"Open House" - Maryland Real Estate Blog

Luxury Sykesville Home with Acerage

4025 Ben Rose Lane Sykesville, MD 21784 Luxury Single Family Home in Sykesville This home is a beautiful combination of luxury and privacy. Enjoy 3+ rural, quiet acres while all of the conveniences one would expect from luxury. Check out the virtual tour! Interior Features: Central Air, Family Room, Appliances, Walk-In Closet, Den/Office, Laundry Room, Fireplace, Dining Room, Hardwood Floors, Pantry, Basement. Exterior Features: View, Balcony. Price: $729,980 Type: Single Family Residential for Sale Floors: Multiple Parking/Garage: 3 Bedrooms: 5 Baths:3 Half Baths:1 Year Built: 2007 MLS #: CR7555917 www.4025benroselane.z57websites.com www.4025benroselane.z57websites.com For more information contact: Jim Ellis Direct: 301.275.7636 jimellishomes@gmail.com Copyright © 2011 Jim Ellis . All rights reserved.

Beautifully Remodeled Baltimore City Row Home

1101 W Hamburg Street Baltimore, MD 21230 Beautifully Remodeled Baltimore City Row Home A truly incredible end unit row home. Just minutes from Federal Hill and the interstate, this beautifully renovated town home is the best value in the area. Interior Features: Basement, Forced Air, Central Air, Laundry Room, Hardwood Floors, Family Room. Exterior Features: Deck/Patio, Parking Pad. Custom Features: Interior : Exposed Brick and Duct Work Kitchen : Granite Counters/Stainless Steel Appliances View : Roof Deck w/view of Ravens Stadium Price: $234,980 Type: Condo/Townhouse for Sale Floors: Multiple Bedrooms: 2 Baths:2 Half Baths:1 Square Feet: 1316 Year Built: 1900 MLS #: BA7544049 www.1101whamburgstreet.z57websites.com www.1101whamburgstreet.z57websites.com For more information contact: Jim Ellis Direct: 301.275.7636 jimellishomes@gmail.com Copyright © 2011 Jim Ellis . All rights reserved.

Ellicott City Ranks High for Raising a Family

In the latest Kiplinger's list of the 10 greatest cities to raise a family, Ellicott City in Howard County, MD comes in at #1.  With close proximity to downtown Baltimore and Washington D.C., families are less than 1 hour away from many historical and entertainment hot spots.

According to Education Week, Maryland ranks as the #1 state in education.  Howard county boasts as one of the top counties in the state.  Families have access to plenty of public and private educational opportunities. 

One of the most appealing aspects of Ellicott City is the beautifully preserved historic downtown area.  The town was founded in the 1770's by the Ellicott family and was originally used as a mill for producing flour.  After the revolutionary war, the mill began exporting their product all over the world.  The town flourished and many of the 1800's buildings and storefronts still stand today.

Click here for more information about Ellicott City tourism.

Click here for more information about Ellicott City real estate.

Local Realtor earns distinguished designation to help Maryland families avoid foreclosure

Jim Ellis of Re/Max Elite Realty in Baltimore has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales. At a time when millions of homeowners are struggling with the possibility of foreclosure, the skills and education amassed by Ellis will help benefit Maryland residents and communities.

Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.

"The CDPE designation has been invaluable as I work with homeowners and lenders on complicated short sales," said Ellis. "It is so rewarding to be able to help families save their homes from foreclosure.  The best part?  Our services cost the home owner nothing." 

Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that agents such as Jim Ellis with the CDPE Designation have valuable perspective on the market, and training in short sales that can offer homeowners real alternatives to foreclosure, which can be devastating to credit ratings.

"These experts better understand market conditions than the average agent, and can help sellers through the complications of foreclosure avoidance," he said.

The Distressed Property Institute provides live and online courses to train real estate professionals how to help homeowners in distress, with a strong focus on handling short sales.

"Our goal is to help as many homeowners as possible, by educating as many real estate professionals as possible," Charfen said. "Jim has demonstrated a commitment to struggling homeowners - a commitment that can provide much-needed stabilization to the community."

For more information about how you can avoid foreclosure, visit Jim Ellis' website at www.JimEllisHomes.com. 

What is a Short Sale and Do I Qualify?

What is a Short Sale

According to the Certified Distressed Property Expert (CDPE) Field Manual a “short sale occurs when: A negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is ‘sold short’.”

In today’s market, mortgage companies are increasingly encouraging and accepting short sales instead of affecting foreclosures. Lenders spend thousands more to foreclose on a property than accepting a short sale. In conjunction with stricter governmental guidelines, mortgage companies are worker harder to increase efficiencies and speed of the short sale process. It is certainly getting better.

Qualifying for a Short Sale

In order to qualify for a short sale a homeowner must first be able to prove a valid financial hardship. Wanting to sell when you owe more than the house is worth does not qualify. Second, the homeowner must not have liquid cash or assets that will pay down the mortgage. There have been cases where the homeowner can cover a portion of the short sale and the lender covers the remaining balance. The short sale process is terribly complicated and requires expertise only gathered through specialized training. A licensed Realtor® with the CDPE designation behind their name is a homeowner’s best chance of closing their short sale and avoiding foreclosure. Contact the author for a CDPE in your area.

A Common Short Sale Myth

Lastly, there have been many reports, both nationally and locally, stating a foreclosure and short sale have the same outcome and effect on a borrower’s credit. That is absolutely NOT TRUE. Click here to see a free copy of our report entitled, “Foreclosure v. Short Sale: A Homeowner’s Consequences”.

Jim Ellis – Re/Max Elite Realty

Jim can be reached at 410.569.4663 or jim.ellis@remax.net.

Best way to search for Maryland and Baltimore properties on-line

One of the biggest problems with searching for real estate on-line (just like anything else) is the reliability of the information one finds. Many of the large, national search sites do not update their listings frequently. Therefore, home buyers are searching and finding properties that are no longer available, or aren’t seeing new, fresh listings. It is not uncommon to find listings that sold months before. This can be frustrating and a waste of time for both buyer and Realtor®.

The larger websites offer bells and whistles that are attractive, but are not always necessary. If you live in Maryland there is one site that is the perfect combination of informative and accurate, www.HomesDatabase.com. HomesDatabase is the ONLY property search site in Maryland that is directly linked to the same Multiple Listing Service that real estate agents use. If a property is no longer active and available, it is immediately removed from the HomesDatabase site. This site also allows buyers to save search parameters and properties. Therefore, when a new property is introduced or an existing property has a price change within the buyer’s parameters, the buyer and their agent are notified via e-mail.

Now is a great time to buy a house so click here to start your search.  Want to know why it is a good time to buy?  Click here to find out.

Below is a list of other common search sites.

www.remax.com
www.realtor.com
www.redfin.com
www.trulia.com
www.zillow.com

ABC's Extreme Makeover: Home Edition is coming to Maryland

 
"Move that bus!"  Ty Pennington is coming to Maryland. 

The producers of the hit ABC show have recently extended the application deadline to April 2, 2010!  One Maryland family will be chosen from thousands of applications.  “We are looking for the deserving people and inspiring families that America can really root for,” says Casting Supervisor Rebecca Shumsky.

To be eligible, a family must own their own single family home and be able to show producers how a makeover will make a huge difference in their lives.

Nominations may be submitted by the family or by a member of their community. Each nomination must include the names and ages of every member of the household along with a description of the major challenges within the home. Anyone submitting a nomination should be sure to explain why the nominated family is deserving, heroic, and/or a great role model for their community. If possible, include a recent photo of the family. The producers would prefer a video to include all members of the family and a detailed tour of the existing home. All nominations must include a contact phone number.

For more information e-mail:  castmaryland@gmail.com

Or print out an application here:  http://abc.go.com/primetime/xtremehome/index?pn=apply

Perception vs. Reality Series – Volume 3 Do Real Estate Agents Make Too Much Money?

I hear this a lot. "I can't believe I am paying one person so much money." Let's say, for instance, you are paying $18,000 in commission (Oh, by the way, commissions are 100% negotiable) on your $300,000 house. Wow!! That does seem like a bunch of money. I would certainly agree that is too much for one person for that house price. But this is how it actually works.

First, commissions are not paid to a person; they are paid to the brokerage or company that you hire. The brokerage typically keeps a percentage of that commission and disperses the remainder back to your individual agent.

Second, that entire commission is not earned by one company. Commissions are generally "split" with the company who represents the buyer of your home. It is customary in Maryland that the seller of each home offers a commission to their agent and the agent who brings a buyer. That means that a portion, generally half, of the overall commission is paid to the buyer's company. That is why it always makes sense to hire an agent when buying a home. Your agent's commission is paid by the seller. Services for free!

Ok, so consider our scenario listed above. You have agreed to pay an $18,000 commission and, as we now know, only half of that will stay with your agent's brokerage.  That leaves $9,000 for your agent and their company.  Let's assume the agent has an agreement with their company to keep 50% of each commission. That leaves $4,500 for your agent. Doesn't sound bad, huh? Well, first you have to pay income tax. You have to remember, Realtors are all independent business people. Taxes are not automatically subtracted from "paychecks". Let's assume 33% for taxes, FICA, and other government withholdings. That leaves $3,015. Health insurance is expensive at around $250/mos.; leaves $2765. Since agents are all independent business people, all expenses are the responsibility of each individual. For me, personally, I spend about $3,000-$5,000 (depending on how many houses I have for sale) per month on fees, dues, subscriptions, advertising, office supplies, etc. etc. Let's say I spend an average of $4,000; that leaves negative $1,235. NEGATIVE!

Oh yea, I also own a house, car, like to eat food at least once a day and take a trip from time to time. Include personal expenses and I am way in the hole with one house sold. So as you can see, $18,000 very quickly turns into a negative number for an agent. Agents who sell one house per month generally don't survive in this business. Many people jump into real estate thinking it is easy and can "get rich quick". I can tell you, it is not easy and every penny earned is most definitely deserved.

Jim Ellis – Re/Max Elite Realty

Jim can be reached at 410.569.4663 or jim.ellis@remax.net.

Your House is Not an ATM

As we near the end of this incredible buyer's market and head into a renewed period of  housing appreciation, there is something I need to get off my chest.

Your house is an investment in your future.  Something that should be nurtured and cherished for years and years.  As your home increases in value over the next several years, make me one promise.  Do not extract equity for trips, cars, paying of credit card debt, or any consumer purchase.  If there is one thing we should all have learned from these last few years of housing decline is that we can never predict the ups and downs of any investment.  During the years of prosperity, leave it alone and enjoy it from a far. 

I've sat down with so many homeowners over the last several years who could not sell their home because they owe more than the house is worth.  Some folks simply bought their house at the top of the market and were victims of the decline.  Others, however, who had bought earlier in the decade or sooner, used their equity for fun.  They were now stuck in a home they no longer wanted or could afford.  Some are sticking it out, many have gone to foreclosure and others sold and had to bring money to the settlement table to satisfy their debt. 

I hope this makes sense!  If not, don't be afraid to ask.

Foreclosure Bargains Getting Harder to Find

 
Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The num ber of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.

Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.

Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.

Source: The Wall Street Journal, James R. Hagerty (02/23/2010)