follow me on Twitter, and some find it most convenient to discover the latest news when checking in with friends on Facebook.   The formatting seems nicest here, yet some of the other delivery methods are more convenient.

I’m still experimenting with Facebook and Twitter, and would love to hear how you like to use them for both work and play.

P.S.  Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

]]> http://annapolisrealestatetoday.com/2009/11/04/annapolis-real-estate-news-available-on-facebook/feed/ 0 http://annapolisrealestatetoday.com/2009/11/03/stop-double-mortgage-payments-say-annapolis-real-estate-sellers-with-vacant-homes/ http://annapolisrealestatetoday.com/2009/11/03/stop-double-mortgage-payments-say-annapolis-real-estate-sellers-with-vacant-homes/#comments Wed, 04 Nov 2009 01:51:04 +0000 carlynlowery http://annapolisrealestatetoday.com/?p=288

Vacant House in Annapolis

One mortgage payment is bad enough, but two is sometimes just too much to bear. And vacant homes cause all kinds of problems.

Insurance coverage may lapse after thirty days.
Little problems may turn into big problems, because no one was around to notice.  A small trickle becomes toxic mold.
Lawn mowing, leaf blowing, gutter cleaning, snow shoveling – enough to deal with when you live in a home, and a real hassle when you live elsewhere.
Neighbors get mad when the home and yard deteriorates.
The city issues fines for code violations.
Realtors recommend low sales prices, or say they can’t help.

What’s the alternative, renting the home out and risking bad tenants who might trash it?

For those who have had enough, and are determined to stop the double mortgage payments and other ongoing expenses and hassles, other options are available.  Our growing network of Annapolis real estate professionals includes people who create custom solutions, with a little flexibility on everyone’s part.

Professional rehabbers who renovate homes for resale, “hard money” lenders who fund rehabbers, landlords who like to have property and tenants to manage, investors who subsidize mortgage payments for a portion of the equity, note buyers who convert seller financing to cash, insurance experts who provide policies for vacant homes, Realtors who bring home buyers and renters, people who want to “rent to own” or buy with a “lease-purchase.”

If you’d like to participate in these ways or others, please get in touch, and let’s see how we can work together to get more of these vacant homes occupied!

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland